Zang, Bergel & Viñes Abogados advised Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (“Cresud”) in the (i) offer of exchange addressed to the bondholders of Series No. XXV Notes, and issuance of Series No. XXXIII Notes (“Series XXXIII”); and (ii) public offering and issuance of Series No. XXXIV Notes (“Series XXXIV” and, together with Series XXXIII, the “Notes”), issued by Cresud under its Global Notes Program (not convertible into shares) for up to USD 500,000.000 (or its equivalent in other currencies).

Pérez Alati, Grondona, Benites & Arntsen advised BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A., Banco de la Provincia de Buenos Aires, Balanz Capital Valores S.A.U., Puente Hnos. S.A., Banco Itaú Argentina S.A., Itaú Valores S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., AR Partners S.A., Bull Market Brokers S.A., SBS Trading S.A. and Industrial Valores S.A., as placement agents of the Notes (the “Placement Agents”).

It should be noted that the public offering of the Notes was carried out within the framework of the provisions of Communication “A” 7308 of the Argentine Central Bank (amending and supplementing Communications “A” 7106, “A” 7230 and “A” 7272), which restricts access to the Foreign Exchange Market to obtain U.S. dollars by imposing new conditions for the purchase of foreign currency for those who record capital maturities scheduled until December 31, 2021 for issues of debt securities with public registration in the country denominated in foreign currency. Therefore, the public offering of the Notes has been made with the purpose of refinancing the Series No. XXV Notes, as established by such communication.

On June 25, 2021, Cresud successfully completed the issuance of Series No. XXXIV Notes for a total face value of USD 35,737,138, due on June 30, 2024, at a nominal annual fixed interest rate of 6.99% (payable quarterly) and at an issuance price of 100% of face value.

Likewise, on July 5, 2021, Cresud successfully closed the exchange offer, and concreted the issuance of Series No. XXXIII Notes for a total face value of USD 18.797.690, due on July 6, 2024, at a nominal annual fixed interest rate of 6.99% (payable quarterly) and at an issuance price of 100% of face value.

The public offering of the Notes was addressed to the local market, and the Notes have been authorized for its listing on Bolsas y Mercados Argentinos S.A. and for its negotiation in the Mercado Abierto Electrónico S.A.

Counsel to CRESUD.

Zang, Bergel & Viñes Abogados acted as counsel through partner Carolina Zang, and associates Ignacio Milito Bianchi, Tomás Lipka and Sofía Capozzi.

Counsel to the Placement Agents 

Pérez Alati, Grondona, Benites & Arntsen acted as legal advisor to the placement agents through partner Diego Serrano Redonnet, and associates Guido Meirovich, Pablo Vidal Raffo and Florencia Rancati.

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