Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) Q1 2023 Earnings Conference Call November 14, 2022 10:00 AM ET Company Participants Santiago Donato - Investor Relations Alejandro Elsztain - Chief Executive Officer MatÃas Gaivironsky - Chief Administrative & Financial Officer Conference Call Participants Santiago Donato Good morning everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the first quarter 2023 Results Conference Cal ...

Agribusiness Performance - Strong commodity prices and sustained margins per hectare were observed despite the Niña climate effect and higher costs[2] - The company expects a planted area slightly above the previous campaign[2] - Soybean hedge position is at 53% and corn at 25%[3] - Climate challenges affected winter crops, especially wheat sowing progress[4, 5] - Agribusiness Adjusted EBITDA decreased by 57.3% from IQ22 to IQ23[17] - Farming sales decreased by 66.1% from IQ22 to IQ23[17] Real Estate Activities - Acquisition of Panamby Farm in Brazil with a total area of 10,800 hectares for BRL 285.6 million[6] - Partial sale of Morotí Farm in Paraguay for USD 1.5 million, resulting in a USD IRR of 27.9%[6] - Investment in IRSA: Urban Real Estate Business, with Rental Adjusted EBITDA showing recovery[7] - Office building sales during the quarter included 200 Della Paolera Floor 1, with a price of USD 12.6 million[7] Financial Results and Capital Allocation - Net Financial Results increased by 7.6% from IQ22 to IQ23[21] - Shares repurchase plan: 5,676,603 ordinary shares repurchased, representing 99% of the Plan, with an investment of ARS 990 million[27] - Dividend distribution approved for ARS 3,100 million, which is 528.66% of share capital, translating to ARS 5.29 per share[28]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15b-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of October, 2022 Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Exact name of Registrant as specified in its charter) Cresud Inc. (Translation of registrant´s name into English) Republic of Argentina (Jurisdiction of incorporation or organization) Carlos Della Paolera 261 (C1001ADA) Buenos Aires, Argen ...

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date ...

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Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) Q3 2022 Earnings Conference Call May 16, 2022 10:00 AM ET Company Representatives Alejandro Elsztain - Chief Executive Officer MatÃas Gaivironsky - Chief Administrative and Financial Officer Santiago Donato - Investor Relations Conference Call Participants Santiago Donato Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the third quarter of fiscal year 2022 result ...

Financial Data and Key Metrics Changes - The company reported a significant gain of ARS 38 billion for the semester, compared to a loss of ARS 4.9 billion in the previous year [40] - Adjusted EBITDA for the agribusiness segment reached ARS 12.1 billion, up from ARS 2.4 billion last year, indicating a strong improvement across all lines [43] - The net financial results generated a gain of ARS 8.3 billion, compared to a loss of ARS 1.4 billion in the previous year [49] Business Line Data and Key Metrics Changes - The agribusiness segment achieved record numbers in EBITDA, driven by improved margins from grains, sugarcane, and farm sales [6][43] - The company sold two farms in Brazil, generating significant gains, reflecting the evolution of farm prices in the region [43][21] - FyO, the agricultural service company, became the largest broker in Argentina, closing the last campaign at 6.4 million tons and forecasting 7 million tons for the next campaign [22][24] Market Data and Key Metrics Changes - Real sales in shopping malls increased by 7.6% compared to pre-pandemic levels, marking the first real sales increase in three years [35] - The office segment experienced mixed results, with a decrease in occupancy due to the pandemic and a shift to higher-quality buildings [37] - The hotel segment continued to be affected by pandemic-related restrictions, particularly in Buenos Aires [39] Company Strategy and Development Direction - The company is focused on expanding its agribusiness operations across four countries, with plans to increase sugarcane plantations in Bolivia [13] - The approval of the Costa Urbana project is expected to drive growth for the next