| Subsidiaries                                                          | Country of Incorporation |
|-----------------------------------------------------------------------|--------------------------|
| Direct equity interest of Cresud:                                     |                     |
| Brasilagro-CompanhiaBrasileira de Propiedades Agrícolas (1)      | Brazil                   |
| SociedadAnónima Carnes Pampeanas S.A.                            |  Argentina          |
| Futurosy Opciones.Com S.A.                                            |  Argentina          |
| FyOTrading S.A.                                                       |  Argentina          |
| GranosOlavarría S.A.                                             |  Argentina          |
| HelmirS.A.                                                            |  Uruguay            |
| IRSAInversiones y Representaciones Sociedad Anónima              | Argentina                |
| DoneldonS.A.                                                          | Uruguay                  |
| Interest indirectly held through BrasilAgro:                          |                     |
| AraucáriaLtda.                                                   | Brazil                   |
| CajueiroLtda.                                                         | Brazil                   |
| CeiboLtda.                                                            | Brazil                   |
| CremaqLtda.                                                           | Brazil                   |
| Engenhode Maracajú Ltda.                                         | Brazil                   |
| FlamboyantLtda.                                                       | Brazil                   |
| JaborandiAgrícola Ltda.                                          | Brazil                   |
| JaborandiPropriedades Agrícolas S.A.                             | Brazil                   |
| MognoLtda.                                                            | Brazil                   |
| Interest indirectly held through Futuros y Opciones.Com.S.A.:         |                     |
| FyOTrading S.A.                                                       | Argentina                |
| GranosOlavarría S.A.                                             | Argentina                |
| Interest indirectly held through Helmir S.A.:                         |                     |
| IRSAInversiones y Representaciones Sociedad Anónima              |  Argentina          |
| SociedadAnónima Carnes Pampeanas S.A.                            |  Argentina          |
| AgropecuariaAcres del Sud S.A.                                        | Bolivia                  |
| YatayAgropecuaria S.A.                                                | Bolivia                  |
| Interest indirectly held through Doneldon: S.A.:                      |                     |
| AgropecuariaAcres del Sud S.A.                                        | Bolivia                  |
| OmbúAgropecuaria S.A.                                            | Bolivia                  |
| YatayAgropecuaria S.A.                                                | Bolivia                  |
| YuchánAgropecuaria S.A.                                          | Bolivia                  |
| SedelorS.A.                                                           |  Uruguay            |
| CodalisS.A.                                                           |  Uruguay            |
| AlafoxS.A.                                                            |  Uruguay            |
| Interest indirectly held through IRSA:                                |                     |
| IRSA CP(4)                                                            | Argentina                |
| E-CommerceLatina S.A. (4)                                             | Argentina                |
| EfanurS.A.                                                            | Uruguay                  |
| HotelesArgentinos S.A.                                                | Argentina                |
| InversoraBolívar S.A.                                            | Argentina                |
| LlaoLlao Resorts S.A. (2)                                             | Argentina                |
| NuevasFronteras S.A.                                                  | Argentina                |
| PalermoInvest S.A.                                                    | Argentina                |
| RitelcoS.A.                                                           | Uruguay                  |
| TyrusS.A.                                                             | Uruguay                  |
| Interest indirectly held through IRSA CP:                             |                     |
| Arcosdel Gourmet S.A.                                                 | Argentina                |
| EmprendimientoRecoleta S.A.                                           | Argentina                |
| FibesaS.A.                                                            | Argentina                |
| PanamericanMall S.A.                                                  | Argentina                |
| ShoppingNeuquén S.A.                                             | Argentina                |
| TorodurS.A.                                                           | Uruguay                  |
| Interest indirectly held through Tyrus S.A.:                          |                     |
| DolphinFund Ltd. (3)                                                  |  Bermudas           |
| IMadison LLC                                                          |  United States      |
| IRSADevelopment LP                                                    |  United States      |
| IRSAInternational LLC                                                 |  United States      |
| JiwinS.A.                                                             |  Uruguay            |
| LiveckS.A.                                                            | Uruguay                  |
| RealEstate Investment Group IV LP                                     | Bermudas                 |
| RealEstate Investment Group V LP                                      | Bermudas                 |
| RealEstate Strategies LLC                                             |  United States      |
| Interest indirectly held through Efanur S.A.:                         |                     |
| RealEstate Strategies LP                                              |  United States      |
| Interest indirectly held through Dolphin Fund Ltd.                    |                     |
| IDBDevelopment Corporation Ltd. (5)                                   |  Israel             |
| Interest indirectly held through IDBD:                                |                     |
| DiscountInvestment Corporation Ltd.                                   |  Israel             |
| IDBTourism (2009) Ltd.                                                |  Israel             |
| IDBGroup Investment Inc.                                              |  Israel             |
| Interest indirectly held through Discount Investment CorporationLtd.: |                     |
| Property& Building Corporation Ltd.                               |  Israel             |
| Gav YamLand Ltd.                                                      |  Israel             |
| IsraelProperty Rental Corporation Ltd. (ISPRO)                        |  Israel             |
| MATAM -Haifa Science Industries Center                                |  Israel             |
| Neveh-GadBuilding & Development Ltd.                              |  Israel             |
| HadarimProperties Ltd.                                                |  Israel             |
| PBC USAInvestment Inc.                                                |  United States      |
| ShufersalLtd.                                                         |  Israel             |
| ShufersalReal Estate Ltd.                                             |  Israel             |
| KoorIndustries Ltd.(6)                                                |  Israel             |
| CellcomIsrael Ltd. (7)                                                |  Israel             |
| NetvisionLtd.                                                         |  Israel             |
| ElronElectronic Industries Ltd.                                       |  Israel             |
| BartanHoldings and Investment Ltd.                                    |  Israel             |
| EpsilonInvestment House Ltd.                                          |  Israel             |