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Board of Directors

Cresud is managed by a board of directors, which consists of eleven directors and five alternate directors. Each director and alternate director is elected by its shareholders at an annual ordinary meeting of shareholders for a three-year term, provided, however, that only one third of the board of directors is elected each year. The directors and alternate directors may be re-elected to serve on the board any number of times. There are no arrangements or understandings pursuant to which any director or person from senior managements is selected.

Cresud‘s current board of directors was elected at the shareholders’ meetings held on October 29, 2009, October 29, 2010 amd October 31, 2011 for terms expiring in the years 2012, 2013 and 2014 as the case may be. Cresud‘s current directors are as follows:

Directors ¹ Position in Cresud Current Position Held Since
Eduardo S. Elsztain Chairman of the Board of Directors 1994
Saúl Zang First Vice- Chairman 1994
Alejandro G. Elsztain Second Vice-Chairman and CEO 1994
Gabriel A.G. Reznik Director 2003
Jorge Oscar Fernández Director 2003
Fernando A. Elsztain Director 2004
David A. Perednik Director and Chief Administrative Officer 2004
Pedro Damaso Labaqui Palacio Director 2006
Daniel E. Mellincovsky Director 2008
Alejandro Gustavo Casaretto Director 2008
Salvador D. Bergel Alternate Director 1996
Gastón A. Lernoud Alternate Director 1999
Enrique Antonini Alternate Director 2007
Eduardo Kalpakian Alternate Director 2007

(1) The business address of the Company‘s management is Cresud S.A.C.I.F.I. y A., Moreno 877, 23rd Floor, (C1091AAQ) Buenos Aires, Argentina.

Enrique Antonini, Eduardo Kalpakian, Jorge Oscar Fernández , Daniel E. Mellincovsky, and Pedro Damaso Labaqui Palacio qualify as independent, in accordance with Comisión Nacional de Valores’ Resolution Nº 400/2002.

The following is a brief biographical description of each member of Cresud‘s board of directors:

Eduardo S. Elsztain. Mr. Elsztain studied Economic Sciences at University of Buenos Aires (Universidad de Buenos Aires). He has been engaged in the real estate business for more than twenty years. He is the chairman of the board of directors of IRSA, Alto Palermo, Shopping Alto Palermo S.A., Consultores Asset Management, BACS Banco de Crédito & Securitización and Banco Hipotecario among other companies. He is also vice-chairman of E-Commerce Latina S.A. and BrasilAgro among other companies. He is Fernando A. Elsztain’s cousin and Alejandro G. Elsztain’s brother.

Saúl Zang. Mr. Zang obtained a law degree from University of Buenos Aires (Universidad de Buenos Aires). He is a member of the International Bar Association (Asociación Internacional de Abogados) and the Interamerican Federation of Lawyers (Federación Interamericana de Abogados). He is a founding member of the law firm Zang, Bergel & Viñes. He is also first vice-chairman of the board of directors of IRSA and Shopping Alto Palermo S.A., and vice-chairman of Alto Palermo, Puerto Retiro and Fibesa; and director of Banco Hipotecario, Nuevas Fronteras S.A., Tarshop and Palermo Invest S.A.

Alejandro G. Elsztain. Mr. Elsztain obtained a degree in agricultural engineering from University of Buenos Aires (Universidad de Buenos Aires). He is chairman of Inversiones Ganaderas S.A. and Cactus Argentina. He is also second vice-chairman of IRSA and executive vice-chairman of Alto Palermo and Shopping Alto Palermo S.A. He is a member of the board of directors of Futuros y Opciones S.A. Mr. Alejandro G. Elsztain is the brother of Cresud‘s chairman, Eduardo S. Elsztain, and cousin of Fernando A. Elsztain.

Gabriel A. G. Reznik. Mr. Reznik obtained a degree in Civil Engineering from University of Buenos Aires (Universidad de Buenos Aires). He worked for IRSA since 1992 until May 2005 at which time he resigned. He formerly worked for an independent construction company in Argentina. He is an alternate director of Puerto Retiro S.A., Tarshop S.A. and Fibesa, as well as member of the board of Banco Hipotecario, among others.

Jorge Oscar Fernández. Mr. Fernández obtained a degree in Economic Sciences from University of Buenos Aires (Universidad de Buenos Aires). He has performed professional activities at several banks, financial corporations, brokerage and insurance firms and other companies related to financial services. He is also involved in many industrial, commercial and professional institutions and associations.

