1

BCP SecuritiesFixed Income Conference

Buenos AiresOctober 24, 2019

Leading commercial real

estate company in Argentina

Best-in-Class Operator

Shopping Malls

95% occupancy

74% EBITDA Mg

High brand recognition & customer loyalty

Valuable customers information & technology

innovation

110 mnAnnual Mall visitors

2.5xArgentina’s population

15 Shopping Malls

332k sqm GLA

67% Market Share BA City

8 Office Buildings

115k sqm GLA

11% Market Share A+ BA

City

Unique Portfolio of Prime Commercial Real Estate

Offices

88% occupancy

82% EBITDA Mg

BEST

Real Estate

Company

Top of mindShopping Malls 2

82.3%

Rental properties’ resilient revenue model

Parking

Non Traditional Advertising

StandsBase rent

51,9%

Percentage rent

20,9%

Admission rights12,3%

Other14,9%

• 3-year average term for office

lease contracts

• US Dollar based

• Rental rates for renewed

terms are negotiated at

market

Base Rent

% Sales

% Sales

% Sales

Year 1 Year 2 Year 3

ARS linked to

inflation

Brokerage fee~5x monthly base rent

“Key money”

admission rights~8x monthly base rent

In advance

US$ US$ US$

Year 1 Year 2 Year 3

Shopping Malls

OfficesRevenue from leases

Revenue from leases Other revenues Rent revenue breakdown

International75%

Local25%

Tenants breakdown

3

21,2%18,3% 19,5%

18,3%

22,3% 22,7%

27,3%28,7%

24,4% 24,7%

29,6%

35,1%

-14,5% -14,1%

-2,9% -2,1%

2,8%-0,1%

1,6% 1,2%

-8,1%

-15,5%-14,7%

-13,5%

IQ 17 IIQ 17 IIIQ 17 IVQ 17 IQ 18 IIQ 18 IIIQ 18 IVQ 18 IQ 19 IIQ 19 IIIQ 19 IVQ 19

Nominal terms Real terms

341,289 344,025332,150

99% 99%

95%

FY17 FY18 FY19

Same Shopping Malls’ Sales

(% Var i.a.)

Shopping Malls Operating Figures

4

Shopping Malls – Sqm GLA (Th.) & Occupancy (%)

Mainly due to 12,600 sqm vacancy generated by Walmart in DOT Baires

Shopping

end of concession

Excluding this effect, IVQ 19 occupancy would have been

98.5%

Excluding

IVQ19Nominal Terms: 36.6%

Real Terms: -12.5%Movie

theatres

-5%

43%

15%

40%

21%

43%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

-18%

36%

11%

17%

34%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Inflation + GDP(%)

Shopping Malls historical figures evolution

Source: Indec

Occupancy (%)

5

Tenants sales growth(ARS/sqm)*

* Excluding DOT Baires

Shopping Malls historical sales in USD(as of June 30)

2.515

6.333

2.500

4.961

4.150

8.148

7.465 7.469

6.998

6.429

4.345

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Tenants sales(USD/sqm)

10% AR$ depreciation

0.1% real GDP growth

31% AR$ depreciation

0.5% real GDP growth 60% AR$

depreciation(2.3%) real GDP

contraction

~100% AR$ depreciation

241% AR$ depreciation

(10.9%) real GDP contraction

84,110 83,213

115,378 115,378

30,000

145,378

FY17 FY18 FY19 FY20E

7

Offices - Stock (sqm GLA)

- 1.1%

+26.0%

Zetta Building

200 Della Paolera

1 floor Intercontinental

+38.7%

6.8%Mkt share

A+

6.4%Mkt share

A+

10.4%Mkt share

A+

15.1%Mkt share*

A+

AAA & A83%

B17% Suipacha 664 (B)

Philips Building (B)

Zetta Building (AAA)

Dot Building (A)República(AAA)

Intercontinental(A) – 3 floors remaining

Boston Tower(AAA)

Bouchard 710(AAA)

Office BuildingsOperating Figures

OFFICE

Offices – Current portfolio by class

* According to A+ stock projected for FY20 by L.J.Ramos

98,5% 100,0% 98,5%96,2% 97,2%

96,7% 90,7%

51,5%

79,6%

45,0%

June 30, 2015 June 30, 2016 June 30, 2017 June 30, 2018 June 30, 2019

94%

93% 92% 89%

88%

6%

7%8%

11%

12%

27.870

23.049 23.846 23.507

27.210

FY 15 FY 16 FY 17 FY 18 FY 19

A+ & A

Office BuildingsOperating Figures

8

OFFICE

Revenues by Class (USD Th.)

