Cresud is currently involved ina range of activities including crop production cattle raising and milkproduction

Cresud is currently involved ina range of activities including crop production, cattle raising and milkproduction. Abe Woodson retired with a defensive TD, two TD’s off punt returns, and five more off of kickoff returns. Management`s outlook for 2009 is based on the following operating assumptions:LowHighYear End Occupancy87.0 % 90.0 % Cash NOI Growth -1.5 % +1.0 % G&A Expenses $34.0M $36.0MLease Termination Income $1.0M$3.0M Gains from Land and Residential Condominium Sales$2.0M$4.0M Straight Line Rental Income$3.0M$5.0M Dispositions $50M $100M Acquisitions $0M$100M Development Starts $0M$50M Supplemental InformationA copy of the Company’s fourth quarter 2008 Supplemental Information thatincludes financial, leasing and operational statistics is available in the”Investor Relations/Quarterly Earnings” section of the Company’s Web site at. The company is part of Allianz SE, aglobal financial services group that is the 14th largest company in the worldbased on revenue (Fortune, July 2008) Allianz SE employs more than 177,000people worldwide. The fourth quarter 2008 results reflect unrealized losses on certaininterest rate derivatives of $109.7 million, compared to unrealized losses of$30.2 million for the three months ended November 30, 2007. Global WarmingAs global warming continues, weather patterns are becoming ever more unpredictable and extreme.

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