CRESUD S.A.C.I.F. y A

09-30-05 09-30-04

$ $

1- Period Result

Ordinary 10,973,080 1,035,275

Extraordinary — —

Period Profit 10,973,080 1,035,275

2- Net Assets Composition

Outstanding Shares 163,224,951 151,050,377

Treasure shares — 235,000

Subscribed Capital 163,224,951 151,285,377

Comprehensive capital

adjustment 166,218,124 166,218,124

Premium on shares 75,190,590 106,667,299

Technical Revaluations — —

Legal Reserve 7,692,591 6,087,440

Retained earnings 119,173,560 36,806,988

Total Net Assets 531,499,816 467,065,228