By letter dated February 17, 2021, CRESUD S.A.C.I.F. y A. ("CRESUD" or "the Company"), informs that it’s granting to its common shareholders rights to subscribe for 90,000,000 new common shares, together with the right to receive 90,000,000 warrants to acquire additional common shares. Each common share held of record at 6:00 p.m. (Buenos Aires, Argentina time) on February 19, 2021 entitles its holder to one right to subscribe for common shares (“common share right”). Each common share right entitles its holder to subscribe for 0.1794105273 new common shares. Each common share right will also entitle its holder to exercise its statutory accretion rights with respect to common shares not subscribed for by other holders of common shares in the exercise of their respective preemptive rights, at the same price, and to receive free of charge, for each new common share that it purchases pursuant to this offering, one warrant to purchase one additional common share. The Bank of New York Mellon, as our ADS rights agent, will make available to holders of American Depositary Shares (“ADSs”), each of which represents 10 common shares, rights to subscribe for new ADSs (“ADS rights”), together with the right to receive warrants to acquire additional common shares. Each ADS held of record at 5:00 p.m. (New York City time) on February 19, 2021 entitles its holder to one ADS right. Each ADS right entitles its holder to subscribe for 0.1794105273 new ADSs. Each ADS right will also entitle its holder to exercise its statutory accretion rights with respect to ADSs not subscribed for by other ADS holders in the exerciseof their respective preemptive rights, at the same price, and to receive free of charge, for each new ADS that it purchases pursuant to this offering, 10 warrants, each of which will entitle such holder to purchase one additional common share. Such accretion rights shall be exercised in proportion to the number of common shares such holder has subscribed for pursuant to the exercise of its preemptive rights.