decade, allowing for the development of 900,000 square meters of various uses [32] - The merger between IRSA and IRSA Commercial Properties is anticipated to enhance operational efficiency and market presence [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the agricultural environment, expecting good margins and increased activity in both Argentina and Brazil [55] - The company is preparing for a positive campaign, with expectations of good yields and margins from upcoming harvests [54] - Management highlighted the importance of the Costa Urbana project and the gradual development process expected over the next ten years [61] Other Important Information - The company reduced its debt to $400 million and is working on extending the tenure of part of its debt [50] - The company issued its first bond for FyO, raising $12.3 million at a 0% interest rate, indicating strong market confidence [26] Q&A Session Summary Question: Will the company continue selling farms in Argentina, Brazil, or the rest of the region? - Management indicated that there is increasing interest in farm purchases in Argentina and confirmed strong liquidity in Brazil, expecting active real estate movement in the second semester [52][53] Question: How is the company affected by Central Bank capital restrictions on issued bonds? - Management clarified that there are no complications for bond payments due in 2023, as they do not need to refinance any debt this year [56][57] Question: What is the timing for the Costa Urbana development project? - Management noted that the project is significant and will take more than 10 years to fully develop, with no major capital expenditures expected in the next two years [60][61]

Cresud SACIF y A (NASDAQ:CRESY) Q1 2022 Earnings Conference Call November 15, 2021 9:00 AM ET Company Participants Santiago Donato - IR Officer Alejandro Elsztain - Second Vice Chairman, CEO, & GM Carlos Blousson - CEO, International Operation and GM, Argentina & Bolivia Operations Matias Gaivironsky - Chief Financial & Administrative Officer Conference Call Participants Santiago Donato Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the first quarter ...

[Part I](index=5&type=section&id=Part%20I) [Key Information](index=5&type=section&id=Item%203.%20Key%20Information) The company's operations are exposed to significant risks from Argentine and Brazilian macroeconomic conditions, including inflation, currency controls, and commodity price volatility [Local Exchange Market and Exchange Rates](index=5&type=section&id=A.1.%20Local%20Exchange%20Market%20and%20Exchange%20Rates) - The Argentine government has implemented significant exchange control measures, restricting access to the foreign exchange market (MULC) and requiring prior Central Bank approval for certain transactions[24](index=24&type=chunk) ARS to USD Exchange Rates (Source: Banco de la Nación Argentina) | Period | Maximum | Minimum | Average | At closing | | :--- | :--- | :--- | :--- | :--- | | **Fiscal year ended:** | | | | | | June 30, 2019 | 45.8700 | 27.1600 | 37.8373 | 42.3630 | | June 30, 2020 | 70.3600 | 41.5000 | 59.5343 | 70.3600 | | June 30, 2021 | 95.6200 | 70.4200 | 83.8081 | 95.6200 | | **Month ended:** | | | | | | October, 2021 (through Oct 26) | 99.4600 | 98.6900 | 99.0675 | 99.4600 | [Risk Factors](index=5&type=section&id=D.%20RISK%20FACTORS) - The company's business is significantly impacted by the **COVID-19 pandemic** and government responses, which have included closures of non-essential businesses like shopping malls, leading to lower rental revenue[43](index=43&type=chunk) - Operations are heavily dependent on the volatile macroeconomic and political conditions in Argentina, characterized by periods of **negative growth, high inflation, and currency depreciation**[45](index=45&type=chunk) - High inflation in Argentina remains a major challenge, with the **CPI increasing 53.8% in 2019 and 36.1% in 2020**, which could increase operating costs and negatively affect business results[46](index=46&type=chunk)[47](index=47&type=chunk) - Argentina's limited access to international capital markets and ongoing debt restructuring negotiations with the IMF may impair the company's ability to finance its operations[49](index=49&type=chunk)[50](index=50&type=chunk) - Significant fluctuations in the ARS/USD exchange rate pose a major risk, as the **Peso depreciated approximately 59% in 2019 and 40% in 2020** against the U.S. dollar[50](index=50&type=chunk) - The agricultural business is exposed to commodity price fluctuations, unpredictable weather, and potential new export taxes, which could adversely affect financial results[26](index=26&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - IRSA's real estate business faces risks from disease outbreaks like COVID-19 reducing shopping mall traffic, loss of tenants, and increased competition[26](index=26&type=chunk)[120](index=120&type=chunk) [Information on the Company](index=51&type=section&id=Item%204.