B

Occupancy by Class

USD/sqm/mth

17.1

27.3

26.4

B

A+ & A

ZETTA BUILDING

OPENING32,000

GLA sqm

May 2019 Opening date

USD 60mmInvestment

USD 9mmEst. EBITDA

15%Cap Rate

80%

20%

9

ZETTA BUILDING - INTERIOR

11

Dot Baires Shopping

Zetta Building

Giga Building(planning status)

Exa Building(planning status)

Philips Building(future recycling)

Dot Building

Dot Connection(planning status)

Coca Cola Building

Panamerican Plaza

Intecons Building

200

DELLA PAOLERAUnder development

35,000 GLA sqm

87%IRCP stake

68%Works Progress

IVQ FY20 Est. Opening date

USD 90mmEst. Investment

USD 10-12mmEst. Estabilized EBITDA

12%Cap Rate

12

2.450

710

4.500 5.000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: L.J. Ramos – Colliers

Active portfolio management

Yacht V & VI

Bouchard 710

República

Boston Tower

Bouchard Plaza

Rulero

Rulero

Maipú

Intercontinental

Maipú

Intercontinental

A+ Offices pricesUSD/sqm

Dique IV

Avg IRR: ~ 10-20%

Flight to quality

Zetta BuildingRecently opened

CatalinasCurrently under development

Bouchard Plaza

Real Estate Acquisitions & Sales Track Record

Capital control period

14Source: Reporte inmobiliario

3.050

3.420 3.405

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Residential prices(USD/sqm – Recoleta)

Mortgages/GDP

Protective way of saving

Real Estate prices’ increase despite no mortgages

62

70

56

64

75 77

67 68

5456

61 61

72 7173

69

52

6264

47

3634

37

45

64

56

30

7 10

12

8

5 4 4 6

16

13

3

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E

Deeds Mortgages

City of Buenos Aires – Residential market statistics

1993 – 2019: Number of signed deeds 2009 – 2019: Number of mortgages granted(thousands)

Nov-11 to Dec-15Capital controls period

Mar-16Launch of UVA mortgage loans

May-18Devaluation

Aug/Sep-19Devaluation &

Capital controls

Source: Colegio de Escribanos de la Ciudad de Buenos Aires

2001 -2002Crisis

29.9%82.3%

VP 18.9% Dolphin 49.0%

HOTELS

SANTA MARÍA & OTHER

LANDBANK INTERNATIONAL

SHOPPINGMALLS

OFFICEBUILDINGS

COMMERCIAL LANDBANK

100.0% 82.3%

62.4%

IRSA: Leading Real Estate Company in Argentina

16

▪ Leading real estate company in Argentina with opportunistic

assets abroad.

▪ Majority shareholder of IRSA Propiedades Comerciales,

leading commercial real estate company in Argentina with

~447,000 sqm of GLA located in premium locations.

LibertadorBA city

IntercontinentalBA city

Llao Llao ResortBariloche city

Argentina Business Center - Hotels

152 191 197

67,3% 70,1% 65,2%

IVQ17 IVQ18 IVQ19

Rate USD/room & Occupancy evolution

71

588

FY18 FY19

EBITDA (ARS MM)

+ 728%

On Feb-19, IRSA acquired 20% of the shares of HotelesArgentinos S.A., owner of the

hotel formerly known as Sheraton Liberatdor

Current stake: 100%17

US Investments

Leases (USD MM) & Occupancy NOI (USD MM)

Lipstick Building US Hospitality REIT (NYSE: CDOR)

Under sale processMain events FY19:

• Debt refinance from USD 53 to USD 11 MM maturing in April 2021.

• In June 2019, a deposit “escrow” agreement was signed for USD 5.1mm to get an option to acquire a controlling position on a fraction of the land where Lipstick is built. The option expired on August 30th and the owner is entitled to collect the deposit.

• The company will continue negotiations trying to obtain funding sources that allow us to execute the purchase.

Main future challenges:

• Keep working on its capital structure• Main tenant replacement in FY 2021.

69 78 77

95% 97% 97%

FY17 FY18 FY19

26 27 27.4

FY17 FY18 FY19

On July 2019, Condor signed an agreement and merge plan with a non-related company.

