# EDGAR Filing Document

**Accession Number:** 0001034957
**File Stem:** 0001654954-23-002041
**Filing Date:** 2023-2
**Character Count:** 265224
**Document Hash:** 29cff4c0d118efabe00987d975437de6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-23-002041.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001654954-23-002041

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230224

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CRESUD INC
- **CENTRAL INDEX KEY:** 0001034957
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** C1
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-29190
- **FILM NUMBER:** 23662878

**BUSINESS ADDRESS:**
- **STREET 1:** CARLOS M. DELLA PAOLERA 261
- **STREET 2:** 9TH FLOOR
- **CITY:** BUENOS AIRES
- **STATE:** C1
- **ZIP:** C1C1001ADA
- **BUSINESS PHONE:** 00541143237449

**MAIL ADDRESS:**
- **STREET 1:** CARLOS M. DELLA PAOLERA 261
- **STREET 2:** 9TH FLOOR
- **CITY:** BUENOS AIRES
- **STATE:** C1
- **ZIP:** C1C1001ADA

**Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Unaudited Condensed Interim Consolidated Financial Statements for the six and three-month periods ended December 31, 2022, presented comparatively.**

------

 **Legal information**

---

| | | |
|:---|:---|:---|
| **Denomination:** Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | **Denomination:** Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | **Denomination:** Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria |
| **Fiscal year N°**: 90, beginning on July 1, 2022 | **Fiscal year N°**: 90, beginning on July 1, 2022 | **Fiscal year N°**: 90, beginning on July 1, 2022 |
| **Legal address:** Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina | **Legal address:** Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina | **Legal address:** Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina |
| **Company activity:** Real estate, agricultural, commercial and financial activities | **Company activity:** Real estate, agricultural, commercial and financial activities | **Company activity:** Real estate, agricultural, commercial and financial activities |
| **Date of registration of the by-laws in the Public Registry of Commerce**: February 19, 1937 | **Date of registration of the by-laws in the Public Registry of Commerce**: February 19, 1937 | **Date of registration of the by-laws in the Public Registry of Commerce**: February 19, 1937 |
| **Date of registration of last amendment of the by-laws in the Public Registry of Commerce:** Ordinary and Extraordinary General Assembly of October 29, 2018 registered in the General Inspection of Justice on January 8, 2019 under Number 541 of Book 93 T- of Stock Companies. | **Date of registration of last amendment of the by-laws in the Public Registry of Commerce:** Ordinary and Extraordinary General Assembly of October 29, 2018 registered in the General Inspection of Justice on January 8, 2019 under Number 541 of Book 93 T- of Stock Companies. | **Date of registration of last amendment of the by-laws in the Public Registry of Commerce:** Ordinary and Extraordinary General Assembly of October 29, 2018 registered in the General Inspection of Justice on January 8, 2019 under Number 541 of Book 93 T- of Stock Companies. |
| **Expiration of Company charter:** June 6, 2082 | **Expiration of Company charter:** June 6, 2082 | **Expiration of Company charter:** June 6, 2082 |
| **Registration number with the Supervisory Board of Companies:** 26, folio 2, book 45, Stock Companies | **Registration number with the Supervisory Board of Companies:** 26, folio 2, book 45, Stock Companies | **Registration number with the Supervisory Board of Companies:** 26, folio 2, book 45, Stock Companies |
| **Stock:** 592,172,576 common shares (\*\*\*). | **Stock:** 592,172,576 common shares (\*\*\*). | **Stock:** 592,172,576 common shares (\*\*\*). |
| **Common stock subscribed, issued and paid up nominal value (millions of ARS**)**:** 592 | **Common stock subscribed, issued and paid up nominal value (millions of ARS**)**:** 592 | **Common stock subscribed, issued and paid up nominal value (millions of ARS**)**:** 592 |
| **Control Group:** Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Agroinvestment S.A. and Consultores Venture Capital Uruguay S.A. | **Control Group:** Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Agroinvestment S.A. and Consultores Venture Capital Uruguay S.A. | **Control Group:** Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Agroinvestment S.A. and Consultores Venture Capital Uruguay S.A. |
| **Legal addresses:** Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (IFISA) - Cambara 1620, 2nd floor, office 202, Carrasco, 11000 Montevideo, Uruguay (Agroinvesment S.A.) | **Legal addresses:** Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (IFISA) - Cambara 1620, 2nd floor, office 202, Carrasco, 11000 Montevideo, Uruguay (Agroinvesment S.A.) | **Legal addresses:** Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (IFISA) - Cambara 1620, 2nd floor, office 202, Carrasco, 11000 Montevideo, Uruguay (Agroinvesment S.A.) |
| **Parent companies' activity**: Investment | **Parent companies' activity**: Investment | **Parent companies' activity**: Investment |
| **Direct and indirect participation of the Control Group over the capital**: 223,591,918 shares | **Direct and indirect participation of the Control Group over the capital**: 223,591,918 shares | **Direct and indirect participation of the Control Group over the capital**: 223,591,918 shares |
| **Voting stock (direct and indirect equity interest):** 38.48% (\*) | **Voting stock (direct and indirect equity interest):** 38.48% (\*) | **Voting stock (direct and indirect equity interest):** 38.48% (\*) |
| **Type of stock** | **CAPITAL STATUS** | **CAPITAL STATUS** |
| **Type of stock** | **Authorized to be offered publicly (Shares)** | **Subscribed, Issued and Paid-in (millions of ARS)** |
| Ordinary certified shares of ARS 1 face value and 1 vote each | 592,172,576 (\*\*) | 592 |
| (\*) For computation purposes, treasury shares have been subtracted. | (\*) For computation purposes, treasury shares have been subtracted. | (\*) For computation purposes, treasury shares have been subtracted. |
| (\*\*) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition. | (\*\*) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition. | (\*\*) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition. |

---

------

 **Index**

---

| | |
|:---|:---|
| Glossary of terms | 1 |
| Unaudited Condensed Interim Consolidated Statements of Financial Position | 2 |
| Unaudited Condensed Interim Consolidated Statements of Income and Other Comprehensive Income | 3 |
| Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity | 4 |
| Unaudited Condensed Interim Consolidated Statements of Cash Flows | 6 |
| Notes to the Unaudited Condensed Interim Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 1 - The Group's business and general information | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 2 - Summary of significant accounting policies | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 3 - Seasonal effects on operations | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 4 - Acquisitions and disposals | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 5 - Financial risk management and fair value estimates | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 6 - Segment information | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 7 - Investments in associates and joint ventures | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 8 - Investment properties | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 9 - Property, plant and equipment | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 10 - Trading properties | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 11 - Intangible assets | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 12 - Right-of-use assets | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 13 - Biological assets | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 14 - Inventories | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 15 - Financial instruments by category | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 16 - Trade and other receivables | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 17 - Cash flow and cash equivalents information | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 18 - Trade and other payables | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 19 - Provisions | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 20 - Borrowings | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 21 - Taxation | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 22 - Revenues | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 23 - Costs | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 24 - Expenses by nature | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 25 - Other operating results, net | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 26 - Financial results, net | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 27 - Related parties transactions | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 28 - CNV General Resolution N° 622 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 29 - Cost of sales and services provided | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 30 - Foreign currency assets and liabilities | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 31 - Result from discontinued operations | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 32 - Subsequent Events | 36 |

---

------

 **Glossary of terms**

The following are not technical definitions but help the reader to understand certain terms used in the wording of the notes to the Group's Financial Statements.

---

| | |
|:---|:---|
| **Terms** | **Definitions** |
| BACS | Banco de Crédito y Securitización S.A. |
| BCRA | Central Bank of the Argentine Republic |
| BHSA | Banco Hipotecario S.A. |
| Brasilagro | Brasilagro-Companhia Brasileira de Propriedades Agrícolas |
| CAMSA | Consultores Assets Management S.A. |
| CNV | National Securities Commission |
| Condor | Condor Hospitality Trust Inc. |
| Cresud, "the Company", "us" | Cresud S.A.C.I.F. y A. |
| Financial Statements | Unaudited Condensed Interim Consolidated Financial Statements |
| Annual Financial Statements | Consolidated Financial Statements as of June 30, 2019 |
| CPF | Collective Promotion Funds |
| GCDI | GCDI S.A. |
| IDBD | IDB Development Corporation Ltd. |
| IFISA | Inversiones Financieras del Sur S.A. |
| IPC | Consumer's price index |
| IRSA | IRSA Inversiones y Representaciones S.A. |
| IRSA CP | IRSA Propiedades Comerciales S.A. |
| LRSA | La Rural S.A. |
| New Lipstick | New Lipstick LLC |
| IAS | International Accounting Standards |
| IFRS | International Financial Reporting Standards |
| NIS | New Israeli Shekel |
| Quality | Quality Invest S.A. |
| RECPAM | Result from exposure to changes in the purchasing power of the currency |

---

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Unaudited Condensed Interim Consolidated Statements of Financial Position**

 **as of December 31, 2022 and June 30, 2022**

(All amounts in millions, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **12.31.2022**<br>| **06.30.2022**<br>|
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Investment properties | 8 | 404759  | 432679  |
| Property, plant and equipment | 9 | 92123  | 85030  |
| Trading properties | 10 | 4359  | 4351  |
| Intangible assets | 11 | 6329  | 6126  |
| Group of assets held for sale |  | 193  | -  |
| Right-of-use assets | 12 | 13048  | 9723  |
| Biological assets | 13 | 6650  | 8684  |
| Investment in associates and joint ventures | 7 | 26149  | 25635  |
| Deferred income tax assets | 21 | 650  | 93  |
| Income tax credit |  | 15  | 34  |
| Restricted assets | 15 | 634  | 667  |
| Trade and other receivables | 16 | 19279  | 21164  |
| Investment in financial assets | 15 | 1337  | 1235  |
| Derivative financial instruments | 15 | 32  | 93  |
| **Total non-current assets** |  | **575557**  | **595514**  |
| **Current assets** |  |  |  |
| Trading properties | 10 | 86  | 276  |
| Biological assets | 13 | 17373  | 13180  |
| Inventories | 14 | 18412  | 19201  |
| Income tax credit |  | 113  | 80  |
| Trade and other receivables | 16 | 55261  | 47665  |
| Investment in financial assets | 15 | 23311  | 27296  |
| Derivative financial instruments | 15 | 2020  | 4006  |
| Cash and cash equivalents | 15 | 21470  | 49947  |
| **Total current assets** |  | **138046**  | **161651**  |
| **TOTAL ASSETS** |  | **713603**  | **757165**  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Shareholders' equity (according to corresponding statement) |  | 124497  | 117750  |
| Non-controlling interest |  | 172593  | 178103  |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **297090**  | **295853**  |
| **LIABILITIES** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Borrowings | 20 | 104478  | 66047  |
| Deferred income tax liabilities | 21 | 151141  | 166316  |
| Trade and other payables | 18 | 6766  | 6578  |
| Provisions | 19 | 4088  | 731  |
| Derivative financial instruments | 15 | 325  | 179  |
| Lease liabilities |  | 11969  | 10099  |
| Payroll and social security liabilities |  | 238  | 220  |
| **Total non-current liabilities** |  | **279005**  | **250170**  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 18 | 48658  | 44240  |
| Borrowings | 20 | 77661  | 136299  |
| Provisions | 19 | 243  | 299  |
| Payroll and social security liabilities |  | 2172  | 3535  |
| Income tax liabilities |  | 2298  | 22071  |
| Lease liabilities |  | 4125  | 3273  |
| Derivative financial instruments | 15 | 2351  | 1425  |
| **Total Current liabilities** |  | **137508**  | **211142**  |
| **TOTAL LIABILITIES** |  | **416513**  | **461312**  |
| **TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES** |  | **713603**  | **757165**  |

---

The accompanying notes are an integral part of these Financial Statements.

PRICE WATERHOUSE & CO. S.R.L. (Socio) <u>) </u> <u>) </u> <br> C.P.C.E.C.A.B.A. T° 1 F° 17 Carlos Brondo Contador Público (UBA) C.P.C.E.C.A.B.A. T° 391 F° 078 Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Unaudited Condensed Interim Consolidated Statements of Income and Other Comprehensive Income**

 **For the six and three-month periods ended December 31, 2022 and 2021**

(All amounts in millions, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Six months** | **Six months** | **Three months** | **Three months** |
|  | Note | **12.31.2022**<br>| **12.31.2021**<br>| **12.31.2022**<br>| **12.31.2021**<br>|
| Revenues | 22 | 67484  | 70013  | 32457  | 33096  |
| Costs | 23 | (39699) | (49814) | (17290) | (20875) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 13 | (2494) | 9149  | (818) | 4589  |
| Changes in the net realizable value of agricultural products after harvest |  | 457  | (824) | 153  | (547) |
| **Gross profit** |  | **25748**  | **28524**  | **14502**  | **16263**  |
| Net (loss)/ gain from fair value adjustment of investment properties |  | (28884) | 44715  | (21132) | 58590  |
| Gain from disposal of farmlands |  | 565  | 7837  | 536  | 7837  |
| General and administrative expenses | 24 | (6638) | (6352) | (3444) | (3270) |
| Selling expenses | 24 | (4326) | (5474) | (2276) | (2971) |
| Other operating results, net | 25 | (2202) | 1699  | (3628) | 16  |
| Management fees |  | (1222) | (4823) | (721) | (4404) |
| **(Loss)/ profit from operations** |  | **(16959)** | **66126**  | **(16163)** | **72061**  |
| Share of profit/ (loss) of associates and joint ventures | 7 | 812  | 121  | (163) | 566  |
| **(Loss)/ profit before financial results and income tax** |  | **(16147)** | **66247**  | **(16326)** | **72627**  |
| Finance income | 26 | 1098  | 612  | 646  | 441  |
| Finance cost | 26 | (11769) | (12412) | (7417) | (6313) |
| Other financial results | 26 | 7734  | 28313  | 3884  | 16619  |
| Inflation adjustment | 26 | 11734  | (285) | 4287  | (1392) |
| Financial results, net | 26 | 8797  | 16228  | 1400  | 9355  |
| **(Loss)/ profit before income tax** |  | **(7350)** | **82475**  | **(14926)** | **81982**  |
| Income tax | 21 | 26587  | (8394) | 28025  | (13992) |
| **Profit for the period** |  | **19237**  | **74081**  | **13099**  | **67990**  |
| Other comprehensive income / (loss): |  |  |  |  |  |
|  ***Items that may be reclassified subsequently to profit or loss:*** |  ***Items that may be reclassified subsequently to profit or loss:*** |  |  |  |  |
| Currency translation adjustment and other comprehensive results from subsidiaries | Currency translation adjustment and other comprehensive results from subsidiaries | (2921) | (23469) | 2630  | (12623) |
| Revaluation surplus |  | 313  | -  | (214) | -  |
| **Total other comprehensive (loss)/ income for the period** | **Total other comprehensive (loss)/ income for the period** | **(2608)** | **(23469)** | **2416**  | **(12623)** |
| **Total comprehensive income for the period** |  | **16629**  | **50612**  | **15515**  | **55367**  |
|  ***Profit for the period attributable to:*** |  |  |  |  |  |
| Equity holders of the parent |  | 10574  | 41310  | 6503  | 36933  |
| Non-controlling interest |  | 8663  | 32771  | 6596  | 31057  |
|  ***Total comprehensive income attributable to:*** |  |  |  |  |  |
| Equity holders of the parent |  | 9685  | 31802  | 7431  | 31719  |
| Non-controlling interest |  | 6944  | 18810  | 8084  | 23648  |
|  ***Profit for the period per share attributable to equity holders of the parent:*** |  ***Profit for the period per share attributable to equity holders of the parent:*** |  ***Profit for the period per share attributable to equity holders of the parent:*** |  |  |  |
| Basic |  | 18.08  | 70.02  | 11.12  | 62.56  |
| Diluted |  | 15.30  | 59.44  | 9.41  | 53.11  |

---

(i)The basic profit per share has been calculated using 585,058,998 shares at 12.31.22 and 589,528,030 at 12.31.21. If 585,058,998 shares had been used for the calculation, the profit per share would be ARS 70.62 for 12.31.21. The diluted profit per share has been calculated using 690,735,650 shares at 12.31.22 and 694,787,554 at 12.31.21. If 690,735,650 shares had been used for the calculation, the profit per share would be ARS 59.78 for 12.31.21 See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2022.

The accompanying notes are an integral part of these Financial Statements.

PRICE WATERHOUSE & CO..R.L. (Socio) <u>) </u> <u>) </u> <br> C.P.C.E.C.A.B.A. T° 1 F° 1 Carlos Brondo Contador Público (UBA) C.P.C.E.C.A.B.A. T° 391 F° 078 Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity**

 **for the six-month period ended December 31, 2022**

(All amounts in millions, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** |  |  |  |  |  |  |  |  |  |  |
|  | **Outstanding shares**<br>| **Treasury shares**<br>| **Inflation adjustment of share capital and treasury shares (i)**<br>| **Warrants (ii)**<br>| **Share premium**<br>| **Additional paid-in capital from treasury shares**<br>| **Legal reserve**<br>| **Other reserves (iii)**<br>| **Retained earning**<br>| **Subtotal**<br>| **Non-controlling interest**<br>| **Total Shareholders' equity**<br>|
| **Balance as of June 30, 2022** | **590**  | **2**  | **35894**  | **3437**  | **44666**  | **325**  | **1643**  | **921**  | **30272**  | **117750**  | **178103**  | **295853**  |
| Profit for the period | -  | -  | -  | -  | -  | -  | -  | -  | 10574  | 10574  | 8663  | 19237  |
| Other comprehensive loss for the period | -  | -  | -  | -  | -  | -  | -  | (889) | -  | (889) | (1719) | (2608) |
| **Total comprehensive (loss)/ income for the period** | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **(889)** | **10574**  | **9685**  | **6944**  | **16629**  |
| Assignment of results - Shareholders' meeting | -  | -  | -  | -  | -  | -  | 1840  | 30521  | (32361) | -  | -  | -  |
| Share capital increase | -  | -  | -  | (3) | 25  | -  | -  | -  | -  | 22  | 1  | 23  |
| Repurchase of treasury shares | (9) | 9  | -  | -  | -  | -  | -  | (1650) | -  | (1650) | (355) | (2005) |
| Reserve for share - based payments | -  | -  | -  | -  | -  | -  | -  | 55  | -  | 55  | 84  | 139  |
| Exercise of warrants (ii) | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 1  | 1  |
| Changes in non-controlling interest | -  | -  | -  | -  | -  | -  | -  | 3314  | -  | 3314  | (4845) | (1531) |
| Dividends distribution | -  | -  | -  | -  | -  | -  | -  | -  | (4435) | (4435) | (7169) | (11604) |
| Incorporation by business combination | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 19  | 19  |
| Other changes in shareholders' equity | -  | -  | -  | -  | -  | -  | -  | (244) | -  | (244) | (190) | (434) |
| **Balance as of December 31, 2022** | **581**  | **11**  | **35894**  | **3434**  | **44691**  | **325**  | **3483**  | **32028**  | **4050**  | **124497**  | **172593**  | **297090**  |

---

(i) Includes ARS 12 and ARS 5 of Inflation adjustment of treasury shares as of December 31, 2022 and June 30, 2022, respectively.

(ii) As of December 31, 2022, the remaining warrants to exercise amount to 89,470,488, equivalent to the same number of shares. See Note 31 to these Financial Statements.

(iii) Group's other reserves for the period ended December 31, 2022 are comprised as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares**<br>| **Reserve for currency translation adjustment**<br>| **Reserve for the acquisition of securities issued by the Company**<br>| **Special reserve**<br>| **Other reserves (\*)**<br>| **Total other reserves**<br>|
| **Balance as of June 30, 2022** | **(522)** | **1770**  | **351**  | **-**  | **(678)** | **921**  |
| Other comprehensive loss for the period | -  | (1218) | -  | -  | 329  | (889) |
| **Total comprehensive loss for the period** | **-**  | **(1218)** | **-**  | **-**  | **329**  | **(889)** |
| Assignment of results - Shareholders' meeting | -  | -  | -  | 30521  | -  | 30521  |
| Repurchase of treasury shares | (1650) | -  | -  | -  | -  | (1650) |
| Changes in non-controlling interest | -  | -  | -  | -  | 3314  | 3314  |
| Reserve for share-based payments | -  | -  | -  | -  | 55  | 55  |
| Other changes in shareholders' equity | -  | (163) | -  | -  | (81) | (244) |
| **Balance as of December 31, 2022** | **(2172)** | **389**  | **351**  | **30521**  | **2939**  | **32028**  |

---

(\*) Includes revaluation surplus.

The accompanying notes are an integral part of these Financial Statements.

PRICE WATERHOUSE & CO. S.R.<br> (Socio) <u>) </u> <u>) </u> <br> C.P.C.E.C.A.B.A. T° 1 F° 17 Carlos Brondo Contador Público (UBA) C.P.C.E.C.A.B.A. T° 391 F° 078 Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity**

 **for the six-month period ended December 31, 2021**

(All amounts in millions, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** |  |  |  |  |  |  |  |  |  |  |  |
|  | **Outstanding shares**<br>| **Treasury shares**<br>| **Inflation adjustment of share capital and treasury shares (i)**<br>| **Warrants (ii)**<br>| **Share premium**<br>| **Additional paid-in capital from treasury shares**<br>| **Legal reserve**<br>| **Special reserve GR 609/12 (iii)**<br>| **Other reserves (iv)**<br>| **Retained earnings**<br>| **Subtotal**<br>| **Non-controlling interest**<br>| **Total Shareholders' equity**<br>|
| **Balance as of June 30, 2021** | **589**  | **2**  | **35894**  | **3455**  | **44526**  | **319**  | **1643**  | **2717**  | **9611**  | **(22607)** | **76149**  | **172314**  | **248463**  |
| Profit for the period | -  | -  | -  | -  | -  | -  | -  | -  | -  | 41310  | 41310  | 32771  | 74081  |
| Other comprehensive loss for the period | -  | -  | -  | -  | -  | -  | -  | -  | (9508) | -  | (9508) | (13961) | (23469) |
| **Total comprehensive (loss)/ income for the period** | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **(9508)** | **41310**  | **31802**  | **18810**  | **50612**  |
| Assignment of results - Shareholders' meeting | -  | -  | -  | -  | -  | -  | -  | (5240) | -  | 5240  | -  | -  | -  |
| Exercise of warrants (ii) | -  | -  | -  | (10) | 68  | -  | -  | -  | -  | -  | 58  | -  | 58  |
| Changes in non-controlling interest | -  | -  | -  | -  | -  | -  | -  | -  | 2737  | -  | 2737  | 16  | 2753  |
| Dividends distribution | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (4685) | (4685) |
| Reserve for share-based payments | -  | -  | -  | -  | -  | -  | -  | -  | 21  | -  | 21  | -  | 21  |
| Other changes in shareholders' equity | -  | -  | -  | -  | -  | -  | -  | 2523  | (119) | (5199) | (2795) | 146  | (2649) |
| Capitalization of irrevocable contributions | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 33  | 33  |
| **Balance as of December 31, 2021** | **589**  | **2**  | **35894**  | **3445**  | **44594**  | **319**  | **1643**  | **-**  | **2742**  | **18744**  | **107972**  | **186634**  | **294606**  |

---

(i) Includes ARS 11 and ARS 4 of Inflation adjustment of treasury shares as of December 31, 2021 and June 30, 2021, respectively.

(ii) As of December 31, 2021, the remaining warrants to exercise amount to 89,761,817, equivalent to the same number of shares.

(iii) Related to CNV General Resolution N° 609/12.

(iv) Group's other reserves for the period ended December 31, 2021 are comprised as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares**<br>| **Reserve for currency translation adjustment**<br>| **Reserve for the acquisition of securities issued by the Company**<br>| **Other reserves (\*)**<br>| **Total other reserves**<br>|
| **Balance as of June 30, 2021** | **(528)** | **13920**  | **351**  | **(4132)** | **9611**  |
| Other comprehensive loss for the period | -  | (9510) | -  | 2  | (9508) |
| **Total comprehensive loss for the period** | **-**  | **(9510)** | **-**  | **2**  | **(9508)** |
| Changes in non-controlling interest | -  | -  | -  | 2737  | 2737  |
| Reserve for share-based payments | -  | -  | -  | 21  | 21  |
| Other changes in shareholders' equity | -  | (2) | -  | (117) | (119) |
| **Balance as of December 31, 2021** | **(528)** | **4408**  | **351**  | **(1489)** | **2742**  |

---

(\*) Includes revaluation surplus.

The accompanying notes are an integral part of these Financial Statements.

PRICWATERHOUSE & CO. S.R.L <br> (Socio) <u>) </u> <u>) </u> <br> C.P.C.E.C.A.B.A. T° 1 F° 17 Carlos Brondo Contador Público (UBA) C.P.C.E.C.A.B.A. T° 391 F° 078 Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Unaudited Condensed Interim Consolidated Statements of Cash Flows**

 **for the six-month periods ended December 31, 2022 and 2021**

(All amounts in millions, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **12.31.2022**<br>| **12.31.2021**<br>|
| **Operating activities:** |  |  |  |
| Net cash generated from operating activities before income tax paid | 17 | 461  | 20408  |
| Income tax paid |  | (832) | (208) |
| **Net cash (used in) / generated from operating activities** |  | **(371)** | **20200**  |
| **Investing activities:** |  |  |  |
| Acquisition of participation in associates and joint ventures |  | -  | (623) |
| Capital contributions to associates and joint ventures |  | (16) | (2002) |
| Proceeds from sales of intangible assets |  | -  | 483  |
| Acquisition and improvement of investment properties |  | (1323) | (2823) |
| Proceeds from sales of investment properties |  | 2128  | 10410  |
| Acquisitions and improvements of property, plant and equipment |  | (7160) | (3876) |
| Acquisition of intangible assets |  | (82) | (33) |
| Proceeds from sales of property, plant and equipment |  | 5639  | 6  |
| Dividends collected from associates and joint ventures |  | 369  | 5131  |
| Proceeds from loans granted |  | 364  | -  |
| Acquisitions of investments in financial assets |  | (13345) | (4905) |
| Proceeds from disposal of investments in financial assets |  | 19039  | 12475  |
| Interest collected from financial assets |  | 56  | 127  |
| Dividends collected from financial assets |  | -  | 92  |
| Loans granted |  | -  | (41) |
| Proceeds from derivative financial instruments |  | (168) | -  |
| **Net cash generated from investing activities** |  | **5501**  | **14421**  |
| **Financing activities:** |  |  |  |
| Borrowings and issuance of non-convertible notes |  | 25357  | 32026  |
| Payment of borrowings and non-convertible notes |  | (34208) | (43969) |
| (Payment)/ obtaining of short term loans, net |  | (2590) | 1757  |
| Interest paid |  | (11934) | (14625) |
| Borrowings with associates and joint ventures, net |  | 5  | -  |
| Payment of borrowings with reladed parties |  | (18) | -  |
| Sale of non-convertible notes in portfolio |  | 2389  | -  |
| Repurchase of non-convertible notes |  | (416) | (7164) |
| Capital contributions from non-controlling interest in subsidiaries |  | -  | 216  |
| Repurchase of treasury shares |  | (2005) | -  |
| Dividends paid |  | (9551) | (6152) |
| Exercise of warrants |  | 23  | 64  |
| Payment of financial leases |  | (99) | -  |
| **Net cash used in financing activities** |  | **(33047)** | **(37847)** |
| **Net decrease in cash and cash equivalents** |  | **(27917)** | **(3226)** |
| Cash and cash equivalents at beginning of the period | 15 | 49947  | 64586  |
| Foreign exchange gain in cash and changes in fair value of cash equivalents |  | 1565  | 351  |
| Result from exposure to inflation on cash and cash equivalents |  | (2125) | (9832) |
| **Cash and cash equivalents at the end of the period** |  | **21470**  | **51879**  |

---

The accompanying notes are an integral part of these Financial Statements.

PRICE WATERHOUSE & CO. S.R.L. (Socio) <u>) </u> <u>) </u> <br> C.P.C.E.C.A.B.A. T° 1 F° 17 Carlos Brondo Contador Público (UBA) C.P.C.E.C.A.B.A. T° 391 F° 078 Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Notes to the Unaudited Condensed Interim Consolidated Financial Statements**

(Amounts in millions, except otherwise indicated)

**1.** **The Group's business and general information**

Cresud was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier's shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.