%20Information%20on%20the%20Company) The company operates as a leading Latin American agricultural firm and holds a controlling interest in IRSA, a major Argentine real estate company [History and Development of the Company](index=51&type=section&id=A.%20HISTORY%20AND%20DEVELOPMENT%20OF%20THE%20COMPANY) - Cresud was incorporated in 1936 and as of June 30, 2021, holds a **62.1% equity interest in its principal subsidiary, IRSA**[196](index=196&type=chunk) - The company expanded internationally by co-founding Brasilagro in 2005, holding a **39.4% stake** as of June 30, 2021[196](index=196&type=chunk) - In fiscal year 2021, significant transactions included the sale of Carnes Pampeanas S.A. for **USD 10 million**, generating a result of ARS 732 million, and the sale of a portion of the "San Pedro" farm for **USD 8.6 million**[198](index=198&type=chunk) - The urban properties business, through IRSA CP, completed major sales in FY2021, including the entire "Bouchard 710" building for **ARS 8,791 million**[201](index=201&type=chunk) - In September 2020, the company **lost control of its Israeli subsidiary IDB Development Corporation Ltd. (IDBD)** following a court-ordered liquidation, leading to its deconsolidation[203](index=203&type=chunk)[204](index=204&type=chunk) - Subsequent to the fiscal year-end, IRSA's Board approved initiating a merger process where **IRSA will absorb its subsidiary IRSA CP** at a proposed exchange ratio of 1.40 IRSA shares for each IRSA CP share[215](index=215&type=chunk) Capital Expenditures (in millions of ARS) | Fiscal Year Ended June 30 | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total Capital Expenditures** | **4,487** | **18,567** | **31,005** | | Urban Properties and Investments | 2,692 | 16,718 | 28,170 | | Agricultural Business | 1,795 | 1,849 | 2,835 | [Business Overview](index=61&type=section&id=B.%20BUSINESS%20OVERVIEW) - Cresud operates through two primary business segments: **Agricultural Business** and **Urban Properties and Investments** (via its 62.1% stake in IRSA)[219](index=219&type=chunk)[221](index=221&type=chunk) - The Agricultural business owned **26 farms totaling 625,629 hectares** across Argentina, Brazil, Bolivia, and Paraguay as of June 30, 2021[222](index=222&type=chunk)[226](index=226&type=chunk) - The Urban Properties and Investments business, operated through IRSA, includes segments for Shopping Malls, Offices, Sales and Developments, Hotels, and International investments[224](index=224&type=chunk) - IRSA's office portfolio as of June 30, 2021, comprised **113,291 sqm of GLA** with an overall occupancy rate of **74.7%**[332](index=332&type=chunk) Consolidated Financial Highlights (in millions of ARS) | Metric | FY 2021 | FY 2020 | | :--- | :--- | :--- | | **Revenues** | 42,411 | 51,068 | | **Gain from Operation** | 9,924 | 66,743 | | **Total Assets** | 339,172 | 1,031,784 | | **Shareholders' Equity** | 105,893 | 183,475 | Agricultural Land Use (Hectares) - Fiscal Year 2021 | Activity | Hectares | | :--- | :--- | | Crops | 224,184 | | Cattle | 80,835 | | Sheep | 85,000 | | Land Reserves | 466,421 | | Own farmlands leased to third parties | 25,908 | | **Total** | **882,349** | IRSA Shopping Mall Portfolio Highlights (as of June 30, 2021) | Metric | Value | | :--- | :--- | | Number of Malls | 15 | | Total GLA (sqm) | 334,826 | | Total Tenant Sales (FY2021) | ARS 75,795 million | | Average Occupancy Rate | 89.9% | [Organizational Structure](index=111&type=section&id=C.%20ORGANIZATIONAL%20STRUCTURE) Key Subsidiaries and Ownership (as of June 30, 2021) | Subsidiary | Business | Effective Ownership | | :--- | :--- | :--- | | **IRSA Inversiones y Representaciones S.A.** | Real Estate Development & Management | 62.22% | | **Brasilagro Companhia Brasileira de Propriedades Agrícolas** | Agriculture (Brazil) | 39.44% | | **Futuros y Opciones.Com S.A.