IRSA will collect its position in common and preferred shares according the following conditions:

• Ordinary share price: USD 11.10

• Preferred E convertible share price: USD 10.00

The transaction is expected to be concluded between October and December 2019.

IRSA will collect approximately USD 29 million.

8,11

10,97

1/3/2019 1/4/2019 1/5/2019 1/6/2019 1/7/2019 1/8/2019

CONDOR price evolution

Agreement date

ImmediateMarket reaction

+35%

18

IRR (USD):7.2%

Israel Business CenterCurrent Corporate Structure

100% 82.3%

Indirectly*

68.8%100% 15.3%**20.2% 47.0% 68.8% 61.1% 26.0%

45.4% 35.0%

* There is a nonrecourse intercompany loan between Dolphin (borrower) and IDB (lender) due to the transference of DIC shares. This loan is guaranteed with DIC shares sold.** Direct stake.

Energy Tourism InsuranceFinancial

InvestmentsTelecommunications

Agriculture Rental Properties

Real Estate Technology Supermarket

Requirement: reduce one more layer of public companies before

December 2019

To be defined before

December 2019

19

Concentration Law Resolution:

▪ Disposal of 16.7% of Gav-Yam sharesAccounting deconsolidation and loss of control

▪ Privatize ISPRO public debt

100%

Senior Management:

▪ New CEO appointed

+ 20% through swap transactions.

PBC (67.5% DIC stake) & Gav Yam (35% PBC stake)

Leading Real Estate companies in Israel

Office & hi-tech parkCommercial & RetailIndustrial & LogisticsProperties under constructionResidentialLand reserves

HSBC Building - Manhattan

Matam Park - Haifa

Herzeliva North

Tivoli - Las Vegas

1,160,000 sqmin Israel

97%occupancy

670,000 sqmLand reserve

142,000 sqmin USA

Market CapUSD 523 MM

USD 1,010MM 20

Real Estate projects under development in Israel

The New Haifa Bay – Logistic CenterOpening during 2H FY 2019

TOHA: 95% already leased. Opening during 2H FY 2019

NEGEV: 3 of 4 buildings finished

MATAM-YAM: Recently finished Amazon main tenant

8 Projects

194,000 sqm

REHOVOT: 3 of 4 buildings finished

21

22

20,0%

34,8%

45,2%25,0%

29,8%

45,2%54,8%

45,2%

Original stake

Jun-18

4 sales of 5% each through swap

transactions during FY 18

1 additional sale of 5% through swap

transaction

Aug-18

24,0%

20,3%55,7%

In May, 2 private investors bought ~10%,

and one of them received an option to

buy another 3%

Additional option given to a 3rd investor to buy

3-5%.

Jun-19

Economic rights 54.8% 54.8% 54.8% 44.3%

20,0%

15,3%64,7%

On September 2nd and 3rd, 3% of swaps were sold and IDB announced a 6% additional sale of Clal shares in exchange of its own bonds:

• 5% at a price of NIS 52.5 per share - total consideration of NIS 145 MM, in exchange of Series 9 & 14 own bonds.

• 1% additional sale in swaps.

This transaction is equivalent to sell at ~90% BV.

Sep-19

35.3%

Clal sale process

IDB Through swaps IDB Directly Float

Mar-19: Control permit requested

Aug-19: Control permit requested

pulled back

1290 1312

923781 749 711

613

dec-2012 dec-2013 dec-2014 dec-2015 dec-2016 dec-2017 dec-2018

Israel Financial Figures(USD MM)

Stand alone

Stand alone

Net Debt evolution(as of December 2018)

23

13211466

951 954

740

966

632

dec-2012 dec-2013 dec-2014 dec-2015 dec-2016 dec-2017 dec-2018

135

58 58

339

58 58 58

dec-2019 dec-2020 dec-2021 dec-2022 dec-2023 dec-2024 dec-2025

USD 154 mmCash & Equivalents

USD 415 mm Cash & Equivalents

79 79

176 176 176 176 176

97

dec-2019 dec-2020 dec-2021 dec-2022 dec-2023 dec-2024 dec-2025 dec-2026

Net Debt evolution(as of December 2018)

Debt Amortization Schedule(as of June 2019)

Debt Amortization Schedule(as of June 2019)

Recent events:

▪ Due to IDB financial situation, IRSA invested NIS 70 mmin IDB through Dolphin and committed to invest an additional NIS 140 mm (half in 2020 and half in 2021) subject to certain conditions.

