Earnings Release | IQ 2022

E A R N I N G S R E L E A S E

F i r s t Q u a r t e r o f F Y 2 0 2 2

CRESUD invites you to participate in its first quarter of the Fiscal Year 2022 Conference Call

Monday, November 15, 2021, 11:00 AM BA (09:00 AM US EST)

The call will be hosted by:

Alejandro Elsztain, CEO

Carlos Blousson, General Manager of Argentina

Matías Gaivironsky, CFO

To participate, please access through the following link:

https://irsacorp.zoom.us/j/85115030304?pwd=MzRnUXB5N3IzYStoNDZMMEhrTmRtQT09

Webinar ID: 851 1503 0304

Password: 903016

In addition, you can participate communicating to this numbers:

Argentina: [phone] or [phone] or [phone] or [phone]

Israel: [phone] or [phone]

Brazil : [phone] or [phone] or [phone] or [phone]

US: [phone] or [phone] or [phone] or [phone] or [phone] Chile: [phone] or [phone] or [phone] or [phone] or [phone]

UK: [phone] or [phone] or [phone] or [phone] or [phone]

Preferably, 10 minutes before the call is due to begin. The conference will be held in English.

Contact Information	Tel: [phone]
Alejandro Elsztain - CEO	E-mail:[e-mail]
Matías Gaivironsky - CFO	Website:http://www.cresud.com.ar
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Main Highlights

• The net result for the first quarter of fiscal year 2022 recorded a gain of ARS 2,838 million compared to ARS 11,476 million in the same period of 2021.
• Adjusted EBITDA for the period reached ARS 5,381 million, 31.5% lower than the same period in 2021, a reduction mainly explained by the urban business. Adjusted EBITDA of the agribusiness segments reached ARS 3,593 million, in line with the same period of previous fiscal year.
• The 2022 campaign is developing with higher international commodity prices and margins than the previous one, although with rising costs. We expect to plant approximately 262,000 ha.
• During the quarter, our subsidiary Brasilagro sold a fraction of its Rio do Meio farm for BRL 130.1 million and subsequently, completed the sale of a fraction of its Alto Taquarí farm for BRL 589.0 million.
• In financial matters, during the quarter we issued debt in the local market for the sum of USD 60.6 million, reducing the average financing cost of the company.

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

Economic context in which the Group operates

The Group operates in a complex context both due to macroeconomic conditions, whose main variables have recently experienced strong volatility, as well as regulatory, social, and political conditions, both nationally and internationally.

The results from operations may be affected by fluctuations in the inflation and the exchange rate of the Argentine peso against other currencies, mainly the dollar, changes in interest rates which have an impact on the cost of capital, changes in government policies, capital controls and other political or economic events both locally and internationally.

In December 2019, a new strain of coronavirus (SARS-COV-2), which caused severe acute respiratory syndrome (COVID-19) appeared in Wuhan, China. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. In response, countries have taken extraordinary measures to contain the spread of the virus, including imposing travel restrictions and closing borders, closing businesses deemed non-essential, instructing residents to practice social distancing, implementing lockdowns, among other measures. The ongoing pandemic and these extraordinary government measures are affecting global economic activity, resulting in significant volatility in global financial markets.

On March 3, 2020, the first case of COVID-19 was registered in the country and as of today, more than 5,290,000 cases of infections had been confirmed in Argentina, by virtue of which the Argentinian Government implemented a series of health measures of social, preventive and mandatory lockdown at the national level with the closure of non-essential activities, including shopping malls, as well as the suspension of flights and border closures, for much of the year 2020. Since October 2020, a large part of the activities started to become more flexible, in line with a decrease in infections, although between April 16 and June 11, 2021, because of the sustained increase in the cases registered, the National Government established restrictions on night activity and the closure of shopping malls in Buenos Aires Metropolitan Area. Due to the flexibility that has occurred in the economic activities since the beginning of this fiscal year and as of the date of issuance of these financial statements, 100% of the shopping malls are operational.

At the local environment, the following circumstances were observed:

• In August 2021, the Monthly Economic Activity Estimator ("EMAE" in Spanish) reported by the National Institute of Statistics and Censuses ("INDEC" in Spanish), registered a variation of 12.8% compared to the same month of 2020, and 1.1% compared to the previous month.
• The annual retail inflation reached 52.47% in the last 12 months. The survey on market expectations prepared by the Argentine Central Bank in September 2021, called the Market Expectations Survey ("REM" in Spanish), estimates a retail inflation of 48.2% i.a. for December 2021 and 46.0% for December 2022. Analysts participating in the REM forecast a rebound in economic activity in 2021, reaching an economic growth of 7.6%.
• In the period from September 2020 to September 2021, the Argentine peso depreciated 29.6% against the US dollar according to the wholesale average exchange rate of Banco de la Nación Argentina. Given the exchange restrictions in force since August 2019, as of September 30, 2021, there is an exchange gap of approximately 78.9% between the official price of the dollar and its price in parallel markets, which impacts the level of activity in the economy and affects the level of reserves of the Argentine Central Bank. Additionally, these exchange restrictions, or those that may be dictated in the future, could affect the Group's ability to access the Single Free
  Exchange Market ("MULC" in Spanish) to acquire the necessary currencies to meet its financial obligations.

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COVID-19 Pandemic

As described above, the COVID-19 pandemic has adversely impacted both the global economy and the Argentine economy and the Group's business, mainly in shopping malls and hotels segments while CRESUD and its subsidiary BrasilAgro continued to operate normally as it is an essential activity in the provision of food. It should be mentioned that since the beginning of fiscal year 2022, and until the date of presentation of the financial statements, the Group's shopping malls are fully operational, as well as the office buildings, despite the remote work modality that some tenants continue to apply. Regarding hotels, although they have been operating since December 2020, the sector continues working with certain restrictions on air flows and the influx of international tourism.

The final extent of the Coronavirus outbreak and its impact on the country's economy is still uncertain. However, although it has produced significant short-term effects, they are not expected to affect business continuity and the Group's ability to meet its financial commitments for the next twelve months.

The Group is closely monitoring the situation and taking all necessary measures to preserve human life and the Group's businesses.

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