| Subsidiaries                                                        | Country of Incorporation  |
|--------------------------------------------------------------------------|--------------------------------|
| Direct equity interest of Cresud:                                   |                           |
| Brasilagro-CompanhiaBrasileira de Propiedades Agr’colas (1)  | Brazil                    |
| SociedadAnónima Carnes Pampeanas S.A. (2)                      | Argentina                 |
| Futurosy Opciones.Com S.A.                                          | Argentina                 |
| HelmirS.A.                                                          | Uruguay                   |
| IRSAInversiones y Representaciones Sociedad Anónima(2)         | Argentina                 |
| AgropecuariaSanta Cruz S.A.                                         | Uruguay                   |
| Interest indirectly held throughBrasilAgro:                         |                           |
| AraucáriaLtda.                                                 | Brazil                    |
| CajueiroLtda.                                                       | Brazil                    |
| CeiboLtda.                                                          | Brazil                    |
| CremaqLtda.                                                         | Brazil                    |
| Engenhode Maracajú Ltda.                                       | Brazil                    |
| FlamboyantLtda.                                                     | Brazil                    |
| JaborandiAgr’cola Ltda.                                      | Brazil                    |
| JaborandiPropriedades Agr’colas S.A.                         | Brazil                    |
| MognoLtda.                                                          | Brazil                    |
| Interest indirectly held through Futuros y Opciones.Com.S.A.:       |                           |
|  AmautaAgro S.A. (3)                                           | Argentina                 |
| FyOAcopio S.A. (3)                                                  | Argentina                 |
| FyOChile SPA                                                        | Chile                     |
| Interest indirectly held through Agropecuaria Santa CruzS.A.:       |                           |
| AgropecuariaAcres del Sud S.A. (2)                                  | Bolivia                   |
| OmbúAgropecuaria S.A.                                          | Bolivia                   |
| YatayAgropecuaria S.A.                                              | Bolivia                   |
| YuchánAgropecuaria S.A. (2)                                    | Bolivia                   |
| SedelorS.A.                                                         | Uruguay                   |
| CodalisS.A.                                                         | Uruguay                   |
| AlafoxS.A.                                                          | Uruguay                   |

| Interest indirectly held through IRSA:                                   |                |
|-------------------------------------------------------------------------------|---------------------|
| IRSA CP(1)                                                               | Argentina      |
| E-CommerceLatina S.A.                                                    | Argentina      |
| EfanurS.A.                                                               | Uruguay        |
| HotelesArgentinos S.A.                                                   | Argentina      |
| InversoraBol’var S.A.                                             | Argentina      |
| LlaoLlao Resorts S.A. (2)                                                | Argentina      |
| IRSA– Galer’as Pac’fico S.A. UniónTransitoria  | Argentina      |
| NuevasFronteras S.A.                                                     | Argentina      |
| PalermoInvest S.A.                                                       | Argentina      |
| RitelcoS.A.                                                              | Uruguay        |
| Solaresde Santa Mar’a S.A. (3)                                    | Argentina      |
| TyrusS.A.                                                                | Uruguay        |
| UnicityS.A. (3)                                                          | Argentina      |
| Interest indirectly held through IRSA CP:                                |                |
| Arcosdel Gourmet S.A.                                                    | Argentina      |
| EmprendimientoRecoleta S.A.                                              | Argentina      |
| FibesaS.A. (4)                                                           | Argentina      |
| PanamericanMall S.A.                                                     | Argentina      |
| ShoppingNeuquén S.A.                                                | Argentina      |
| TorodurS.A.                                                              | Uruguay        |
| EHSA                                                                     | Argentina      |
| Interest indirectly held through Tyrus S.A.:                             |                |
| DFL(4)                                                                   | Bermudas       |
| IMadison LLC                                                             | United States  |
| IRSADevelopment LP                                                       | United States  |
| IRSAInternational LLC                                                    | United States  |
| JiwinS.A.                                                                | Uruguay        |
| LiveckS.A.                                                               | Uruguay        |
| RealEstate Investment Group IV LP (REIG IV)                              | Bermudas       |
| RealEstate Investment Group V LP                                         | Bermudas       |
| RealEstate Strategies LLC                                                | United States  |
| Interest indirectly held through Efanur S.A.:                            |                |
| RealEstate Strategies LP                                                 | Bermudas       |
| Interest indirectly held through DFL.                                    |                |
| IDBDevelopment Corporation Ltd.                                          | Israel         |
| Interest indirectly held through IDBD:                                   |                |
| DiscountInvestment Corporation Ltd. (5)                                  | Israel         |
| IDBTourism (2009) Ltd.                                                   | Israel         |
| IDBGroup Investment Inc.                                                 | Israel         |
| Interest indirectly held through DIC:                                    |                |
| Property& Building Corporation Ltd.                                  | Israel         |
| ShufersalLtd.                                                            | Israel         |
| KoorIndustries Ltd.                                                      | Israel         |
| CellcomIsrael Ltd. (6)                                                   | Israel         |
| ElronElectronic Industries Ltd.                                          | Israel         |
| BartanHoldings and Investment Ltd.                                       | Israel         |
| EpsilonInvestment House Ltd.                                             | Israel         |
|                                                                          |                |