1

IIQ 2016 Conference Call February 17, 2016

Llao Llao Resort – Bariloche (Rio Negro – Argentina)

Hosted by:

Alejandro G. Elsztain, IIVP

Daniel R. Elsztain, COO

Matías I. Gaivironsky, CFO

Main Highlights for 6M 2016 – Consolidated Basis

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o On October 11, the Group took control of IDB Development Corp and started

consolidating IDBD Assets & Liabilities. Results will be consolidated next quarter IIIQ16

oRevenues from Sales, Leases & Services*: ARS 1,570 million (+24.7% vs. 6M15)

o EBITDA**: ARS 2,054 million (+15% vs. 6M15)

o Net Income: Loss of ARS 910.0 million (Loss of ARS 487 million to IRSA Shareholders)

(mainly due to a decrease in the stock price of IDBD’ Insurance company Clal, lower

financial results and higher exchange rate differences)

o We hedged part of our USD denominated debt to avoid higher losses from the currency

devaluation - Positive Results of ARS 911 million in 6M16

* Revenues from Sales, Leases & Services (does not include revenues from expenses and common advertising)

**EBITDA = Operating Result + D&A

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Financial Consolidated Results 6M16

Main Highlights for 6M 2016

*EBITDA = Operating Result + D&A excluding one shot tax expenses of the transference of assets

o EBITDA Malls 6M16: ARS 938.7 millon (+36.4% vs 6M15)

o EBITDA Offices* 6M16: ARS 87.3 million (+309.7% vs 6M15)

o Malls’ Tenant Sales increased by 39.5% in 6M16 (+32.0% same stores sales)

o Office Leases remained stable at USD/sqm 25.6 o Gain on Sale of Investment Properties for ARS 155.9 MM (5,963 sqm of Intercontinental Plaza Building)

o Additional partial sale of 851 sqm of Intercontinental Plaza in February 2016 for ARS 41.5 million. Gain of ~ ARS 19.8 million to be recognized next quarter

o Occupancy stood at high levels: 99.0% in shopping malls & 94.0% in offices o We will make a separate webcast for IRSA Commercial Properties since next quarter IIIQ16

o IRSA sold during the quarter 0.7% of IRSA Commercial Properties reducing stake from 95.90% to 95.22%

o Sales of Investment Properties for ARS 808 million generating a Gain of ARS 729 million

o Partial Sale of Catalinas Office to be built (4 floors + 44 parking lots) for ARS 180.3 million + USD 12.3 million o Investment in Banco Hipotecario (29,94% stake) generated a gain of ARS 169.8 million (+ 141% vs 6M15)

o Investment in IDBD: In October 2015, Extra Holding Limited soldits investment. IFISA was the buyer increasing stake to 31%. IRSA remained with 49% through Dolphin. Effective control since then. As a subsequent event, Dolphin signed with IFISA an option to acquire 92.6 million shares of IDBD at NIS 1.64 per share in a 2 year period + 8,5% annual interest rate

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4

Management Roadshow

CONFIDENTIAL | June 2015

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Shopping Centers: Strong Operating Figures

Shopping Centers – Occupancy %

Shopping Centers – Tenants’ Sales (Quarterly Growth Rate - %)

Stock (sqm) Occupancy

Sales (ARS) Visitors

Summary Main Figures (6M 2016)

30,5%

24,9% 26,0%

22,1% 24,1%

28,9% 26,3%

28,5% 28,6% 29,9% 30,0%

27,1%

35,6% 35,4% 34,3%

44,5%

35,7%

31,3% 30,1%

36,3%

32,5%

dic

-11

en

e-1

2

feb

-12

ma

r-1

2

ab

r-1

2

ma

y-1

2

jun

-12

jul-

12

ag

o-1

2

se

p-1

2

oct-

12

no

v-1

2

dic

-12

en

e-1

3

feb

-13

ma

r-1

3

ab

r-1

3

ma

y-1

3

jun

-13

jul-

13

ag

o-1

3

se

p-1

3

oct-

13

no

v-1

3

dic

-13

en

e-1

4

feb

-14

ma

r-1

4

ab

r-1

4

ma

y-1

4

jun

-14

jul-

14

ag

o-1

4

se

p-1

4

oct-

14

no

v-1

4

dic

-14

en

e-1

5

feb

-15

ma

r-1

5

ab

r-1

5

ma

y-1

5

jun

-15

jul-

15

ag

o-1

5

se

p-1

5

oct-

15

no

v-1

5

dic

-15

Tenant Sales Same Store Sales

96,5% 98,5% 98,7% 98,9% 99,0%

6M 15 9M 15 FY 15 3M 16 6M 16

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A+ Office Industry Outlook & IRCP main figures

