| Subsidiaries                                                                                                                                                                                                     | Country of Incorporation |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|
| Direct equity interest of Cresud:                                                                                                                                                                                |                     |
| Brasilagro-Companhía Brasileira de Propiedades Agrícolas (1)                                                                                                                                           | Brazil                   |
| 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                |
| 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 Futuros y Opciones.Com. S.A.:                                                                                                                                                   |                     |
| FyO Trading S.A.                                                                                                                                                                                                 | Argentina                |
| Granos Olavarría S.A.                                                                                                                                                                                       | Argentina                |
| Interest indirectly held through Helmir. S.A.:                                                                                                                                                                   |                     |
| 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                  |