| 1. | I havereviewed this annual report on Form 20-F of Cresud S.A.C.I.F.y A (the “Company”) for the fiscal year ended June 30,2018; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Basedon my knowledge, this report does not contain any untrue statementof a material fact or omit to state material fact necessary to makethe statements made, in light of the circumstances under which suchstatements were made, not misleading with respect to the periodconverted by this report; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Basedon my knowledge, the financial statements, and other financialinformation included in this report, fairly present in all materialrespects the financial position at June 30, 2018 and 2017 and theresults of operations and cash flows of the Company for the periodsended June 30, 2018, 2017 and 2016; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | TheCompany’s other certifying officer and I are responsible forestablishing and maintaining disclosure controls and procedures (asdefined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) andinternal control over financial reporting (as defined in ExchangeAct Rules 13a-15(f) and 15d-15(f)) for the Company andhave: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | Designedsuch disclosure controls and procedures, or caused such disclosurecontrols and procedures to be designed under our supervisions, toensure that material information relating to the Company, includingits consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this reportis being prepared; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Designedsuch internal control over financial reporting, or caused suchinternal control over financial reporting to be designed under oursupervision, to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generallyaccepted accounting principles; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Evaluatedthe effectiveness of the Company’s disclosure controls andprocedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of theend of the period covered by this report based on suchevaluation; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | Disclosedin this report any change in the Company’s internal controlover financial reporting that occurred during the period covered bythe annual report that has materially affected, or is reasonablylikely to materially affect, the Company’s internal controlover financial reporting; and |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | TheCompany’s other certifying officer and I have disclosed,based on our most recent evaluation of internal control overfinancial reporting, to the Company’s auditors and the auditcommittee of the Company’s board of directors (or personsperforming the equivalent functions): |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Allsignificant deficiencies and material weaknesses in the design oroperation of internal control over financial reporting which arereasonably likely to adversely affect the Company’s abilityto record, process, summarize and report financial information;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Anyfraud, whether or not material, that involves management or otheremployees who have a significant role in the Company’sinternal control over financial reporting. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|             |                CresudS.A.C.I.F. y A |                          |
|------------------|----------------------------------------------------------------------------------------------------------------|-------------------------------|
|             |                                                                                                           |                          |   |
| October31, 2018. | By:                                                                                                            | /s/ AlejandroG. Elsztain |   |
|             |                                                                                                           | AlejandroG. Elsztain          |   |
|             |                                                                                                           | ChiefExecutive Officer        |   |