September 2015

Partial Sale for ARS 324,0 mm

5,963 sqm sold

(7 floors + 56 parking lots)

USD/sqm 5,800 – 5.2% Cap Rate

Gain recognition: ARS 155.9 million

February 2016 (Subsequent Event)

Partial Sale for ARS 41.5 mm

851 sqm sold (1 floor + 8 parkings)

Gain recognition; ARS 19.8 million

(next quarter)

Remaining sqm: 6,308

A+ Office Market BA – Sale Prices (USD/sqm)

2.570

2.280

1.600

1.800

2.060 2.110

2.800

3.100

3.500

3.700 3.800

4.500

6.153

5.733 5.630

5.898

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015e

Parcial Sales of Intercontinental Plaza

Source: L.J. Ramos

Operating Figures IIQ16

Stock: 79,945 sqm

Monthly Lease (USD/sqm)

Occupancy %

25.6 94.0%

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Development of existing malls Distrito Arcos (BA City) – 2nd Phase and Alto Rosario (Santa Fe)

2nd Phase Development

o Expansion of 3,564 sqm of GLA

o Capex: ~ ARS 74 million o Development Period: (May-15 to Mar-16)

o Development Progress: 96%

o Agreements signed: 60%

o New Tenants: Farmacity, Akiabara, Wendy’s & Megatlon

UNDER DEVELOPMENT

Oct-2015: Opening of Museum FOLA – Fototeca latinoamericana

Expansion Project

o Expansion of 650 sqm of GLA

o Capex: ~ ARS 15 million

o Development Period: (Sep-15 to Mar-16)

o Development Progress: 65%

o Agreements signed: 100%

oNew Tenants: Musimundo, Kevingston & Le-Paine

UNDER DEVELOPMENT

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Capex 2017/2018: 1st Stage MIXED USE “POLO DOT” PROJECT

Adjoining DOT Plot of Land 2

Two Office Towers / hotels – 2nd Stage ~ 38,400 sqm

POLO DOT

FULL 5 YRS PROJECT

~ 66,400 leasable sqm

Adjoining DOT Plot of Land 1

(1st stage) ~ 28,000 sqm GLA

Capex: ~ USD 50 million

1st Stage

2017/2018

~ USD 50 MM

2nd Stage

2nd Stage Dot Baires Mall

Dot Building

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Capex 2017/2018: Current Malls’ Expansions

Alto Palermo Lindero Project

Food Court moving to new 3rd level

~ 4,000 sqm new GLA

Investment: ~ USD 12 million

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10

Sales of Investment Properties 6M 2016

9.5x BV

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“Dique IV” Office (Puerto Madero - BA)

“Maipú 1300” Office (Retiro – BA)

62 13 4

587

110 32

649

123 37

Profit BV

8.5x BV 7.7x BV

11,242 sqm 3,451 sqm

Isla Sirgadero Plot (Santa Fe Province)

826 ha

Total Partial Total

ARS

million

Partial Sale of Catalinas Office Building (to be built)

Solares de Santa María – Mix Uses

Laguna Carrasco - Residential

Espacio Aéreo COTO Residential

~ 35,000 sqm of GLA Green Building

30 floors, parking and amenities

• 4,896 sqm sold at ARS 180 MM + USD 12 MM

USD/smq ~ 5,000 to deliver in 4y

International Opportunistic Investments

Lisptick Building Condor Hospitality Trust (Nasdaq: CDOR) – 34% Voting Power

New Management appointed (CEO, CFO & CAO)

New Strategy: Selective hotel sales to achieve better margin & scale hotels

Renamed

New Ticker in Nasdaq: CDOR

Supertel

Hospitality Inc.

