Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria Announces the Results of its Rights Offering

BUENOS AIRES, Argentina, March 18 /PRNewswire-FirstCall/ -- Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria (the "Company") (NASDAQ:CRESY) reported today to the Argentine Comision Nacional de Valores and to the Buenos Aires Stock Exchange that in connection with its preemptive and accretion rights offerings it received subscriptions for and indications to subscribe for, respectively, an aggregate of 180,000,000 new common shares, including common shares in the form of American Depositary Shares ("ADSs"), which was the total amount offered to shareholders and holders of ADSs. Of that amount, 169,620,045 new common shares, including common shares in the form of ADSs, or 94.2% of the shares offered, were subscribed for in connection with the preemptive rights offering. The remaining 10,379,955 common shares will be allocated on a pro-rata basis to the shareholders and holders of ADSs that exercised their accretion rights. In connection with the accretion rights, the Company received indications of interest from shareholders and holders of ADSs to subscribe for 129,911,872 new common shares, including common shares in the form of ADSs, which significantly exceeds the 10,379,955 new common shares available under the accretion rights.

Of the 180,000,000 new common shares subscribed for in the rights offering, approximately 60% were subscribed for through the Company's Argentine subscription agent and the remaining shares were subscribed for in the form of ADSs through the ADS rights agent.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Cresud:

Cresud is a leading Argentine agricultural company with a growing presence in the Brazilian agricultural sector through its investment in BrasilAgro- Companhia Brasileira de Propriedades Agricola. Cresud is currently involved in a range of activities including crop production, cattle raising and milk production. Cresud's business model, which it seeks to roll out abroad, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.

Matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties, including but not limited to the risk that the market price of the Company's common shares and ADSs could decline. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in the related Registration Statement filed by Cresud with the Securities and Exchange Commission. Cresud cautions that the foregoing factors are not exclusive. Cresud undertakes no obligation to publicly update or revise any forward-looking statement in this or any prior forward-looking statements whether as a result of new information, future developments or otherwise.

FCMN Contact: EGrinberg@cresud.com.ar

Source: Cresud

CONTACT: Cresud Investor Relations Dept., 54-11-4323-7449

Web site: http://www.cresud.com.ar/

2008-03-18 22:32:04 0315693 PRNEWSWIRE