| The company is an Argentine farm company. The company cultivates cash grains including wheat, corn, soybeans and sunflowers, beef cattle and diary cattle. The company has, and intends to continue to, actively acquire and lease additional agricultural properties in order to increase production and take advantage of capital appreciation opportunities. During a period of approximately two years and ending in September 1994, Consultores Asset Management S.A., formerly known as Consultores de Inversiones Bursatiles y Financieras S.A., and Argentine corporation, acquired on behalf of certain investors an aggregate of 22% of the outstanding Shares of Cresud on the Buenos Aires Stock Exchange. In September 1994, an investor group led by Consultores and including Quantum Industrial Partners LDC, whose principal investment manager is presently Soros Fund Management LLC, a private investment advisory firm of which Mr. Soros is chairman, acquired control of Cresud by purchasing and additional 51.4% of the outstanding Shares. |