|                                                                |      |              |  % ofownership interest held by theGroup  |
|---------------------------------------------------------------------|-----------|-------------------|-----------------------------------------------------|
| Nameof the entity                                                   | Country   | Principalactivity |   06.30.18                           |
| Cresud'sdirect equity interest in:                                  |      |              |                                 |
| Brasilagro-CompanhiaBrasileira de Propriedades Agr’colas (1) | Brazil    | Agricultural      |   43.29%                                  |
| SociedadAnónima Carnes Pampeanas S.A. (2)                      | Argentina | Agro-industrial   |   100.00%                                 |
| Futuros yOpciones.Com S.A.                                          | Argentina | Brokerage         |   50.10%                                  |
| HelmirS.A.                                                          | Uruguay   | Investment        |   100.00%                                 |
| IRSA Inversiones yRepresentaciones Sociedad Anónima (2)        | Argentina | Real estate       |   63.74%                                  |
| Agropecuarias SantaCruz de la Sierra S.A.                           | Uruguay   | Investment        |   100.00%                                 |

| Brasilagro's direct equity interest in:                  |      |                     |           |
|----------------------------------------------------------|-----------|--------------------------|--------------------------|
| AraucáriaLtda.                                      | Brazil    | Agricultural             |   99.99%       |
| CajueiroLtda.                                            | Brazil    | Agricultural             |   99.99%       |
| CeiboLtda.                                               | Brazil    | Agricultural             |   99.99%       |
| CremaqLtda.                                              | Brazil    | Agricultural             |   99.99%       |
| Engenhode Maracajú Ltda.                            | Brazil    | Agricultural             |   99.99%       |
| FlamboyantLtda.                                          | Brazil    | Agricultural             |   99.99%       |
| JaborandiAgr’cola Ltda.                           | Brazil    | Agricultural             |   99.99%       |
| JaborandiPropriedades Agr’colas S.A.              | Brazil    | Agricultural             |   99.99%       |
| MognoLtda.                                               | Brazil    | Agricultural             |   99.99%       |
| PalmeirasS.A.                                            | Brazil    | Agricultural             |   99.99%       |
| AgropecuariaMorot’ S.A.                           | Brazil    | Agricultural             |   99.99%       |
| Futuros y Opciones.Com. S.A.'s direct equity interestin: |      |      |
| AmautaAgro S.A. (3)                                      | Argentina | Brokerage                |   98.57%       |
| FyOAcopio S.A. (3)                                       | Argentina | Warehousingand brokerage |   98.57%       |
| FyOChile SPA                                             | Chile     | Brokerage                |   100.00%      |
| Agropecuaria Santa Cruz S.A.'s direct equity interestin: |      |                     |      |
| AgropecuariaAcres del Sud S.A. (2)                       | Bolivia   | Agricultural             |   100.00%      |
| OmbúAgropecuaria S.A.                               | Bolivia   | Agricultural             |   100.00%      |
| YatayAgropecuaria S.A.                                   | Bolivia   | Agricultural             |   100.00%      |
| YuchánAgropecuaria S.A. (2)                         | Bolivia   | Agricultural             |   100.00%      |
| SedelorS.A.                                              | Uruguay   | Investment               |   100.00%      |
| CodalisS.A.                                              | Uruguay   | Investment               |   100.00%      |
| AlafoxS.A.                                               | Uruguay   | Investment               |   100.00%      |

|                                                  |      |               |  % of ownership interest held by the Group  |
|-------------------------------------------------------|-----------|--------------------|-------------------------------------------------------|
| Name of the entity                                    | Country   | Principal activity |   06.30.18                             |
| IRSA's direct equity interest:                        |      |               |                                   |
| IRSACP (1)                                            | Argentina | Realestate         |   86.34%                                    |
| E-CommerceLatina S.A.                                 | Argentina | Investment         |   100.00%                                   |
| EfanurS.A.                                            | Uruguay   | Investment         |   100.00%                                   |
| HotelesArgentinos S.A.                                | Argentina | Hotel              |   80.00%                                    |
| InversoraBol’var S.A.                          | Argentina | Investment         |   100.00%                                   |
| LlaoLlao Resorts S.A. (2)                             | Argentina | Hotel              |   50.00%                                    |
| NuevasFronteras S.A.                                  | Argentina | Hotel              |   76.34%                                    |
| PalermoInvest S.A.                                    | Argentina | Investment         |   100.00%                                   |
| RitelcoS.A.                                           | Uruguay   | Investment         |   100.00%                                   |
| TyrusS.A.                                             | Uruguay   | Investment         |   100.00%                                   |
| UTIRSA y Galer’as Pac’fico S.A. (2) (6) | Argentina | Investment         |   50.00%                                    |

