IQ17 Conference CallNovember 14, 2016

Hosted by: Alejandro Elsztain, CEO

Carlos Blousson, General Manager of Argentina & Bolivia

Matías Gaivironsky, CFO

San Pedro Farm – Entre Ríos, Argentina

Highlights for IQ17

22

2

2

22

2

Financial Consolidated Results IQ17

o Overall Good weather conditions in the region and sustained commoditiy prices expected for FY 17 Campaign

o We expect to plant 196,000 ha and develop 12,900 ha in the region in 2017

o Start of cattle activity in Brazil during IQ17

o We sold a farm in Argentina for USD 6 million in the first quarter of FY 2017

o CRESCA Shareholders´ Agreement signed on Oct-2016: Our subsidiary Brasilagro and Carlos Casado agreed to sell to third partiesor divide in equal parts all of their assets, including rural properties, within 120 days

Agribusiness

2

Urban Properties & Investments

o Good operating results from Argentina Business Center. EBITDA, excluding sales of investment properties grew by 24% in IQ17 vs IQ16

o Net Income affected by higher financial costs due to IDBD consolidation

o During IQ17 IRSA acquired from IDBD 8.8% of DIC shares for approximately USD 26.7 million

oRevenues: ARS 19.7 billion (ARS 2.0 billion coming from agribusiness and Argentina Urban Business Center)

oOperating Income: ARS 1.1 billion (ARS 0,4 billion coming from agribusiness and Argentina Urban Business Center)

oNet Income: Loss of ARS 873 million (Loss of ARS 55 million coming from agribusiness and Argentina Business Center)

o To Cresud’ Shareholders: Loss of ARS 485 million (vs. Loss of ARS 289 million in IQ16)

2

123 106

124

69

51

50

16

16

16

6

6

6

214

179

196

FY15 FY16 FY17E

Brazil Bolivia Paraguay Total

Planted & Developed Area FY 2017e

3*Includes 100% Brasilagro and double crop & Agrouranga 3

Developed Area(Th. Ha)

Planted Area(Th. Ha)

-16% +9%

1,7 3,0 1,8

7,5 3,69,6

2,41,4

1,611,6

8,03

13,0

FY 2015 FY 2016 FY 2017E

Argentina Brazil Paraguay

-31% +62%

Farmland Sale in Argentina

4

15,3

73.4

88.7

Profit

BV

Farmland Sale(ARS Million)

Sale at ~ 6x BV

Results were recognized during IQ17

IRR (USD): 4%

Farming: Production Forecast & Global Stocks

5

CornSoybean

28% 25% 11%

Var % YoYVar % YoY

0% 5% 8%

USDA Production Forecast

Stock / ConsumptionStock / Consumption

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

US

World

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

US

World

29 29 37

8567 84

361 345382

2014/2015 2015/2016 2016/2017E

Argentina

Brazil

USA

61 57 57

97 97 102107 107116

2014/2015 2015/2016 2016/2017E

Argentina

Brazil

USA

Good weather conditions for 2017 Campaign

ARGENTINA BRASIL

Commodity Prices – USD/tn

Soybean Corn

Var % YoY

366 USD/tn

135 USD/tn

Var % YoY

IQ17-6%

16,7%

-4,3%

6

IQ17-18%

Farming: Sugarcane, Cattle & Milk Production

Sugarcane Production(Th Tonnes)

7

Crop Production(Th Tonnes)

1,2

1,51,9

66

69

75

sep-14 sep-15 sep-16

Milla

resMeat Production

Beef cattle production (Th. Tn) (ytd) Total (Th. Heads)

4,6 4,5

4,1

2,21,9 1,8

22,2 24,9 24,1

sep-14 sep-15 sep-16

Milk Production

Milk Production (Lts M.) (ytd)

Daily Milking Cows (Th. Heads) (ytd)

Milk Production/ Cow / Day (Lts) (ytd)

442

556

416

sep-14 sep-15 sep-16

215

169

225

sep-14 sep-15 sep-16

Investment in IRSA: Argentina Business Center

CRESUD has a 63.4% stake in IRSA, Argentinean Leading Real Estate Company

8

Shopping Tenants’ Sales (Quarterly Growth %)

Offices – Leases USD/sqm/mth & Occupancy

28,5% 28,6%29,9% 30,0%

27,1%

35,6% 35,5%34,3%

44,5%

35,7%

29,0%

34,3%

21,0%

IQ 14 IIQ 14 IIIQ 14 IVQ 14 IQ 15 IIQ 15 IIIQ 15 IVQ 15 IQ 16 IIQ 16 IIIQ 16 IVQ 16 IQ17

307.720 310.254

334.055 335.032

IQ14 IQ15 IQ16 IQ17

98,60% 98,50% 98,90% 98,40%

Stock (GLA) & Occupancy %

26,0 26,3 26,6 25,9 25,0

96,4%94,0% 93,1%

98,6%100,0%

3M 16 6M 16 9M16 FY 16 3M17

Investment in IRSA: Israel Business Center

13

o IDBD subsidiary DIC accepted an offer from ChemChina to sell its 40% stake in Adama for USD 230 million in excess of the total cancellation of thedebt. We expect to close the transaction by November 2016. DIC’s net cash flow ~ NIS 800 millions

o Clal’ share increased by 4% in the IQ17 vs last quarter. Gain of ARS 181 million

o Regarding IDBD NIS 325 million issuance, the Court rejected to pledge Clal shares and we had to cancel NIS 244 million. The balance (26% of thetotal issuance) is subject to Clal’ pledge approval.