In 2002, Cresud acquired a 19.85% interest in IRSA, a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud's direct principal subsidiary.

Cresud and its subsidiaries are collectively referred to hereinafter as the Group.

Main shareholders´ of the Company are jointly Inversiones Financieras del Sur S.A., Agroinvestment S.A and Consultores Venture Capital Uruguay S.A.. This entities are companies incorporated in Uruguay and belong to the same controlling group and the ultimate beneficiary is Eduardo S. Elsztain.

The Board of Directors has approved these Financial Statements for issuance on February 9, 2022.

As of December 31, 2022, the Group operates in two major business lines: (i) agricultural business and (ii) urban property and investment business.

**2.** **Summary of significant accounting policies**

**2.1.** **Basis of preparation**

These Financial Statements have been prepared in accordance with IAS 34 "Interim financial reporting" and should therefore be read in conjunction with the Group's annual Consolidated Financial Statements as of June 30, 2022 prepared in accordance with IFRS. Also, these financial statements include additional information required by Law No. 19,550 and / or regulations of the CNV. Such information is included in the notes to these financial statements, as accepted by IFRS.

These Financial Statements for the interim periods of six months ended December 31, 2022 and 2021 have not been audited. Management considers that they include all the necessary adjustments to fairly present the results of each period. Intermediate period results do not necessarily reflect the proportion of the Group's results for the entire fiscal years.

IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated by non-monetary items. This requirement also includes the comparative information of the financial statements.

To conclude on whether an economy is categorized as highly inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that approximates or exceed 100%. Accumulated inflation in Argentina in three years is over 100%. For that reason, in accordance with IAS 29, Argentina must be considered a country with a highly inflationary economy starting July 1, 2018.

Véase nuestro informe de fecha 11/11/2022

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

In relation to the inflation index to be used and in accordance with FACPCE Resolution No. 539/18, it is determined based on the Wholesale Price Index (IPIM) until 2016, considering the average variation of the Consumer Price Index (CPI) of the Autonomous City of Buenos Aires for the months of November and December 2015, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) is considered. The table below presents the index for the six-month period ended December 31, 2022, according to official statistics (INDEC) and following the guidelines described in Resolution 539/18.

---

| | |
|:---|:---|
|  | **As of December 31, 2022 (accumulated six months)**<br>|
| Price variation | 43% |

---

As a consequence of the aforementioned, these financial statements as of December 31, 2022 were restated in accordance with IAS 29.

**2.2** **Accounting policies**

The accounting policies applied in the presentation of these Financial Statements are consistent with those applied in the preparation of the Annual Financial Statements, as described in Note 2 to those Financial Statements.

**2.3** **Comparability of information**

Balance items as of June 30, 2022 and December 31, 2021 presented in these Financial Statements for comparative purposes arise from the financial statements as of and for such period, restated in accordance with IAS 29 (See Note 2.1). Certain items from prior periods have been reclassified for consistency purposes.

**2.4** **Use of estimates**

The preparation of Financial Statements at a certain date requires Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements. In the preparation of these financial statements, the significant judgments made by Management in applying the Group's accounting policies and the main sources of uncertainty were the same as the ones applied by the Group in the preparation of the Annual Financial Statements described in Note 3 to those Financial Statements.

**3.** **Seasonal effects on operations**

 **<u>Agricultural business</u>**

Some of the Group's businesses are more affected by seasonal effects than others. The operations of the Group's agricultural business are subject to seasonal effects. The harvests and sale of grains in Argentina generally take place each year since March in the case of corn and soybean, since October in the case of wheat, and since December in the case of sunflower. In Brazil, the harvest and sale of soybean take place since February, and in the case of corn weather conditions make it possible to have two seasons, therefore the harvest take place between March and July. In Bolivia, weather conditions also make it possible to have two soybean, corn and sorghum seasons and, therefore, these crops are harvested in July and May, whereas wheat is harvested in August and September, respectively. In the case of sugarcane, harvest and sale take place between April and November of each year. Other segments of the agricultural business, such as beef cattle production tend to be more stable. However, beef cattle production is generally larger during the second quarter, when conditions are more favorable. As a result, there may be material fluctuations in the agricultural business results across quarters.

 **<u>Urban properties and investments business</u>**

The operations of the Group's shopping malls are subject to seasonal effects, which affect the level of sales recorded by lessees. During summertime in Argentina (January and February), the lessees of shopping malls experience the lowest sales levels in comparison with the winter holidays (July) and Christmas and year-end holidays celebrated in December, when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping malls sales. Sale discounts at the end of each season also affect the business. As a consequence, for shopping mall operations, a higher level of business activity is expected in the period ranging between July and December, compared to the period between January and June.

Véase nuestro informe de fecha 11/11/2022

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**4.** **Acquisitions and disposals**

Significant acquisitions and disposals for the six-month period ended December 31, 2022 are detailed below. Significant acquisitions and disposals for the fiscal year ended June 30, 2022, are detailed in Note 4 to the Annual Financial Statements.

 **<u>Agricultural business</u>**

 **<u>Panamby Farm</u>**

On September 15, 2022 BrasilAgro has acquired a farmland located in the municipality of Querệncia, state of Mato Grosso, Brazil. The property has an arable area of 5,400 hectares (10,800 hectares of total área), of which 80% are suitable for second crop. The acquisition value is BRL 285.6 million (equivalent to 302 soybean bags per arable hectare at the date of transaction), which will be paid in two installments, a down payment of BRL 140 million at the signing of the contract and a second installment of BRL 145.6 million that will be paid on August 21, 2023.

 **<u>Rio do Meio II Farm</u>**

On November 8, 2022, BrasilAgro signed a contract for the sale of 1,964 hectares (1,422 arable hectares) of the Rio do Meio farm, a rural property located in the municipality of Correntina – Bahia. The value to be paid was set at 414,097 bags of soybeans, equivalent to BRL 62 million on the date of the transaction. The contract establishes a schedule for the transfer of ownership, and revenue is recognized in four stages. The first phase was completed on November 14, 2022, the result of which is recognized in the Statement of Income and Other Comprehensive Income, and the other phases are scheduled for July of each year until 2025.

 **<u>Urban property business and investments</u>**

 **<u>"Della Paolera 261" floor sale</u>**

As a subsequent event, on August 17, the Company has sold and transferred one floor of the tower "261 Della Paolera" for a total leasable area of approximately 1,184 square meters and 8 parking spaces located in the building. The transaction price was set at approximately USD 12.6 million (USD/square meters 10,600), which had already been paid.

 **<u>Barter transaction Córdoba</u>**

On August 18, 2022, the transfer of ownership was made as an exchange of the Property "Lot 16" located in the province of Córdoba, whose commitment had been celebrated on May 17, 2016. The price of the transaction was USD 2 million, and in exchange, the client assumes the commitment and the obligation to transfer, under the horizontal property regime, future real estate that will be functional units (apartments) and complementary units (storage rooms), whose construction and completion will be at his sole expense.

 **<u>Zetol – Sell of plot and Boating Trust interest</u>**

On November 23, 2022, Zetol sold the property number 46,931 located in Ciudad de la Costa, department of Canelones, to the Boating Trust for an amount of USD 8 million. The form of payment was the equivalent of USD 6 million in units and USD 2 million remains as an account receivable.

The units were delivered to the Maneiro family as partial cancellation of the debt that Liveck maintains with them for the purchase of the shares of Zetol.

Later that day, a novation agreement was made between Zetol and the Trust, substituting the receivable of USD 2 million that Zetol had for the sale of the plot, becoming trustor and beneficiary of the trust that will carry out the real estate development. Due to this, Zetol has the right to receive the net proceeds from the sale of units, equivalent to 791.7 square meters. Such a contract has established a minimum amount to be received.

Véase nuestro informe de fecha 11/11/2022

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**5.** **Financial risk management and fair value estimates**

These Financial Statements do not include all the information and disclosures on financial risk management; therefore, they should be read along with Note 5 to the Annual Financial Statements. There have been no changes in risk management or risk management policies applied by the Group since year-end.

Since June 30, 2022 and up to the date of issuance of these Financial Statements, there have been no significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities, (either measured at fair value or amortized cost).

**6.** **Segment information**

As explained in Note 6 to the Annual Consolidated Financial Statements, segment information is reported from the perspective of products and services: (i) agricultural business and (ii) urban properties and investment business.

Below is a summary of the Group's business units and a reconciliation between the operating income according to segment information and the operating income of the Statement of Income and Other Comprehensive Income of the Group for the periods ended December 31, 2022 and 2021:

Véase nuestro informe de fecha 11/11/2022

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

Below is a summarized analysis of the lines of business of the Group for the period ended December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** |
|  | **Agricultural business (I)**<br>| **Urban Properties and Investment business (II)**<br>| **Total segment information**<br>| **Joint ventures (i)**<br>| **Adjustments (ii)**<br>| **Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)**<br>| **Total Statement of Income and Other Comprehensive Income/ Financial Position**<br>|
| Revenues | 36905  | 24916  | 61821  | (138) | 6112  | (311) | 67484  |
| Costs | (29205) | (4329) | (33534) | 63  | (6228) | -  | (39699) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | (2573) | -  | (2573) | -  | -  | 79  | (2494) |
| Changes in the net realizable value of agricultural products after harvest | 457  | -  | 457  | -  | -  | -  | 457  |
| **Gross profit/ (loss)** | **5584**  | **20587**  | **26171**  | **(75)** | **(116)** | **(232)** | **25748**  |
| Net gain/ (loss) from fair value adjustment of investment properties | 90  | (29666) | (29576) | 692  | -  | -  | (28884) |
| Gain from disposal of farmlands | 565  | -  | 565  | -  | -  | -  | 565  |
| General and administrative expenses | (2695) | (4020) | (6715) | 20  | -  | 57  | (6638) |
| Selling expenses | (3221) | (1303) | (4524) | 9  | -  | 189  | (4326) |
| Other operating results, net | 853  | (3086) | (2233) | (14) | 55  | (10) | (2202) |
| Management fees | -  | -  | -  | -  | (1222) | -  | (1222) |
| **Profit/ (loss) from operations** | **1176**  | **(17488)** | **(16312)** | **632**  | **(1283)** | **4**  | **(16959)** |
| Share of (loss)/ profit of associates and joint ventures | (507) | 1737  | 1230  | (416) | -  | (2) | 812  |
| **Segment profit/ (loss)** | **669**  | **(15751)** | **(15082)** | **216**  | **(1283)** | **2**  | **(16147)** |
| Reportable assets | 140786  | 326489  | 467275  | (1834) | -  | 248162  | 713603  |
| Reportable liabilities | -  | -  | -  | -  | -  | (416513) | (416513) |
| **Net reportable assets** | **140786**  | **326489**  | **467275**  | **(1834)** | **-**  | **(168351)** | **297090**  |

---

Véase nuestro informe de fecha 11/11/2022

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

Below is a summarized analysis of the lines of business of the Group for the period ended December 31, 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** |
|  | **Agricultural business (I)**<br>| **Urban Properties and Investment business (II)**<br>| **Total segment information**<br>| **Joint ventures (i)**<br>| **Adjustments (ii)**<br>| **Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)**<br>| **Total Statement of Income and Other Comprehensive Income/ Financial Position**<br>|
| Revenues | 48794  | 17173  | 65967  | (123) | 4502  | (333) | 70013  |
| Costs | (41588) | (3639) | (45227) | 64  | (4651) | -  | (49814) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 9011  | -  | 9011  | -  | -  | 138  | 9149  |
| Changes in the net realizable value of agricultural products after harvest | (824) | -  | (824) | -  | -  | -  | (824) |
| **Gross profit/ (loss)** | **15393**  | **13534**  | **28927**  | **(59)** | **(149)** | **(195)** | **28524**  |
| Net gain from fair value adjustment of investment properties | 771  | 43815  | 44586  | 129  | -  | -  | 44715  |
| Gain from disposal of farmlands | 7837  | -  | 7837  | -  | -  | -  | 7837  |
| General and administrative expenses | (2669) | (3793) | (6462) | 12  | -  | 98  | (6352) |
| Selling expenses | (3948) | (1628) | (5576) | (8) | -  | 110  | (5474) |
| Other operating results, net | 1769  | (117) | 1652  | -  | 53  | (6) | 1699  |
| Management fees | -  | -  | -  | -  | (4823) | -  | (4823) |
| **Profit/ (loss) from operations** | **19153**  | **51811**  | **70964**  | **74**  | **(4919)** | **7**  | **66126**  |
| Share of profit/ (loss) of associates and joint ventures | 356  | (152) | 204  | (83) | -  | -  | 121  |
| **Segment profit/ (loss)** | **19509**  | **51659**  | **71168**  | **(9)** | **(4919)** | **7**  | **66247**  |
| Reportable assets | 132637  | 513594  | 646231  | (2890) | -  | 17335  | 660676  |
| Reportable liabilities | -  | -  | -  | -  | -  | (454404) | (454404) |
| **Net reportable assets** | **132637**  | **513594**  | **646231**  | **(2890)** | **-**  | **(437069)** | **206272**  |

---

(i) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes.

(ii) Includes ARS (116) and ARS (149) corresponding to Expenses and FPC as of December 31, 2022 and 2021, respectively, and ARS 1,222 and ARS 4,823 to management fees, as of December 31, 2022 and 2021.

(iii) Includes deferred income tax assets, income tax and MPIT credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements.

Véase nuestro informe de fecha 11/11/2022

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 *(I)*

 *Agriculture line of business*

The following tables present the reportable segments of the agriculture line of business:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** |
|  | **Agricultural production**<br>| **Land transformation and sales**<br>| **Corporate**<br>| **Others**<br>| **Total Agricultural business**<br>|
| Revenues | 24419  | -  | -  | 12486  | 36905  |
| Costs | (22044) | (27) | -  | (7134) | (29205) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | (2573) | -  | -  | -  | (2573) |
| Changes in the net realizable value of agricultural products after harvest | 457  | -  | -  | -  | 457  |
| **Gross profit / (loss)** | **259**  | **(27)** | **-**  | **5352**  | **5584**  |
| Net gain from fair value adjustment of investment properties | -  | 90  | -  | -  | 90  |
| Gain from disposal of farmlands | -  | 565  | -  | -  | 565  |
| General and administrative expenses | (1384) | (4) | (524) | (783) | (2695) |
| Selling expenses | (2307) | (4) | -  | (910) | (3221) |
| Other operating results, net | (458) | 1101  | -  | 210  | 853  |
| **(Loss) / profit from operations** | **(3890)** | **1721**  | **(524)** | **3869**  | **1176**  |
| Share of loss of associates and joint ventures | (79) | -  | -  | (428) | (507) |
| **Segment (loss) / profit** | **(3969)** | **1721**  | **(524)** | **3441**  | **669**  |
| Investment properties | -  | 19503  | -  | -  | 19503  |
| Property, plant and equipment | 75997  | 394  | -  | 514  | 76905  |
| Investments in associates | 1196  | -  | -  | 649  | 1845  |
| Other reportable assets | 26813  | 193  | -  | 15527  | 42533  |
| **Reportable assets** | **104006**  | **20090**  | **-**  | **16690**  | **140786**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** |
|  | **Agricultural production**<br>| **Land transformation and sales**<br>| **Corporate**<br>| **Others**<br>| **Total Agricultural business**<br>|
| Revenues | 39222  | -  | -  | 9572  | 48794  |
| Costs | (34784) | (45) | -  | (6759) | (41588) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 9011  | -  | -  | -  | 9011  |
| Changes in the net realizable value of agricultural products after harvest | (824) | -  | -  | -  | (824) |
| **Gross profit / (loss)** | **12625**  | **(45)** | **-**  | **2813**  | **15393**  |
| Net gain from fair value adjustment of investment properties | -  | 771  | -  | -  | 771  |
| Gain from disposal of farmlands | -  | 7837  | -  | -  | 7837  |
| General and administrative expenses | (1617) | (6) | (612) | (434) | (2669) |
| Selling expenses | (3017) | (247) | -  | (684) | (3948) |
| Other operating results, net | (142) | 1679  | -  | 232  | 1769  |
| **Profit / (loss) from operations** | **7849**  | **9989**  | **(612)** | **1927**  | **19153**  |
| Share of profit of associates and joint ventures | 81  | -  | -  | 275  | 356  |
| **Segment profit / (loss)** | **7930**  | **9989**  | **(612)** | **2202**  | **19509**  |
| Investment properties | -  | 19185  | -  | -  | 19185  |
| Property, plant and equipment | 68587  | 395  | -  | 304  | 69286  |
| Investments in associates | 1393  | -  | -  | 1502  | 2895  |
| Other reportable assets | 31401  | -  | -  | 9870  | 41271  |
| **Reportable assets** | **101381**  | **19580**  | **-**  | **11676**  | **132637**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 *(II)*

 *Urban properties and investments line of business*

Below is a summarized analysis of the lines of business of Group's in the urban properties and investments line of business:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** | **12.31.2022** |
|  | **Shopping Malls**<br>| **Offices**<br>| **Sales and developments**<br>| **Hotels**<br>| **Others**<br>| **Total**<br>|
| Revenues | 15793  | 1635  | 2172  | 4971  | 345  | 24916  |
| Costs | (1021) | (127) | (499) | (2406) | (276) | (4329) |
| **Gross profit** | **14772**  | **1508**  | **1673**  | **2565**  | **69**  | **20587**  |
| Net loss from fair value adjustment of investment properties (i) | (5897) | (7752) | (15968) | -  | (49) | (29666) |
| General and administrative expenses | (1942) | (264) | (720) | (718) | (376) | (4020) |
| Selling expenses | (733) | (21) | (140) | (372) | (37) | (1303) |
| Other operating results, net | 115  | (14) | (3) | (24) | (3160) | (3086) |
| **Profit / (Loss) from operations** | **6315**  | **(6543)** | **(15158)** | **1451**  | **(3553)** | **(17488)** |
| Share of profit of associates and joint ventures | -  | -  | -  | -  | 1737  | 1737  |
| **Segment profit / (loss)** | **6315**  | **(6543)** | **(15158)** | **1451**  | **(1816)** | **(15751)** |
| Investment and trading properties | 91770  | 66467  | 138301  | -  | 430  | 296968  |
| Property, plant and equipment | 261  | 4845  | 3407  | 4561  | 1072  | 14146  |
| Investment in associates and joint ventures | -  | -  | -  | -  | 11578  | 11578  |
| Other reportable assets | 250  | 227  | 2984  | 60  | 276  | 3797  |
| **Reportable assets** | **92281**  | **71539**  | **144692**  | **4621**  | **13356**  | **326489**  |

---

(i) For the six-month period ended December 31, 2022, the net loss from fair value adjustment of investment properties was ARS 28,884. The net impact of the values in Argentine Pesos of our properties was mainly a consequence of the change in macroeconomic conditions:

&nbsp;&nbsp;&nbsp;&nbsp;

(a) gain of ARS 1,642 due to the variation of the projected revenue growth rate and to the conversion to dollars of the projected cash flow in pesos according to the exchange rate estimates used in the cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;

(b) positive impact of ARS 34,941 million as a result of the conversion into pesos of the value of shopping malls in dollars based on the exchange rate at the end of the period

&nbsp;&nbsp;&nbsp;&nbsp;

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an increase of 54 basis points in the discount rate, mainly due to an increase in the country-risk rate component of the WACC discount rate used to discount the cash flow, which led to a decrease in the value of the shopping malls of ARS 3,624 million.

&nbsp;&nbsp;&nbsp;&nbsp;

(d) &nbsp;&nbsp;&nbsp;&nbsp;Additionally, due to the impact of the inflation adjustment, ARS 38,824 million were reclassified for shopping malls from "Net gain from fair value adjustment" to "Inflation Adjustment" in the Statement of Income and Other Comprehensive Income.

&nbsp;&nbsp;&nbsp;&nbsp;

(e) &nbsp;&nbsp;&nbsp;&nbsp;the value of our office buildings and other rental properties measured in real terms decrease 8.68 % during the six-month period ended December 31, 2022, mainly due to the implicit exchange rate, the exercise. Likewise, the impact of sales for the period is evident.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** | **12.31.2021** |
|  | **Shopping Malls**<br>| **Offices**<br>| **Sales and developments**<br>| **Hotels**<br>| **Others**<br>| **Total**<br>|
| Revenues | 11668  | 2347  | 390  | 2694  | 74  | 17173  |
| Costs | (1140) | (214) | (353) | (1537) | (395) | (3639) |
| **Gross profit / (loss)** | **10528**  | **2133**  | **37**  | **1157**  | **(321)** | **13534**  |
| Net (loss)/ gain from fair value adjustment of investment properties | (11530) | 1372  | 53798  | -  | 175  | 43815  |
| General and administrative expenses | (1681) | (567) | (806) | (501) | (238) | (3793) |
| Selling expenses | (651) | (169) | (541) | (238) | (29) | (1628) |
| Other operating results, net | (136) | (8) | (144) | (8) | 179  | (117) |
| **(Loss) / profit from operations** | **(3470)** | **2761**  | **52344**  | **410**  | **(234)** | **51811**  |
| Share of loss of associates and joint ventures | -  | -  | -  | -  | (152) | (152) |
| **Segment (loss) / profit** | **(3470)** | **2761**  | **52344**  | **410**  | **(386)** | **51659**  |
| Investment and trading properties | 118214  | 159575  | 201500  | -  | 730  | 480019  |
| Property, plant and equipment | 473  | 4809  | -  | 5846  | 580  | 11708  |
| Investment in associates and joint ventures | -  | -  | -  | -  | 16279  | 16279  |
| Other reportable assets | 265  | 230  | 4609  | 82  | 402  | 5588  |
| **Reportable assets** | **118952**  | **164614**  | **206109**  | **5928**  | **17991**  | **513594**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**7.** **Investments in associates and joint ventures**

Changes in the Group's investments in associates and joint ventures for the six-month period ended December 31, 2022 and for the year ended June 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| **Beginning of the period / year** | **25624**  | **30464**  |
| Share capital increase and contributions | -  | 2195  |
| Capital increase | 16  | -  |
| Share of profit/ (loss) | 812  | (279) |
| Other comprehensive income/ (loss) | 66  | (924) |
| Dividends | (369) | (5258) |
| Participation in other changes in equity | -  | (403) |
| Reclassification to financial instruments | -  | (212) |
| Others | -  | 41  |
| **End of the period / year (i)** | **26149**  | **25624**  |

---

(i) As of June 30, 2022 includes ARS (11) reflecting interests in companies with negative equity, which were disclosed in "Provisions" (see Note 19).

Below is additional information about the Group's investments in associates and joint ventures:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **% ownership interest** | **% ownership interest** | **Value of Group's interest in equity** | **Value of Group's interest in equity** | **Group's interest in comprehensive income/ (loss)** | **Group's interest in comprehensive income/ (loss)** |
| **Name of the entity**<br>| **12.31.2022**<br>| **06.30.2022**<br>| **12.31.2022**<br>| **06.30.2022**<br>| **12.31.2022**<br>| **12.31.2021**<br>|
| New Lipstick | 49.96% | 49.96% | 207  | 205  | 2  | (8) |
| BHSA | 29.91% | 29.91% | 15077  | 13828  | 1250  | (699) |
| GCDI (Ex TGLT) | 27.82% | 27.82% | 1149  | 1163  | (14) | (45) |
| Quality | 50.00% | 50.00% | 5030  | 5520  | (490) | (140) |
| La Rural S.A. | 50.00% | 50.00% | 847  | 348  | 509  | (12) |
| Cresca S.A. | 50.00% | 50.00% | 42  | 41  | -  | (2) |
| Other associates and joint ventures | -  | -  | 3797  | 4519  | (445) | 1319  |
| **Total associates and joint ventures** |  |  | **26149**  | **25624**  | **812**  | **413**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Last financial statement issued** | **Last financial statement issued** | **Last financial statement issued** |
| **Name of the entity**<br>| **Location of business / Country of incorporation** | **Main activity** | **Common shares 1 vote**<br>| **Share capital (nominal value)**<br>| **(Loss)/ profit for the period**<br>| **Shareholders' equity**<br>|
| New Lipstick | U.S. | Real estate | N/A  | -  | (\*) (1)  | (\*) (43)  |
| BHSA | Argentina | Financing | 448689072  | (\*\*) 1.500  | (\*\*) 4.178  | (\*\*) 48.889  |
| GCDI (Ex TGLT) | Argentina | Real estate | 257330595  | 915  | (1805) | 4131  |
| Quality | Argentina | Real estate | 1421672293  | 2843  | (979) | 9841  |
| La Rural S.A. | Argentina | Organization of events | 714998  | 1  | (39) | 377  |

---

(\*) Amounts expressed in dollars under USGAAP. Condor closes its fiscal year on June 30, for this reason the Group calculates its participation with a lag of 3 months including material adjustments, if any.

(\*\*)

Information as of December 31, 2022 according to NIIF.

**8.** **Investment properties**

Changes in the Group's investment properties for the six-month period ended December 31, 2022 and for the year ended June 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12.31.2022** | **12.31.2022** | **06.30.2022** | **06.30.2022** |
|  | **Level 2**<br>| **Level 3**<br>| **Level 2**<br>| **Level 3**<br>|
| **Fair value at the beginning of the year** | **311447**  | **121232**  | **238221**  | **210117**  |
| Additions | 501  | 849  | 10527  | 2936  |
| Disposals | (2180) | -  | (41656) | -  |
| Transfers | 1670  | 591  | 85135  | (90572) |
| Net (loss)/ gain from fair value adjustment | (23664) | (5220) | 24989  | (1263) |
| Additions of capitalized leasing costs | 2  | 14  | 33  | 27  |
| Amortization of capitalized leasing costs (i) | (6) | (6) | (52) | (13) |
| Currency translation adjustment | (471) | -  | (5750) | -  |
| **Fair value at the end of the year** | **287299**  | **117460**  | **311447**  | **121232**  |

---

(i) Amortization charges of capitalized leasing costs were included in "Costs" in the Statements of Income and Other Comprehensive Income (Note 24).

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

The following is the balance by type of investment property of the Group as of June 30, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| Leased out farmland | 19503  | 19561  |
| Offices and other rental properties | 92038  | 99859  |
| Shopping malls | 124561  | 128966  |
| Undeveloped parcels of land | 168079  | 183065  |
| Properties under development | 578  | 1228  |
| **Total** | **404759**  | **432679**  |

---

The following amounts have been recognized in the Statements of Income and Other Comprehensive Income:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| Rental and services income | 23870  | 19205  |
| Direct operating expenses | 8006  | (6859) |
| Development expenses | 77  | (164) |
| Net unrealized (loss)/gain from fair value adjustment of investment property | (29985) | 40698  |
| Net realized gain from fair value adjustment of investment property (i) | 1101  | 4017  |

---

(i) As of December 31, 2022 corresponds ARS 62 to the realized result from fair value adjustment for the period ((ARS 11) for the sale of parking spaces of Libertador 498 and ARS 73 for the sale of floors of Catalinas Building) and ARS 1,039 for realized result from fair value adjustment made in previous years (ARS 48 for the sale of parking spaces of Libertador 498 and ARS 991 for the sale of floors of Catalinas Building). As of December 31, 2021, (ARS 123) corresponds to the result for changes in the fair value realized for the period ((ARS 146) for the sale of Casona Hudson, (ARS 31) for the sale of the Merlo Land, (ARS 35) for the sale of the Mariano Acosta Land, (ARS 154) for the sale of parking spaces of Libertador 498 and ARS 243 for the sale of floors of Catalinas Building) and ARS 4,140 for the result of changes in fair value made in previous years (ARS 171 for the sale of Casona Hudson, ARS 150 for the sale of the Merlo Land, ARS 142 for the sale of the Mariano Acosta Land, ARS 282 for the sale of parking spaces of Libertador 498 and ARS 3,395 for the sale of floors of Catalinas Building).

Valuation techniques are described in Note 9 to the Annual Financial Statements. There were no changes to such techniques.