** | Agricultural Information & Brokerage | 50.10% | | **IRSA Propiedades Comerciales S.A.** | Shopping Malls, Offices | 3.36% (Direct) | [Property, Plants and Equipment](index=112&type=section&id=D.%20PROPERTY,%20PLANTS%20AND%20EQUIPMENT) - As of June 30, 2021, the company and its subsidiaries owned **26 farmlands** with a total surface area of **636,043 hectares** and a net book value of **ARS 29,977 million**[376](index=376&type=chunk)[377](index=377&type=chunk) - The company's subsidiary, Brasilagro, owned **12 farmlands** with a total area of **223,551 hectares** as of June 30, 2021, with a net book value of **ARS 22,715 million**[378](index=378&type=chunk) - The urban property portfolio, held through IRSA, includes a diverse range of assets such as office buildings, shopping malls, hotels, and significant land reserves for future development[380](index=380&type=chunk) [Operating and Financial Review and Prospects](index=115&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) Financial performance was impacted by the pandemic and hyperinflation, with decreased revenue and operating profit, while liquidity is managed through asset sales and debt [Consolidated Operating Results](index=115&type=section&id=A.%20CONSOLIDATED%20OPERATING%20RESULTS) - The company's financial statements are prepared in accordance with IFRS and are adjusted for hyperinflation as per **IAS 29**, affecting the comparability of financial data[386](index=386&type=chunk) - The **COVID-19 pandemic severely impacted urban properties** in FY2021, with shopping malls and hotels closed for most of the year, while agricultural activities continued normally[386](index=386&type=chunk)[408](index=408&type=chunk) - **Total revenues decreased by 17.0%** in FY2021 vs. FY2020, driven by a significant drop in the Urban Properties and Investment Business[434](index=434&type=chunk) - **Operating profit decreased by 85.1%** in FY2021, from ARS 66,743 million to ARS 9,924 million, primarily due to a swing from a large gain to a loss on fair value adjustments of investment properties[450](index=450&type=chunk)[469](index=469&type=chunk) - Net financial results improved significantly from a loss of ARS 30,733 million in FY2020 to a **profit of ARS 6,232 million in FY2021**, driven by gains on foreign exchange differences[478](index=478&type=chunk) Selected Consolidated Financial Data (in millions of ARS) | For the fiscal year ended June 30, | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Revenues** | 42,411 | 51,068 | 47,529 | | **Gross profit** | 22,456 | 22,257 | 23,982 | | **Profit/(loss) from operations** | 9,924 | 66,743 | (41,710) | | **(Loss)/profit for the year** | (24,502) | 30,042 | (61,177) | | **Total comprehensive (loss)/income** | (35,876) | 47,190 | (62,385) | [Liquidity and Capital Resources](index=174&type=section&id=B.%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) - The company's primary sources of liquidity are cash from operations, asset sales, and debt issuance; as of June 30, 2021, the company had a **negative working capital of ARS 446 million**[554](index=554&type=chunk)[555](index=555&type=chunk) - As of June 30, 2021, **total borrowings amounted to ARS 118,668 million**, with ARS 43,275 million due within one year[570](index=570&type=chunk) - The company is subject to Argentine Central Bank regulations that **restrict access to the foreign exchange market for debt repayment**, requiring companies to refinance at least 60% of principal maturities[593](index=593&type=chunk)[601](index=601&type=chunk) Consolidated Cash Flow Summary (in millions of ARS) | For the fiscal year ended June 30, | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 8,886 | 53,672 | 38,368 | | Net cash generated from investing activities | 73,657 | 60,547 | 15,849 | | Net cash used in financing activities | (54,165) | (109,082) | (38,654) | | **Net increase in cash and cash equivalents** | **28,378** | **5,137** | **15,563** | [Trend Information](index=191&type=section&id=D.