<SEC-DOCUMENT>0001654954-19-005768.txt : 20190513
<SEC-HEADER>0001654954-19-005768.hdr.sgml : 20190513
<ACCEPTANCE-DATETIME>20190513150158
ACCESSION NUMBER:		0001654954-19-005768
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190513
FILED AS OF DATE:		20190513
DATE AS OF CHANGE:		20190513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRESUD INC
		CENTRAL INDEX KEY:			0001034957
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-29190
		FILM NUMBER:		19818054

	BUSINESS ADDRESS:	
		STREET 1:		MORENO 877
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1091AAQ
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		MORENO 877
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1091AAQ
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>ARTICLE 63 IIIQ19
<TEXT>
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<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Washington,
D.C.&#xA0;&#xA0;20549</font></font></font></div>
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<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;<font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">FORM
6-K</font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;REPORT
OF FOREIGN ISSUER</font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">PURSUANT
TO RULE 13a-16 OR 15b-16 OF</font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">THE
SECURITIES EXCHANGE ACT OF 1934</font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the month of May, 2019</font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;<font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">Cresud
Sociedad An&#xF3;nima, Comercial,
Inmobiliaria,</font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold"><font style="font-size: 24px">Financiera y
Agropecuaria</font></font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
(Exact name of Registrant as specified in its
charter)</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">Cresud&#xA0;Inc.</font></font></font></div>
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<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
(Translation of registrant&#xB4;s name into
English)</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Republic
of Argentina</font></font></font></div>
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<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
(Jurisdiction of incorporation or organization)</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Moreno
877</font></font></font></div>
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<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(C1091AAQ)</font></font></font></div>
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<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buenos
Aires, Argentina</font></font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">&#xA0;(</font>Address of principal
executive offices)</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;Form 20-F&#xA0;&#x2327;<font id="TAB2" style="letter-spacing: 3pt; color: black">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>Form
40-F&#xA0;&#xA0;&#x2610;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font id="TAB1" style="margin-left: 96px">&#xA0;</font>Indicate by
check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; line-height: 1; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
Yes&#xA0;o<font id="TAB2" style="letter-spacing: 3pt; color: black">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>No
x</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; margin-bottom: 6px; height: 2px; background-color: #ffffff"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CRESUD
S.A.C.I.F. and A.</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(THE
&#x201C;COMPANY&#x201D;)</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal; background-color: #ffffff"><font style="font-style: normal; font-weight: normal; font-size: medium; font-family: Times New Roman">
<font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">REPORT
ON FORM 6-K</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font><font style="font-size: 13px; font-family: Times New Roman"><br></font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px"><font style="font-size: 13px; font-family: Times New Roman">Attached is the
English translation&#xA0;of the letter filed with the <font style="font-style: italic">Comision Nacional de Valores</font> and
<font style="font-style: italic">Bolsa de Comercio de Buenos
Aires</font> on May 13, 2019.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div id="pgbrk" style="margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">By letter dated May 13, 2019,&#xA0;
the</font></font> <font style="color: #000000; font-size: 13px; font-family: Times New Roman"><font style="color: #212121">
company reported</font></font></font> <font style="text-align: left; color: #000; font-style: normal; font-weight: normal; letter-spacing: normal; text-indent: 48px; text-transform: none; white-space: normal; font-size: 13px; font-family: Times New Roman">that in compliance with Section 63 of the Regulations
issued by the Buenos Aires Stock Exchange, this is to report the
following information:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;text-align: left; width: 100%;">
<tr>
<td style="vertical-align: middle; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
1. Results of the period<br></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
in million ARS</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2019</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2018</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Results of the period (three-month period)<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(9,794)</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
10,468<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
Attributable to:</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Shareholders
of the controlling company<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(6,795)</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,562<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Non-controlling
interest<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(2,999)<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,906<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2. Other integral results of the period<br></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
in million ARS</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2019</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2018</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Other integral results of the period<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
5,900<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(4,928)<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
Attributable to:</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Shareholders
of the controlling company<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,145<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(1,791)<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>Non-controlling interest<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,755<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(3,137)<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
3. Total integral results of the period<br></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
in million ARS</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2019</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2018</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Total integral results of the period<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(3,894)</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
5,540<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
Attributable to:</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Shareholders
of the controlling company<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(5,650)</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,771<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>Non-controlling interest<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,756<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,769<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
4. Equity details<br></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
in million ARS</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2019</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2018</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Share
Capital<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">494<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">495<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Treasury
shares<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Change
in capital stock and treasury shares</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,082<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,082</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Additional
paid-in capital<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,779</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,779</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Premium
for trading of treasury shares</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">59<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">59<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Legal
Reserve</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">238<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">238<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Special
Reserve (Resolution CNV 609/12)<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,315</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,315</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cost