 **<u>Costa Urbana –former Solares de Santa María– Costanera Sur, Buenos Aires City (IRSA)</u>**

On December 21, 2021, it was published the law from Buenos Aires City congress approving the Regulations for the development of the property of approximately 70 hectares, owned by the Company since 1997, previously known as "Solares de Santa María", located in front of the Río de la Plata in the South Coast of the Autonomous City of Buenos Aires, southeast of Puerto Madero. The published law grants a New Standard, designated: "U73 - Public Park and Costa Urbana Urbanization", which enables the combination of diverse uses such as homes, offices, retail, services, public spaces, education, and entertainment.

IRSA will have a construction capacity of approximately 895,000 sqm, which will drive growth for the coming years through the development of mixed-use projects.

IRSA will destinate 50.8 hectares for public use, which represents approximately 71% of the total area of the property and will contribute with three additional lots of the property, two for the Sustainable Urban Development Fund and one for the Innovation Trust, Science and Technology of the Government of the Autonomous City of Buenos Aires, to which the sum of USD 2 million in cash and the amount of 3,000,000 sovereign bonds (AL35) will also be contributed. Likewise, IRSA will be in charge of the infrastructure and road works on the property and will carry out the public space works contributing up to USD 40 million together with the maintenance of the public spaces assigned for 10 years or until the sum of USD 10 million is completed.

"Costa Urbana" will change the landscape of the City of Buenos Aires, giving life to an undeveloped area and will be in an exceptional property due to its size, location and connectivity, providing the City the possibility of expanding and recovering access to the Río de la Plata coast with areas for walks, recreation, green spaces, public parks and mixed uses.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

On October 29, 2021, a notification was received in relation to a collective protective petition requesting the convening of a public hearing prescribed by art. 63 of the Constitution of the City of Buenos Aires and the suspension of the treatment of Bill 1831 - J 2021 (first Instance trail in contentious Administrative and Tax matters No. 10, Sec. 19 - Cause "Civil Association Observatory of the Right to the city and others against GCBA and Others on protection - others" - EXP J-01-00166469-3/2021-0). The Company proceeded to answer the notification on November 12, 2021, requesting its rejection and on March 10, 2022, the court issued a ruling partially upholding the protective petition. On March 15, 2022, IRSA appealed said ruling, as did the Government of the Autonomous City of Buenos Aires, co-defendant in the case. On March 17, 2022, the court granted the appeals in relation and with suspensive effect, of the contested sentence (in accordance with the provisions of Law No. 2145). The matter is to be resolved by the in Administrative, Tax and Consumer Relations Litigation- Room IV.

**9.** **Property, plant and equipment**

Changes in the Group's property, plant and equipment for the six-month period ended December 31, 2022 and for the year ended June 30, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Owner occupied farmland**<br>| **Bearer plant**<br>| **Buildings and facilities**<br>| **Machinery and equipment**<br>| **Others**<br>| **Total as of 12.31.2022**<br>| **Total as of 06.30.2022**<br>|
| Costs | 68496  | 5391  | 24562  | 6946  | 3721  | 109116  | 442689  |
| Accumulated depreciation | (6159) | (3089) | (6568) | (6270) | (2000) | (24086) | (348572) |
| **Net book amount at the beginning of the period / year** | **62337**  | **2302**  | **17994**  | **676**  | **1721**  | **85030**  | **94117**  |
| Additions | 10858  | 288  | 524  | 128  | 366  | 12164  | 5754  |
| Disposals | (404) | (83) | (39) | -  | (7) | (533) | (2528) |
| Currency translation adjustment | (835) | (62) | (24) | (1) | (21) | (943) | (14104) |
| Transfers | (1) | 220  | (2127) | 12  | -  | (1896) | 5059  |
| Depreciation charges (i) | (412) | (523) | (448) | (169) | (147) | (1699) | (3268) |
| **Balances at the end of the period / year** | **71543**  | **2142**  | **15880**  | **646**  | **1912**  | **92123**  | **85030**  |
| Costs | 78114  | 5754  | 22896  | 7085  | 4059  | 117908  | 109116  |
| Accumulated depreciation | (6571) | (3612) | (7016) | (6439) | (2147) | (25785) | (24086) |
| **Net book amount at the end of the period / year** | **71543**  | **2142**  | **15880**  | **646**  | **1912**  | **92123**  | **85030**  |

---

(i) As of December 31, 2022, the depreciation charge has been charged to the line "Costs" for ARS 403, "General and administrative expenses" for ARS 185 and "Selling expenses" for ARS 18, in the Statement of Income and Other Comprehensive Income (Note 24), ARS 1,093 was capitalized as part of the cost of biological assets.

**10.** **Trading properties**

Changes in the Group's trading properties for the six-month period ended December 31, 2022 and for the year ended June 30, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Completed properties**<br>| **Properties under development**<br>| **Undeveloped sites**<br>| **Total as of 12.31.2022**<br>| **Total as of 06.30.2022**<br>|
| **Beginning of the period / year** | **286**  | **2328**  | **2013**  | **4627**  | **4125**  |
| Additions | -  | 87  | 83  | 170  | 725  |
| Currency translation adjustment | -  | (43) | -  | (43) | (223) |
| Disposals | (3) | (283) | (23) | (309) | -  |
| **End of the period / year** | **283**  | **2089**  | **2073**  | **4445**  | **4627**  |
| Non-current |  |  |  | 4359  | 4351  |
| Current |  |  |  | 86  | 276  |
| **Total** |  |  |  | **4445**  | **4627**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**11.** **Intangible assets**

Changes in the Group's intangible assets for the six-month period ended December 31, 2022 and for the year ended June 30, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goodwill**<br>| **Information systems and software**<br>| **Contracts and others**<br>| **Total as of 12.31.2022**<br>| **Total as of 06.30.2022**<br>|
| Costs | 866  | 2551  | 6263  | 9680  | 10051  |
| Accumulated amortization | -  | (2120) | (1434) | (3554) | (3040) |
| **Net book amount at the beginning of the period / year** | **866**  | **431**  | **4829**  | **6126**  | **7011**  |
| Additions | -  | 82  | 333  | 415  | 220  |
| Disposals | -  | -  | -  | -  | (682) |
| Previsions | -  | -  | -  | -  | (57) |
| Currency translation adjustment | (3) | (1) | -  | (4) | (41) |
| Amortization charges (i) | -  | (182) | (26) | (208) | (325) |
| **Balances at the end of the period / year** | **863**  | **330**  | **5136**  | **6329**  | **6126**  |
| Costs | 863  | 2632  | 6596  | 10091  | 9680  |
| Accumulated amortization | -  | (2302) | (1460) | (3762) | (3554) |
| **Net book amount at the end of the period / year** | **863**  | **330**  | **5136**  | **6329**  | **6126**  |

---

(i) As of December 31, 2022, amortization charge was recognized in the amount of ARS 50 under "Costs", in the amount of ARS 157 under "General and administrative expenses", and ARS 1 under Selling expenses in the Statements of Income and Other Comprehensive Income (Note 24).

**12.** **Right of use assets**

The Group's right-of-use assets as of December 31, 2022 and June 30, 2022 are the following:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| Farmland | 11100  | 7725  |
| Offices, shopping malls and other buildings | 23  | 24  |
| Machinery and equipment | 97  | 110  |
| Others | 1828  | 1864  |
| **Right-of-use assets** | **13048**  | **9723**  |
| Non-current | 13048  | 9723  |
| **Total** | **13048**  | **9723**  |

---

The depreciation charge of the right of use assets is detailed below:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| Farmland | 1,814  | 1,755  |
| Offices, shopping malls and other buildings | 1  | 1  |
| Others | 127  | 146  |
| **Depreciation charge of right-of-use assets (i)** | **1,942**  | **1,902**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(i) As of December 31, 2022, the amortization charge has been allocated ARS 82 within "Costs", ARS 13 in "General and administrative expenses" and ARS 3 in "Selling expenses" in the Statement of Income and Other Comprehensive Income (Note 24), ARS 1,844 was capitalized as part of the cost of biological assets.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**13.** **Biological assets**

Changes in the Group's biological assets and their allocation to the fair value hierarchy for the six-month period ended December 31, 2022 and for the year ended June 30, 2022 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Agricultural business**  | **Agricultural business**  | **Agricultural business**  | **Agricultural business**  | **Agricultural business**  | **Agricultural business**  | **Agricultural business**  | **Agricultural business**  |
|  | **Sown land-crops**  | **Sown land-crops**  | **Sugarcane fields**  | **Breeding cattle and cattle for sale (i)**  | **Other cattle (i)**  | **Others**  | **Total as of 12.31.2022**  | **Total as of 06.30.2022**  |
|  | **Level 1**  | **Level3**  | **Level 3**  | **Level 2**  | **Level 2**  | **Level 1**  |  |  |
| **Net book amount at the beginning of the period / year** | **2651**  | **3655**  | **5879**  | **9420**  | **169**  | **90**  | **21864**  | **23380**  |
| Purchases | -  | -  | -  | 412  | 3  | -  | 415  | 2488  |
| Transfers | (252) | 252  | -  | -  | -  | -  | -  | -  |
| Initial recognition and changes in the fair value of biological assets | -  | (493) | 80  | (2062) | (50) | -  | (2525) | 26279  |
| Decrease due to harvest | -  | (16738) | (6515) | -  | -  | -  | (23253) | (66668) |
| Sales | -  | -  | -  | (1705) | (1) | -  | (1706) | (4424) |
| Consumes | -  | -  | -  | (9) | -  | (12) | (21) | (37) |
| Costs for the period / year | 11138  | 11820  | 4929  | 1584  | -  | -  | 29471  | 43981  |
| Currency translation adjustment | (80) | 163  | (194) | (111) | -  | -  | (222) | (3135) |
| **Balances at the end of the period / year** | **13457**  | **(1341)** | **4179**  | **7529**  | **121**  | **78**  | **24023**  | **21864**  |
| Non-current (Production) | -  | -  | -  | 6472  | 100  | 78  | 6650  | 8684  |
| Current (Consumable) | 13457  | (1341) | 4179  | 1057  | 21  | -  | 17373  | 13180  |
| **Net book amount at the end of the period / year** | **13457**  | **(1341)** | **4179**  | **7529**  | **121**  | **78**  | **24023**  | **21864**  |

---

(i) Biological assets with a production cycle of more than one year (that is, cattle) generated "Initial recognition and changes in fair value of biological assets" amounting to ARS (2,112) and ARS (484) for the six-month period ended December 31, 2022 and for the fiscal year ended June 30, 2022, respectively; amounts of ARS (1,528) and ARS (466), was attributable to price changes, and amounts of ARS (584) and ARS (692), was attributable to physical changes, respectively.

During the six-month period ended December 31, 2022, there have been transfers for ARS 252 between the different hierarchies used to determine the fair value of the Group's biological assets. There were no reclassifications among their respective categories.

The fair value less estimated point of sale costs of agricultural produce at the point of harvest (which have been harvested during the period) amount to ARS 26,565 and ARS 56,839 for the six-month period ended December 31, 2022 and the year ended June 30, 2022, respectively.

See information on valuation processes used by the entity in Note 14 to the Annual Financial Statements.

As of December 31, 2022, and June 30, 2022, the better and maximum use of biological assets shall not significantly differ from the current use.

Capitalized cost of production as of December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| Supplies and labors | 22286  | 24486  |
| Salaries, social security costs and other personnel expenses | 903  | 929  |
| Depreciation and amortization | 2937  | 2951  |
| Fees and payments for services | 40  | 49  |
| Maintenance, security, cleaning, repairs and others | 153  | 162  |
| Taxes, rates and contributions | 34  | 56  |
| Leases and service charges | 7  | 6  |
| Freights | 154  | 101  |
| Travelling, library expenses and stationery | 134  | 105  |
| Other expenses | 2823  | 1364  |
|  | **29471**  | **30209**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**14.** **Inventories**

Breakdown of Group's inventories as of December 31, 2022 and June 30, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| Crops | 2713  | 8837  |
| Materials and supplies | 15598  | 10278  |
| **Agricultural inventories** | **18311**  | **19115**  |
| Supplies for hotels | 101  | 86  |
| **Total inventories** | **18412**  | **19201**  |

---

**15.** **Financial instruments by category**

 ***Determining fair values***

The present note shows the financial assets and financial liabilities by category of financial instrument and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy. For further information related to fair value hierarchy refer to Note 16 to the Annual Financial Statements.

Financial assets and financial liabilities as of December 31, 2022 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** |  |  |  |
|  | **Financial assets at amortized cost**<br>| **Level 1**<br>| **Level 2**<br>| **Subtotal financial assets**<br>| **Non-financial assets**<br>| **Total**<br>|
| **December 31, 2022** |  |  |  |  |  |  |
| **Assets as per Statement of Financial Position** |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16) | 51066  | 5618  | -  | 56684  | 19096  | 75780  |
| Investment in financial assets: |  |  |  |  |  |  |
| - Public companies' securities | -  | 2340  | -  | 2340  | -  | 2340  |
| - Bonds | -  | 3070  | -  | 3070  | -  | 3070  |
| - Mutual funds | -  | 18317  | -  | 18317  | -  | 18317  |
| - Others | 526  | 395  | -  | 921  | -  | 921  |
| Derivative financial instruments: |  |  |  |  |  |  |
| - Commodities options contracts | -  | 222  | -  | 222  | -  | 222  |
| - Commodities futures contracts | -  | 1347  | -  | 1347  | -  | 1347  |
| - Bonds futures contracts | -  | 6  | -  | 6  | -  | 6  |
| - Foreign-currency options contracts | -  | 205  | -  | 205  | -  | 205  |
| - Foreign-currency future contracts | -  | 270  | -  | 270  | -  | 270  |
| - Swaps | -  | -  | 2  | 2  | -  | 2  |
| Restricted assets (i) | 634  | -  | -  | 634  | -  | 634  |
| Cash and cash equivalents (excluding bank overdrafts): |  |  |  |  |  |  |
| - Cash on hand and at bank | 7172  | -  | -  | 7172  | -  | 7172  |
| - Short-term investments | -  | 14298  | -  | 14298  | -  | 14298  |
| **Total assets** | **59398**  | **46088**  | **2**  | **105488**  | **19096**  | **124584**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Financial liabilities at fair value through profit or loss** | **Financial liabilities at fair value through profit or loss** |  |  |  |
|  | **Financial liabilities at amortized cost**<br>| **Level 1**<br>| **Level 2**<br>| **Subtotal financial liabilities**<br>| **Non-financial liabilities**<br>| **Total**<br>|
| **December 31, 2022** |  |  |  |  |  |  |
| **Liabilities as per Statement of Financial Position** |  |  |  |  |  |  |
| Trade and other payables (Note 18) | 38903  | -  | -  | 38903  | 16521  | 55424  |
| Borrowings (Note 20) | 182139  | -  | -  | 182139  | -  | 182139  |
| Derivative financial instruments: |  |  |  |  |  |  |
| - Commodities options contracts | -  | 121  | 2  | 123  | -  | 123  |
| - Commodities futures contracts | 54  | 982  | 1012  | 2048  | -  | 2048  |
| - Foreign-currency options contracts | -  | 156  | -  | 156  | -  | 156  |
| - Foreign-currency future contracts | -  | 61  | -  | 61  | -  | 61  |
| - Swaps | -  | 288  | -  | 288  | -  | 288  |
| **Total liabilities** | **221096**  | **1608**  | **1014**  | **223718**  | **16521**  | **240239**  |

---

Financial assets and financial liabilities as of June 30, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** |  |  |  |
|  | **Financial assets at amortized cost**<br>| **Level 1**<br>| **Level 2**<br>| **Subtotal financial assets**<br>| **Non-financial assets**<br>| **Total**<br>|
| **June 30, 2022** |  |  |  |  |  |  |
| **Assets as per Statement of Financial Position** |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16) | 48799  | 6244  | -  | 55043  | 15254  | 70297  |
| Investment in financial assets: |  |  |  |  |  |  |
| - Public companies' securities | -  | 2212  | -  | 2212  | -  | 2212  |
| - Bonds | -  | 2531  | -  | 2531  | -  | 2531  |
| - Mutual funds | -  | 23074  | -  | 23074  | -  | 23074  |
| - Others | 163  | 551  | -  | 714  | -  | 714  |
| Derivative financial instruments: |  |  |  |  |  |  |
| - Commodities options contracts | -  | 435  | -  | 435  | -  | 435  |
| - Commodities futures contracts | -  | 3186  | -  | 3186  | -  | 3186  |
| - Foreign-currency options contracts | -  | 100  | -  | 100  | -  | 100  |
| - Foreign-currency future contracts | -  | 378  | -  | 378  | -  | 378  |
| Restricted assets (i) | 667  | -  | -  | 667  | -  | 667  |
| - Cash on hand and at bank | 26127  | -  | -  | 26127  | -  | 26127  |
| - Short-term investments | -  | 23820  | -  | 23820  | -  | 23820  |
| **Total assets** | **75756**  | **62531**  | **-**  | **138287**  | **15254**  | **153541**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Financial liabilities at fair value through profit or loss** | **Financial liabilities at fair value through profit or loss** |  | ****<br>|  |
|  | **Financial liabilities at amortized cost**<br>| **Level 1**<br>| **Level 2**<br>| **Subtotal financial liabilities**<br>| Non-financial liabilities  | Total<br>|
| **June 30, 2022** |  |  |  |  |  |  |
| **Liabilities as per Statement of Financial Position** |  |  |  |  |  |  |
| Trade and other payables (Note 18) | 35557  | -  | -  | 35557  | 15261  | 50818  |
| Borrowings (Note 20) | 202346  | -  | -  | 202346  | -  | 202346  |
| Derivative financial instruments: |  |  |  |  |  |  |
| - Commodities options contracts | -  | 253  | 147  | 400  | -  | 400  |
| - Commodities futures contracts | 4  | 689  | -  | 693  | -  | 693  |
| - Foreign-currency options contracts | -  | 233  | -  | 233  | -  | 233  |
| - Foreign-currency future contracts | -  | 199  | -  | 199  | -  | 199  |
| - Swaps | -  | 56  | 23  | 79  | -  | 79  |
| **Total liabilities** | **237907**  | **1430**  | **170**  | **239507**  | **15261**  | **254768**  |

---

(i) Corresponds to deposits in guarantee and escrows

The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 20). The fair value of payables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant.

The valuation models used by the Group for the measurement of Level 2 and Level 3 instruments are no different from those used as of June 30, 2022.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

As of December 31, 2022, there have been no changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the Group.

The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table. When no quoted prices are available in an active market, fair values (particularly with derivatives) are based on recognized valuation methods.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pricing model / method** | **Parameters** | **Fair value hierarchy** | **Range**<br>|
| Derivative financial instruments – Swaps | Theoretical price | Underlying asset price and volatility | &nbsp;&nbsp;&nbsp; Level 2 | -  |

---

**16.** **Trade and other receivables**

Group's trade and other receivables as of December 31, 2022 and June 30, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| Trade, leases and services receivable (\*) | 45020  | 44682  |
| Less: allowance for doubtful accounts | (1240) | (1468) |
| **Total trade receivables** | **43780**  | **43214**  |
| Prepayments | 11361  | 8490  |
| Borrowings, deposits and others | 6533  | 6819  |
| Contributions pending integration | 25  | 36  |
| Guarantee deposits | 2  | 1  |
| Tax receivables | 5576  | 4235  |
| Others | 7263  | 6034  |
| **Total other receivables** | **30760**  | **25615**  |
| **Total trade and other receivables** | **74540**  | **68829**  |
| Non-current | 19279  | 21164  |
| Current | 55261  | 47665  |
| **Total** | **74540**  | **68829**  |

---

(\*)

Includes field sales credits, which are revalued based on the soybean price at each balance sheet date. The related impact in the Statement of Income and Other Comprehensive income is presented within "Financial results, net.

The fair value of current trade and other receivables approximate their respective carrying amounts due to their short-term nature, as the impact of discounting is not considered significant.

Movements on the Group's allowance for doubtful accounts were as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| **Beginning of the period / year** | **1468**  | **2344**  |
| Additions (i) | 94  | 395  |
| Recovery (i) | (10) | (405) |
| Currency translation adjustment | 131  | 87  |
| Used during the period / year | (1) | (17) |
| Inflation adjustment | (442) | (936) |
| **End of the period / year** | **1240**  | **1468**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) The creation and release of the allowance for doubtful accounts have been included in "Selling expenses" in the Statement of Income and Other Comprehensive Income (Note 24).

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**17.** **Cash flow information**

Following is a detailed description of cash flows generated by the Group's operations for the six-month periods ended December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **12.31.2022**<br>| **12.31.2021**<br>|
| **Profit for the period** |  | **19237**  | **74081**  |
| *Adjustments for:* |  |  |  |
| Income tax | 21 | (26587) | 8394  |
| Amortization and depreciation | 24 | 924  | 894  |
| Gain from disposal of trading properties |  | (1691) | -  |
| Gain from disposal of trading properties |  | (7) | -  |
| Realization of currency translation adjustment |  | (285) | -  |
| Net loss/ (gain) from fair value adjustment of investment properties |  | 28884  | (44715) |
| Gain from disposal of intangibles assets |  | -  | (150) |
| Financial results, net |  | (12000) | (20283) |
| Provisions and allowances |  | 5107  | 1233  |
| Share of profit of associates and joint ventures | 7 | (812) | (121) |
| Management fees |  | 1222  | 4823  |
| Loss from repurchase of Non-convertible Notes |  | 805  | 1531  |
| Changes in net realizable value of agricultural products after harvest |  | (457) | 824  |
| Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest |  | 769  | (9555) |
| Unrealized loss from derivative financial instruments |  | -  | 335  |
| **Gain from disposal of farmlands** |  | (565) | (7837) |
| Decrease in inventories |  | 628  | 8411  |
| Decrease/ (increase) in trading properties |  | 94  | (94) |
| (Increase)/ decrease in biological assets |  | (51) | 6707  |
| (Increase)/ decrease in trade and other receivables |  | (4057) | 2359  |
| Decrease in trade and other payables |  | (7036) | (3506) |
| Decrease in salaries and social security liabilities |  | (3052) | (1251) |
| Decrease in provisions |  | (25) | (115) |
| Decrease in lease liabilities |  | (965) | (1013) |
| Net variation in derivative financial instruments |  | 383  | (450) |
| Increase in right of use assets |  | (2) | (94) |
| **Net cash generated from operating activities before income tax paid** |  | **461**  | **20408**  |

---

The following table presents a detail of significant non-cash transactions occurred in the six-month periods ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| Increase in investment in associates through a decrease ion investment in financial assets | -  | 1237  |
| Decrease in trade receivables through a decrease in lease liabilities | -  | 43  |
| Increase in financial instruments through a decrease in trade receivables with related parties | -  | 19  |
| Increase in investment properties through an increase in trade and other payables | 43  | 263  |
| Decrease in investment properties through an increase in property, plant and equipment | 10  | 2195  |
| Increase in other reserves through an increase in investment in subsidiaries, associates and joint ventures | -  | 684  |
| Increase in investment in associates through a decrease in financial instruments | -  | 6  |
| Currency translation adjustment | 1218  | 8731  |
| Other changes in subsidiaries' equity | 3225  | -  |
| Issuance of non-convertible notes | 38762  | -  |
| Decrease in lease liabilities through a decrease in trade and other receivables | 30  | -  |
| Decrease in property, plant and equipment through an increase in investment properties | 2840  | -  |
| Increase in shareholders' equity through an increase in investment properties | 576  | -  |
| Increase in deferred income tax liabilities through a decrease in shareholders' equity | 209  | -  |
| Decrease in trading properties through an increase in intangible assets | 333  | -  |
| Decrease in property, plant and equipment through an increase in shareholders' equity | 175  | -  |
| Decrease in investment properties through a decrease in investment in financial assets | 52  | -  |
| Decrease in investment in financial assets through a decrease in trade and other payables | 244  | -  |
| Decrease in dividends receivables through an increase in investment in financial assets | 7  | -  |
| Increase in property, plant and equipment through an increase in trade and other payables | 5004  | -  |
| Decrease in property, plant and equipment through an increase in trade and other receivables | 7  | -  |
| Increase in rights of use assets through an increase in lease liabilities | 2808  | -  |
| Decrease in shareholders' equity through a decrease in financial assets | 2053  | -  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**18.** **Trade and other payables**

Group's trade and other payables as of December 31, 2022 and June 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| Trade payables | 32229  | 21200  |
| Advances from sales, leases and services (\*) | 7925  | 7673  |
| Accrued invoices | 2740  | 3318  |
| Deferred income | -  | 137  |
| Admission fees | 4585  | 3684  |
| Deposits in guarantee | 89  | 96  |
| **Total trade payables** | **47568**  | **36108**  |
| Dividends payable to non-controlling interests | 1  | 2419  |
| Tax payables | 4007  | 3766  |
| Director´s Fees | 445  | 946  |
| Management fees | 1222  | 5684  |
| Others | 2181  | 1895  |
| **Total other payables** | **7856**  | **14710**  |
| **Total trade and other payables** | **55424**  | **50818**  |
| Non-current | 6766  | 6578  |
| Current | 48658  | 44240  |
| **Total** | **55424**  | **50818**  |

---

(\*) Corresponds mainly to admission rights and rents collected in advance, which will accrue in an average term of 3 to 5 years.

**19.** **Provisions**

The table below shows the movements in the Group's provisions categorized by type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Legal claims**<br>| **Investments in associates and joint ventures (ii)**<br>| **Total as of 12.31.2022**<br>| **Total as of 06.30.2022**<br>|
| **Beginning of period / year** | **1019**  | **11**  | **1030**  | **1267**  |
| Additions (i) | 3787  | -  | 3787  | 864  |
| Decreases (i) | (128) | -  | (128) | -  |
| Participation in the results | -  | (11) | (11) | -  |
| Inflation adjustment | (310) | -  | (310) | (624) |
| Transfers | (12) | -  | (12) | (54) |
| Currency translation adjustment | -  | -  | -  | (11) |
| Used during the period / year | (25) | -  | (25) | (412) |
| **End of period / year** | **4331**  | **-**  | **4331**  | **1030**  |
| Non-current |  |  | 4088  | 731  |
| Current |  |  | 243  | 299  |
| **Total** |  |  | **4331**  | **1030**  |

---

(i) Additions and recovery are included in "Other operating results, net". Tax contingency increases are included in "Financial results, net". As of December 31, 2022, it contains the provision for the IDBD lawsuit.

(ii) Corresponds to investments in Puerto Retiro, companies that have negative equity. The increase and recovery is included in "Share of profit of associates and joint ventures "

There were no significant changes to the processes mentioned in Note 21 to the Annual Financial Statements.

 **<u>IDBD</u>**

As indicated in Note 1 to the Annual Consolidated Financial Statements as of June 30, 2022, the Group lost control of IDBD on September 25, 2020.

On September 21, 2020, IDBD filed a lawsuit against Dolphin Netherlands B.V. ("Dolphin BV") and IRSA before the Tel-Aviv Jaffa District Court (civil case no. 29694-09-20). The amount claimed by IDBD is NIS 140 million, alleging that Dolphin BV and IRSA breached an alleged legally binding commitment to transfer to IDBD 2 installments of NIS 70 million. On December 24, 2020, and following approval by the insolvency court, the IDBD trustee filed a motion to dismiss the claim, maintaining the right as IDBD trustee, to file a new inter alia claim in the same matter, after conduct an investigation into the reasons for IDBD's insolvency. On December 24, 2020, the court entered a judgment to dismiss the claim as requested. On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

On December 26, 2021 IDBD filed the lawsuit against Dolphin BV and IRSA for the sum of NIS 140 million.

On January 30, 2023, a copy of the lawsuit was sent to The Company and we are evaluating the legal defense alternatives for the Company's interests. The sum of NIS 70 million, equivalent to ARS 3,528 million, was accounted in provisions in these financial statements.