(SPPR:Nasdaq)

Condor

Hospitality Trust.

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63,7

64,7 65,3 88,9%

91,9%

95,1%

FY2014 FY2015 6M16 Rent (USD / sqm) Occupancy

Lipstick Operating Figures Leases USD/sqm & Occupancy

Urban Real Estate 15 years Appreciation International: Investment in IDBD

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Investment Highlights – 6M 2016

Investment made & Future Commitments

Ownership Structure

49.00% 19.30%

Amount

Amount invested by IRSA in Dolphin ~ USD 350 million

Obligations

Tender Offer March 2016 NIS 257 million

Tender Offer December 2016 NIS 262 million

IFISA Others

31.70%

Dolphin

On October 2015, IFISA acquired Extra’ stake

increasing to 31.7% its stake in IDBD. Dolphin

remained with 49%.

During December 2015, we agreed to pospone

the launching of the 1st tender offer to March

2016.

We have appointed an acting CEO for IDBD and

DIC and a new CFO for DIC.

During December 2015, the sale process of Clal

was cancelled

As a subsequent event, Dolphin signed with IFISA

an option to acquire 92.6 million shares of IDBD at

NIS 1.64 per share in a 2 year period + 8,5%

annual interest rate

100% Tender offer obligation recorded as of dec-

15: ARS 1,653 million

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Financial Results

IDBD Consolidation – Timeline

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o On October 11, 2015 the Group controlled by Eduardo S. Elsztain took effective

control of IDB Development Corp; and as such IRSA started consolidating IDBD as of this date.

o IRSA’s IIQ16 Financial Statements, released on February 11, 2016 consolidates IDBD

Assets and Liabilities as of the date the effective control was gained.

o IDBD Results will be consolidated on IRSA’s Financial Statements with a three month lag, starting as from the IIIQ16

June 30

2015

Annual and Last quarter Results

(Non consolidation due to lack of control)

September 30

2015 October 11

2015

December 31

2015

March 31

2016

Effective Control Assets & Liabilities

IDBD Consolidation

Results

IDBD Consolidation

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IDBD Consolidation – Financial Statement Exposure

o We divided the operations in two Business Centers: Argentina & Israel

o All the information of IRSA’s operations in Argentina will be disclosed separately from the

operations of IDBD (Israel)

IRSA Inversiones y

Representaciones Sociedad

Anónima

Argentina Business Center

IRSA Propiedades

Comerciales S.A.

Nuevas Fronteras

S.A.

Llao Llao Resorts

S.A.

New Lipstick LLC

(i)

Condor

Hospitality

Trust (i)

Banco

Hipotecario

S.A. (i)

Israel Business Center

IDB Development

Corporation Ltd.

IDB Group

Investment Inc.

IDB Tourism

(2009) Ltd.

Discount

Investment

Corporation Ltd.

CLAL Insurance

Enterprices Ltd. (i)

Property & Building

Corp. Shufersal Ltd.

Adama

Agricultural

Solutions Ltd. (i)

Cellcom Israel

Ltd.

Elron Electronic

Industries Ltd.

(i) Companies not consolidated (registered as equity investees)

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IDBD Consolidation: Segment information

o Segments of IRSA will look separately as follows…

Segments of IRSA’s operations from

Argentina looks the same than before

consolidation

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Office

and Others

Sales &

Development

International

Shopping

Centers

ARGENTINA Business Center

Hotels

Financial &

Others

Supermarkets

Agrochemicals

Insurance

Real Estate

ISRAEL Business Center

Telecommunications

Others

IRSA’s Consolidated Balance Sheet IIQ 2016

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Solares de Santa María – Mix Uses

Assets (BV)

En A

RS B

n

Debt (IBL)

~13x ~ 17x

IDBD debt non

recourse to IRSA

Assets Liabilities

o Research Analysts’ NAV Calculation states that IDBD investment represents ~ 10% of IRSA’s

Assets at Market Value and agrees that this consolidation is just an accounting matter

