CRESY Cresud S A C I F y A

BUENOS AIRES, Argentina, Sept. 9, 2011 /PRNewswire/ -- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for Fiscal Year 2011 Ended June 30, 2011

• Revenues and EBITDA from the rental segments increased 24% and 31%, respectively, during fiscal year 2011, accounting for 72% of total Revenues and 86% of the total EBITDA.
• IRSA's revenues increased 9% to Ps. 1,441.9 million, and EBITDA grew 9% to Ps. 760.1 million during the last fiscal year.
• During this fiscal year we consummated the purchase of 29.6% of APSA from our main shareholder, Parque Arauco: at present we control 94.9% of the leading company in the Argentine shopping center industry.
• The Shopping Center segment has continued to show a solid performance, with a 30% growth in Revenues, EBITDA/Sales margins in the whereabouts of 77% and occupancy levels above 97%.
• Since July 1, 2010, APSA has been operating "Soleil Factory", its twelfth shopping center, improving invoicing and occupancy levels. An optimization plan is being developed, which will be rolled out in the next fiscal year.
• APSA purchased 50% of the company Nuevo Puerto Santa Fe, which is licensee of the "La Ribera" shopping center located in the City of Santa Fe. This marks APSA's thirteenth shopping center under operation.
• As concerns the office segment, we have started to develop a new premium building in the district of Catalinas, and we purchased a 160,000 sqm plot of land in the district of San Martin, Buenos Aires, that was owned by Nobleza Picardo, intended for commercial use.
• Net income was Ps. 282.1 million compared to Ps. 334.5 million in fiscal year 2010, due to higher financial burdens and a lower contribution of income from Banco Hipotecario S.A.
• On July 20, 2010, we issued fixed-rate negotiable obligations due in 2020 for a total principal amount of USD 150.0 million, accruing interest at a rate of 11.5% per annum, and repayable in a single payment in 2020. In this way, IRSA reopened the long-term debt market for Argentine companies after the international financial crisis.
• During this fiscal year IRSA distributed dividends for Ps. 120 million (Ps. 0.207 per share or Ps. 2.07 per ADR).
• Our Board of Directors has called a General Shareholders' Meeting for May 26 and has adopted the position to reopen Alto Palermo S.A.'s capital adopted at the Shareholders' Meeting of such company. In addition, a dividend payment of Ps. 100 million (Ps. 0.173 or 1.73 per ADR) was approved

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country.

A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION IS AVAILABLE ON THE WEB SITE: WWW.IRSA.COM.AR

IRSA cordially invites you to participate in its Fiscal Year 2011 Results Conference Call on Thursday, September 15, 2011 at 11:00 a.m. Eastern Time

To participate, please call:

888 – 734 - 0544 If you are in the US or

+1 - 706 - 758 - 3363 for international calls

To access the webcast, click on the link below:

http://webcast.mz-ir.com/publico.aspx?codplataforma=3113

SOURCE IRSA Inversiones y Representaciones Sociedad Anonima