**20.** **Borrowings**

The breakdown and fair value of the Group's borrowings as of December 31, 2022 and June 30, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Book value** | **Book value** | **Fair value** | **Fair value** |
|  | **12.31.2022**<br>| **06.30.2022**<br>| **12.31.2022**<br>| **06.30.2022**<br>|
| Non-convertible notes | 148251  | 162857  | 127328  | 140492  |
| Bank loans | 16734  | 17166  | 16734  | 17166  |
| Bank overdrafts | 14207  | 19984  | 14207  | 19984  |
| Others | 2947  | 2339  | 2947  | 2339  |
| **Total borrowings** | **182139**  | **202346**  | **161216**  | **179981**  |
| Non-current | 104478  | 66047  |  |  |
| Current | 77661  | 136299  |  |  |
| **Total** | **182139**  | **202346**  |  |  |

---

 **<u>Non convertible notes Series XXXVIII – CRESUD</u>**

As consequence of the regulations established by the BCRA, on July 6, 2022, the company completed the exchange of its Series XXIII Notes, in an aggregate principal amount of USD 113,158,632, maturing on February 16, 2023. On July 6, 2022, the expiration of the exchange offer was announced, USD 98,422,999 of Series XXIII Notes were validly tendered and accepted, representing 86.98% of acceptance. On July 8, the exchange offer was settled, the Series XXXVIII Notes were issued, for an amount of USD 70.6 million, delivered in exchange for Series XXIII Notes according to the conditions stipulated in the Prospectus Supplement of this issue.

The exchange offer has two alternatives:

- Option A: Cash payment for up to 30% of the total amount of participation in the exchange, and the difference to complete the exchanged face value, in Series XXXVIII Notes. For every USD 1 offered, the holder received USD 0.6913 plus the remaining amount to complete USD 1 for each USD 1 of Series XXIII Notes presented for the exchange, in Series XXXVIII Notes. Under Option A, 43.40% of the notes were accepted.

- Option B: For each USD 1 of Series XXIII Notes tendered and accepted the bondholder received in exchange USD 1,03 Series XXXVIII Notes. Under Option B, 56.60% of the notes were accepted.

In both options, the interest accrued as of settlement date was paid.

Series XXXVIII Notes will mature on March 3, 2026 and will accrue interest at a fixed rate of 8.00%, with interest payable semi-annually on January 3 and July 3 from 2023 to 2026, and at maturity. Amortization will be in one installment on March 3, 2026. The isse price was 100%.

After the liquidation of the exchange, the partial cancellation of the non convertible notes Series XXXVIII was carried out, leaving an outstanding amount of USD 14 million.

 **<u>Non convertible notes Series XXXIX - CRESUD</u>**

On August 23, 2022, Cresud issued the Series XXXIX Notes for a total amount of USD 5,122.5 million. The issuance price was 100%, they will accrue an annual interest rate of Private Badlar + 1.0%, payable quarterly, and will mature on February 23, 2024.

The funds will be used mainly to refinance short-term liabilities and/or working capital, as defined in the issuance documents.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **<u>Local Bond Issuance – Series XL Notes - CRESUD</u>**

On December 21, 2022, Cresud issued the Series XL Notes, dollar linked, for a total amount of USD 38.2 million. The issuance price was 100%, the interest rate 0% and the capital amortization will be in three installments: 33% in month 36, 33% in month 42% and 34% at maturity, on December 21, 2026.

 **<u>Series XIV Notes (Exchange of Series II Notes) - IRSA</u>**

As consequence of the regulations established by the BCRA, on July 6, 2022, the company completed the exchange of its Series II Notes, originally issued by IRSA CP, in an aggregate principal amount of USD 360 million, maturing on March 23, 2023. On July 6, 2022, the expiration of the exchange was announced, USD 239 million of Series II Notes were validly tendered and accepted, representing an acceptance of 66.38%. On July 8, the exchange offer was settled, the new Series XIV Notes were issued for an amount of USD 171.2 million and the Series II Notes were partially canceled, the outstanding principal amount is USD 121 million.

The exchange offered two alternatives:

-Option A: Cash payment for up to 30% of the total amount of participation in the exchange, and the difference to complete the exchanged face value, in Series XIV Notes with a premium of 1,015 times. For each USD 1,000 tendered, the bondholder received USD 493.18 million in cash and USD 514.42 million in Series XIV Notes. Under Option A, 60.83% of the notes were accepted.

-Option B: For each USD 1,000 of Series II Notes the bondholder received 1,030 of Series XIV Notes. Under Option B, 39.17% of the notes were accepted.

In both options, the interest accrued as of settlement date was paid.

Series XIV Notes were issued under New York Law, will mature on June 22, 2028 and will accrue interest at a fixed rate of 8.75%, with interest payable semi-annually on June 22 and December 22 of each year, until expiration. Amortization will be in annual installments payable on June 22 of each year, each for 17.5% from 2024 to 2027 and the remaining 30% on June 22, 2028. The issue price was 100%.

On the settlement date of the exchange, the partial cancellation of the Series II Notes was made, leaving an outstanding amount of USD 121 million.

 **<u>Serie II (issuance by FyO)</u>**

On July 25, 2022, FyO issued the second series of non-convertible notes in the local market for an amount of USD 15 million with a term of 3 years. The debt securities are denominated in dollars and payable in pesos at the applicable exchange rate, with a fixed annual rate of 0.0% and maturing on July 25, 2025. The issue price was 100.0% of the value nominal.

The funds from this placement will be used mainly to finance the company's working capital in Argentina.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**21.** **Taxation**

The details of the Group's income tax, is as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| Current income tax | 10875  | (3021) |
| Deferred income tax | 15712  | (5373) |
| **Income tax from continuing operations** | **26587**  | **(8394)** |

---

Below is a reconciliation between income tax recognized and the amount which would result from applying the prevailing tax rate on profit before income tax for the six-month periods ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| Tax calculated at the tax rates applicable to profits in the respective countries | (5619) | (40057) |
| Permanent differences: |  |  |
| Share of profit of joint ventures and associates | 4356  | 12771  |
| Tax rate differential | (47) | 3645  |
| Provision for unrecoverability of tax loss carry-forwards / Unrecognized tax loss carry-forwards | (9058) | 7420  |
| Difference between affidavit and provision | 11312  | 407  |
| Non-taxable profit, non-deductible expenses and others | 18397  | 3300  |
| Tax inflation adjustment | (8759) | (10782) |
| Fiscal transparency | (1320) | (1237) |
| Inflation adjustment permanent difference | 16993  | 16139  |
| Others | 332  | -  |
| **Income tax from continuing operations** | **26587**  | **(8394)** |

---

The gross movement in the deferred income tax account is as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **06.30.2022**<br>|
| **Beginning of period / year** | **(166223)** | **(191767)** |
| Currency translation adjustment | 280  | 2637  |
| Revaluation surplus | (260) | (535) |
| Charged to the Statement of Income | 15712  | 23442  |
| **End of the period / year** | **(150491)** | **(166223)** |
| Deferred income tax assets | 650  | 93  |
| Deferred income tax liabilities | (151141) | (166316) |
| **Deferred income tax liabilities, net** | **(150491)** | **(166223)** |

---

**Submission of income tax presentation**

Dated November 15, 2021 IRSA CP hereinafter "the taxpayer", which according to what is detailed in the Note. 4.C to the Consolidated Financial Statements as of June 30, 2022 has been absorbed by IRSA, filed to the Argentine Tax Authority the income tax for the fiscal year ended June 30, 2021 applying the systemic and comprehensive inflation adjustment mechanism as detailed: restating tax amortizations according to articles 87 and 88; updating the computable cost of real estate acquired or built prior to July 1, 2018 and sold in this fiscal year under the terms of article 63; updating the loss of the fiscal period 2018, until the limit of the tax result of the exercise, following the methodology provided in article 25 and updating the costs of inventories as established in article 59, all articles mentioned belong to the income tax law (ordered text in 2019).

In the same sense, on November 16, 2022, IRSA filed to the Argentine Tax Authority the income tax for the fiscal year ended June 30, 2022, applying the same systematic and comprehensive inflation adjustment mechanism mentioned in the previous paragraph updating accumulated losses.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

The non-application of the aforementioned mechanisms would have implied that the tax to be paid amounted to ARS 1,377 in the fiscal year 2021 and ARS 11,892 in the fiscal year 2022, in this way the effective rate to be paid would have consumed a substantial portion of the income obtained by the taxpayer exceeding the reasonable limit of taxation, being configured in the opinion of the taxpayer and his tax and legal advisors an assumption of confiscation, an assumption that at the date of issuance of these financial statements has not been validated or challenged by the Argentine Tax Authority or by higher courts. Together with the aforementioned income tax presentations, a multinote form was presented in which the application of the mechanisms was reported, arguing that the effective tax rate would represent a percentage that would exceed the reasonable limits of taxation, setting up a situation of confiscation, in violation of art. 17 of the National Constitution (according to doctrine of the judgment "Candy S.A. c/AFIP and another a/ protection action", judgment of 07/03/2009, Judgments 332:1571, and subsequent precedents).

The aforementioned legal doctrine of the Supreme Court of Justice is fully applicable to the particular case of IRSA, since the application of the regulations that do not allow the application of the integral and systematic inflation adjustment would prevent, as happened in the "Candy case", recognizing the totality of the inflationary effect in its tax balance causing IRSA to pay taxes on fictitious income.

As of the date of issuance of these Financial Statements, there are new jurisprudential precedents in line with the position of IRSA and the "Candy" judgment mentioned above. Thus, at the end of October 2022, the Supreme Court of Justice, in the "Telefónica de Argentina S.A. and another c/ EN – AFIP – DGI s/ Dirección General Impositiva" judgment ratified the opinion of the Attorney General of the Nation issued in the "Complaint Appeal No. 1, Telefónica de Argentina S.A. and Other c/ EN-AFIP DGI s/ Dirección General Impositiva" maintaining the inadmissibility of a tax that results confiscatory for the taxpayer in its application.

Considering the foregoing, IRSA's Board of Directors together with its legal and tax advisors re-evaluated during the present period the accounting decision taken at the end of the previous fiscal year 2021, in light of the new elements of judgment, and concluded that all the existing evidence and, in particular, the last sentence of the Supreme Court of Justice of the Nation, mentioned in the previous paragraph, configure a position of favorability greater than a position of rejection in higher instances in the face of a possible controversy with the Argentine Tax Authority. For all the detailed reasons, they have decided, following the guidelines established by the IFRS, to reverse the provision for the aforementioned tax registered as of June 30, 2022 and 2021 for $13,979 million, their provisioned interest accounted at the closing of the Annual Financial Statements for ARS 366 million and register in the deferred income tax, the updating of the remaining losses, aligning the accounting treatment with the tax criteria duly presented.

Notwithstanding, CRESUD did not recognize assets for deferred income tax (loss) for ARS 25,519 for fiscal year 2023, as detailed below.

The Company analyzes the recoverability of its deferred tax assets when there are events or changes in circumstances that imply a potential indication of revaluation or devaluation. The value in use is determined on the basis of projected tax cash flows.

The aforementioned cash flows are prepared based on estimates regarding the future behavior of certain variables that are sensitive in determining the recoverable value, among which are: (i) sales projections; (ii) expense projections; (iii) macroeconomic variables such as growth rates, inflation rates, exchange rates, among others.

As previously mentioned, during this period, the Company reassessed its position regarding the eventual tax controversy and reversed the originally recognized liability. Such reassessment also implied the need to analyze the recoverability of the losses that originate from the application of the methodology mentioned. The Company prepared its tax projections and considering, among other aspects, that these assets have a legal prescription period, that estimates include assumptions with high volatility and instability due to the current macroeconomic context where it carries out its business, that the consumption or not of this tax asset is also associated with possible sales of real estate whose realization is uncertain, the Company has decided for a prudential criterion to keep it provisioned, until the moment in which the aforementioned variables stabilize and the projected scenarios are consolidated, in order to avoid recognizing uncertain assets and whose recoverability is highly volatile and tied to elements beyond their control.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**22.** **Revenues**

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| Crops | 16029  | 24390  |
| Sugarcane | 5930  | 11390  |
| Cattle | 1882  | 2600  |
| Supplies | 4774  | 4730  |
| Consignment | 4064  | 1338  |
| Advertising and brokerage fees | 2017  | 1722  |
| Agricultural rental and other services | 640  | 660  |
| Other | 1296  | 1702  |
| **Income from sales and services from agricultural business** | **36632**  | **48532**  |
| Trading properties and developments | 2012  | 245  |
| Rental and services | 23870  | 18544  |
| Hotel operations, tourism services and others | 4970  | 2692  |
| **Income from sales and services from urban properties and investment business** | **30852**  | **21481**  |
| **Total revenues** | **67484**  | **70013**  |

---

**23.** **Costs**

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| Other operative costs | 27  | 42  |
| **Cost of property operations** | **27**  | **42**  |
| Crops | 14231  | 22666  |
| Sugarcane | 5775  | 9490  |
| Cattle | 1706  | 2180  |
| Supplies | 4432  | 3152  |
| Consignment | 1626  | 2505  |
| Advertising and brokerage fees | 1076  | 1102  |
| Agricultural rental and other services | 332  | 448  |
| **Cost of sales and services from agricultural business** | **29178**  | **41543**  |
| Trading properties and developments | 414  | 277  |
| Rental and services | 7674  | 6415  |
| Hotel operations, tourism services and others | 2406  | 1537  |
| **Cost of sales and services from sales and services from urban properties and investment business** | **10494**  | **8229**  |
| **Total costs** | **39699**  | **49814**  |

---

**24.** **Expenses by nature**

The Group discloses expenses in the statements of income by function as part of the line items "Costs", "General and administrative expenses" and "Selling expenses". The following table provides additional disclosures regarding expenses by nature and their relationship to the function within the Group.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Costs**<br>| **General and administrative expenses**<br>| **Selling expenses**<br>| **Total as of 12.31.2022**<br>| **Total as of 12.31.2021**<br>|
| Cost of sale of goods and services | 5990  | -  | -  | 5990  | 5283  |
| Supplies and labors | 16  | -  | 231  | 247  | 162  |
| Change in agricultural products and biological assets | 18516  | -  | -  | 18516  | 31095  |
| Salaries, social security costs and other personnel expenses | 4438  | 3198  | 426  | 8062  | 7463  |
| Depreciation and amortization | 541  | 361  | 22  | 924  | 894  |
| Fees and payments for services | 4142  | 797  | 217  | 5156  | 5244  |
| Maintenance, security, cleaning, repairs and others | 2848  | 468  | 4  | 3320  | 2883  |
| Advertising and other selling expenses | 2120  | 6  | -  | 2126  | 1245  |
| Taxes, rates and contributions | 655  | 228  | 1782  | 2665  | 3199  |
| Interaction and roaming expenses | 81  | 3  | 1  | 85  | 58  |
| Director's fees | -  | 1185  | -  | 1185  | 988  |
| Leases and service charges | 178  | 115  | 11  | 304  | 331  |
| Allowance for doubtful accounts, net | -  | -  | 84  | 84  | 103  |
| Freights | 2  | -  | 1181  | 1183  | 1701  |
| Bank expenses | 2  | 127  | 6  | 135  | 144  |
| Conditioning and clearance | -  | -  | 155  | 155  | 222  |
| Travelling, library expenses and stationery | 70  | 87  | 72  | 229  | 259  |
| Other expenses | 100  | 63  | 134  | 297  | 366  |
| **Total as of 12.31.2022** | **39699**  | **6638**  | **4326**  | **50663**  | **-**  |
| **Total as of 12.31.2021** | **49814**  | **6352**  | **5474**  | **-**  | **61640**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**25.** **Other operating results, net**

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| Loss from commodity derivative financial instruments | (416) | (351) |
| Realization of currency translation adjustment (i) | 285  | -  |
| Gain from sale of property, plant and equipment | 7  | -  |
| Donations | (73) | (70) |
| Lawsuits and other contingencies | (3838) | (362) |
| Interest and allowances generated by operating assets | 1342  | 2047  |
| Administration fees | 38  | 25  |
| Others | 453  | 410  |
| **Total other operating results, net** | **(2202)** | **1699**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(i) Corresponds to Condor, Real Estate Investment Group VII LP and Jiwin S.A's liquidation.

**26.** **Financial results, net**

---

| | | |
|:---|:---|:---|
|  | **12.31.2022**<br>| **12.31.2021**<br>|
| **Financial income** |  |  |
| Interest income | 1098  | 596  |
| Other financial income | -  | 16  |
| **Total financial income** | **1098**  | **612**  |
| **Financial costs** |  |  |
| Interest expense | (10931) | (11224) |
| Other financial costs | (838) | (1188) |
| **Total finance costs** | **(11769)** | **(12412)** |
| **Other financial results:** |  |  |
| Foreign exchange, net | 5726  | 22781  |
| Fair value gain from financial assets and liabilities at fair value through profit or loss | 1303  | 5801  |
| Gain from repurchase of non-convertible notes | 805  | 1531  |
| Gain/ (loss) from derivative financial instruments (except commodities) | 484  | (1823) |
| Others | (584) | 23  |
| **Total other financial results** | **7734**  | **28313**  |
| Inflation adjustment | 11734  | (285) |
| **Total financial results, net** | **8797**  | **16228**  |

---

**27.** **Related party transactions**

The following is a summary of the balances with related parties as of December 31, 2022 and June 30, 2022:

---

| | | |
|:---|:---|:---|
| **Item** | **12.31.2022**<br>| **06.30.2022**<br>|
| Trade and other receivables | 4668  | 5962  |
| Investments in financial assets | (88) | 334  |
| Trade and other payables | 587  | 5415  |
| Borrowings | (62) | (87) |
| **Total** | **5105**  | **11624**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **12.31.2022**<br>| **06.30.2022**<br>| **Description of transaction** | **Item** |
| New Lipstick LLC | 43  | 43  | Reimbursement of expenses | Trade and other receivables |
| Other associates and joint ventures (i) | 9  | 10  | Leases and/or rights of use receivable | Trade and other receivables |
|  | (2) | -  | Leases and/or rights of use to pay | Trade and other payables |
|  | 117  | 292  | Dividends receivables | Trade and other receivables |
|  | 24  | -  | Contributions pending integration | Trade and other payables |
|  | -  | 390  | Other investments | Investments in financial assets |
|  | (88) | (90) | Non-convertible notes | Investments in financial assets |
|  | 1  | 1  | Equity incentive plan receivable | Trade and other receivables |
|  | 395  | 352  | Loans granted | Trade and other receivables |
|  | (62) | (87) | Borrowings | Borrowings |
|  | -  | 1  | Reimbursement of expenses | Trade and other receivables |
|  | 22  | 27  | Management fees receivable | Trade and other receivables |
|  | (53) | (126) | Other payables | Trade and other payables |
|  | 27  | 1012  | Other receivables | Trade and other receivables |
| **Total associates and joint ventures** | **433**  | **1825**  |  |  |
| CAMSA and its subsidiaries | 1222  | 5684  | Management fee payables | Trade and other payables |
| Yad Levim LTD | 3198  | 3160  | Loans granted | Trade and other receivables |
| Other related parties (ii) | 488  | 625  | Other receivables | Trade and other receivables |
|  | (102) | (15) | Other payables | Trade and other payables |
|  | -  | 34  | Non-convertible notes | Investments in financial assets |
|  | (29) | (17) | Management fee payables | Trade and other payables |
|  | 27  | 36  | Reimbursement of expenses | Trade and other receivables |
|  | (12) | (19) | Legal services | Trade and other payables |
| **Total other related parties** | **4792**  | **9488**  |  |  |
| IFISA | 341  | 385  | Loans granted | Trade and other receivables |
| **Total direct parent company** | **341**  | **385**  |  |  |
| Directors and Senior Management | (461) | (92) | Fees | Trade and other payables |
|  | -  | 18  | Advances receivable | Trade and other receivables |
| **Total Directors and Senior Management** | **(461)** | **(74)** |  |  |
| **Total** | **5105**  | **11624**  |  |  |

---

(i) Includes Agrofy Global, Lipstick Management LLC, Mehadrin, Banco Hipotecario S.A., Tarshop S.A., Banco de Crédito y Securitización S.A., Puerto Retiro S.A., Austral Gold Ltd., Cyrsa S.A., Nuevo Puerto Santa Fe S.A. and Quality Invest S.A.

(ii) Includes Estudio Zang, Bergel & Viñes, Museo de los Niños, Lartiyrigoyen y SAMSA.

The following is a summary of the results with related parties for the six-month periods ended December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **12.31.2022**<br>| **12.31.2021**<br>| **Description of transaction** |
| BACS | -  | 43  | Leases and/or rights of use |
| BHN Vida S.A | (2) | 23  | Financial operations |
| BHN Seguros Generales S.A. | -  | 21  | Financial operations |
| Other associates and joint ventures | (20) | -  | Leases and/or rights of use |
|  | 32  | -  | Corporate services |
|  | 51  | -  | Financial operations |
| **Total associates and joint ventures** | **61**  | **87**  |  |
| CAMSA and its subsidiaries | (1222) | (4823) | Management fee |
| Other related parties (i) | (2) | 14  | Leases and/or rights of use |
|  | (34) | 4  | Fees and remunerations |
|  | 6  | (8) | Corporate services |
|  | (35) | (41) | Legal services |
|  | 59  | 97  | Financial operations |
|  | (50) | -  | Donations |
|  | 144  | 45  | Income from sales and services from agricultural business |
| **Total other related parties** | **(1134)** | **(4712)** |  |
| IFISA | 13  | 10  | Financial operations |
| **Total Parent Company** | **13**  | **10**  |  |
| Directors | (730) | (791) | Fees |
| Senior Management | -  | (47) | Compensation of Directors and senior management |
| **Total Directors and Senior Management** | **(730)** | **(838)** |  |
| **Total** | **(1790)** | **(5453)** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(i) Includes Estudio Zang, Bergel & Viñes, Fundación IRSA, Ramat Hanassi, Austral Gold Argentina S.A., Isaac Elsztain e Hijos, Hamonet S.A., LRSA, New Lipstick, BHN Vida S.A, TGLT y BHSA.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

The following is a summary of the transactions with related parties for the six-month periods ended December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **12.31.2022**<br>| **12.31.2021**<br>| **Description of transaction** |
| Quality | -  | 58  | Irrevocable contributions |
| Condor | -  | 1237  | Exchange of shares |
| Viflor S.A. | 16  | -  | Irrevocable contributions |
| **Total contributions** | **16**  | **1295**  |  |
| Agro-Uranga S.A. | 134  | 66  | Dividends received |
| Uranga Trading S.A. | 23  | 27  | Dividends received |
| Condor | 69  | 5131  | Dividends received |
| Nuevo Puerto Santa Fe S.A. | 143  | -  | Dividends received |
| **Total dividends received** | **369**  | **5224**  |  |
| Agrofy Global LLC | -  | 639  | Share capital increase |
| **Total other transactions** | **-**  | **639**  |  |

---

**28.** **CNV General Resolution N° 622**

As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622, below there is a detail of the notes to this Financial Statements that disclose the information required by the Resolution in Exhibits.

---

| | |
|:---|:---|
| Exhibit A - Property, plant and equipment | Note 8 - Investment properties |
|  | Note 9 - Property, plant and equipment |
| Exhibit B - Intangible assets | Note 11 - Intangible assets |
| Exhibit C - Equity investments | Note 7 - Investments in associates and joint ventures |
| Exhibit D - Other investments | Note 15 - Financial instruments by category |
| Exhibit E - Provisions | Note 19 - Provisions |
| Exhibit F - Cost of sales and services provided | Note 29 - Cost of sales and services provided |
| Exhibit G - Foreign currency assets and liabilities | Note 30 - Foreign currency assets and liabilities |

---

**29.** **Cost of goods sold and services provided**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Cost of sales and services from agricultural business (i)**<br>| **Cost of sales and services from sales and services from urban properties and investment business (ii)**<br>| **Total as of 12.31.2022**<br>| **Total as of 12.31.2021**<br>|
| **Inventories at the beginning of the period / year** | **8687**  | **4627**  | **13314**  | **37755**  |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | (515) | -  | (515) | 8892  |
| Changes in the net realizable value of agricultural products after harvest | 459  | -  | 459  | (824) |
| Additions | 142  | -  | 142  | 148  |
| Currency translation adjustment | (1510) | 52  | (1458) | (3276) |
| Harvest | 22358  | -  | 22358  | 11656  |
| Acquisitions and classifications | 24970  | 10670  | 35640  | 20136  |
| Consume | (3266) | -  | (3266) | (4137) |
| Disposals due to sales | -  | (309) | (309) | -  |
| Expenses incurred | 3915  | -  | 3915  | 6097  |
| **Inventories at the end of the period / year** | **(26062)** | **(4546)** | **(30608)** | **(26675)** |
| **Cost as of 12.31.22** | **29178**  | **10494**  | **39672**  | **-**  |
| **Cost as of 12.31.21** | **41543**  | **8229**  | **-**  | **49772**  |

---

(i) Includes biological assets (see Note 13).

(ii) Includes trading properties (see Note 10).

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**30.** **Foreign currency assets and liabilities**

Book amounts of foreign currency assets and liabilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item (3) / Currency**<br>| **Amount of foreign currency (2)**<br>| **Prevailing exchange rate (1)**<br>| **Total as of 12.31.2022**<br>| **Total as of 06.30.2022**<br>|
| **Assets** |  |  |  |  |
| **Trade and other receivables** |  |  |  |  |
| US Dollar | 95.94  | 176.96  | 16978  | 14341  |
| Euros | 0.08  | 189.26  | 15  | 16  |
| Uruguayan pesos | 1.35  | 4.45  | 6  | -  |
| **Trade and other receivables related parties** |  |  |  |  |
| US Dollar | 18.75  | 177.16  | 3321  | 3268  |
| **Total Trade and other receivables** |  |  | **20320**  | **17625**  |
| **Investment in financial assets** |  |  |  |  |
| US Dollar | 32.84  | 176.96  | 5812  | 2890  |
| Brazilian Reais | -  | -  | -  | 119  |
| New Israel Shekel | 10.54  | 50.40  | 531  | 821  |
| Pounds | 0.72  | 213.91  | 153  | 140  |
| **Total Investment in financial assets** |  |  | **6496**  | **3970**  |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | 2.76  | 176.96  | 489  | 552  |
| **Total Derivative financial instruments** |  |  | **489**  | **552**  |
| **Cash and cash equivalents** |  |  |  |  |
| US Dollar | 42.72  | 176.96  | 7559  | 23854  |
| Euros | 0.01  | 189.26  | 2  | 3  |
| Brazilian Reais | 0.19  | 31.20  | 6  | 1904  |
| Uruguayan pesos | 0.45  | 4.45  | 2  | 1  |
| **Total Cash and cash equivalents** |  |  | **7569**  | **25762**  |
| **Total Assets** |  |  | **34874**  | **47909**  |
| **Liabilities** |  |  |  |  |
| **Trade and other payables** |  |  |  |  |
| US Dollar | 78.75  | 177.16  | 13952  | 7028  |
| Euros | -  | 189.92  | -  | 3  |
| Uruguayan pesos | 0.45  | 4.45  | 2  | 4  |
| **Trade and other payables related parties** |  |  |  |  |
| US Dollar | 0.05  | 177.16  | 8  | 69  |
| **Total Trade and other payables** |  |  | **13962**  | **7104**  |
| **Lease liabilities** |  |  |  |  |
| US Dollar | 9.95  | 177.16  | 1763  | -  |
| **Total Lease liabilities** |  |  | **1763**  | **-**  |
| **Provisions** |  |  |  |  |
| New Israel Shekel | 70.00  | 50.40  | 3528  | -  |
| **Total Provisions** |  |  | **3528**  | **-**  |
| **Borrowings** |  |  |  |  |
| US Dollar | 756.77  | 177.16  | 134070  | 152009  |
| **Borrowings with related parties** |  |  |  |  |
| US Dollar | 1.19  | 177.16  | 211  | 1273  |
| **Total Borrowings** |  |  | **134281**  | **153282**  |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | 1.53  | 177.16  | 271  | 548  |
| **Total Derivative financial instruments** |  |  | **271**  | **548**  |
| **Total Liabilities** |  |  | **153805**  | **160934**  |

---

(1) Exchange rates as of December 31, 2022 according to Banco Nación Argentina.

(2) Considering foreign currencies those that differ from each Group's subsidiaries functional currency at each period/year-end.

(3) The Company uses derivative instruments as a complement in order to reduce its exposure to exchange rate movements (Note 15).

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**31.** **Other relevant events of the period**

 **<u>Warrants exercise</u>**

During the six-month period ended December 31, 2022, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 47,320 were received, for a converted warrants of 83,621 to common shares.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **<u>Shares Buyback Program extension and completion - IRSA</u>**

on July 12, 2022, the Board of Directors has resolved to extend the term of the shares repurchase plan that was determined by the Board of Directors on March 11, 2022, for an additional period of one hundred and twenty (120) days, maintaining the other terms and conditions that were duly informed.