%20TREND%20INFORMATION) - The global economic outlook is a two-track recovery, with **global GDP projected to grow 6.0% in 2021 and 4.9% in 2022**[606](index=606&type=chunk) - In Argentina, the economic context remains challenging, but **shopping mall sales showed a significant recovery in June 2021**, increasing 448.8% compared to June 2020[608](index=608&type=chunk) - The Argentine agricultural sector outlook is influenced by government policies like export taxes, with the **2021/22 corn planting projected at a record 7.1 million hectares**[611](index=611&type=chunk) - The Buenos Aires office market has seen **increased vacancy (15.7% for Class A)** and lower rental values due to the shift to remote work[612](index=612&type=chunk) [Critical Accounting Estimates](index=194&type=section&id=E.%20Critical%20Accounting%20Estimates) - The company makes significant accounting estimates that affect reported financial figures, with key areas of judgment including asset valuations[613](index=613&type=chunk) - **Valuation of investment properties at fair value** relies on external appraisers and is sensitive to assumptions about future revenues and discount rates[614](index=614&type=chunk)[615](index=615&type=chunk) - **Assessment of recoverable amounts for cash-generating units and goodwill** involves estimating future cash flows and appropriate discount rates[614](index=614&type=chunk) - **Valuation of biological assets** depends on assumptions about yields, production costs, sales prices, and discount rates[615](index=615&type=chunk) [Directors, Senior Management and Employees](index=197&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) The company's governance is led by Chairman Eduardo S. Elsztain, with details on board composition, executive compensation, and employee statistics [Directors and Senior Management](index=197&type=section&id=A.%20DIRECTORS%20AND%20SENIOR%20MANAGEMENT) - The Board of Directors is composed of ten regular and seven alternate directors, with key figures including **Eduardo S. Elsztain (Chairman)** and **Alejandro G. Elsztain (CEO)**[622](index=622&type=chunk) - **Significant family relationships exist among board members**, with the Chairman, his wife, two sons, brother, and cousin all holding director or alternate director positions[624](index=624&type=chunk) - The company's day-to-day business is managed by an **Executive Committee** composed of Eduardo S. Elsztain, Saúl Zang, Alejandro Elsztain, and Fernando A. Elsztain[632](index=632&type=chunk) [Compensation](index=203&type=section&id=B.%20COMPENSATION) - The company has a defined contribution capitalization plan for its management team, with a company contribution expense of **ARS 44 million for FY2021**[639](index=639&type=chunk) - A long-term incentive plan based on shares was approved in 2019 for directors, management, and employees, allowing for a capital increase of up to **1% of capital stock**, though it has not been executed[646](index=646&type=chunk) Compensation for Fiscal Year 2021 (in millions of ARS) | Group | Approved Compensation | | :--- | :--- | | Board of Directors | 93.1 | | Supervisory Committee | 2.4 | | Senior Management | 31.0 | [Employees](index=207&type=section&id=D.%20EMPLOYEES) Number of Employees by Year | As of June 30, | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total Employees** | **2,544** | **3,197** | **3,377** | | Agricultural Business | 964 | 1,397 | 1,360 | | Urban Business (Sales, Malls, Hotels) | 1,281 | 1,508 | 1,716 | [Share Ownership](index=208&type=section&id=E.%20SHARE%20OWNERSHIP) - As of August 31, 2021, Chairman **Eduardo S. Elsztain was the beneficial owner of 36.51%** of the company's shares[654](index=654&type=chunk)[657](index=657&type=chunk) [Major Shareholders and Related Party Transactions](index=209&type=section&id=Item%207.%20Major%20shareholders%20and%20related%20party%20transactions) Chairman Eduardo S. Elsztain holds significant control with 36.51% beneficial ownership, and the company engages in numerous related party transactions [Major Shareholders](index=209&type=section&id=A.%20MAJOR%20SHAREHOLDERS) - As of June 30, 2021, **82.07% of the company's outstanding shares were held in the United States** in the form of Global Depositary Shares (GDSs)[689](index=689&type=chunk) Major Shareholder Ownership (as of August 31, 2021) | Shareholder | Share Percentage | Fully Diluted Percentage | | :--- | :--- | :--- | | Eduardo Sergio Elsztain | 36.51% | 36.84% | | ANSES | 3.95% | 3.96% | | Directors and officers (group) | 3.72% | 4.03% | [Related Party Transactions](index=211&type=section&id=B.