oCompanies’ new issuances:

DIC: NIS 360 million at 5.7% fixed rate due 2025 • PBC (Sep-16): NIS 600 million. 500M at 3.95% fixed rate and 100M at 2,85% + CPI. Maturity 2029• MATAM (Aug 16): NIS 400 million at 3.10% fixed rate. Maturity 2027• CELLCOM (Sep-16): NIS 300 million at 3,55% fixed rate and NIS 100 million 2,45% + CPI due 2026

o IRSA acquired from IDBD 8.8% of DIC shares for approximately USD 26.7 million

As of September 30, 2016 IRSA controls, through Dolphin, 68.3% of IDBD – Amount invested USD 515 MM

Ownership Structure (June 30, 2016)

Latest Developments

Ownership Structure (September 30, 2016)

IRSA IRSA

8,8%

76,4% 54,9%

CLALDIC

68,3% 31,7%

Dolphin IFISA

IDBD

67,6% 54,9%

CLALDIC

68,3% 31,7%

Dolphin IFISA

IDBD

9

Agroriego Farm – San Luis, Argentina

Financial Results

-2

68

Operating Income by Segment IQFY17 (in ARS MM)

311

Farmland Sales Farming OthersIncludes Agro-Industrial, Agriculture

Rentals and services and FyO

IQFY2016 IQFY2017 IQFY2016 IQFY2017

AGRIBUSINESS

11

Cattle

Grains Sugarcane

Milk

-26

-135

11 10

-8

-8

-3

-2

-26

-135,0

-8

49

414.0

537.0

Operating Income by Segment IQFY17 (in ARS MM)

31711

URBAN PROPERTIES & INVESTMENTS – Argentina Business Center

Rental Segment(ARS million)

Sales & Development(ARS million)

Financial & Others(ARS million)

URBAN PROPERTIES & INVESTMENTS – Israel Business Center

-30%

+30%

344.0

-51,0-35.0 -27,0

1Q FY16 1Q FY17 1Q FY16 1Q FY171Q FY16 1Q FY17

355449

80

-185

501

759886

-17

Real Estate Supermarkets Telecommunications Others

Operating Income

EBITDA

12

-15 -83 -84-37-9 -38

449

-426

29

717

-438 -318

699

-1056

-818

Consolidated Financial Results IQ FY2017 – ARS MM

31113

-485

-388Non-controling intereset

Controlling shareholders

Operating Income Net Financial Results Net Loss

680

1,133

-447

-1,565

-356

-873Argentina Business Center

Israel Business Center

Agri-business

IQ FY2017IQ FY2016

Net Financial Results Main Effects – IQ17

Agribusiness Net Financial Costs: Loss of ARS 68 million Net FX Losses: Loss of ARS 63 million

Urban Business & investments: Argentina Business Center Net Financial Costs: Loss of ARS 262 million Net FX Losses: Loss of ARS 153 million

Urban Business & investments: Israel Business CenterNet Financial Costs: Loss of ARS 1,321 million FV of CLAL: Gain of ARS 181 MM

Cresud Stand Alone Debt as of September 30, 2016

14

AgribusinessAmount

(USD MM)

Cresud Total Debt 301.7

Cash & ST Investments 32.0

Cresud Net Debt 269.7

Debt Description

19,9

48,6

127,5

58,8 46,9

2016 2017 2018 2019 2020-2022

Debt Amortization Schedule

(Cresud Standalone - USD million)

Cautionary Statement

ALEJANDRO ELSZTAIN – CEOMATÍAS GAIVIRONSKY - CFOTel +(54 11) 4323 7449

Corporate OfficesIntercontinental PlazaMoreno 877 23° FloorTel +(54 11) 4323 7400Fax +(54 11) 4323 7480C1091AAQ - City of Buenos Aires -Argentina

Independent AuditorsPricewaterhouseCoopers ArgentinaTel +(54 11) 4850 0000Bouchard 557 7º FloorC1106ABG – City of Buenos Aires -Argentina

NASDAQ Symbol: CRESYBASE Symbol: CRES

www.cresud.com.arContact e-mail: ir@cresud.com.ar

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Investing in all equities, including natural resources and real estate-related equities, carries risks which should be taken intoconsideration when making an investment.

This institutional presentation contains statements that constitute forward-looking statements, in that they include statementsregarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance.You should be aware that any such forward looking statements are no guarantees of future performance and may involve risks anduncertainties, and that actual results may differ materially and adversely from those set forth in this presentation. We undertakeno obligation to release publicly any revisions to such forward-looking statements to reflect later events or circumstances or toreflect the occurrence of unanticipated events.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-lookingstatements can be found in the companies’ Forms 20-F for Fiscal Year 2016 ended June 30, 2016, which are available for you inour websites.

Contact Information

@cresudir