On September 22, 2022, the Company completed the share buyback program, having acquired the equivalent of 9,419,623 IRSA common shares, which represent approximately 99.51% of the approved program and 1.16% of the outstanding shares.

 **<u>Shares Buyback Program extension and completion - CRESUD</u>**

On July 22, 2022, the Board of Directors has approved the terms and conditions for the acquisition of the common shares issued by the Company under the provisions of Section 64 of Law Nº 26,831 and the Rules of the Argentine National Securities Commission. ● Maximum amount of the investment: Up to ARS 1,000 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Maximum number of shares to be acquired: Up to 10% of the capital stock of the Company, in accordance with the provisions of the applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Daily limitation on market transactions: In accordance with the applicable regulation, the limitation will be up to 25% of the average volume of the daily transactions for the Shares and ADS in the markets during the previous 90 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Payable Price: Up to ARS 140 per share and up to USD 7.00 per ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Period in which the acquisitions will take place: up to 120 days after the publication of the minutes, subject to any renewal or extension of the term, which will be informed to the investing public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Origin of the Funds: The acquisitions will be made with realized and liquid earnings pending of distribution of the Company.

To make such a decision, the Board of Directors has taken into account the economic and market situation, as well as the discount that the current share price has in relation to the fair value of the assets, determined by independent appraisers, and has as its objective to contribute to the strengthening of the shares in the market and reduce the fluctuations in the listed value that does not reflect the value or the economic reality that the assets currently have, resulting in the detriment of the interests of the Company's shareholders.

On September 21, 2022, the Company completed the share buyback program, having acquired the equivalent of 5,676,603 CRESUD common shares, which represent approximately 99.00% of the approved program and 0.96% of the outstanding shares.

 **<u>BrasilAgro - Agricultural Association Contract</u>**

On July 21, 2022, the Company entered into an agricultural association contract with the São Domingos farm for the exploration of an agricultural area of approximately 6,070 hectares. Located in the municipality of Comodoro in the state of Mato Grosso, the contract is valid for 12 years, the property will be divided into two parts of 3,035 hectares each, the first is scheduled for December 2022 and the second for December 2023.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **<u>Ordinary and Extraordinary Shareholders' Meeting - IRSA</u>**

On October 28, 2022, the Ordinary and Extraordinary Shareholders' Meeting was held where it was resolved:

-

The distribution of a dividend to shareholders for up to ARS 4,340 million, payable in cash and/or in kind.

-

The creation of a new incentive plan for employees, management and directors to join without a share premium for up to 1.16% of the Share Capital.

On October 31, 2022, the Board of Directors established the payment of the dividend in cash. As of the date of these financial statements, it was fully paid.

 **<u>Change in Warrants terms and conditions - IRSA</u>**

Because of the payment of cash dividends made on November 8, 2022, certain terms and conditions of the outstanding warrants to subscribe common shares have changed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Number of shares to be issued per warrant: Pre-dividend ratio: 1. Post-dividend ratio: 1.0442.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Exercise price per new share to be issued: Pre-dividend price: USD 0.432. Post-dividend price: USD 0.414.

The other terms and conditions of the warrants remain the same.

 **<u>Ordinary and Extraordinary Shareholders' Meeting - CRESUD</u>**

On October 28, 2022, the Ordinary and Extraordinary Shareholders' Meeting was held where it was resolved:

-

The distribution of a dividend to shareholders for up to ARS 3,100 million, payable in cash and/or in kind.

-

The creation of a new incentive plan for employees, management and directors to join without a share premium for up to 0.96% of the Share Capital.

On October 31, 2022, the Board of Directors established the payment of the dividend in cash. As of the date of these financial statements, it was fully paid.

 **<u>Change in Warrants terms and conditions - CRESUD</u>**

Because of the payment of cash dividends made on November 10, 2022, certain terms and conditions of the outstanding warrants to subscribe common shares have changed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Number of shares to be issued per warrant: Pre-dividend ratio: 1. Post-dividend ratio: 1.0322.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Exercise price per new share to be issued: Pre-dividend price: USD 0.566. Post-dividend price: USD 0.548.

The other terms and conditions of the warrants remain the same.

 **<u>BrasilAgro – Payment of dividends</u>**

In the the Ordinary and Extraordinary Shareholders' Meeting of October 27, 2022, BrasilAgro approved the payment of dividends distributed in the financial statements of June 30, 2022, for the total value of BRL 320 million, corresponding to BRL 3.24 per share.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **<u>Distribution of dividends - FyO S.A.</u>**

On October 19, 2022, FyO S.A. aproved the distribution of a dividend for the amount of USD 5 million payable in cash and/or in kind. As of the date of these financial statements, they are pending to pay.

**32.** **Subsequent events**

 **<u>Series XV and XVI Notes - IRSA</u>**

On January 31, 2023, IRSA issued new Notes for a total amount of USD 90.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Series XV (dollar MEP): for USD 61.75 million at a fixed rate of 8.0%, with semi-annual payments. The principal will be paid at maturity on March 25, 2025. The price of issuance was 100.0% of the nominal value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Series XVI (blue chip swap dollar): for USD 28.25 million at a fixed rate of 7.0%, with semi-annual payments. The principal will be paid at maturity on July 25, 2025. The price of issuance was 100.0% of the nominal value. USD 5.07 million were subscribed in cash and USD 23.18 million in kind with Series IX Notes (Nominal Value USD 22.5 million).

 **<u>Series II Notes Redemption - IRSA</u>**

After the end of the period, on February 3, 2023, The Company resolved to early redeem the total outstanding amount of Series II Notes, for USD 121 million maturing on March 23, 2023. The proposed redemption will take place on February 3, 2023, in accordance with the terms and conditions detailed in the Offering Memorandum of Series II Notes. The redemption price was 100% of the face value of the Series II Notes, plus accrued and unpaid interest, as of the date set for redemption.

 **<u>Series IX Notes Partial Cancellation - IRSA</u>**

On February 6, 2023, and regarding the issuance of Series XVI Notes, which were partially subscribed with Series IX Notes, the Company announced that it will proceed to cancel the Notes detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Series IX Notes:



Issuance Date: November 12, 2020



Maturity Date: March 1, 2023



Nominal Value originally issued: USD 81 million



Nominal Value to be cancelled: USD 22.5 million



Nominal Value under circulation: USD 58 million

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

**REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

To the Shareholders, President and Directors of

**Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Legal address: Carlos Della Paolera 261, 9° floor

Autonomous City of Buenos Aires

Tax Registration Number: 30-50930070-0

**Introduction**

We have reviewed the accompanying unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries ("the Company"), which comprise the unaudited condensed interim consolidated statement of financial position at December 31, 2022, the unaudited condensed interim consolidated statements of income and other comprehensive income for the six month period and three month period ended December 31, 2022, the unaudited condense interim consolidated statements of changes in shareholders' equity and of cash flows for the six month period then ended, and selected explanatory notes.

The balances and other information for the fiscal year ended on June 30, 2022 and its interim periods are an integral part of the financial statements mentioned above; therefore, they must be considered in connection with these financial statements.

**Management's responsibility**

The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as professional accounting standards and included by the National Securities Commission (CNV) in its regulations, as approved by the International Accounting Standards Board (IASB), and is therefore responsible for the preparation and presentation of the unaudited condensed interim consolidated financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 Interim Financial Information (IAS 34).

**Scope of our review**

Our review was limited to the application of the procedures established under International Standards on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, adopted as a review standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of inquiries of Company staff responsible for preparing the information included in the unaudited condensed interim consolidated financial statements and of analytical and other review procedures. This review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated statement of financial position and the consolidated statements of income and other comprehensive income and of cash flows of the Company.

------

**Conclusion**

On the basis of our review, nothing has come to our attention that causes us to believe that the unaudited condensed interim consolidated financial statements mentioned in the first paragraph of this report have not been prepared, in all material respects, in accordance with International Accounting Standard 34 Interim financial reporting.

**Report on compliance with current regulations**

In accordance with current regulations, we report, in connection with Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria, that:

a)

the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria have not been transcribed into the Inventory and Balance Sheet book and, except for the above mentioned situation, as regards those matters that are within our competence, they are in compliance with the provisions of the General Companies Law and pertinent resolutions of the National Securities Commission;

b)

the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal aspects in accordance with legal requirements except for i) the lack of transcription to the Inventories and Balance Sheet Book, and ii) the lack of transcription to the General Journal Book of the accounting entries corresponding to the month of December 2022;

c)

we have read the Business Summary ("Reseña Informativa"), on which we have no observations to make regarding matters that are within our competence;

d)

at December 31, 2022 the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria accrued in favor of the Argentine Integrated Social Security System, as shown by the Company's accounting records, amounted to ARS 87,857,171, which was not due at that date.

Autonomous City of Buenos Aires, February 9, 2023.

<u> PRICE WATERHOUSE & CO. S.R.L. (Partner) </u> <br> C.P.C.E.C.A.B.A. Tº 1 Fº 17 <br> Carlos Brondo Contador Público (UNCUYO) C.P.C.E.C.A.B.A. T° 391 F° 078

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Unaudited Condensed Interim Separate Financial Statements as of December 31, 2022 and for the six and three-month periods ended as of that date, presented comparatively** <br>

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria** <br>

 **Unaudited Condensed Interim Separate Statements of Financial Position**

 **as of December 31, 2022 and June 30, 2022**

(All amounts in millions of Argentine Pesos, except as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **12.31.22**<br>| **06.30.22**<br>|
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Investment properties | 7 | 2122  | 1321  |
| Property, plant and equipment | 8 | 20144  | 20196  |
| Intangible assets | 9 | 607  | 632  |
| Right of use assets | 10 | 5351  | 3902  |
| Biological assets | 11 | 5108  | 6713  |
| Investments in subsidiaries, associates and joint ventures | 6 | 179876  | 172338  |
| Trade and other receivables | 14 | 740  | 894  |
| **Total Non-current assets** |  | **213948**  | **205996**  |
| **Current assets** |  |  |  |
| Biological assets | 11 | 3970  | 4156  |
| Inventories | 12 | 6808  | 8192  |
| Income tax credit |  | 2  | 1  |
| Trade and other receivables | 14 | 7830  | 7144  |
| Investment in financial assets | 13 | -  | 286  |
| Derivative financial instruments | 13 | 5  | 17  |
| Cash and cash equivalents | 13 | 491  | 8129  |
| **Total Current assets** |  | **19106**  | **27925**  |
| **TOTAL ASSETS** |  | **233054**  | **233921**  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Shareholders´ equity (according to corresponding statements) |  | 128182  | 121482  |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **128182**  | **121482**  |
| **LIABILITIES** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Trade and other payables | 16 | 301  | -  |
| Borrowings | 18 | 45531  | 32181  |
| Deferred tax liabilities | 19 | 13137  | 15380  |
| Provisions | 17 | 345  | 412  |
| Lease Liabilities |  | 797  | 591  |
| **Total Non-current liabilities** |  | **60111**  | **48564**  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 16 | 9663  | 13460  |
| Payroll and social security liabilities |  | 384  | 726  |
| Borrowings | 18 | 31808  | 47052  |
| Derivative financial instruments | 13 | 54  | 94  |
| Provisions | 17 | 13  | 14  |
| Lease Liabilities |  | 2839  | 2529  |
| **Total Current liabilities** |  | **44761**  | **63875**  |
| **TOTAL LIABILITIES** |  | **104872**  | **112439**  |
| **TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES** |  | **233054**  | **233921**  |

---

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

<u>) </u> <br> Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria

**Unaudited Condensed Interim Separate Statements of Income and Other Comprehensive Income for the six and three-month periods ended December 31, 2022 and 2021**

(All amounts in millions of Argentine Pesos, except as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Six months** | **Six months** | **Three months** | **Three months** |
|  | Note | **12.31.22**<br>| **12.31.21**<br>| **12.31.22**<br>| **12.31.21**<br>|
| Revenues | 20 | 9486  | 13051  | 3554  | 5514  |
| Costs | 21 | (8061) | (11066) | (2978) | (4533) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest |  | (3072) | (575) | (779) | 1038  |
| Changes in the net realizable value of agricultural products after harvest |  | 430  | (281) | 52  | (294) |
| **Gross (loss)/ profit** |  | **(1217)** | **1129**  | **(151)** | **1725**  |
| Net gain/ (loss) from fair value adjustment of investment properties |  | 90  | (138) | 137  | (68) |
| General and administrative expenses | 22 | (910) | (1194) | (356) | (464) |
| Selling expenses | 22 | (1386) | (2123) | (631) | (1092) |
| Other operating results, net | 23 | (49) | 308  | (108) | 435  |
| Management fees |  | (1222) | (4823) | (721) | (4404) |
| **Loss from operations** |  | **(4694)** | **(6841)** | **(1830)** | **(3868)** |
| Share of profit of subsidiaries, associates and joint ventures | 6 | 10219  | 38953  | 7861  | 38090  |
| **Profit before financing and taxation** |  | **5525**  | **32112**  | **6031**  | **34222**  |
| Finance income | 24 | 717  | 275  | 373  | 269  |
| Finance costs | 24 | (5181) | (3294) | (3406) | (1179) |
| Other financial results | 24 | 3210  | 10505  | 1536  | 4871  |
| Inflation Adjustment | 24 | 4290  | (974) | 1075  | (1347) |
| Financial results, net | 24 | 3036  | 6512  | (422) | 2614  |
| **Profit before income tax** |  | **8561**  | **38624**  | **5609**  | **36836**  |
| Income tax | 19 | 2452  | 4790  | 896  | 2804  |
| **Profit for the period** |  | **11013**  | **43414**  | **6505**  | **39640**  |
| Other comprehensive income/ (loss): |  |  |  |  |  |
|  ***Items that may be reclassified subsequently to profit or loss:*** |  |  |  |  |  |
| Currency translation adjustment and other comprehensive results from subsidiaries and associates |  | (1350) | (10279) | 1079  | (5592) |
| Revaluation surplus |  | 387  | -  | (48) | -  |
| **Other comprehensive (loss)/ income the period** |  | **(963)** | **(10279)** | **1031**  | **(5592)** |
| **Total comprehensive income for the period** |  | **10050**  | **33135**  | **7536**  | **34048**  |
|  ***Profit per share attributable to equity holders of the parent during the period (i):*** |  |  |  |  |  |
| Basic |  | 18.826  | 73.641  | 11.120  | 67.234  |
| Diluted |  | 15.938  | 62.485  | 9.414  | 57.054  |

---

(i) The basic profit per share has been calculated using 585,058,998 shares at 12.31.22 and 589,528,030 at 12.31.21. If 585,058,998 shares had been used for the calculation, the profit per share would be ARS 74.21 for 12.31.21. The diluted profit per share has been calculated using 690,735,650 shares at 12.31.22 and 694,787,554 at 12.31.21. If 690,735,650 shares had been used for the calculation, the profit per share would be ARS 62.83 for 12.31.21 See Note 19 to the Annual Financial Statements as of June 30, 2022.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

<u>) </u> <br> Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

 **Unaudited Condensed Interim Separate Statements of Changes in Shareholders' Equity**

 **for the six-month period ended December 31, 2022**

(All amounts in millions, except as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** |  |  |  |  |  |  |  |  |
|  | **Outstanding shares**<br>| **Treasury shares**<br>| **Inflation adjustment of share capital and treasury shares (i)**<br>| **Warrants (ii)**<br>| **Share premium**<br>| **Additional paid-in capital from treasury shares**<br>| **Legal reserve**<br>| **Other reserves (iii)**<br>| **Retained earnings**<br>| **Total Shareholders' equity**<br>|
| **Balance as of June 30, 2022** | **590**  | **2**  | **35894**  | **3437**  | **44666**  | **325**  | **1643**  | **(1871)** | **36796**  | **121482**  |
| Profit for the period | -  | -  | -  | -  | -  | -  | -  | -  | 11013  | 11013  |
| Other comprehensive loss for the period | -  | -  | -  | -  | -  | -  | -  | (963) | -  | (963) |
| **Total comprehensive (loss)/ income for the period** | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **(963)** | **11013**  | **10050**  |
| **As provided by Ordinary and Extraordinary Shareholders´ Meeting held on October 28, 2022:** |  |  |  |  |  |  |  |  |  |  |
| - Constitution of reserves | -  | -  | -  | -  | -  | -  | 1840  | 30521  | (32361) | -  |
| - Dividends distributed | -  | -  | -  | -  | -  | -  | -  | -  | (4435) | (4435) |
| Repurchase of treasury shares | (9) | 9  | -  | -  | -  | -  | -  | (1650) | -  | (1650) |
| Exercise of warrants (ii) | -  | -  | -  | (3) | 25  | -  | -  | -  | -  | 22  |
| Changes in non-controlling interest | -  | -  | -  | -  | -  | -  | -  | 2902  | -  | 2902  |
| Reserve for share-based payments | -  | -  | -  | -  | -  | -  | -  | 55  | -  | 55  |
| Others changes in equity of subsidiaries | -  | -  | -  | -  | -  | -  | -  | (244) | -  | (244) |
| **Balance as of December 31, 2022** | **581**  | **11**  | **35894**  | **3434**  | **44691**  | **325**  | **3483**  | **28750**  | **11013**  | **128182**  |

---

(i) Includes ARS 12 and ARS 5 of inflation adjustment of Treasury shares as of December 31, 2022 and June 30, 2022, respectively.

(ii) See Note 31 to the Interim Condensed Consolidated Financial Statements as of December 31, 2022.

(iii) Group's Other reserves as of December 31, 2022 are comprised as:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares**<br>| **Reserve for currency translation adjustment**<br>| **Reserve for the acquisition of securities issued by the Company**<br>| **Special reserve**<br>| **Other reserves (\*)**<br>| **Total Other reserves**<br>|
| **Balance as of June 30, 2022** | **(522)** | **(1071)** | **351**  | **-**  | **(629)** | **(1871)** |
| Other comprehensive loss for the period | -  | (1292) | -  | -  | 329  | (963) |
| **Total comprehensive loss for the period** | **-**  | **(1292)** | **-**  | **-**  | **329**  | **(963)** |
| Repurchase of treasury shares | (1650) | -  | -  | -  | -  | (1650) |
| Constitution of reserves | -  | -  | -  | 30521  | -  | 30521  |
| Changes in non-controlling interest | -  | -  | -  | -  | 2902  | 2902  |
| Reserve for share-based payments | -  | -  | -  | -  | 55  | 55  |
| Others changes in equity of subsidiaries | -  | (163) | -  | -  | (81) | (244) |
| **Balance as of December 31, 2022** | **(2172)** | **(2526)** | **351**  | **30521**  | **2576**  | **28750**  |

---

(\*) Includes revaluation surplus.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

------

 **Unaudited Condensed Interim Separate Statements of Changes in Shareholders' Equity**

 **for the six-month period ended December 31, 2021**

(All amounts in millions, except as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** |  |  |  |  |  |  |  |  |  |
|  | **Outstanding shares**<br>| **Treasury shares**<br>| **Inflation adjustment of share capital and treasury shares (i)**<br>| **Warrants (ii)**<br>| **Share premium**<br>| **Additional paid-in capital from treasury shares**<br>| **Legal reserve**<br>| **Special reserve RG 609/12 (iii)**<br>| **Other reserves (iv)**<br>| **Retained earnings**<br>| **Total Shareholders' equity**<br>|
| **Balance as of June 30, 2021** | **589**  | **2**  | **35894**  | **3455**  | **44526**  | **319**  | **1643**  | **5231**  | **7126**  | **(19257)** | **79528**  |
| Profit for the period | -  | -  | -  | -  | -  | -  | -  | -  | -  | 43414  | 43414  |
| Other comprehensive loss for the period | -  | -  | -  | -  | -  | -  | -  | -  | (10279) | -  | (10279) |
| **Total comprehensive (loss)/ income for the period** | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **(10279)** | **43414**  | **33135**  |
| **As provided by Ordinary Shareholders' Meeting held and Extraordinary Shareholders' Meeting held on October 21, 2021:** |  |  |  |  |  |  |  |  |  |  |  |
| - Loss absorption | -  | -  | -  | -  | -  | -  | -  | (5231) | -  | 5231  | -  |
| Reserve for share-based payments | -  | -  | -  | -  | -  | -  | -  | -  | 21  | -  | 21  |
| Exercise of warrants (ii) | -  | -  | -  | (10) | 68  | -  | -  | -  | -  | -  | 58  |
| Others changes in equity of subsidiaries | -  | -  | -  | -  | -  | -  | -  | -  | (119) | (2678) | (2797) |
| Changes in non-controlling interest | -  | -  | -  | -  | -  | -  | -  | -  | 3461  | -  | 3461  |
| **Balance as of December 31, 2021** | **589**  | **2**  | **35894**  | **3445**  | **44594**  | **319**  | **1643**  | **-**  | **210**  | **26710**  | **113406**  |

---

(i) Includes ARS 11 and ARS 4 of inflation adjustment of Treasury shares as of December 31, 2021 and June 30, 2021, respectively.

(ii) See Note 38 to the Financial Statements as of June 30, 2022.

(iii) Corresponding to General Resolution 609/12 of the National Securities Commission.

(iv) Group's Other reserves as of December 31, 2021 are comprised as:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares**<br>| **Reserve for currency translation adjustment**<br>| **Reserve for the acquisition of securities issued by the Company**<br>| **Other reserves (\*)**<br>| **Total Other reserves**<br>|
| **Balance as of June 30, 2021** | **(528)** | **12074**  | **351**  | **(4771)** | **7126**  |
| Other comprehensive loss for the period | -  | (10281) | -  | 2  | (10279) |
| **Total comprehensive loss for the period** | **-**  | **(10281)** | **-**  | **2**  | **(10279)** |
| Reserve for share-based payments | -  | -  | -  | 21  | 21  |
| Others changes in equity of subsidiaries | -  | -  | -  | (119) | (119) |
| Changes in non-controlling interest | -  | -  | -  | 3461  | 3461  |
| **Balance as of December 31, 2021** | **(528)** | **1793**  | **351**  | **(1406)** | **210**  |

---

(\*) Includes revaluation surplus.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

<u>) </u> <br> Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

 **Unaudited Condensed Interim Separate Statements of Cash Flows**

 **for the six-month periods ended December 31, 2022 and 2021**

(All amounts in millions of Argentine Pesos, except as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **12.31.22**<br>| **12.31.21**<br>|
| **Operating activities:** |  |  |  |
| Cash (used in)/ generated from operations | 15 | (1376) | 1576  |
| **Net cash (used in)/ generated from operating activities** |  | **(1376)** | **1576**  |
| **Investing activities:** |  |  |  |
| Capital contribution to subsidiaries, associates and joint ventures | 6 | -  | (216) |
| Acquisition of property, plant and equipment | 8 | (322) | (653) |
| Proceeds from sale of property, plant and equipment |  | -  | 6  |
| Proceeds from disposals of investment in financial assets |  | 1170  | 5211  |
| Acquisition of investment in financial instruments |  | (626) | (2246) |
| Payments from derivative financial instruments |  | (158) | -  |
| Dividends collected |  | 2737  | 674  |
| Interest collected |  | 44  | 49  |
| **Net cash generated from investing activities** |  | **2845**  | **2825**  |
| **Financing activities:** |  |  |  |
| Repurchase of non-convertible notes |  | -  | (1780) |
| Sale of non-convertibles notes in portfolio |  | -  | 97  |
| Borrowings and issuanse of non-convertible notes |  | 22383  | 20034  |
| Payment of borrowings and non-convertible notes |  | (17640) | (27094) |
| Obtaining of short-term loans, net |  | 511  | 2871  |
| Repurchase of treasury shares |  | (1650) | -  |
| Exercise of warrants |  | 22  | 58  |
| Dividends paid |  | (4435) | -  |
| Interest paid |  | (6689) | (6905) |
| **Net cash used in financing activities** |  | **(7498)** | **(12719)** |
| **Net decrease in cash and cash equivalents** |  | **(6029)** | **(8318)** |
| Cash and cash equivalents at beginning of the period |  | 8129  | 9301  |
| Result from exposure to inflation on cash and cash equivalents |  | 101  | 35  |
| Foreign exchange gain in cash and changes in fair value of cash equivalents |  | (1710) | 255  |
| **Cash and cash equivalents at the end of the period** |  | **491**  | **1273**  |

---

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

<u>) </u> <br> Alejandro G. Elsztain Vice President II

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

 **Notes to the Unaudited Condensed Interim Financial Statements**

(Amounts in millions, except otherwise indicated)

**1.** **General information**

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria ("Cresud" or the "Company") was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier's shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.

Cresud is a company organized and domiciled in the Republic of Argentina. The address of its registered office is Carlos Della Paolera 261, 9th Floor, Buenos Aires, Argentina.

These Unaudited Condensed Interim Separate Financial Statements have been approved for issue by the Board of Directors on February 9, 2023.

**2.** **Basis of preparation of the Unaudited Condensed Interim Separate Financial Statements**

**2.1.** **Basis of preparation**

These Financial Statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and therefore must be read together with the Group's Annual Consolidated Financial Statements as of June 30, 2022 prepared in accordance with IFRS. Likewise, these Financial Statements include additional information required by Law No. 19,550 and / or CNV regulations. This information is included in the notes to these Financial Statements, as allowed by IFRS.

These Financial Statements for the interim periods of six month ended December 31, 2022 and 2021 have not been audited. Management considers that they include all the necessary adjustments to fairly present the results of each period. Intermediate period results do not necessarily reflect the proportion of the Company's results for the entire fiscal years.

IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements.

In order to conclude on whether an economy is categorized as high inflation in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is Approximate or exceed 100%. Accumulated inflation in three years is over 100%. It is for this reason that, in accordance with IAS 29, the Argentine economy must be considered as high inflation starting July 1, 2018.

In relation to the inflation index to be used according to FACPCE Resolution No. 539/18, the inflation index is determined based on the Wholesale Price Index (IPIM) until 2016, considering the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires for the months of November and December 2015, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The table below shows the evolution of this index during the period ended December 31, 2022, according to official statistics by Argentine Institute of Statistics and Census (INDEC) and following the guidelines described in Resolution 539/18:

---

| | |
|:---|:---|
| Price variation:  | 12.31.22 (Six months) <br>|
|  | 43% |

---

As a consequence of the aforementioned, these Financial Statements as of December 31, 2022 were restated in accordance with IAS 29.

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

**2.2.** **Accounting policies**

The accounting policies applied in the preparation of these Unaudited Condensed Interim Financial Statements are consistent with those applied in the Annual Financial Statements as of June 30, 2022.

**2.3.** **Comparative information**

The balances as of June 30, 2022 and December 31, 2021, which are disclosed for comparative purposes, arise from the financial statements at such dates restated in accordance with IAS 29.

**2.4.** **Use of estimates**

The preparation of financial statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingentassets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Future results might differ from the estimates and evaluations made at the date of preparation of these Unaudited Condensed Interim Separate Financial Statements.

In the preparation of these Unaudited Condensed Interim Separate Financial Statements, the significant judgments made by Management in applying the Company's accounting policies and the main sources of uncertainty were the same applied by the Company in the preparation of the Separate Financial Statements for the fiscal year ended June 30, 2022, described in Note 3 to them.

**3.** **Seasonal effects on operations**

The operations of the Company are also subject to seasonal effects. The harvests and sale of grains (corn, soybean and sunflower) generally take place between January and September every year. Wheat is generally harvested between November and February every year. However, milk production is generally larger during the second quarter, when conditions are more favorable. As a result, there may be material fluctuations in the agricultural business results each quarter.

**4.** **Acquisitions and disposals**

See summary of acquisitions and additional disposals of the Company for the six-month period ended December 31, 2022 in Note 4 to Unaudited Condensed Interim Consolidated Financial Statements.

**5.** **Financial risk management and fair value estimates**

 **5.1.**

 **Financial risk**

The Company's activities are exposed to several financial risks, market risk (including exchange rate risk, interest rate risk and price risk), credit risk, liquidity risk and capital risk.