179 169 163

111

15 47

64

122

68 49 49 33

96 74

51

-44

2016 2017 2018 2019

Rental EBITDA CAPEX Interests paid + Income tax FCF

Financial Figures(USD MM)1

Dividends paid by IRCP

24

1 Figures not adjusted for inflation.

Development (Zetta, Catalinas & Alto …

Catalinas acquisition; 45

Maltería Hudson acquisition; 7

Financial FiguresAs of June 30, 2019

19% LTVNet Asset Value (USD mm)

Debt USD 542 mm

Net Debt USD 306 mm

Net Debt / EBITDA 2.8x

Adjusted EBITDA FY19 USD 111 mm

NOI FY19 USD 136 mm

Adjusted FFO FY19 USD 70 mm

25

USD 236 mm Cash

Debt Amortization Schedule

1.480 1.202

783

457

154 31 55278

Shopping Malls Offices Land reserves &prop. under

development

Others JV & Investess Gross AssetValue

Net Debt Net AssetValue

14.3

149.3

10.8

368.1

FY 2020 FY 2021 FY 2022 FY 2023

Notes

(1) Assets and liabilities adjusted by IRCP ownership

(2) Includes floors of the Intercontinental building used by IRCP, registered under PP&E, and trading properties and barters registered under intangible

assets. These 3 items are recorded at historical cost in the financial statements

(3) Includes Quality and Nuevo Puerto Santa Fe as JV and La Rural, La Arena, Convention Center, TGLT & Avenida as Investees.

1,275

941

788

33181

273 334

IRCP Book Value Hotels Banco Hipotecario Landbank & Others Gross Asset Value Net Debt Net Asset Value

154.8179.5

8.8

FY 2020 FY 2021 FY 2022

130.2Recently

issued

IRSA Stand Alone Financial Figures

Net Asset Value (USD mm)As of June 30, 2019

USD 333.9 mmStand Alone Net Debt

Debt Amortization ScheduleAs of June 30, 2019

411 428 448

364

258

328 335 334

2012 2013 2014 2015 2016 2017 2018 2019

Net Debt evolution

26

1. Market value as of June 30, 2019

2. Book value as of June 30, 2019. Others includes the investment in Condor Hospitality Trust and Israel at market value

1 2

26% LTV

Financial events:

▪ Credit line with IRCP for up to USD 180 mm, for up to 3 years, at an interest rate equal to IRSA 2020 or future issuances.

▪ In May 2019, we issued a local Bond for USD 96.3 mm at a fixed annual interest rate of 10.0% due November 2020 to refinance short-term debt

▪ Subsequently, in August 2019, we issued a second tranche of the Class 1 issued in May for USD 85,2 mm at an 8.75% yield, and a new class in Chilean Pesos for an equivalent of USD 45 mm at an interest rate of 10.5%, both maturing in August 2020.

309.7

27

“Payment Currency: U.S. Dollars”

“Payments of principal, interest, additional amounts or other amounts due under Series VIII

Notes will be made through Caja de Valores S.A. as depositary of the Global Certificate, by

transferring the relevant amounts for credit in the respective accounts held by the holders of

Series VIII Notes with collection right as of the close of business on the Business Day

immediately preceding the relevant payment date.”

❖ Argentina Law.

❖ On September 9, 2019, IRSA paid in time and appropriate manner, U.S. dollars 135 million to Caja de Valores (USD 132.6 million of Principal + USD 2.3 million of Interest).

❖ Once Caja de Valores received the entire payment, they distributed the funds to all the bondholders.

❖ Non-residents received the funds in U.S. dollars in Euroclear/Clearstream accounts in Caja de Valores.

❖ According to Regulation “A” 6770 of the Central Bank, U.S. dollars received locally by non-residentscan not be transferred abroad through direct transfer mechanisms (“Canje”) without Central Bank authorization.

❖ The funds are available in Argentina for withdrawal or transfer to local accounts.

Payment of IRSA´s Series VIII

28

Notes by Governing Law

Argentine Law IRCP IV Sep 20 - 5.00% IRSA I Nov 20 - 10.00%IRSA II (CLP) Aug 20 - 10.50%

Outstanding USD 140 MM USD 226.5 MM

NY Law IRCP II Mar 23 - 8.75% IRSA II Jul 20 - 11.50%Outstanding USD 360 MM USD 71.4 MM

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BCP SecuritiesFixed Income Conference

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