|                                          |         |               |  % of ownership interest held by the Group  |
|-----------------------------------------------|--------------|--------------------|-------------------------------------------------------|
| Name of the entity                            | Country      | Principal activity |   06.30.18                             |
| IRSA CP's direct equity interest in:          |         |               |                                   |
| Arcosdel Gourmet S.A.                         | Argentina    | Realestate         |   90.00%                                    |
| EmprendimientoRecoleta S.A.                   | Argentina    | Realestate         |   53.68%                                    |
| FibesaS.A. (3)                                | Argentina    | Realestate         |   100.00%                                   |
| PanamericanMall S.A.                          | Argentina    | Realestate         |   80.00%                                    |
| ShoppingNeuquén S.A.                     | Argentina    | Realestate         |   99.92%                                    |
| TorodurS.A.                                   | Uruguay      | Investment         |   100.00%                                   |
| EHSA                                          | Argentina    | Investment         |   70.00%                                    |
| Centrode Entretenimiento La Plata (6)         | Argentina    | Realestate         |   100.00%                                   |
| Tyrus S.A.'s direct equity interest in:       |         |               |                                   |
| DFL(4)                                        | Bermudas     | Investment         |   91.57%                                    |
| IMadison LLC                                  | UnitedStates | Investment         |   -                                    |
| IRSADevelopment LP                            | UnitedStates | Investment         |   -                                    |
| IRSAInternational LLC                         | UnitedStates | Investment         |   100.00%                                   |
| JiwinS.A.                                     | Uruguay      | Investment         |   100.00%                                   |
| LiveckS.A.                                    | Uruguay      | Investment         |   100.00%                                   |
| RealEstate Investment Group IV LP (REIG IV)   | Bermudas     | Investment         |   -                                    |
| RealEstate Investment Group V LP (REIG V)     | Bermudas     | Investment         |   100.00%                                   |
| RealEstate Strategies LLC                     | UnitedStates | Investment         |   100.00%                                   |
| Efanur S.A.'s direct equity interest in:      |         |               |                                   |
| RealEstate Investment Group VII LP (REIG VII) | Bermudas     | Investment         |   100.00%                                   |
| DFL's direct equity interest in:              |         |               |                                   |
| IDBDevelopment Corporation Ltd.               | Israel       | Investment         |   100.00%                                   |
| DolphinIL Investment Ltd.                     | Israel       | Investment         |   100.00%                                   |
| DIL's direct equity interest in:              |         |               |                                   |
| DiscountInvestment Corporation Ltd. (4)       | Israel       | Investment         |   76.57%                                    |
| IDBD's direct equity interest in:             |         | Investment         |                                   |
| IDBTourism (2009) Ltd.                        | Israel       | Tourismservices    |   100.00%                                   |
| IDBGroup Investment Inc                       | Israel       | Investment         |   100.00%                                   |
| DIC's direct equity interest in:              |         |               |                                   |
| Property& Building Corporation Ltd.       | Israel       | Realestate         |   64.40%                                    |
| ShufersalLtd. (7)                             | Israel       | Retail             |   -                                    |
| CellcomIsrael Ltd. (5)                        | Israel       | Telecommunications |   43.14%                                    |
| ElronElectronic Industries Ltd.               | Israel       | Investment         |   50.30%                                    |
| BartanHoldings and Investments Ltd.           | Israel       | Investment         |   55.68%                                    |
| EpsilonInvestment House Ltd.                  | Israel       | Investment         |   68.75%                                    |