The Unaudited Condensed Interim Separate Financial Statements do not include all the information and disclosures of the risk management, so they should be read together with the Annual Separate Financial Statements as of June 30, 2022. There have been no significant changes in the risk management or risk management policies applied by the Company since the fiscal year. <br>

**5.2.** 

**Fair value estimates**

Since June 30, 2022, to the balance sheet date, there have been no significant changes in business or economic circumstances affecting the fair value of the Company's financial assets, liabilities or biological assets (either measured at fair value or amortized cost). Nor there have been transfers between the several hierarchies used in estimating the fair value of the Company's financial instruments, or reclassifications among their respective categories.

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

**6.** **Information about principal subsidiaries and associates**

The Company conducts its business through several subsidiaries and associates.

Set out below are the changes in Company's investment in subsidiaries and associates for the six-month period ended December 31, 2022 and for the fiscal year ended June 30, 2022:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **06.30.22**<br>|
| **Beginning of the period / year** | **172338**  | **145829**  |
| Capital contributions | -  | 216  |
| Share of profit | 10219  | 40798  |
| Other comprehensive results | (1350) | (13357) |
| Share of changes in subsidiaries and associates equity | 2713  | 1172  |
| Decrease of interest | -  | (1115) |
| Dividends distributed | (4044) | (1205) |
| **End of the period / year** | **179876**  | **172338**  |

---

See changes in Company's investment in associates and joint ventures for the six-month period ended December 31, 2022 in Note 7 to the Unaudited Condensed Interim Consolidated Financial Statements and for the year ended June 30, 2022 in Note 8 to the Annual Consolidated Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **% of ownership interest** | **% of ownership interest** | **Registered value** | **Registered value** | **Entity's interest in comprehensive (loss) / income** | **Entity's interest in comprehensive (loss) / income** |
| **Name of the entity** | **12.31.22**<br>| **06.30.22**<br>| **12.31.22**<br>| **06.30.22**<br>| **12.31.22**<br>| **12.31.21**<br>|
| **Subsidiaries** |  |  |  |  |  |  |
| Brasilagro Companhia Brasileira de Propriedades Agrícolas ("Brasilagro") | 1.35% | 1.35% | 1949  | 2073  | (40) | (413) |
| Futuros y Opciones.Com S.A. | 50.10% | 50.10% | 2553  | 2037  | 966  | 403  |
| Amauta Agro S.A. (continuation of FyO Trading S.A.) | 2.20% | 2.20% | 7  | 13  | (6) | 10  |
| FyO Acopio S.A. (continuation of Granos Olavarría S.A.) | 2.20% | 2.20% | 105  | 56  | 48  | 8  |
| Helmir S.A. | 100.00% | 100.00% | 48822  | 46219  | (351) | (169) |
| IRSA Inversiones y Representaciones Sociedad Anónima | 54.00% | 53.62% | 125245  | 120510  | 8330  | 28889  |
| Alafox S.A. (\*) | -  | -  | -  | -  | -  | (136) |
| **Total Subsidiaries** |  |  | **178681**  | **170908**  | **8947**  | **28592**  |
| **Associates** |  |  |  |  |  |  |
| Agrouranga S.A. | 34.86% | 34.86% | 906  | 1135  | (95) | 31  |
| Uranga Trading S.A. | 34.86% | 34.86% | 289  | 295  | 17  | 51  |
| **Total Associates** |  |  | **1195**  | **1430**  | **(78)** | **82**  |
| **Total Investments in subsidiaries, associates and join ventures** | **Total Investments in subsidiaries, associates and join ventures** |  | **179876**  | **172338**  | **8869**  | **28674**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Last financial statement issued** | **Last financial statement issued** | **Last financial statement issued** |
| **Name of the entity** | **Market value as of 12.31.22**<br>| **Place of business / country of incorporation** | **Main activity** | **Amount of common shares 1 vote**<br>| **Common shares (nominal value)**<br>| **Income /(loss) for the period**<br>| **Shareholders' equity**<br>|
| **Subsidiaries** |  |  |  |  |  |  |  |
| Brasilagro Companhia Brasileira de Propriedades Agrícolas ("Brasilagro") | 29.96  | Brazil | Agricultural | 1334400  | 2497  | 966  | 84657  |
| Futuros y Opciones.Com S.A. | Not publicly traded<br>| Argentina | Brokerage | 191632255  | 386  | 1934  | 5096  |
| Amauta Agro S.A. (continuation of FyO Trading S.A.) | Not publicly traded<br>| Argentina | Brokerage | 506440  | 23  | (259) | 314  |
| FyO Acopio S.A. (continuation of Granos Olavarría S.A.) | Not publicly traded<br>| Argentina | Warehousing and Brokerage | 506440  | 1  | 2202  | 4767  |
| Helmir S.A. | Not publicly traded<br>| Uruguay | Investment | 10287750845  | 10288  | 663  | 48465  |
| IRSA Inversiones y Representaciones Sociedad Anónima | 167.50  | Argentina | Real Estate | 431737584  | 811  | 15090  | 234326  |
| **Associates** |  |  |  |  |  |  |  |
| Agrouranga S.A. | Not publicly traded<br>| Argentina | Agricultural | 2532579  | 7  | (272) | 390  |
| Uranga Trading S.A. | Not publicly traded<br>| Argentina | Marketing, warehousing and processing | 637498  | 2  | 50  | 830  |

---

(\*) Liquidated company as of February 28, 2022.

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

**7.** **Investment properties**

Changes in Company's investment properties for the six-month period ended December 31, 2022 and for the fiscal year ended June 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **06.30.22**<br>|
| **Beginning of the period / year** | **1321**  | **1268**  |
| Transfers | 711  | 363  |
| Net gain/ (loss) from fair value adjustment of investment properties | 90  | (310) |
| **End of the period / year** | **2122**  | **1321**  |

---

During the six-month period ended December 31, 2022 and for the year ended June 30, 2022, there were no financial costs activated as there have been no assets that qualify for capitalization. No investment property of the Company has been mortgaged to guarantee some of the Company´s loans.

The amounts recognized in the statement of income and other comprehensive income are not material for any of the exercises analyzed.

As described in Note 2.6 to the consolidated financial statements corresponding to the year ended June 30, 2022, the Group uses the valuation made by qualified external appraisers to determine the fair value of its investment properties. Fair values are based on comparable values (Level 2 of the fair value hierarchy). The sales prices of comparable land are adjusted considering the specific aspects of each land, the most important used premise being the price per hectare.

**8.** **Property, plant and equipment**

Changes in Company's property, plant and equipment for the six-month period ended December 31, 2022 and for the fiscal year ended June 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Owner occupied farmland (ii)**<br>| **Others**<br>| **Total as of 12.31.22**<br>| **Total as of 06.30.22**<br>|
| Costs | 23497  | 1598  | 25095  | 24099  |
| Accumulated depreciation | (3802) | (1097) | (4899) | (4434) |
| **Net book amount at the beginning of the period / year** | **19695**  | **501**  | **20196**  | **19665**  |
| Additions | 240  | 82  | 322  | 854  |
| Disposals | -  | -  | -  | (11) |
| Transfers | (135) | -  | (135) | 153  |
| Depreciation charge (i) | (161) | (78) | (239) | (465) |
| **Balances at the end of the period / year** | **19639**  | **505**  | **20144**  | **20196**  |
| Costs | 23602  | 1680  | 25282  | 25095  |
| Accumulated depreciation | (3963) | (1175) | (5138) | (4899) |
| **Net book amount at the end of the period / year** | **19639**  | **505**  | **20144**  | **20196**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) For the fiscal period / year ended December 31, 2022 and June 30, 2022, the depreciation expense of property, plant and equipment has been charged as follows: ARS 16 and ARS 39 in "Costs";ARS 13 and ARS 23 in "General and administrative expenses" and ARS 1 and ARS 1 in "Selling expenses" in "the Statement of Income and Other Comprehensive Income";ARS 209 and ARS 402 were capitalized as part of the biological assets costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ii) Includes farms, buildings and facilities of farmlands properties.

------

**Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria** <br>

**9.** **Intangible assets**

Changes in Company's intangible assets for the six-month period ended as of December 31, 2022 and for the fiscal year ended as of June 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Software**<br>| **Concession rights**<br>| **Total as of 12.31.22**<br>| **Total as of 06.30.22**<br>|
| Costs | 99  | 1161  | 1260  | 1260  |
| Accumulated amortization | (92) | (536) | (628) | (579) |
| **Net book amount at the beginning of the period / year** | **7**  | **625**  | **632**  | **681**  |
| Amortization charges (i) | (6) | (19) | (25) | (49) |
| **Balances at the end of the period / year** | **1**  | **606**  | **607**  | **632**  |
| Costs | 99  | 1161  | 1260  | 1260  |
| Accumulated amortization | (98) | (555) | (653) | (628) |
| **Net book amount at the end of the period / year** | **1**  | **606**  | **607**  | **632**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) Amortization charges are included in "General and administrative expenses" in the Statement of Income and Other Comprehensive Income. There are no impairment charges for any of the years presented.

**10.** **Right of use assets**

The composition in the Company's rights of use assets for the six-month period ended as of December 31, 2022 and for the fiscal year ended as of June 30, 2022 is as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **06.30.22**<br>|
| **Non Current** |  |  |
| Offices | 51  | 86  |
| Farmland | 5300  | 3815  |
| Machines and equipment | -  | 1  |
| **Total right of use assets** | **5351**  | **3902**  |

---

The amortization charge of the right of use assets is detailed below:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| Farmland | 1327  | 1155  |
| Offices | 34  | 33  |
| Machines and equipment | -  | 2  |
| **Total amortization of right of use assets** | **1361**  | **1190**  |

---

**11.** **Biological assets**

Changes in the Company's biological assets for the six-month period ended as of December 31, 2022 and for the fiscal year ended as of June 30, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sown land-crops** | **Sown land-crops** | **Breeding cattle**<br>| **Other cattle**<br>| **Others**<br>|  |  |
|  | Level 1<br>| Level 3<br>| Level 2<br>| Level 2<br>| Level 1<br>| **Total as of 12.31.22**<br>| **Total as of 06.30.22**<br>|
| **Net book amount at the beginning of the period / year** | **554**  | **2940**  | **7122**  | **163**  | **90**  | **10869**  | **12280**  |
| Purchases | -  | -  | 265  | 3  | -  | 268  | 1080  |
| Transfers | (252) | 252  | -  | -  | -  | -  | -  |
| Initial recognition and changes in the fair value of biological assets | -  | (1296) | (1758) | (50) | -  | (3104) | 5132  |
| Decrease due to harvest | -  | (4497) | -  | -  | -  | (4497) | (20745) |
| Sales | -  | -  | (1334) | (1) | -  | (1335) | (3334) |
| Consumes | -  | -  | (8) | -  | (12) | (20) | (36) |
| Costs for the period | 2635  | 2959  | 1303  | -  | -  | 6897  | 16492  |
| **Balances at the end of the period / year** | **2937**  | **358**  | **5590**  | **115**  | **78**  | **9078**  | **10869**  |
| Non-current (production) | -  | -  | 4930  | 100  | 78  | 5108  | 6713  |
| Current (consumable) | 2937  | 358  | 660  | 15  | -  | 3970  | 4156  |
| **Net book amount at the end of the period / year** | **2937**  | **358**  | **5590**  | **115**  | **78**  | **9078**  | **10869**  |

---

------

**Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria** <br>

During the six-month period ended December 31, 2022, there were transfers for ARS 252 between the fair value hierarchies 1 and 3 of sown land-crops (due to the degree of phenological growth of the crop). Likewise, there were no reclassifications among their respective categories.

Capitalized costs of production as of December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| Supplies and labors | 4262  | 5735  |
| Leases and expenses | 7  | 6  |
| Amortization and depreciation | 1537  | 1354  |
| Maintenance and repairs | 147  | 138  |
| Payroll and social security liabilities | 582  | 571  |
| Fees and payments for services | 40  | 49  |
| Freights | 154  | 101  |
| Travel expenses and stationery | 134  | 105  |
| Taxes, rates and contributions | 34  | 56  |
|  | **6897**  | **8115**  |

---

See information on valuation processes used by the entity in Note 14 to the Consolidated Financial Statements as of June 30, 2022.

As of December 31, 2022, and June 30, 2022, the better and maximum use of biological assets shall not significantly differ from the current use.

**12.** **Inventories**

Breakdown of Company's inventories as of December 31, 2022 and June 30, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **06.30.22**<br>|
| **Current** |  |  |
| Crops | 1746  | 3751  |
| Materials and supplies | 27  | 11  |
| Seeds and fodders | 5035  | 4430  |
| **Total inventories** | **6808**  | **8192**  |

---

As of December 31, 2022, and June 30, 2022 the cost of inventories recognized as expense amounted to ARS 6,671 and ARS 20,881, respectively and they have been included in "Costs" in the Unaudited Condensed Interim Separate Statement of Income and Other Comprehensive Income.

**13.** **Financial instruments by category**

 ***Determining fair values***

See determination of the fair value of the Company's financial instruments in Note 16 to the Annual Consolidated Financial Statements as of June 30, 2022.

The following tables present the Company's financial assets and financial liabilities that are measured at fair value as of December 31, 2022 and June 30, 2022 and their allocation to the fairvalue hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial assets at amortized cost**<br>| **Financial assets at fair value through profit or loss**<br>| **Subtotal financial assets**<br>| **Non-financial assets**<br>| **Total**<br>|
| **December 31, 2022** |  | **Level 1**<br>|  |  |  |
| **Assets as per statement of financial position** |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14) | 5006  | -  | 5006  | 3582  | 8588  |
| Derivative financial instruments |  |  |  |  |  |
| - Options on commodities | -  | 5  | 5  | -  | 5  |
| Cash and cash equivalents |  |  |  |  |  |
| - Cash on hand and at bank | 294  | -  | 294  | -  | 294  |
| - Short-term investments | -  | 197  | 197  | -  | 197  |
| **Total assets** | **5300**  | **202**  | **5502**  | **3582**  | **9084**  |

---

------

**Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial liabilities at amortized cost**<br>| **Financial liabilities at fair value through profit or loss**<br>| **Subtotal financial liabilities**<br>| **Non-financial liabilities**<br>| **Total**<br>|
|  |  | **Level 1**<br>|  |  |  |
| **Liabilities as per statement of financial position** |  |  |  |  |  |
| Trade and others payables (Note 16) | 7684  | -  | 7684  | 2280  | 9964  |
| Borrowings (Note 18) | 77339  | -  | 77339  | -  | 77339  |
| Derivative financial instruments: |  |  |  |  |  |
| - Commodities futures contracts | 54  | -  | 54  | -  | 54  |
| **Total Liabilities** | **85077**  | **-**  | **85077**  | **2280**  | **87357**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial assets at amortized cost**<br>| **Financial assets at fair value through profit or loss**<br>| **Subtotal financial assets**<br>| **Non-financial assets**<br>| **Total**<br>|
| **June 30, 2022** |  | **Level 1**<br>|  |  |  |
| **Assets as per statement of financial position** |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14) | 6600  | -  | 6600  | 1447  | 8047  |
| Investment in financial assets |  |  |  |  |  |
| - Pubilc companies´ securities | -  | 286  | 286  | -  | 286  |
| Derivative financial instruments |  |  |  |  |  |
| - Options on commodities | -  | 14  | 14  | -  | 14  |
| - Foreign-currency futures contracts | -  | 3  | 3  | -  | 3  |
| Cash and cash equivalents |  |  |  |  |  |
| - Cash on hand and at bank | 7723  | -  | 7723  | -  | 7723  |
| - Short-term investments | -  | 406  | 406  | -  | 406  |
| **Total assets** | **14323**  | **709**  | **15032**  | **1447**  | **16479**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial liabilities at amortized cost**<br>| **Financial liabilities at fair value through profit or loss**<br>| **Subtotal financial liabilities**<br>| **Non-financial liabilities**<br>| **Total**<br>|
|  |  | **Level 1**<br>|  |  |  |
| **Liabilities as per statement of financial position** |  |  |  |  |  |
| Trade and others payables (Note 16) | 11699  | -  | 11699  | 1761  | 13460  |
| Borrowings (Note 18) | 79233  | -  | 79233  | -  | 79233  |
| Derivative financial instruments: |  |  |  |  |  |
| - Commodities futures contracts | -  | 94  | 94  | -  | 94  |
| **Total Liabilities** | **90932**  | **94**  | **91026**  | **1761**  | **92787**  |

---

**14.** **Trade and other receivables**

Breakdown of the Company's trade and other receivables as of December 31, 2022 and June 30, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **06.30.22**<br>|
| Receivables from sale of properties (i) | 799  | 725  |
| Receivables from sale of agricultural products and services | 1782  | 2899  |
| Debtors under legal proceedings | 2  | 11  |
| Less: allowance for doubtful accounts | (18) | (9) |
| **Total trade receivables** | **2565**  | **3626**  |
| Prepayments | 435  | 338  |
| Tax credits | 1909  | 1029  |
| Loans granted | 116  | 100  |
| Advance payments | 153  | 63  |
| Expenses to recover | 57  | 93  |
| Others | 334  | 394  |
| **Total other receivables** | **3004**  | **2017**  |
| Related parties (Note 25) | 3001  | 2395  |
| **Total trade and other receivables** | **8570**  | **8038**  |
| Non-current | 740  | 894  |
| Current | 7830  | 7144  |
| **Total trade and other receivables** | **8570**  | **8038**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(i) Net of implicit interests

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

The fair value of current trade and other receivables approximate their respective carrying amounts because, due to their short-term nature, as the impact of discounting is not considered significant. Fair values are based on discounted cash flows (Level 2 of fair value hierarchy).

The carrying amounts of the Company's trade and other receivables denominated in foreign currencies are detailed in Note 28.

Trade receivables are generally presented in the statement of financial position net of allowances for doubtful receivables. Impairment policies and procedures by type of receivables are discussed in detail in Note 2.16 to the Consolidated Financial Statements as of June 30, 2022.

Movements on the Company's allowance for doubtful accounts are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **06.30.22**<br>|
| **Beginning of the period / year** | **9**  | **12**  |
| Charges | 13  | 3  |
| Inflation adjustment | (4) | (6) |
| **End of the period / year** | **18**  | **9**  |

---

The addition and release of allowance for doubtful accounts have been included in "Selling expenses" in the Unaudited Condensed Interim Separate Statement of Income and Other Comprehensive Income (Note 22). Amounts charged to the provision account are generally written off when there is no expectation of recovering additional cash.

**15.** **Cash flow information**

Following is a detailed description of cash flows used in the Company's operations for the six-month periods ended as of December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| **Profit for the period** | **11013**  | **43414**  |
| *Adjustments for:* |  |  |
| Income tax | (2452) | (4790) |
| Depreciation and amortization | 88  | 90  |
| Unrealized gain from derivative financial instruments of commodities | (51) | (265) |
| Financial results, net | 1114  | (7689) |
| Unrealized initial recognition and changes in the fair value of biological assets | 1290  | 66  |
| Changes in net realizable value of agricultural products after harvest | (430) | 281  |
| Provisions and allowances | 130  | 160  |
| Loss from repurchase of non-convertible notes | -  | 6  |
| Management fees | 1222  | 4823  |
| Share of profit from participation in asscociates, subsidiaries and joint ventures. | (10219) | (38953) |
| Net (gain)/ loss from fair value adjustment of investment properties | (90) | 138  |
| Result from sale of property, plant and equipment | (7) | -  |
| **Changes in operating assets and liabilities:** |  |  |
| Decrease in biological assets | 2038  | 2059  |
| Decrease in inventories | 1814  | 4373  |
| (Increase)/ decrease in trade and other receivables | (1227) | 2974  |
| Increase in right of use assets | (2) | -  |
| Decrease in lease liabilities | (966) | (662) |
| Increase/ (decrease) in derivative financial instruments | 468  | (105) |
| Decrease in provisions | -  | (4) |
| Decrease in trade and other payables | (4767) | (3962) |
| Decrease in payroll and social security liabilities | (342) | (378) |
| **Net cash (used in)/ generated from operating activities before income tax paid** | **(1376)** | **1576**  |

---

The following table shows a detail of non-cash transactions occurred in the six-month periods ended as of December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| **Non-cash transactions** |  |  |
| Uncollected dividends | 608  | -  |
| Currency translation adjustment and other comprehensive results from subsidiaries and associates | 1350  | 10279  |
| Reserve for share-based payments | 2713  | 686  |
| Issuanse of non-convertible notes | 11181  | -  |
| Decrease in property, plant and equipment through an increase in trade and other receivables | 7  | -  |
| Increase in the right of use assets through an increase in the lease liability | 2808  | 2053  |
| Increase in investment properties through a decrease in property, plant and equipment | 711  | -  |
| Increase in shareholders´ equity through an increase in investment properties | 576  | -  |
| Increase in deferred tax liability through a decrease in shareholders´ equity | 209  | -  |
| Decrease in trade and other receivables through a decrease in lease liabilities | 30  | 43  |
| Decrease in trade and other receivables through a decrease in borrowings | 20  | 579  |

---

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

**16.** **Trade and other payables**

The detail of the Company's trade and other payables as of December 31, 2022 and June 30, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **06.30.22**<br>|
| Trade payables | 3546  | 2949  |
| Provisions | 1565  | 1844  |
| Sales, rent and services payments received in advance | 1663  | 956  |
| **Total trade payables** | **6774**  | **5749**  |
| Taxes payable | 86  | 50  |
| **Total other payables** | **86**  | **50**  |
| Related parties (Note 25) | 3104  | 7661  |
| **Total trade and other payables** | **9964**  | **13460**  |
| Non-current | 301  | -  |
| Current | 9663  | 13460  |
| **Total trade and other payables** | **9964**  | **13460**  |

---

The fair value of trade and other payables approximate their respective carrying amounts due to their short-term nature, as the impact of discounting is considered as not significant. Fair values are based on discounted cash flows (Level 2 of fair value hierarchy). Book value of trade and other payables denominated in foreign currencies are detailed in Note 28.

**17.** **Provisions**

The table below shows the movements in Company's provisions categorized by type of provision:

---

| | | | |
|:---|:---|:---|:---|
|  | **Labor and tax claims and other claims**<br>| **Total as of 12.31.22**<br>| **Total as of 06.30.22**<br>|
| **Beginning of period / year** | **426**  | **426**  | **591**  |
| Additions (i) | 86  | 86  | 220  |
| Decreases (i) | (18) | (18) | (130) |
| Used during the period | -  | -  | (9) |
| Inflation adjustment | (136) | (136) | (246) |
| **End of period / year** | **358**  | **358**  | **426**  |
| Non-current |  | 345  | 412  |
| Current |  | 13  | 14  |
| **Total** |  | **358**  | **426**  |

---

(i) The net is included in "Other operating results, net".

&nbsp;&nbsp;&nbsp;&nbsp;

**18.** **Borrowings**

The detail of the Company's borrowings as of December 31, 2022 and June 30, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Book value** | **Book value** | **Fair Value** | **Fair Value** |
|  | **12.31.22**<br>| **06.30.22**<br>| **12.31.22**<br>| **06.30.22**<br>|
| Non-convertible notes | 55613  | 54721  | 52390  | 51223  |
| Bank loans and others | 1582  | 4950  | 1582  | 4950  |
| Related parties (Note 25) | 10409  | 7976  | 10277  | 7739  |
| Bank overdrafts | 9735  | 11586  | 9735  | 11586  |
| **Total borrowings** | **77339**  | **79233**  | **73984**  | **75498**  |
| Non-current | 45531  | 32181  |  |  |
| Current | 31808  | 47052  |  |  |
| **Total borrowings** | **77339**  | **79233**  |  |  |

---

See Note 20 to the interim condensed consolidated financial statements.

------

**Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria** <br>

&nbsp;&nbsp;&nbsp;&nbsp;

**19.** **Taxation**

The detail of the provision for the Company's income tax is as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| Deferred income tax | 2,452  | 4,790  |
| **Income tax** | **2,452**  | **4,790**  |

---

The gross movements on the deferred income tax account were as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **06.30.22**<br>|
| **Beginning of the period / year** | **(15380)** | **(23026)** |
| Revaluation surplus | (209) | (180) |
| Charged to the Statement of Comprehensive Income | 2452  | 7826  |
| **End of the period / year** | **(13137)** | **(15380)** |

---

The Company´s income tax expense charge differs from the theoretical amount that would arise using the weighted average tax rate applicable to Company´s profit before income tax as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| Tax calculated at the tax applicable tax rate in effect | (2996) | (13518) |
| Permanent differences: |  |  |
| Share of profit of subsidiaries, associates and joint ventures | 3577  | 13634  |
| Use of tax loss carry-forwards | 1407  | 3280  |
| Result from sale of participation in subsidiaries | -  | 27  |
| Tax transparency | (1320) | (1237) |
| Non-taxable results, non-deductible expenses and others | (105) | 501  |
| Inflation adjustment for tax purposes | (6549) | (4525) |
| Inflation Adjustment | 8438  | 6628  |
| **Income tax** | **2452**  | **4790**  |

---

See note 21 to the interim condensed consolidated financial statements.

**20.** **Revenues**

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| Crops | 7884  | 11138  |
| Cattle | 1488  | 1788  |
| Supplies | 5  | 2  |
| Leases and agricultural services | 109  | 123  |
| **Total revenues** | **9486**  | **13051**  |

---

**21.** **Costs**

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| Crops | 6671  | 9510  |
| Cattle | 1334  | 1496  |
| Leases and agricultural services | 29  | 15  |
| Other costs | 27  | 45  |
| **Total costs** | **8061**  | **11066**  |

---

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

**22.** **Expenses by nature**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Costs (i)**<br>| **General and administrative expenses**<br>| **Selling expenses**<br>| **Total as of 12.31.22**<br>| **Total as of 12.31.21**<br>|
| Supplies and labors | 17  | -  | -  | 17  | 2  |
| Leases and expenses | -  | 21  | 2  | 23  | 31  |
| Amortization and depreciation | 17  | 70  | 1  | 88  | 90  |
| Doubtful accounts (charge and recovery) | -  | -  | 13  | 13  | 2  |
| Cost of sale of agricultural products and biological assets | 8005  | -  | -  | 8005  | 11006  |
| Advertising, publicity and other selling expenses | -  | -  | 91  | 91  | 115  |
| Maintenance and repairs | 1  | 60  | 1  | 62  | 86  |
| Payroll and social security liabilities | 14  | 569  | 50  | 633  | 842  |
| Fees and payments for services | 5  | 99  | 80  | 184  | 163  |
| Freights | -  | -  | 855  | 855  | 1455  |
| Bank commissions and expenses | -  | 16  | -  | 16  | 53  |
| Travel expenses and stationery | 2  | 25  | 1  | 28  | 35  |
| Conditioning and clearance | -  | -  | 157  | 157  | 234  |
| Director's fees | -  | 49  | -  | 49  | 68  |
| Taxes, rates and contributions | -  | 1  | 135  | 136  | 201  |
| **Total expenses by nature as of 12.31.22** | **8061**  | **910**  | **1386**  | **10357**  | **-**  |
| **Total expenses by nature as of 12.31.21** | **11066**  | **1194**  | **2123**  | **-**  | **14383**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(i) Include ARS 27 and ARS 45 of other agricultural operating costs as of December 31, 2022 and 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;

**23.** **Other operating results, net**

---

| | | |
|:---|:---|:---|
|  | **12.31.22**<br>| **12.31.21**<br>|
| Administration fees | 10  | 14  |
| (Loss)/ gain from commodity derivative financial instruments | (87) | 409  |
| Interest and allowances generated by operating assets | 27  | 74  |
| Contingencies | (68) | (90) |
| Donations | (13) | (2) |
| Others | 82  | (97) |
| **Total other operating results, net** | **(49)** | **308**  |

---

**24.** **Financial results, net**

---

| | | |
|:---|:---|:---|
|  | **12.31.22** | **12.31.21** |
| Interest income | 717 | 275 |
| **Total financial income** | **717** | **275** |
| Interest expenses | (4887) | (2869) |
| Other financial costs | (294) | (425) |
| **Total financial costs** | **(5181)** | **(3294)** |
| Exchange rate difference, net | 3243 | 9104 |
| Fair value gain of financial assets at fair value through profit or loss | 438 | 1808 |
| Loss from derivative financial instruments (except commodities) | (161) | (401) |
| Loss from the exchange of non-convertible notes | (310) | - |
| Loss from repurchase of non-convertible notes | - | (6) |
| **Total other financial results** | **3210** | **10505** |
| Inflation adjustment | 4290 | (974) |
| **Total financial results, net** | **3036** | **6512** |

---

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

**25.** **Related party transactions**

See description of the main transactions conducted with related parties in Note 32 to the Consolidated Financial Statements as of June 30, 2022.

