InstitutionalPresentation

IIQ FY 2020

CRESUD AT A GLANCED O I N G A G R I B U S I N E S S A N D R E A L E S TAT E

LISTED BOTH IN BUENOS AIRES AND NEW YORKSince 1960 in Buenos Aires

(BYMA:CRES)

Since 1997 in New York

(NASDAQ:CRESY)

CONTROLLER OF IRSA

Largest diversified real estate company

in Argentina with assets in the US and

Israel.

LEADING AGRICULTURAL COMPANY IN LATAM

Managing an approximately 800,000 has

portfolio in Argentina, Bolivia, Brazil and

Paraguay.

PIONEER IN FARMLAND REAL ESTATE

State of the art farmer with proven

track record rotating the portfolio.

Management of great experience and

unique skills.

Farms inBOLIVIA

Farms inARGENTINA

Farms inPARAGUAY

Farms inBRASIL

100% 50.1%

100% 100% 36.9% 62.4%

22.3%

36.9%

Through

CORPORATE STRUCTURE

80.7% 29.9%100%Indirectly

83.6%Directly and Indirectly

68.8% 26.0%46.0%8.5%

34.9%

38.6%

+7.1% in swaps

*CRESUD additionally owns 2.6% of IRCP shares

*

1936

1960

1994

1997

2006

2008

20122019

Foundation

Follow onUSD 64 MM

New ManagementMr. Eduardo Elsztain - Chairman

Mr. Alejandro Elsztain - CEO

Follow on USD 92 MM

IPO USD 276 MM

Follow onUSD 288 MM

~800k ha(owned+leased)

4

HISTORY AND CAPITAL MARKETS TRACK RECORD8 3 Y E A R S H I S TO R Y D O I N G A G R I B U S I N E S S

17

200

13

USD BN ISSUED

TRANSACTIONS

LISTED COMPANIES

Even in the worst Argentinean crisis

(2001)

NON-DEFAULT HISTORY

BUSINESS MODELP I O N E E R I N FA R M L A N D R E A L E S TAT E

RO

IC

Stable Yielding

Farmland Development

Farming Activity

Time

Bare Land

Cattle

Urban Property

Specialties / Agriculture

Agriculture

Time

Val

ue

Cre

atio

n

From non-productive to productive adding value

to the land.

Soil correction and technological improvement.

TRANSFORMATIONAchieving peak productivity and

soil maturity.

Portfolio rotation.

MATURE LAND FOR SALE

Farming activity to optimize cattle production and

crop yields.

PRODUCTION OPTIMIZATION

Non-productive land in marginal

areas across the region.

LAND ACQUISITION

REGIONAL AGRICULTURAL PORTFOLIO

Hectares Breakdown

48% 52%

60%

40%

56%

40%

4%

10%

11%

28%

51%

Brazil 153,368 ha

20%

Bolivia9,875 ha

1%

Argentina536,593 ha

71%

Paraguay59,490 ha

8%

325 369 393518 497 499 467 459 452 434 411

581

751862

937 923 929 895 900 923 898 870 840 819 867 885

FY95

FY96

FY97

FY98

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20E

13 30 6920

133 160105 128

70 73156 115

187281 322

452

596

469 435

568 589

483

610533

821

FY95

FY96

FY97

FY98

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

+172% +1,580%OWN + LEASED (Th. Has)

PLANTED SURFACE(Th. Has)

CROP PRODUCTION(Th. Tons)

MEAT PRODUCTION(Th. Tons)+6,215% +267%

99k heads

25 YEARS PRODUCTIVE TRACK RECORD

35

7

16 1513 13

10 911 10 9 9 8 7

36

9 7 7 8 8 8 911

FY95

FY96

FY97

FY98

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

131 140

95 105

1514

1636

74 6547 46 37 44

23 23 36 37 4982

142 141

183200 202 212 213

179205 199

248 269

FY95

FY96

FY97

FY98

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20E

Paraguay

Bolivia

Brazil

Argentina

FARMLAND SALES TRACK RECORD

Farms Sold 1 2 3 4 2 4 0 6 3 3 1

PROFIT(USD MM)

BOOK VALUE(USD MM)

1 7 12

34

8

62

14 7 7

0 3

13 14

28

13

72

-

20 39

60

6 5

21 26

62

21

134

34

46

67

6

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20

SALES(USD MM)

25 YEARS AVERAGE

Farms sold 2.4

Has sold 17 th.

