HIGHLIGHTS     --  As from October 1, 2008, Cresud presents its results in consolidated       form with those of IRSA Inversiones y Representaciones S.A., in which       we held a 55.64% interest as of June 30, 2009. IRSA's revenue and cost       line items correspond to the nine-month period between October 1, 2008       and June 30, 2009.  IRSA's prior results are recorded under the item       Gain from related companies     --  Net income increased from Ps.22.9 million in fiscal year 2008 to       Ps.124.6 million in fiscal 2009. This performance is attributable to       the impact of IRSA's results on Cresud's balance sheet and to the       consolidated gain from the acquisition and holding in the portfolio of       Cresud and its subsidiaries of US$ 102.7 million in nominal value of       Notes issued by IRSA and Alto Palermo in 2007. These factors have more       than compensated the adverse effects of the global crisis and extreme       weather conditions for agriculture prevailing in Argentina on Cresud's       agriculture and livestock business.     --  The operating income of Ps.215.4 million comprises a Ps.277.4 million       gain from the consolidation of IRSA's segments, and a Ps.62.0 million       loss from Cresud's agriculture and livestock segments in fiscal year       2009 compared to a Ps.43.6 million gain in the previous year. This is       due to adverse weather conditions that lead to lower yields and       margins in agricultural products together with the drop in prices       resulting from the slowdown in world economy during this year. In       addition, there was a decrease in the sales of farms compared to the       previous year, reflecting a reduction of Ps.21.1 million in revenues       in our income statement     --  We continued with the development of our Los Pozos farm in Salta,       where we have increased our land for livestock production from 33,000       hectares in fiscal year 2008 to 43,000 hectares in fiscal 2009.       Hosting 55,000 heads of cattle, Los Pozos represents a unique       livestock production farm in terms of size and efficiency. During this       year, the surface area devoted to crops at Los Pozos increased from       1,500 hectares to 4,400 hectares.     --  BrasilAgro: during this year, our interest in BrasilAgro rose to       19.14%; this company in expansion increased its sown surface area by       52%, to 33,504 hectares of its total portfolio of 165,373 hectares       distributed among 8 farms.