of treasury share</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(782)<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(371)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Changes in
non-controlling interest</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(1,616)<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(909)<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">
Revaluation Surplus</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">494<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Conversion
reserve<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,170<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,933<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Reserve
for stocks-based payments<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; 110<font style="color: #000000; font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="color: #000000; font-size: 13px; font-family: Times New Roman">286<br>
</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>Reserve for new project<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">22,399<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,527<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>Reserve for defined benefit
plans<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(117)<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; -<font style="color: #000000; font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>Other comprehensive subsidiary
results<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">233<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(29)<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>Other subsidiary reserves<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">39</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>Reserve for purchase of securities issued by the
company<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">55<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">55<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>Retained earnings<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(15,501)<br>
</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">12,816</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Shareholders&#x2019; Equity attributable to controlling
company&#x2019;s shareholders</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
27,459</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
34,292</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Non-controlling
interest<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">77,365</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">67,338</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 73%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total shareholder's equity<br></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
104,824</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
101,630<br></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;text-align: left; width: 100%;">
<tr>
<td style="vertical-align: middle; width: 84%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
5. Adjustments of previous results<br></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
in million ARS</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
03/31/2019</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Change in the valuation method of investment
properties<br></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(216)<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
Attributable to:</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%; border-left: solid 1px #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Shareholders
of the controlling company</font><br>
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(134)<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Non-controlling
interest<br></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(82)<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div id="hdr" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
</div>
</div>
</div>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font> <font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
In compliance with the Article 62 Section l) 6) and 8) of the
referred Regulations, we report that as of the closing date of the
financial statements, the Company&#x2019;s capital stock was ARS
501,642,804 (including treasury shares), divided into 501,642,804
common, registered, non-endorsable shares of ARS 1 par value each
and entitled to one vote per share.</font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal"><font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal"><font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
The Company&#x2019;s principal shareholders, direct or indirectly,
are Inversiones Financieras del Sur S.A (IFISA) and Agroinvestment
S.A with 182,052,316 shares, accounting for 36.92% of the share
capital (substracted the treasury shares), belonging both companies
to the same controlling group and beneficial owner. <font style="color: #212121; font-size: 13px; font-family: Times New Roman">IFISA
is a company incorporated and domiciled at Calle 8, km 17,500,
Edificio Zonam&#xE9;rica 1, local 106, Montevideo, Uruguay and
Agroinvestment S.A is a company incorporated and domiciled at
Cambar&#xE1; 1620, 2nd floor, 202 office, Carrasco, Montevideo,
Uruguay.<br></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal"><font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000; letter-spacing: normal; white-space: normal"><font style="font-style: normal; font-weight: normal; font-size: 13px; font-family: Times New Roman">
In addition, we report that as of March 31, 2019, after deducting
Inversiones Financieras del Sur S.A. and Agroinvestment S.A&#x2019;s
interest and the treasury shares, the remaining shareholders held
311,026,680 common, registered, non-endorsable shares of ARS 1 par
value each and entitled to one vote per share, accounting for
62.00% of the issued and subscribed capital stock.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="text-align: justify; color: #000; font-style: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; display: inline !important; float: none; font-size: 13px; font-family: Times New Roman">Below are the highlights for the three-month period
ended March 31, 2019:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
<div style="text-align: left; margin-left: 24px; display: table">
<div style="text-align: left; display: table-row"></div>
</div>
<div style="text-align: left; margin-left: 24px; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Net <font style="color: #000000; font-family: Times New Roman; font-size: 13px">result
for the 9-month period of fiscal year 2019 recorded a loss of ARS
9,794 million compared to a gain of ARS 10,468 million in the same
period of the FY 2018, mainly explained by higher financial losses
due to argentine peso depreciation and lower results from changes
in the fair value of IRSA investment properties in Argentina
Business</font> Center.</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Adjusted
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">EBITDA
for the 9-month period of fiscal year 2019 grew 25.9% compared to
the same period of 2018, reaching ARS 15,775 million, of which ARS
2,468 million came from the agricultural business that recorded
higher crop production results and farmland sales and ARS 13,307
million came from the urban property and investment segment (IRSA),
whose rental segment in Argentina increased by 7.1% in
the</font>
period.</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Very good weather
conditions in the region are expected for 2019 campaign. We planted
247,900 ha and expect to develop approximately 8,500 ha in the
region.</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On <font style="color: #000000; font-family: Times New Roman; font-size: 13px">March
2019, we launched a new share repurchase plan for up to ARS 300
million. As of today, the company has repurchased 14.5% of the
program.</font></font></div>
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<font>&#xA0;</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SIGNATURES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized, in the city of
Buenos Aires, Argentina.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
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<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;text-align: left; background-color: white; margin-left: auto; margin-right: auto; width: 100%;">
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</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Cresud
Sociedad An&#xF3;nima, Comercial, Inmobiliaria, Financiera y
Agropecuaria</font></font></div>
</td>
</tr><tr>
<td style="width: 48%">
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</td>
</tr><tr>
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</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;By:</font></div>
</td>
<td style="width: 42%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;/S/ Sa&#xFA;l
Zang</font></div>
</td>
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</td>
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</td>
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</td>
<td style="width: 42%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Sa&#xFA;l
Zang</font></div>
</td>
<td style="width: 7%">
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</td>
</tr><tr>
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</td>
<td style="width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Responsible
for the Relationship with the Markets</font></div>
</td>
<td style="width: 7%">
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>May 13<font style="font-size: 13px; font-family: Times New Roman">,
2019</font></font></div>
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