The following is a summary of the balances with related parties as of December 31, 2022 and June 30, 2022:

---

| | | |
|:---|:---|:---|
| **Items** | **12.31.22**<br>| **06.30.22**<br>|
| Trade and other payables | (3104) | (7661) |
| Borrowings | (10409) | (7976) |
| Trade and other receivables | 3001  | 2395  |
| Right of use assets | 51  | 86  |
| Lease Liabilities | (47) | (79) |
| **Total** | **(10508)** | **(13235)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **12.31.22**<br>| **06.30.22**<br>| **Description of transaction** | **Item** |
| IRSA Inversiones y Representaciones Sociedad Anónima | 541  | 874  | Corporate services receivable | Trade and other receivables |
|  | 3  | 11  | Reimbursement of expenses receivable | Trade and other receivables |
|  | (2) | (7) | Reimbursement of expenses to pay | Trade and other payables |
|  | (2079) | (2552) | Non-convertible notes | Borrowings |
|  | 51  | 86  | Right of use assets | Right of use assets |
|  | (47) | (79) | Leases | Lease Liabilities |
|  | -  | 4  | share-based payments | Trade and other receivables |
| Brasilagro Companhia Brasileira de Propriedades Agrícolas | (14) | (17) | Rent and services received | Trade and other payables |
|  | 71  | 64  | Dividends receivable | Trade and other receivables |
|  | -  | 93  | Reimbursement of expenses receivable | Trade and other receivables |
| Helmir S.A. | (8136) | (4209) | Borrowings | Borrowings |
|  | (1047) | (1060) | Other payables | Trade and other payables |
| Futuros y Opciones.Com S.A. | 1209  | 1136  | Brokerage operations receivable | Trade and other receivables |
|  | 383  | -  | Dividends receivable | Trade and other receivables |
|  | (59) | -  | Purchase of goods and/or services | Trade and other payables |
|  | (241) | (747) | Advanced payments received | Trade and other payables |
| **Total subsidiaries** | **(9367)** | **(6403)** |  |  |
| Agro-Uranga S.A. | 18  | 17  | Dividends receivables | Trade and other receivables |
|  | -  | 31  | Debtors for sales, rentals and services | Trade and other receivables |
|  | (4) | (4) | Reimbursement of expenses to pay | Trade and other payables |
| Uranga Trading S.A. | 6  | -  | Dividends receivables | Trade and other receivables |
| **Total associates** | **20**  | **44**  |  |  |
| Tyrus S.A. | -  | (1087) | Non-convertible notes | Borrowings |
| Fibesa S.A. | (18) | (94) | Non-convertible notes | Borrowings |
| Amauta Agro S.A. | 46  | 110  | Debtors for sales, rentals and services | Trade and other receivables |
| FyO Acopio S.A. | (282) | (84) | Purchase of goods and/or services | Trade and other payables |
|  | 719  | -  | Debtors for sales, rentals and services | Trade and other receivables |
| **Total Subsidiaries of the subsidiaries** | **465**  | **(1155)** |  |  |
| CAMSA and its subsidiaries | -  | (1) | Reimbursement of expenses to pay | Trade and other payables |
|  | (225) | -  | Purchase of goods and/or services | Trade and other payables |
|  | (1222) | (5684) | Management fees | Trade and other payables |
| Banco de Crédito y Securitización S.A. | -  | (23) | Rent and services received | Trade and other payables |
| BNH Seguros Generales S.A. | (55) | -  | Non-convertible notes | Borrowings |
| BNH VIDA | (121) | (34) | Non-convertible notes | Borrowings |
| **Other Related parties** | **(1623)** | **(5742)** |  |  |
| Inversiones Financieras del Sur S.A. | 5  | 36  | Loans granted | Trade and other receivables |
| **Total Parent Company** | **5**  | **36**  |  |  |
| Directors and Senior Management | -  | 19  | Reimbursement of expenses receivable | Trade and other receivables |
|  | (8) | (34) | Directors' fees | Trade and other payables |
| **Total directors and senior management** | **(8)** | **(15)** |  |  |
| **Total** | **(10508)** | **(13235)** |  |  |

---

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

The following is a summary of the results with related parties for the six-month period ended as of December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **12.31.22**<br>| **12.31.21**<br>| **Description of transaction** |
| IRSA Inversiones y Representaciones Sociedad Anónima | (34) | (18) | Leases and/or rights of use |
|  | (260) | 197  | Financial operations |
|  | (5) | -  | Corporate services |
| Futuros y Opciones.Com S.A. | (21) | (173) | Purchase of goods and/or services |
|  | (5) | (12) | Financial operations |
|  | -  | 281  | Supplies and labor |
|  | -  | 6  | Administration fees |
| Amauta Agro S.A. | 66  | -  | Purchase of goods and/or services |
|  | 6  | -  | Administration fees |
| Helmir S.A. | 677  | 206  | Financial operations |
| Alafox S.A. | -  | 132  | Financial operations |
| **Total subsidiaries** | **424**  | **619**  |  |
| Tyrus S.A. | 133  | -  | Financial operations |
| Panamerican Mall S.A. | (25) | 8  | Financial operations |
| Fibesa S.A. | 15  | -  | Financial operations |
| FyO Acopio S.A. | (275) | -  | Purchase of goods and/or services |
| **Total Subsidiaries of the subsidiaries** | **(152)** | **8**  |  |
| Uranga Tradiing S.A. | 144  | 236  | Income from agricultural sales and services |
| **Total Associates** | **144**  | **236**  |  |
| Estudio Zang, Bergel & Viñes | (12) | (8) | Legal services |
| CAMSA and its subsidiaries | (1222) | (4823) | Management fees |
| BNH Vida S.A. | 4  | 12  | Financial operations |
| Hamonet S.A. | (2) | (2) | Leases and/or rights of use |
| Isaac Elsztain e Hijos S.C.A. | (4) | (4) | Leases and/or rights of use |
| **Other Related parties** | **(1236)** | **(4825)** |  |
| Directors | (49) | (68) | Compensation of Directors |
| **Total directors y Senior Management** | **(49)** | **(68)** |  |
| Inversiones Financieras del Sur S.A. | (13) | 10  | Financial operations |
| **Total Parent Company** | **(13)** | **10**  |  |
| **Total** | **(882)** | **(4020)** |  |

---

The following is a summary of the transactions with related parties for the six-month period ended as of December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **12.31.22**<br>| **12.31.21**<br>| **Description of transaction** |
| Helmir S.A. | -  | 216  | Irrevocable contributions |
| **Total irrevocable contributions** | **-**  | **216**  |  |
| IRSA Inversiones y Representaciones Sociedad Anónima | 3353  | -  | Dividends received |
| Brasilagro Companhia Brasileira de Propriedades Agrícolas | 86  | 94  | Dividends received |
| Agro-Uranga S.A. | 134  | 66  | Dividends received |
| Uranga Trading S.A. | 22  | 27  | Dividends received |
| Futuros y Opciones.Com S.A. | 449  | 440  | Dividends received |
| **Total dividends received** | **4044**  | **627**  |  |

---

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

**26.** **CNV General Resolution N° 622/13**

As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622/13, below there is a detail of the notes to the Unaudited Condensed Interim Separate Financial Statements that disclosure the information required by the Resolution in Exhibits.

---

| | |
|:---|:---|
| Exhibit A - Property, plant and equipment | Note 7 – Investment properties |
|  | Note 8 – Property, plant and equipment |
| Exhibit B - Intangible assets | Note 9 – Intangible assets |
| Exhibit C - Equity investments | Note 6 - Investments in subsidiaries, associates and joint ventures |
| Exhibit D - Other investments | Note 13 – Financial instruments by category |
| Exhibit E - Provisions | Note 14 – Trade and other receivables |
|  | Note 17 – Provisions |
| Exhibit F - Cost of sales and services | Note 27 – Cost of sales and services provided |
| Exhibit G - Foreign currency assets and liabilities | Note 28 – Foreign currency assets and liabilities |
| Exhibit H - Exhibit of expenses | Note 22 – Expenses by nature |

---

**27.** **Cost of sales and services provided**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Biological assets (1)**<br>| **Agricultural stock**<br>| **Services and other operating costs**<br>| **Total as of 12.31.22**<br>| **Total as of 12.31.21**<br>|
| **Beginning of the period** | **7285**  | **8138**  | **-**  | **15423**  | **18209**  |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | (1808) | -  | -  | (1808) | (253) |
| Changes in the net realizable value of agricultural products after harvest | -  | 430  | -  | 430  | (281) |
| Increase due to harvest | -  | 4520  | -  | 4520  | 7287  |
| Acquisitions and classifications | 268  | 3622  | -  | 3890  | 2774  |
| Consume | (8) | (3231) | -  | (3239) | (4506) |
| Expenses incurred | 1303  | -  | 55  | 1358  | 1742  |
| **Inventories** | **(5705)** | **(6808)** | **-**  | **(12513)** | **(13906)** |
| **Cost as of 12.31.22** | **1335**  | **6671**  | **55**  | **8061**  | **-**  |
| **Cost as of 12.31.21** | **1498**  | **9510**  | **58**  | **-**  | **11066**  |

---

(1) Corresponds to breeding cattle movements and other cattle.

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

**28.** **Foreign currency assets and liabilities**

Book amounts of foreign currency assets and liabilities as of December 31, 2022 and June 30, 2022 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Items** | **Amount of foreign currency**<br>| **Prevailing exchange rate (1)**<br>| **Total as of 12.31.22**<br>| **Total as of 06.30.22**<br>|
| **Assets** |  |  |  |  |
| **Trade and other receivables** |  |  |  |  |
| US Dollar | 7  | 176.96  | 1285  | 1361  |
| **Receivables with related parties:** |  |  |  |  |
| US Dollar | 0.4  | 177.16  | 71  | 64  |
| **Total trade and other receivables** |  |  | **1356**  | **1425**  |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | 0.36  | 176.96  | 5  | 14  |
| **Total Derivative financial instruments** |  |  | **5**  | **14**  |
| **Cash and cash equivalents** |  |  |  |  |
| US Dollar | 0.9  | 176.96  | 160  | 7713  |
| **Total Cash and cash equivalents** |  |  | **160**  | **7713**  |
| **Liabilities** |  |  |  |  |
| **Trade and other payables** |  |  |  |  |
| US Dollar | 22  | 177.16  | 3964  | 2806  |
| **Trade and other payables with related parties:** |  |  |  |  |
| US Dollar | 6  | 177.16  | 1070  | 1079  |
| Brazilian Reais | 0.4  | 35.20  | 14  | 14  |
| **Total trade and other payables** |  |  | **5048**  | **3899**  |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | 0.31  | 177.16  | 54  | -  |
| **Total derivative instruments** |  |  | **54**  | **-**  |
| **Lease Liabilities** |  |  |  |  |
| US Dollar | 0.01  | 177.16  | 1  | -  |
| **Lease Liabilities with related parties:** |  |  |  |  |
| US Dollar | 0.27  | 177.16  | 47  | 79  |
| **Total Lease Liabilities** |  |  | **48**  | **79**  |
| **Borrowings** |  |  |  |  |
| US Dollar | 285.70  | 177.16  | 50614  | 55326  |
| **Borrowings with related parties:** |  |  |  |  |
| US Dollar | 57.24  | 177.16  | 10141  | 7977  |
| **Total Borrowings** |  |  | **60755**  | **63303**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) Exchange rate as of December 31, 2022 according to Banco Nación Argentina records.

**29.** **CNV General Ruling N° 629/14 – Storage of documentation**

On August 14, 2014, the CNV issued General Ruling N° 629 whereby it introduced amendments to rules related to storage and conservation of corporate books, accounting books and commercial documentation. In this sense, it should be noted that the Company has entrusted the storage of certain non-sensitive and old information to the following providers:

---

| | |
|:---|:---|
| **Documentation storage provider** | **Location** |
| Iron Mountain Argentina S.A. | Av. Amancio Alcorta 2482, Autonomous City of Buenos Aires |
|  | San Miguel de Tucumán 601, Carlos Spegazzini. |
|  | Torcuato Di Tella 1800 Carlos Spegazzini |
|  | Puente del Inca 2540 Carlos Spegazzini |

---

It is further noted that a detailed list of all documentation held in custody by providers, as well as documentation required in section 5 a.3) of section I, Chapter V, Title II of the RULES (N.T. 2013 as amended) are available at the registered office.

------

**Cresud Sociedad Anónima,**

Comercial, Inmobiliaria, Financiera y Agropecuaria <br>

On February 5, 2014 there was a widely known fire in Iron Mountain's warehouse, which is a supplier of the Company and where Company's documentation was being kept. Based on the internal review carried out by the Company, duly reported to CNV on February 12, 2014, the information kept at the Iron Mountain premises that were on fire do not appear to be sensitive or capable of affecting normal operations.

**30.** **Negative working capital**

At the end of the period, the Company carried a working capital deficit of ARS 25,655, whose treatment is under consideration by the Board of Directors and the respective Management.

**31.** **Relevant events of the period**

See Note 31 to the Unaudited Condensed Interim Consolidated Financial Statements.

**32.** **Subsequent events**

See others subsequent events in Note 32 to the Unaudited Condensed Interim Consolidated Financial Statements.

------

**REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS**

To the Shareholders, President and Directors of

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Legal address: Carlos Della Paolera 261, 9° floor

Autonomous City of Buenos Aires

Tax Registration Number: 30-50930070-0

**Introduction**

We have reviewed the accompanying unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria ("the Company"), including the unaudited condensed interim separate statement of financial position at December 31, 2022, the unaudited condensed interim separate statements of income and other comprehensive income for the six month period and three month period ended December 31, 2022 and the unaudited condense interim separate statements of changes in shareholders' equity and of cash flows for the six month period then ended, and selected explanatory notes.

The balances and other information for the fiscal year ended on June 30, 2022 and its interim periods are an integral part of the financial statements mentioned above; therefore, they must be considered in connection with these financial statements.

 **Management's responsibility**

The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim separate financial statements in accordance with International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as professional accounting standards and included by the National Securities Commission (CNV) in its regulations, as approved by the International Accounting Standards Board (IASB), and is therefore responsible for the preparation and presentation of the unaudited condensed interim separate financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 *Interim Financial Information* (IAS 34).

------

 **Scope of our review**

Our review was limited to the application of the procedures established under International Standards on Review Engagements ISRE 2410 *Review of Interim Financial Information Performed by the Independent Auditor of the Entity*, adopted as a review standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of inquiries of Company staff responsible for preparing the information included in the unaudited condensed interim separate financial statements and of analytical and other review procedures. This review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the separate statements of financial position, and the separate statements of income and other comprehensive income and of cash flows of the Company.

 **Conclusion**

On the basis of our review, nothing has come to our attention that causes us to believe that the unaudited condensed interim separate financial statements mentioned in the first paragraph of this report have not been prepared, in all material respects, in accordance with International Accounting Standard 34 *Interim Financial Reporting*.

 **Report on compliance with current regulations**

In accordance with current regulations, we report, in connection with Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a)

the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria have not been transcribed into the Inventory and Balance Sheet book and, except for the above mentioned situation, as regards those matters that are within our competence, they are in compliance with the provisions of the General Companies Law and pertinent resolutions of the National Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b)

the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal aspects in accordance with legal requirements except for i) the lack of transcription to the Inventories and Balance Sheet Book, and ii) the lack of transcription to the General Journal Book of the accounting entries corresponding to the month of December 2022;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c)

at December 31, 2022 the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria accrued in favor of the Argentine Integrated Social Security System, as shown by the Company's accounting records, amounted to ARS 87,857,171, which was not due at that date.

Autonomous City of Buenos Aires, February 9, 2023.

<u> PRICE WATERHOUSE & CO. S.R.L. (Partner) </u> <br> C.P.C.E.C.A.B.A. Tº 1 Fº 17 <br> Carlos Brondo Contador Público (UNCUYO) C.P.C.E.C.A.B.A. T° 391 F° 078

------

 **Brief comment on the Company's activities during the period, including references to significant events occurred after the end of the period.**

 **Consolidated Results**

---

| | | | |
|:---|:---|:---|:---|
|  ***(In ARS million)*** | **6M 23**<br>| **6M 22**<br>| **YoY Var**<br>|
| **Revenues** | 67484  | 70013  | (3.6)% |
| Costs | (39699) | (49814) | (20.3)% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (2494) | 9149  | (127.3)% |
| Changes in the net realizable value of agricultural produce after harvest | 457  | (824) | -  |
| **Gross profit** | **25748**  | **28524**  | **(9.7)%** |
| Net gain from fair value adjustment on investment properties | (28884) | 44715  | (164.6)% |
| Gain from disposal of farmlands | 565  | 7837  | (92.8)% |
| General and administrative expenses | (6638) | (6352) | 4.5% |
| Selling expenses | (4326) | (5474) | (21.0)% |
| Other operating results, net | (2202) | 1699  | (229.6)% |
| Management Fee | (1222) | (4823) | (74.7)% |
| **Result from operations** | **(16959)** | **66126**  | **(125.6)%** |
| Depreciation and Amortization | 3861  | 3845  | 0.4% |
| **EBITDA (unaudited)** | **(13098)** | **69971**  | **(118.7)%** |
| **Adjusted EBITDA (unaudited)** | **17579**  | **29433**  | **(40.3)%** |
| Loss from joint ventures and associates | 812  | 121  | 571.1% |
| **Result from operations before financing and taxation** | **(16147)** | **66247**  | **(124.4)%** |
| Financial results, net | 8797  | 16228  | (45.8)% |
| **Result before income tax** | **(7350)** | **82475**  | **(108.9)%** |
| Income tax expense | 26587  | (8394) | -  |
| **Result for the period** | **19237**  | **74081**  | **(74.0)%** |
| **Attributable to** |  |  |  |
| Equity holder of the parent | 10574  | 41310  | (74.4)% |
| Non-controlling interest | 8663  | 32771  | (73.6)% |

---

The net result for the first half of fiscal year 2023 showed a profit of ARS 19,237 million compared to a profit of ARS 74,081 million registered in the same period of 2022. This lower result is mainly explained by the result from changes in the fair value of investment properties, partially offset by the impact of the reversal of the income tax provision due to jurisprudence regarding tax inflation adjustment.

Adjusted EBITDA for the first half of 2023 reached ARS 17,579 million, decreasing by 40.3% compared to the same period in 2022. Adjusted EBITDA of agricultural segmentsreached ARS 4,754 million while Adjusted EBITDA from the urban property business and investments (through IRSA) reached ARS 14,030 million.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 **Description of Operations by Segment**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **6M 2023** | **Agribusiness**<br>| **Urban Properties and Investments**<br>| **Total**<br>| **6M 23 vs. 6M 22**<br>|
| **Revenues** | 36905  | 24916  | 61821  | (6.3)% |
| Costs | (29205) | (4329) | (33534) | (25.9)% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (2573) | -  | (2573) | (128.6)% |
| Changes in the net realizable value of agricultural produce after harvest | 457  | -  | 457  | -  |
| **Gross profit** | **5584**  | **20587**  | **26171**  | **-9.5)%** |
| Net gain from fair value adjustment on investment properties | 90  | (29666) | (29576) | (166.3)% |
| Gain from disposal of farmlands | 565  | -  | 565  | (92.8)% |
| General and administrative expenses | (2695) | (4020) | (6715) | 3.9% |
| Selling expenses | (3221) | (1303) | (4524) | (18.9)% |
| Other operating results, net | 853  | (3086) | (2233) | (235.2)% |
| **Result from operations** | **1176**  | **(17488)** | **(16312)** | **(123.0)%** |
| Share of profit of associates | (507) | 1737  | 1230  | 502.9% |
| **Segment result** | **669**  | **(15751)** | **(15082)** | **(121.2)%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **6M 2022** | **Agribusiness**<br>| **Urban Properties and Investments**<br>| **Total**<br>|
| **Revenues** | 48794  | 17173  | 65967  |
| Costs | (41588) | (3639) | (45227) |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | 9011  | -  | 9011  |
| Changes in the net realizable value of agricultural produce after harvest | (824) | -  | (824) |
| **Gross profit** | **15393**  | **13534**  | **28927**  |
| Net gain from fair value adjustment on investment properties | 771  | 43815  | 44586  |
| Gain from disposal of farmlands | 7837  | -  | 7837  |
| General and administrative expenses | (2669) | (3793) | (6462) |
| Selling expenses | (3948) | (1628) | (5576) |
| Other operating results, net | 1769  | (117) | 1652  |
| **Result from operations** | **19153**  | **51811**  | **70964**  |
| Share of profit of associates | 356  | (152) | 204  |
| **Segment result** | **19509**  | **51659**  | **71168**  |

---

 **2023 Campaign**

The 2023 campaign is progressing with mixed conditions, sustained commodity prices, rising costs and climatic challenges with an impact on yields, mainly in Argentina. The "Niña" effect has caused a severe drought in the core belt of the country, affecting winter crops, mainly wheat, and is having a strong impact on soybean and corn production. Cresud has mitigated part of this effect due to the geographical location of its fields and the regional diversification, since in Brazil, Bolivia, and Paraguay, where it owns fields through its subsidiary Brasilagro, more favourable climatic conditions have been observed. We will apply the best agricultural practices to minimize climate risk and achieve good yields.

 **Our Portfolio**

During the first halfof fiscal year 2023, our portfolio under management consisted of 761,095hectares, of which 304,837 hectares are productive and 456,258 hectares are land reserves distributed in the four countries of the region where we operate.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 *Breakdown of Hectares*

 *<u>Own and under Concession</u><sup>(\*) (\*\*) (\*\*\*)</sup>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Productive Lands** | **Productive Lands** |  |  |
|  |  ***Agricultural***<br>|  ***Cattle***<br>|  ***Reserved***<br>|  ***Total***<br>|
| Argentina | 68497  | 140050  | 325532  | 534079  |
| Brazil | 61447  | 10338  | 85625  | 157410  |
| Bolivia | 8776  | -  | 1244  | 10020  |
| Paraguay | 12912  | 2817  | 43857  | 59586  |
| **Total** | **151632**  | **153205**  | **456258**  | **761095**  |

---

<sup>(\*)</sup> Includes Brasilagro, Agro-Uranga S.A. at 34.86% and 132,000 hectares under Concession.

<sup>(\*\*)</sup> Includes 85,000 hectares intended for sheep breeding

<sup>(\*\*\*)</sup> Excludes double crops.

 *<u>Leased</u><sup>(\*)</sup>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  ***Agricultural***<br>|  ***Cattle***<br>|  ***Other***<br>|  ***Total***<br>|
| Argentina | 53011  | 10896  | -  | 63907  |
| Brazil | 46001  | 2925  | 4452  | 53378  |
| **Total** | **99012**  | **13821**  | **4452**  | **117285**  |

---

<sup>(\*)</sup> Excludes double crops.

 **Segment Income – Agricultural Business**

 **I)**

 **Land Development and Sales**

We periodically sell properties that have reached a considerable appraisal to reinvest in new farms with higher appreciation potential. We analyze the possibility of selling based on a number of factors, including the expected future yield of the farmland for continued agricultural and livestock exploitation, the availability of other investment opportunities and cyclical factors that have a bearing on the global values of farmlands.

---

| | | | |
|:---|:---|:---|:---|
| **in ARS million** | **6M 23**<br>| **6M 22**<br>| **Var a/a**<br>|
| **Revenues** | **-**  | **-**  | -  |
| Costs | (27) | (45) | (40.0)% |
| **Gross loss** | **(27)** | **(45)** | **(40.0)%** |
| Net gain from fair value adjustment on investment properties | 90  | 771  | (88.3)% |
| Gain from disposal of farmlands | 565  | 7837  | (92.8)% |
| General and administrative expenses | (4) | (6) | (33.3)% |
| Selling expenses | (4) | (247) | (98.4)% |
| Other operating results, net | 1101  | 1679  | (34.4)% |
| **Profit from operations** | **1721**  | **9989**  | **(82.8)%** |
| **Segment profit** | **1721**  | **9989**  | **(82.8)%** |
| **EBITDA** | **1728**  | **9996**  | **(82.7)%** |
| **Adjusted EBITDA** | **1638**  | **9224**  | **(82.2)%** |

---

OnNovember 8, 2022, BrasilAgro sold a fraction of 863 hectares (498 productive hectares) of the "Morotí" farm located in the State of Boquerón, Paraguay. After this operation, a remaining surface of 58,722 of the farmis still owned by Brasilagro. The total amount of the operation was set at USD 1.5million, and the buyer made a down payment of USD 748.5 thousand. The remaining balance will be paid in three equal annual installments. This fraction of the farm was valued on the books at BRL 853 thousand and the internal rate of return in dollars reached was 27.9%.

Also, on November 17, 2022, BrasilAgro sold a fraction of 1,965 hectares (1,423 productive hectares) of the "Rio do Meio" farm located in Correntina, State of Bahia, Brazil, that was acquired in January 2020. After this operation, a remaining surface of 5,750 hectares of this farm is still owned by the BrasilAgro. The total amount of the operation was set at BRL 62.4 million and the field was valued on the books at BRL 17.8 million. The internal rate of return in dollars reached was 42.7%.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 **II)**

 **Agricultural Production**

The result of the Farming segment went from a ARS 7,930 million gain during the first halfof fiscal year 2022 to a ARS 3,969 million loss during the same period of the fiscal year 2023.

