| Subsidiaries                                                           | Country of Incorporation |
|------------------------------------------------------------------------|--------------------------|
| Direct equity interest of Cresud:                                      |                     |
| Brasilagro-Companhía Brasileira de Propiedades Agrícolas (1) | Brazil                   |
| Cactus Argentina S.A.                                                  | Argentina                |
| IRSA                                                                   | Argentina                |
| Doneldon S.A.                                                          | Uruguay                  |
| Interest indirectly held through IRSA:                                 |                     |
| APSA                                                                   | Argentina                |
| Emprendimiento Recoleta S.A.                                           | Argentina                |
| Fibesa S.A.                                                            | Argentina                |
| Hoteles Argentinos S.A.                                                | Argentina                |
| Dolphin Fund Ltd. (3)                                                  | Bermudas                 |
| I Madison LLC                                                          | United States            |
| Inversora Bolívar S.A.                                            | Argentina                |
| IRSA Development LP                                                    | United States            |
| IRSA International LLC                                                 | United States            |
| Jiwin S.A.                                                             | Uruguay                  |
| Liveck S.A.                                                            | Uruguay                  |
| Llao Llao Resorts S.A. (2)                                             | Argentina                |
| Nuevas Fronteras S.A.                                                  | Argentina                |
| Palermo Invest S.A.                                                    | Argentina                |
| Real Estate Investment Group LP                                        | Bermudas                 |
| Real Estate Investment Group II LP                                     | Bermudas                 |
| Real Estate Investment Group III LP                                    | Bermudas                 |
| Real Estate Investment Group IV LP                                     | Bermudas                 |
| Real Estate Investment Group V LP                                      | Bermudas                 |
| Real Estate Strategies LP                                              | Bermudas                 |
| Real Estate Strategies LLC                                             | United States            |
| Arcos del Gourmet S.A.                                                 | Argentina                |
| Conil S.A.                                                             | Argentina                |
| Panamerican Mall S.A.                                                  | Argentina                |
| E-Commerce Latina S.A.                                                 | Argentina                |
| Efanur S.A.                                                            | Uruguay                  |
| Ritelco S.A.                                                           | Uruguay                  |
| Shopping Neuquén S.A.                                             | Argentina                |
| Solares de Santa María S.A                                        | Argentina                |
| Torodur S.A.                                                           | Uruguay                  |
| Tyrus S.A.                                                             | Uruguay                  |
| Unicity S.A.                                                           | Argentina                |

----

| Interest indirectly held through Brasilagro:                                                                                                                                                                     |      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| Araucária Ltda.                                                                                                                                                                                             | Brazil    |
| Cajueiro Ltda.                                                                                                                                                                                                   | Brazil    |
| Ceibo Ltda.                                                                                                                                                                                                      | Brazil    |
| Cremaq Ltda.                                                                                                                                                                                                     | Brazil    |
| Engenho de Maracajú Ltda.                                                                                                                                                                                   | Brazil    |
| Flamboyant Ltda.                                 | Brazil    |
| Jaborandi Agrícola Ltda.                                                                                                                                                                                    | Brazil    |
| Jaborandi Propriedades Agrícolas S.A.                                                                                                                                                                       | Brazil    |
| Mogno Ltda.                                                                                                                                                                                                      | Brazil    |
| Interest indirectly held through Cactus S.A.:                                                                                                                                                                    |      |
| Sociedad Anónima Carnes Pampeanas S.A.                                                                                                                                                                      | Argentina |
| IRSA                                                                                                                                                                                                             | Argentina |
| Interest indirectly held through Futuros y Opciones.Com. S.A.:                                                                                                                                                   |      |
| FyO Trading S.A.                                                                                                                                                                                                 | Argentina |
| Granos Olavarría S.A.                                                                                                                                                                                       | Argentina |
| Interest indirectly held through Helmir. S.A.:                                                                                                                                                                   |      |
| Cactus Argentina S.A.                                                                                                                                                                                            | Argentina |
| Agropecuaria Acres del Sud S.A.                                                                                                                                                                                  | Bolivia   |
| Yatay Agropecuaria S.A.                                                                                                                                                                                          | Bolivia   |
| Interest indirectly held through Doneldon. S.A.:                                                                                                                                                                 |      |
| Agropecuaria Acres del Sud S.A.                                                                                                                                                                                  | Bolivia   |
| Ombú Agropecuaria S.A.                                                                                                                                                                                      | Bolivia   |
| Yatay Agropecuaria S.A.                                                                                                                                                                                          | Bolivia   |
| Yuchán Agropecuaria S.A.                                                                                                                                                                                    | Bolivia   |
| Sedelor S.A.                                                                                                                                                                                                     | Uruguay   |
| Codalis S.A.                                                                                                                                                                                                     | Uruguay   |
| Alafox S.A.                                                                                                                                                                                                      | Uruguay   |

| (1)   | We have consolidated the investment in Brasilagro-Companhía Brasileira de Propiedades Agrícolas (“Brasilagro”) considering that the Company exercises “de facto control” over it. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | We have consolidated the investment in Llao Llao Resorts S.A. considering their ownership interest held together with the Company's participation in the making decisions. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | We have consolidated its indirect interest in Dolphin Fund Ltd. (DFL) considering its exposure to variable returns coming from its investment in DFL and the nature of the relationship between the Group and the shareholders with right to vote of DFL. The Group has no voting rights on DFL. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|