%20RELATED%20PARTY%20TRANSACTIONS) - The company engages in numerous transactions with related parties, including leasing office space from its subsidiary IRSA CP and leasing mall stores to affiliates[658](index=658&type=chunk)[659](index=659&type=chunk) - A **Master Agreement for the Exchange of Corporate Services** exists between Cresud, IRSA, and IRSA CP to optimize operational efficiencies[660](index=660&type=chunk) - Cresud has a consulting agreement with **Consultores Asset Management**, a firm controlled by the Chairman and Vice-Chairman, with a fee equal to **10% of Cresud's after-tax net income**[670](index=670&type=chunk) - In December 2020, Cresud agreed to sell its Bolivian subsidiaries to its controlled company **Brasilagro for approximately USD 30 million**[667](index=667&type=chunk) [Financial Information](index=215&type=section&id=Item%208.%20Financial%20Information) The company faces several significant legal proceedings and adheres to a dividend policy governed by Argentine law and shareholder approval [Audited Consolidated Statements and Other Financial Information](index=215&type=section&id=A.%20AUDITED%20CONSOLIDATED%20STATEMENTS%20AND%20OTHER%20FINANCIAL%20INFORMATION) - A notable legal case involves a lawsuit from Exagrind S.A. for damages from a fire, where a court has ordered Cresud to pay damages of an undetermined amount[674](index=674&type=chunk)[675](index=675&type=chunk) - Cresud is in a dispute with the Province of Salta over fees, leading to seizures of the company's bank accounts totaling over **ARS 126 million**, with an estimated contingency of **ARS 221 million**[676](index=676&type=chunk) - IRSA's subsidiary, Puerto Retiro S.A., is involved in litigation where a court ordered the confiscation of its main property, leading to a **100% impairment** on the property's book value[677](index=677&type=chunk)[678](index=678&type=chunk)[679](index=679&type=chunk) - The company's dividend policy allows payments from net realized profits, subject to shareholder approval and allocation to a **legal reserve of 5% of net profits**[687](index=687&type=chunk)[711](index=711&type=chunk) [The Offer and Listing](index=222&type=section&id=Item%209.%20The%20Offer%20and%20Listing) The company's securities trade on ByMA (CRES) and NASDAQ (CRESY), with a recent public offering raising USD 42.5 million - In February-March 2021, the company conducted a public offering of 90 million shares and 90 million warrants, **raising USD 42.5 million**[688](index=688&type=chunk) - The company's common shares are listed on the **Bolsas y Mercados Argentinos (ByMA)** under the symbol "CRES", and its ADRs are listed on the **NASDAQ Global Market** under "CRESY"[689](index=689&type=chunk)[690](index=690&type=chunk) - The Argentine securities market is regulated by the Comisión Nacional de Valores (CNV) and is noted to have **substantially more volatility** than markets in the United States[691](index=691&type=chunk)[699](index=699&type=chunk) [Additional Information](index=226&type=section&id=Item%2010.%20Additional%20Information) Corporate governance is defined by company bylaws and Argentine law, covering shareholder rights, capital increases, and public takeover bid regulations - The company's purpose includes commercial, real estate, financial, and agricultural activities, with shareholder liability limited to their equity interest[702](index=702&type=chunk)[703](index=703&type=chunk) - In a capital increase, existing shareholders have **preemptive rights** to subscribe to new shares in proportion to their holdings[707](index=707&type=chunk) - Argentine law requires a **mandatory public acquisition offer (takeover bid)** when an individual or group acquires a controlling stake of 50% or more of voting rights[718](index=718&type=chunk) - A **voluntary withdrawal from the public offering regime** requires the company to launch a public offer to acquire all its outstanding shares[720](index=720&type=chunk)

1 CRESUD IQ 2021 Conference Call November 20, 2020 Hosted by: • Alejandro Elsztain, CEO • Carlos Blousson, General Manager of Argentina & Bolivia • Matias Gaivironsky, CFO MAIN EVENTS FOR IQ 2021 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|------------------------------------------------|------------|------------------------------------------------|------------|----------|-------|---------------------------------------------------------------------------------------------------- ...