---

| | | | |
|:---|:---|:---|:---|
| **in ARS million** | **6M 23**<br>| **6M 22**<br>| **YoY Var**<br>|
| **Revenues** | 24419  | 39222  | (37.7)% |
| Costs | (22044) | (34784) | (36.6)% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (2573) | 9011  | (128.6)% |
| Changes in the net realizable value of agricultural produce after harvest | 457  | (824) | -  |
| **Gross profit** | **259**  | **12625**  | **(97.9)%** |
| General and administrative expenses | (1384) | (1617) | (14.4)% |
| Selling expenses | (2307) | (3017) | (23.5)% |
| Other operating results, net | (458) | (142) | 222.5% |
| **Results from operations** | **(3890)** | **7849**  | **(149.6)%** |
| Results from associates | (79) | 81  | (197.5)% |
| **Segment results** | **(3969)** | **7930**  | **(150.1)%** |
| **EBITDA** | **(858)** | **10891**  | **(107.9)%** |
| **Adjusted EBITDA** | **(858)** | **10891**  | **(107.9)%** |

---

 **II.a) Crops and Sugarcane**

 **Crops**

---

| | | | |
|:---|:---|:---|:---|
| **in ARS million** | **6M 23**<br>| **6M 22**<br>| **YoY Var**<br>|
| **Revenues** | 16067  | 24749  | (35.1)% |
| Costs | (14231) | (22666) | (37.2)% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (573) | 2316  | -  |
| Changes in the net realizable value of agricultural produce after harvest | 449  | (832) | -  |
| **Loss profit** | **1712**  | **3567**  | **(52.0)%** |
| General and administrative expenses | (941) | (988) | (4.8)% |
| Selling expenses | (2010) | (2608) | (22.9)% |
| Other operating results, net | (777) | (121) | 542.1% |
| **Lossfrom operations** | **(2016)** | **(150)** | **1,244.0%** |
| Results from associates | (78) | 81  | -  |
| **Activity Loss** | **(2094)** | **(69)** | **2,934.8%** |

---

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 **Sugarcane**

---

| | | | |
|:---|:---|:---|:---|
| **in ARS million** | **6M 23**<br>| **6M 22**<br>| **YoY Var**<br>|
| **Revenues** | 5930  | 11390  | (47.9)% |
| Costs | (5775) | (9490) | (39.1)% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | 80  | 6954  | (98.8)% |
| **Gross profit** | **235**  | **8854**  | **(97.3)%** |
| General and administrative expenses | (251) | (265) | (5.3% |
| Selling expenses | (132) | (150) | (12.0)% |
| Other operating results, net | 289  | 10  | 2,790.0% |
| **Profit from operations** | **141**  | **8449**  | **(98.3%** |
| **Activity profit** | **141**  | **8449**  | **(98.3)%** |

---

 **Operations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Production Volume <sup>(1)</sup>** | **6M 23**<br>| **6M 21**<br>| **6M 20**<br>| **6M 19**<br>| **6M 18**<br>|
| Corn | 159712  | 231058  | 185889  | 286685  | 108173  |
| Soybean | 13760  | 10559  | 10079  | 14077  | 13178  |
| Wheat | 22696  | 33615  | 35029  | 35590  | 31074  |
| Sorghum | 2066  | 2725  | 795  | 3229  | 1049  |
| Sunflower | (7) | 232  | -  | (1) | 951  |
| Cotton | 3353  | 3094  | 6818  | 3237  | -  |
| Other | 6939  | 5860  | 3298  | 3840  | 1947  |
| **Total Crops (tons)** | **208519**  | **287143**  | **241908**  | **346657**  | **156372**  |
| **Sugarcane (tons)** | **1287194**  | **1532990**  | **1679465**  | **1634521**  | **1431109**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(1) Includes Brasilagro. Excludes Agro-Uranga.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Volume of** | **6M23** | **6M23** | **6M23** | **6M22** | **6M22** | **6M22** | **6M21** | **6M21** | **6M21** | **6M20** | **6M20** | **6M19** | **6M19** | **6M19** | **6M19** |
| **Sales <sup>(1)</sup>** | **M.L**<br>| **M.E**<br>| **Total**<br>| **M.L**<br>| **M.E**<br>| **Total**<br>| **M.L**<br>| **M.E**<br>| **Total**<br>| **M.L**<br>| **M.E**<br>| **Total**<br>| **M.L**<br>| **M.E**<br>| **Total**<br>|
| &nbsp;&nbsp;&nbsp; Corn | 153.8  | 84.4  | 238.2  | 193.8  | 65.3  | 259.1  | 218.9  | 70.0  | 288.9  | 238.4  | 54.3  | 292.7  | 113.0  | -  | 113.0  |
| &nbsp;&nbsp;&nbsp; Soybean | 47.9  | 15.5  | 63.4  | 83.7  | 50.3  | 134.0  | 84.8  | 23.3  | 108.1  | 117.0  | 42.3  | 159.3  | 53.0  | 42.6  | 95.6  |
| &nbsp;&nbsp;&nbsp; Wheat | 8.4  | -  | 8.4  | 12.0  | 1.0  | 13.0  | 15.9  | 1.3  | 17.2  | 19.7  | -  | 19.7  | 13.4  | -  | 13.4  |
| &nbsp;&nbsp;&nbsp; Sorghum | 12.1  | -  | 12.1  | 21.4  | -  | 21.4  | -  | -  | -  | -  | -  | -  | 0.2  | -  | 0.2  |
| &nbsp;&nbsp;&nbsp; Sunflower | 0.7  | -  | 0.7  | 0.3  | -  | 0.3  | -  | -  | -  | 5.8  | -  | 5.8  | 2.1  | -  | 2.1  |
| &nbsp;&nbsp;&nbsp; Cotton | 5.0  | -  | 5.0  | 3.8  | -  | 3.8  | 2.6  | -  | 2.6  | 1.8  | 1.4  | 3.2  | -  | -  | -  |
| &nbsp;&nbsp;&nbsp; Others | 6.0  | -  | 6.0  | 5.6  | 1.2  | 6.8  | 3.3  | 1.0  | 4.3  | 2.1  | -  | 2.1  | 0.2  | -  | 0.2  |
| **Total Crops (thousands of tons)** | **234.0**  | **99.9**  | **333.9**  | **320.6**  | **117.8**  | **438.4**  | **325.5**  | **95.6**  | **421.1**  | **384.8**  | **98.0**  | **482.8**  | **181.9**  | **42.6**  | **224.5**  |
| **Sugarcane (thousands of tons)** | **1161.0**  | **-**  | **1161.0**  | **1387.7**  | **-**  | **1387.7**  | **1560.3**  | **-**  | **1560.3**  | **1414.6**  | **-**  | **1414.6**  | **1234.8**  | **-**  | **1234.8**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(1) Includes Brasilagro. Excludes Agro-Uranga.

The Grains activity presented a negative variation by ARS 2,025 million, from a ARS 69 million loss during the first semester of fiscal year 2022 to a ARS 2,094 million loss during the same period of fiscal year 2023, mainly because of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● A lower gain in the productive result in Brazil due to lower corn and cotton prices at the time of harvest and higher direct costs added to a negative variation in "Other operating results" due to a gain of BRL 8.7 million in IQ22 from an agricultural insurance indemnity for the loss of crops in Paraguay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● A greater loss in the productive result in Argentina due to lower yields because of the drought, higher direct costs and prices lower than projected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Partially offset by a gain in holdings and sales net of commercial expenses in both countries.

The result of the Sugarcane activity decreased by ARS 8,308 million, from a gain of ARS 8,449 million in the first semester of fiscal year 2022 to a gain of ARS 141 million in the same period of 2023.This is mainly due to lower production results in Brazil due to the reduction in fuel prices and its consequent impact on the demand and price of ethanol, higher fertilizer and transportation costs, and lower yields.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Area in Operation (hectares)** <sup>(1)</sup> | **As of 12/31/22**<br>| **As of 12/31/21**<br>| **YoY Var**<br>|
| Own farms | 113958  | 114735  | (0.7)% |
| Leased farms | 121071  | 122348  | (1.0)% |
| Farms under concession | 22407  | 22239  | 0.8% |
| Own farms leased to third parties | 27975  | 23778  | 17.7% |
| **Total Area Assigned to Production** | **285411**  | **283100**  | **0.8%** |

---

(1) Includes Agro-Uranga, Brazil and Paraguay,

 **II.b) Cattle Production**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Production Volume** | **6M23**<br>| **6M22**<br>| **6M21**<br>| **6M20**<br>| **6M19**<br>|
| Cattle herd (tons) | 4,273  | 3,575  | 4,543  | 5,354  | 5,467  |
| **Cattle (tons)** | **4,273**  | **3,575**  | **4,543**  | **5,354**  | **5,467**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Volume of** | **6M23** | **6M23** | **6M22** | **6M22** | **6M21** | **6M21** | **6M21** | **6M20** | **6M20** | **6M20** | **6M19** | **6M19** | **6M19** |
| **Sales <sup>(1)</sup>** | **M.L**<br>| **M.E**<br>| **Total**<br>| **M.L**<br>| **M.E**<br>| **Total**<br>| **M.L**<br>| **M.L**<br>| **M.E**<br>| **Total**<br>| **M.L**<br>| **M.E**<br>| **Total**<br>|
| Cattle herd | 5.2  | 5.2  | 6.2  | 6.2  | 8.5  | -  | 8.5  | 9.3  | -  | 9.3  | 4.9  | -  | 4.9  |
| **Cattle (thousands of tons)** | **5.2**  | **5.2**  | **6.2**  | **6.2**  | **8.5**  | **-**  | **8.5**  | **9.3**  | **-**  | **9.3**  | **4.9**  | **-**  | **4.9**  |

---

D.M.: Domestic market

F.M.: Foreign market

 **Cattle**

---

| | | | |
|:---|:---|:---|:---|
| **In ARS Million** | **6M 23**<br>| **6M 22**<br>| **Var a/a**<br>|
| **Revenues** | 1882  | 2600  | (27.6)% |
| Costs | (1706) | (2180) | (21.7)% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce | (2080) | (259) | 703.1% |
| Changes in the net realizable value of agricultural produce after harvest | 8  | 8  | 0.0% |
| **Gross Loss** | **(1896)** | **169**  | **-**  |
| General and administrative expenses | (124) | (150) | (17.3)% |
| Selling expenses | (127) | (136) | (6.6)% |
| Other operating results, net | 26  | (35) | -  |
| **Loss from operations** | **(2121)** | **(152)** | **1,295.4%** |
| Results from associates | (1) | -  | -  |
| **Activity Loss** | **(2122)** | **(152)** | **1,296.1%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Area in operation – Cattle (hectares) <sup>(1)</sup>** | **As of 12/31/22**<br>| **As of 12/31/21**<br>| **YoY Var**<br>|
| Own farms | 68456  | 63273  | 8.2% |
| Leased farms | 10896  | 12590  | (13.5)% |
| Farms under concession | 2604  | 2845  | (8.5)% |
| Own farms leased to third parties | 70  | 1325  | (94.7)% |
| **Total Area Assigned to Cattle Production** | **82026**  | **80033**  | **2.5%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Includes Agro-Uranga, Brazil and Paraguay,

---

| | | | |
|:---|:---|:---|:---|
| **Stock of Cattle Heard** | **As of 12/31/22**<br>| **As of 12/31/21**<br>| **YoY Var**<br>|
| Breeding stock | 72001  | 67997  | 5.9% |
| Winter grazing stock | 6509  | 4217  | 54.4% |
| Sheep stock | 14145  | 13156  | 7.5% |
| **Total Stock (heads)** | **92655**  | **85370**  | **8.5%** |

---

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

The result of the Cattle activity decreased by ARS 1,970 million, from a ARS 152 million loss during thefirst half offiscal year 2022 to a ARS 2,122million lossin the same period of fiscal year 2023, mainly explained by by a greater loss in holding due to more stable prices or with a downward trend in the period, accentuated by the inflationary effect.

 **II.c) Agricultural Rental and Services**

---

| | | | |
|:---|:---|:---|:---|
| **In ARS Million** | **6M 23**<br>| **6M 22**<br>| **YoY Var**<br>|
| **Revenues** | 540  | 483  | 11,8% |
| Costs | (332) | (448) | (259)% |
| **Gross profit** | **208**  | **35**  | **494,3%** |
| General and Administrative expenses | (68) | (214) | (682)% |
| Selling expenses | (38) | (123) | (691)% |
| Other operating results, net | 4  | 4  | -  |
| **Result from operations** | **106**  | **(298)** | **-**  |
| **Activity Result** | **106**  | **(298)** | **-**  |

---

The result of the activity increase byARS 404 million, from a ARS 298 million loss in thefirst semesterof fiscal year 2022 to a ARS 106million gainin the same period of 2023.

 **III) Other Segments**

We include within "Others" the results coming from our investment in FyO.

The result of the segment increased by ARS 1,955 million, going from a gain of ARS 2,020 million for thefirst halffiscal year 2022 to a gain of ARS 3,975 million for the same period of fiscal year 2023, mainly because of better operating results corresponding to futures and options operations, higher margins in grain brokerage commissions, and better resultsin stockpiling and consignment operations, partially offset by a decrease in the profit from the sale of inputs and increases in selling and administrative expenses.

---

| | | | |
|:---|:---|:---|:---|
| **In ARS Million** | **6M 23**<br>| **6M 22**<br>| **YoY Var**<br>|
| **Revenues** | 12486  | 9572  | 30.4% |
| Costs | (7134) | (6759) | 5.5% |
| **Gross profit** | **5352**  | **2813**  | **90.3%** |
| General and administrative expenses | (783) | (434) | 80.4% |
| Selling expenses | (910) | (684) | 33.0% |
| Other operating results, net | 210  | 232  | (9.5)% |
| **Profit from operations** | **3869**  | **1927**  | **100.8%** |
| Profit from associates | (428) | 275  | (255.6)% |
| **Segment Profit** | **3441**  | **2202**  | **56.3%** |
| **EBITDA** | **3975**  | **2020**  | **96.8%** |
| **Adjusted EBITDA** | **3975**  | **2020**  | 96.8% |

---

 **IV) Corporate Segment**

The negative result went from a loss of ARS 612 million in the first halfof fiscal year 2022 to a ARS 524 million in the same period of fiscal year 2023.

---

| | | | |
|:---|:---|:---|:---|
| **In ARS Million** | **6M 23**<br>| **6M 22**<br>| **YoY Var**<br>|
| General and administrative expenses | (524) | (612) | (14.4)% |
| **Loss from operations** | **(524)** | **(612)** | **(14.4)%** |
| **Segment loss** | **(524)** | **(612)** | **(14.4)%** |
| **EBITDA** | **(519)** | **(598)** | **(13.2)%** |
| **Adjusted EBITDA** | (519) | (598) | (13.2)% |

---

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 **Urban Properties and Investments Business (through our subsidiary IRSA Inversiones y Representaciones Sociedad Anónima)**

We develop our Urban Properties and Investments segment through our subsidiary IRSA. As of December 31, 2022,our direct and indirect equity interest in IRSA was 55.3% over stock capital.

 **Consolidated Results of our Subsidiary IRSA Inversiones y Representaciones S,A,**

---

| | | | |
|:---|:---|:---|:---|
| **In ARS million** | **6M 23**<br>| **6M 22**<br>| **YoY Var**<br>|
| Revenues | 30853  | 21480  | 43.6% |
| Results from operations | (16953) | 51747  | (132.8)% |
| **EBITDA** | **(16737)** | **52485**  | **(131.9)%** |
| **Adjusted EBITDA** | **14030**  | **12719**  | **10.3%** |
| **Segment Result** | **(15751)** | **51659**  | **(130.5)%** |

---

Consolidated revenues from sales, rentals and services increased by 43.6% during the first semesterof fiscal year 2023 compared to the same period of 2022. Adjusted EBITDA reached ARS 14,030 million, 10.3% higher than in the same period of previous fiscal year, mainly due to the Shopping Centers and Hotels segments which strongly recovered their level of activity.

 **Financial Indebtedness and Other**

The following tables contain a breakdown of company's indebtedness:

 **Agricultural Business**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Currency** | **Amount (USD MM)<sup>(1)</sup>**<br>| **Interest Rate**<br>| **Maturity**<br>|
| Loans and bank overdrafts | ARS | 59.3  | Variable<br>| < 360 days<br>|
| Series XXIII | USD | 14.7  | 6.50% | Feb-23<br>|
| Series XXX | USD | 25.0  | 2.00% | Aug-23<br>|
| Series XXXI | USD | 0.8  | 9.00% | Nov-23<br>|
| Series XXXIX | ARS | 34.8  | PrivateBadlar + 1%<br>| Feb-24<br>|
| Series XXXIV | USD | 24.0  | 6.99% | Jun-24<br>|
| Series XXXIII | USD | 12.6  | 6.99% | Jul-24<br>|
| Series XXXV | USD | 41.8  | 3.50% | Sep-24<br>|
| Series XXXVI | USD | 40.6  | 2.00% | Feb-25<br>|
| Series XXXVII | USD | 24.4  | 5,50% | Mar-25<br>|
| Series XXXVIII | USD | 70.6  | 8.00% | Mar-26<br>|
| Series XL | USD | 382  | 0% | Dec-26<br>|
| Other debt |  | 32.0  | -  | -  |
| **CRESUD's Total Debt <sup>(2)</sup>** | **USD** | **407.7**  |  |  |
| **Cash and cash equivalents <sup>(2)</sup>** | **USD** | 10.3  |  |  |
| **CRESUD's Net Debt** | **USD** | **397.4**  |  |  |
| **Brasilagro's Net Debt** | **USD** | **51.5**  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) Principal amount stated in USD (million) at an exchange rate of 177.16 ARS/USD and 5.286 BRL/USD, without considering accrued interest or elimination of balances with subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp; (2) Helmir & CRESUD stand-alone.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 **Urban Properties and Investments Business**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Currency** | **Amount (USD MM) <sup>(1)</sup>**<br>| **Interest Rate**<br>| **Maturity** |
| Bank overdrafts | ARS | 24.7  | Floating<br>| < 360 days |
| PAMSA loan | USD | 2.7  | 5.95% | Feb-23 |
| Series II <sup>(3)</sup> | USD | 121.0  | 8.75% | Mar-23 |
| Series IX <sup>(4)</sup> | USD | 56.1  | 10.0% | Mar-23 |
| Series I | USD | 3.1  | 10.0% | Mar-23 |
| Series VIII | USD | 10.8  | 10.0% | Nov-23 |
| Series XI | USD | 12.8  | 5.0% | Mar-24 |
| Series XII | ARS | 47.6  | Floating<br>| Mar-24 |
| Series XIII | USD | 29.6  | 3.9% | Aug-24 |
| Series XIV | USD | 156.0  | 8.75% | Jun-28 |
| **IRSA's Total Debt** | **USD** | **464.4**  |  |  |
| Cash & Cash Equivalents + Investments <sup>(2)</sup> | USD | 158.3  |  |  |
| **IRSA's Net Debt** | **USD** | **306.1**  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(1) Principal amount in USD (million) at an exchange rate of ARS 177.16/USD, without considering accrued interest or eliminations of balances with subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;

(2) Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies notes holding.

&nbsp;&nbsp;&nbsp;&nbsp;

(3) Originally issued by IRSA CP. On July 6, the exchange of the Series II Notes was completed and on July 8, being the settlement date, the Notes were partially cancelled, leaving an outstanding amount of USD 121 million and on February 3, 2023 it was announced the redemption of such amount.

&nbsp;&nbsp;&nbsp;&nbsp;

(4) After the end of the period, on February 6, 2023, was announced the partial cancellation of the Series IX ONs for USD 22.5 million amount.

 **Comparative Summary Consolidated Balance Sheet Data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In ARS million** | **Dec-22**<br>| **Dec-21**<br>| **Dec-20**<br>| **Dec-19**<br>| **Dec-18**<br>|
| Current assets | 138046  | 145577  | 117497  | 776434  | 850017  |
| Non-current assets | 575557  | 649840  | 686605  | 1419401  | 1950834  |
| **Total assets** | **713603**  | **795417**  | **804102**  | **2195835**  | **2800851**  |
| Current liabilities | 137508  | 119570  | 199624  | 531559  | 493088  |
| Non-current liabilities | 279005  | 381269  | 335155  | 1329477  | 1721393  |
| **Total liabilities** | **416513**  | **500839**  | **534779**  | **1861036**  | **2214481**  |
| Total capital and reserves attributable to the shareholders of the controlling company | 124497  | 107945  | 88251  | 59846  | 163513  |
| Minority interests | 172593  | 186633  | 181072  | 274953  | 422857  |
| **Shareholders' equity** | **297090**  | **294578**  | **269323**  | **334799**  | **586370**  |
| **Total liabilities plus minority interests plus shareholders' equity** | **713603**  | **795417**  | **804102**  | **2195835**  | **2800851**  |

---

 **Comparative Summary Consolidated Statement of Income Data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In ARS million** | **Dec-22**<br>| **Dec-21**<br>| **Dec-20**<br>| **Dec-19**<br>| **Dec-18**<br>|
| Gross profit | 25748  | 28524  | 16879  | 37835  | 30140  |
| **Loss from operations** | **(16959)** | **66126**  | **26338**  | **17892**  | **(19509)** |
| Results from associates and joint ventures | 812  | 121  | (1434) | (2934) | (2434) |
| Results from operations before financing and taxation | (16147) | 66247  | 24904  | 14958  | (21943) |
| Financial results, net | 8797  | 16228  | (2702) | (38129) | (19369) |
| Profit before income tax | (7350) | 82475  | 22202  | (23171) | (41312) |
| Income tax expense | 26587  | (8394) | (12112) | (6015) | 13369  |
| Result of the period of continuous operations | 19237  | 74081  | 10090  | (29186) | (27943) |
| Result of discontinued operations after taxes | -  | -  | (19682) | 32412  | (6602) |
| **Result for the period** | **19237**  | **74081**  | **(9592)** | **3226**  | **(34545)** |
| Controlling company's shareholders | 10574  | 41310  | (8820) | (9278) | (24125) |
| Non-controlling interest | 8663  | 32771  | (772) | 12504  | (10420) |

---

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 **Comparative Summary Consolidated Statement of Cash Flow Data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In ARS million** | **Dec-22**<br>| **Dec-21**<br>| **Dec-20**<br>| **Dec-19**<br>| **Dec-18**<br>|
| Net cash generated by operating activities | (371) | 20200  | 9560  | 77915  | 32332  |
| Net cash generated by /(used in) investment activities | 5501  | 14421  | 148693  | 54375  | (1175) |
| Net cash used in financing activities | (33047) | (37847) | (134238) | (192481) | 15957  |
| **Total net cash used in during the fiscal period** | **(27917)** | **(3226)** | **24015**  | **(60191)** | **47114**  |

---

 **Ratios**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In ARS million** | **Dec-22**<br>| **Dec-21**<br>| **Dec-20**<br>| **Dec-19**<br>| **Dec-18**<br>|
| Liquidity <sup>(1)</sup> | 1.004  | 1.218  | 0.589  | 1.461  | 1.724  |
| Solvency<sup>(2)</sup> | 0.713  | 0.588  | 0.504  | 0.180  | 0.265  |
| Restricted capital <sup>(3)</sup> | 0.807  | 0.817  | 0.854  | 0.646  | 0.697  |
| Profitability <sup>(4)</sup> | 0.065  | 0.251  | (0.036) | 0.010  | (0.059) |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) Current Assets / Current Liabilities

&nbsp;&nbsp;&nbsp;&nbsp; (2) Total Shareholders' Equity/Total Liabilities

&nbsp;&nbsp;&nbsp;&nbsp; (3) Non-current Assets/Total Assets

&nbsp;&nbsp;&nbsp;&nbsp; (4) Net income for the fiscal year (excluding Other Comprehensive Income) / Average Total Shareholders' Equity

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 **Material events of the quarter and subsequent events**

 **October 2022: General Ordinary and Extraordinary Shareholders' Meeting**

On October 28, 2022, our General Ordinary and Extraordinary Shareholders' Meeting was held. The following matters. inter alia, were resolved by majority of votes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Distribution of ARS 3,100 million as cash dividends as of the date of the Shareholders' Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Designation of board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Compensations to the Board of Directors for the fiscal year ended June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Reform of articles sixteen, twenty-second and twenty-third of the bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Incentive plan for employees, management, and directors to be integrated without premium for up to 0.96% of the Capital Stock

On November 10, 2022, the Company distributed among its shareholders the cash dividend in an amount of ARS 3,100,000,000 equivalent to 528.6642% of the stock capital, an amount per share of ARS 5.286642 (ARS 1 par value) and an amount per ADR of ARS 52.86642 (Argentine Pesos per ADR).

 ***November 2022: Change in Warrants terms and conditions***

Because of the payment of cash dividends made on November 10, 2022, certain terms and conditions of the outstanding warrants to subscribe common shares have changed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Number of shares to be issued per warrant: Pre-dividend ratio: 1. Post-dividend ratio: 1.0322.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Exercise price per new share to be issued: Pre-dividend price: USD 0.566. Post-dividend price: USD 0.548.

The other terms and conditions of the warrants remain the same.

 ***November 2022: Warrants Exercise***

Between November 17 and 25, 2022, certain warrants holders have exercised their right to acquire additional shares and7,450 ordinary shares of the Company were registered, with a nominal value of VN ARS 1. As a result of the exercise, USD 4,082.60 was collected by the Company.

After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 592,165,126 to 592,172,576, and the new number of outstanding warrants decreased from 89,477,678 to 89,470,448.

 ***November 2022: Shares Buyback Program***

In November 2022,the Board of Directors has approved the terms and conditions for the acquisition of the common shares issued by the Company under the provisions of Section 64 of Law Nº 26,831 and the Rules of the Argentine National Securities Commission.

● Maximum amount of the investment: Up to ARS 4,000 million.

● Maximum number of shares to be acquired: Up to 10% of the capital stock of the Company, in accordance with the provisions of the applicable regulations.

● Daily limitation on market transactions: In accordance with the applicable regulation, the limitation will be up to 25% of the average volume of the daily transactions for the Shares and ADS in the markets during the previous 90 days.

● Payable Price: Up to ARS 205 per Share and up to USD 6.50 per ADS.

● Period in which the acquisitions will take place: up to 180 days after the publication of the minutes, subject to any renewal or extension of the term, which will be informed to the investing public.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

● Origin of the Funds: The acquisitions will be made with realized and liquid earnings pending of distribution of the Company.

To make such a decision, the Board of Directors has taken into account the economic and market situation, as well as the discount that the current share price has in relation to the fair value of the assets, determined by independent appraisers, and has as its objective to contribute to the strengthening of the shares in the market and reduce the fluctuations in the listed value that does not reflect the value or the economic reality that the assets currently have, resulting in the detriment of the interests of the Company's shareholders.

After the end of the period, on January 13, 2023, the Board of Directors decided to modify the maximum price contemplated in the Share Repurchase Program, establishing a maximum of USD 8.50 per ADS and ARS 305 per share.

As of the date of presentation of the Financial Statements, the Company has repurchased the equivalent of 5,825,359 common shares that represent approximately 31.77% of the approved program.

 ***December 2022: Local Bond Issuance – Series XL Notes.***

On December 21, 2022, Cresud issued the Series XL Notes, dollar linked, for a total amount of USD 38.2 million. The issuance price was 100%, the interest rate 0%and the capital amortization will be in three installments: 33% in month 36, 33% in month 42% and 34% at maturity, on December 21, 2026.

 **EBITDA Reconciliation**

In this summary report, we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) result of discontinued operations, (ii) income tax expense, (iii) financial results, net iv) results from participation in associates and joint ventures; and (v) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus net profit from changes in the fair value of investment properties, not realized and realized sales.

EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. We present EBITDA and adjusted EBITDA because we believe they provide investors supplemental measures of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses EBITDA and Adjusted EBITDA from time to time, among other measures, for internal planning and performance measurement purposes. EBITDA and Adjusted EBITDA should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. EBITDA and Adjusted EBITDA, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit for the relevant period to EBITDA and Adjusted EBITDA for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **2022**<br>| **2021**<br>|
| Result for the period | 19237  | 74081  |
| Income tax expense  | (26587) | 8394  |
| Net financial results  | (8797) | (16228) |
| Share of profit of associates and joint ventures  | (812) | (121) |
| Depreciation and amortization  | 3861  | 3845  |
| **EBITDA (unaudited)**  | **(13098)** | **69971**  |
| Gain from fair value of investment properties, not realized - agribusiness | (90) | (772) |
| Gain from fair value of investment properties, not realized - Urban Properties Business | 31868  | (35717) |
| Realized sale - Agribusiness | (1101) | (4049) |
| **Adjusted EBITDA (unaudited)**  | **17579**  | **29433**  |

---

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2022

 **Brief comment on prospects for the next quarter**

The 2023 campaign is progressing with mixed conditions, sustained commodity prices, rising costs and climatic challenges with an impact on yields, mainly in Argentina. The "Niña" effect has caused a severe drought in the core belt of the country, affecting winter crops, mainly wheat, and is having a strong impact on soybean and corn production. Cresud has mitigated part of this effect due to the geographical location of its fields and the regional diversification, since in Brazil, Bolivia, and Paraguay, where it owns fields through its subsidiary Brasilagro, more favourable climatic conditions have been observed. We will apply the best agricultural practices to minimize climate risk and achieve good yields.

Regarding livestock activity, the campaign presents certain questions regarding international demand and the export position that Argentina could adopt, added to the downward trend that cattle prices have been experiencing in recent months. We will continue to concentrate our production in our own fields, mainly in the Northwest of Argentina, and consolidate our activity in Brazil with a focus on improving productivity, controlling costs and working efficiently to achieve the highest possible operating margins.

In terms of real estate, we have been observing an upward trend in land prices worldwide that has not been replicated in Argentina and we are beginning to see greater interest in our assets in the country. As part of our business strategy, we will continue to sell the fields that have reached their maximum level of appreciation in Argentina and the region.

The urban property and investment business, which we own through IRSA, has been showing very good operating performance in its rental businesses, mainly shopping malls and hotels, thatexceeded their pre-pandemic EBITDA levels. The outlook is positive for the rest of the year.

During fiscal year 2023, we will continue working on the reduction and efficiency of the cost structure. At the same time we will continue evaluating financial, economic and/or corporate tools that allow the Company to improve its position in the market in which it operates and have the necessary liquidity to meet its obligations, such as public and/or private disposal of assets that may include real estate as well as negotiable securities owned by the Company, issuance of negotiable bonds, repurchase of own shares, among other instruments that be useful to the proposed objectives.

We believe that Cresud, owner of a diversified rural and urban real estate portfolio, with a management with many years of experience in the sector and a great track record in accessing the capital markets, will have excellent possibilities to take advantage of the best opportunities that arise in the market.

Alejandro G. Elsztain

CEO