Fernando A. Elsztain. Mr. Elsztain studied architecture at University of Buenos Aires (Universidad de Buenos Aires). He has been engaged in the real estate business as a consultant and as managing officer of a real estate company. He is chairman of the board of directors of Llao Llao Resorts S.A., Palermo Invest S.A. and Nuevas Fronteras S.A. He is also a director of IRSA, Alto Palermo, Shopping Alto Palermo, Hoteles Argentinos and Tarshop and alternate director of Banco Hipotecario and Puerto Retiro. He is the cousin of Cresud‘s director chief executive officer Alejandro Elsztain and of its chairman Eduardo S. Elsztain.

Pedro Damaso Labaqui Palacio. Mr. Labaqui obtained a law degree from University of Buenos Aires (Universidad de Buenos Aires). He is also director of Bapro Medios de Pago S.A., Permanent Syndic of Bayfe S.A. Fondos Comunes de Inversión, director and member of the Supervisory Committee of J. Minetti S.A.; and Director of REM Sociedad de Bolsa S.A.

David A. Perednik. Mr. Perednik obtained a degree in accounting from University of Buenos Aires (Universidad de Buenos Aires). He has worked for several companies such as Marifran Internacional S.A., a subsidiary of Louis Dreyfus Amateurs where he worked as Financial Manager from 1986 to 1997. He also worked as a Senior Consultant in the administration and systems department of Deloitte & Touche from 1983 to 1986. He is also chief administrative officer of IRSA and Alto Palermo.

Daniel E. Mellincovsky. Mr. Mellincovsky obtained a degree in accounting from the University of Buenos Aires (Universidad de Buenos Aires). He has served as director of several companies of the agricultural, food supplies, financial and hotel development sectors.

Alejandro G. Casaretto. Mr. Casaretto obtained a degree in agriculture from University of Buenos Aires (Universidad de Buenos Aires). He has served as Cresud‘s technical manager, farm manager, and technical coordinator since 1975.

Salvador D. Bergel. Mr. Bergel obtained a law degree and a PhD from Litoral University (Universidad Nacional del Litoral). He is a founding partner of Zang, Bergel & Viñes and a consultant at Repsol YPF S.A. He is also an alternate director of IRSA and Alto Palermo.

Gastón Armando Lernoud. Mr. Lernoud obtained a law degree from El Salvador University (Universidad de El Salvador) in 1992. He obtained a Masters degree in Corporate Law in 1996 from Palermo University (Universidad de Palermo). He was a senior associated member of Zang, Bergel & Viñes law firm until June 2002, when he joined Cresud’s lawyers.

Enrique Antonini. Mr. Antonini holds a degree in law from the University of Buenos Aires. He is currently a member of the board of directors of Banco Mariva S.A. (since 1992), Mariva Bursátil S.A. (since 1997). He has also served as a director of Inversiones y Representaciones S.A. from 1993 to 2002. He is a member of the Banking Lawyers Committee and the International Bar Association.

Eduardo Kalpakian. Mr. Kalpakian holds a degree in business from the University of Belgrano. He has also an MBA from the CEMA University of Argentina. He has been a director for 25 years of Kalpakian Hnos. S.A.C.I., a leading carpet manufacturer and flooring distributor in Argentina, as a director and is currently is vice chairman of the board and CEO. He is also vice chairman of the board of La Dormida S.A.A.C.E I.

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Management

Cresud‘s board of directors appoints and removes the senior management. Senior management performs its duties in accordance with the instructions of its board of directors. There are no arrangements by which a person is selected as a member of its senior management.

The following table shows information about Cresud‘s current senior management designated by the board of directors meeting:

Executive Officers Position in Cresud Current Position Held Since
Alejandro G. Elsztain Chief Executive Officer 1994
Matías Gaivironsky Chief Financial Officer 2011
David A. Perednik Chief Administrative Officer 1997
Alejandro Casaretto Regional Manager of Agricultural Real Estate 2008
Carlos Blousson General Manager of the International Operation (Paraguay/ Bolivia/ Uruguay) 2008

The following is a biographical description of each of Cresud‘s senior managers who are not directors:

Matías Gaivironsky. Mr. Matías Gaivironsky graduated in Business in Universidad de Buenos Aires. He has a Master in Finance from Universidad del CEMA. Since 1997 has performed several functions in Cresud, IRSA and APSA being his current position, since december 2011, Chief Financial Officer. Previously, in 2008 he was CFO in Tarshop and, subsequently Head of Capital Markets and Inverstor Relations of Cresud, IRSA and APSA.

Carlos Blousson. Mr. Blousson obtained a degree in agriculture from University of Buenos Aires (Universidad de Buenos Aires). He has been working as Cresud‘s Sales Officer since 1996. Prior to joining Cresud, he worked as a futures and options operator at Vanexva Bursátil -Sociedad de Bolsa-. Previously, he worked as a farm manager and a technical advisor at Leucon S.A.

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