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129

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122

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Financial Overview

•EBITDA = Operating Income + D&A, excluding transference of assets taxes

In November IRSA CP distributed dividends for a total amount of ARS 283 million (div yield 2.4%)

Revenues by Segment (ARS million)

EBITDA* & EBITDA Mg by Segment ARS million

EBITDA Breakdown - %

+37,7% +370,7% +36,4% +309,9%

Shoppings* Offices*

IIQ 16 78.7% 77.6%

IIQ 15 79.4% 89.1%

var YoY -0.7 pp -11.5pp

EBITDA Margin by Segment - %

866.6

23.9

1,193.5

112.5

Shopping Centers Offices

6M15 6M16

688.1

21.3

938.7

87.3

Shopping Centers Offices

6M15 6M16

81,3%

7,6%

11,2% 0,0%

Shopping Centers

Offices

S&D

Financial and others

Consolidated Operating Income by Segment 6M16

21

187

89

6M15 6M16

774,0

937,0

6M 15 6M 16

Rental Segment (ARS million)

Sales & Development (ARS million)

+47% +21%

Financial & Others (ARS million)

-52%

635,0

933,0

6M 15 6M 16

1,586

-681 -479 -379

47

1,948

-398

-2,224

-236

-910

Operating Income Results of associates and joint ventures

Net Financial Results Income Tax Net Result

6M 15 6M 16

Consolidated Financial Results 6M 2016

Consolidated Financial Results (ARS million)

-487

-423 Non-controling intereset

Controlling shareholders

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Net Financial Results

Main Effects – 6M 2016 6M16

+43,5%

6M15 +5,1%

Exchange Rate Evolution (ARS/USD)

Net FX Losses: ARS 397.6 MM

FV of CLAL: Loss of ARS 797.5 MM

Other FV of financial assets: Loss of ARS 178.5 MM

Net Financial Costs: Loss of ARS 453.3 MM

Change in valuation method of IDBD and tender offers: Loss of ARS 389 MM

FX Losses: ARS 1,620 MM

Hedge Gain: ARS 911 MM

FX Gain: ARS 311 MM

Net FX Losses: ARS 397.6 MM

IRSA’s consolidated debt as of December 31, 2015

IRSA Commercial Properties Stand Alone

IRSA Stand Alone Debt amortization schedule USD million

USD million

USD million

Debt: USD 406.5 MM Cash & Equivalents: USD 155.9 MM Debt Repurchase: USD 1.7 MM Net Debt: USD 248.9 MM Net Debt/EBITDA*: 1.1x

Debt: USD 109.9 MM + USD 300 MM (Bonds) Cash & Equivalents: USD 62.6 MM IRSA CP credit for USD 240.0 MM Debt Repurchase: USD 3.5 MM Net Debt: USD 103.8 MM

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Debt amortization schedule

150,0

90,0

2016 2017 2018 2019 2020

108,8

1,1

60,0

150,0

90,0

2016 2017 2018 2019 2020

Cautionary Statement

Investing in all equities, including natural resources and real estate-related equities, carries risks which should be taken into consideration when making an investment.

This institutional presentation contains statements that constitute forward-looking statements, in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our

future operating performance. You should be aware that any such forward looking statements are no guarantees of future performance and may involve risks and uncertainties, and that actual results may differ materially and adversely from those set forth in this presentation. We undertake no obligation to release publicly any revisions to such forward-looking statements to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in the companies’ Forms 20-F for Fiscal Year 2015 ended June 30, 2015,

which are available for you in our web sites.

ALEJANDRO ELSZTAIN – II VP

MATÍAS GAIVIRONSKY– CFO

Tel +(54 11) 4323 7449

Corporate Offices

Intercontinental Plaza Moreno 877 24° Floor

Tel +(54 11) 4323 7400

Fax +(54 11) 4323 7480

C1091AAQ – City of Buenos Aires – Argentina

Independent Auditors PricewaterhouseCoopers Argentina

Tel +(54 11) 4850 0000

Bouchard 557 7º

C1106ABG – City of Buenos Aires

Argentina

NYSE Symbol: IRS

BASE Symbol: IRSA

www.irsa.com.ar

Contact Information

Follow us on Twitter

@irsair