% Portfolio sold 3%

Argentina USD IRR 16%

Brazil BRL IRR 22%

Bolivia USD IRR 15%

LARGEST

FARMLAND SALE

IN BRASIL

LOS POZOSSalta - Argentina

AGRORIEGOSan Luis - Argentina

CREMAQPiaui - Brasil

Acquisition

240,000 ha

USD 10/ha

Investment

Cattle

USD 250/ha

Crop

USD 650/ha

Acquisition

7,052 ha

USD 700/ha

Investment

Technology

USD 2,000/ha

Acquisition

32,702 ha

BRL 42 mm

Investment

CAPEX

BRL 33 mm

Current

valuation

Cattle land

USD1,500/ha

Crop land

USD 2.500/ha

Sale Value

BRL 233 mm

Current

valuation

USD 10.000/ha

LARGEST FARMLAND

APPRECIATION CASE

IN ARGENTINA

1995

1997

2006 2015

HIGHEST

PRODUCTIVITY

CASE IN

ARGENTINA

9

FARMLAND DEVELOPMENT & SALE CASESA D D I N G V A L U E T O T H E L A N D

OTHER AGRICULTURAL INVESTMENTS

50.1%CRESUD STAKE

LEADING AGRICULTURAL BROKER IN ARGENTINA

• ~4% Market Share in main crops

• ~5 bn grain traded tons

• BV: USD 7 MM

• MV: USD 16 MM

PIONEER AGRIBUSINESS E-COMMERCE PLATFORM

• The most visited agribusiness site worldwide

• ~25 mm monthly visits & 734 k monthly contacts

• BV: USD 11.8 MM

• MV: USD 11.8 MM

Central

Hub

2020

2020

2019

2019

2019

2019

2018

LATAM EXPANSION

2018-2020

2019

G R O W I N G C O M P L E M E N TA RY B U S I N E S S U N I T S

PREMIUM MEATPACKING FACILITY

• Located in the heart of Pampean plains: the best for rising and feeding cattle

• Processing capacity: 9500 heads per month

• Export licenses for European, American and Asian markets, including China

• BV: USD 5 MM

22.3%CRESUD STAKE

100%CRESUD STAKE

SHOPPING MALLS OFFICE BUILDINGS HOTELS LAND RESERVESFINANCIAL &

INTERNATIONAL

• 15 Shopping Malls

• 322k sqm GLA

• 95.0% occupancy

• 67% BA City Market Share

• BV USD 673 MM

• 8 Office Buildings + 1 under

development

• 115k sqm GLA

• 97.1% A+ & A occupancy

• ~12% A+ BA City Market Share

• BV USD 425 MM

• 3 Hotels

• 79k sqm

• 68.1% occupancy

• BV USD 29 MM

INVESTMENT IN IRSAA R G E N T I N A B U S I N E S S C E N T E R

• 19 Land plots

• 20 mm sqm

• BV USD 435 MM

• 30% stake in Banco Hipotecario

• Lipstick building

• 58k sqm GLA

• 95.6% occupancy

• Condor Hospitality Trust (under

sale process)

High income AreaMid Income AreaLow Income Area

Expanding Corporate North AreaBusiness CenterAAA LocationBack Office Center

200 Della Paolera(FY 2020)

EBITDA est.~USD 10-12 MM

IRSA COMMERCIAL PROPERTIESA R G E N T I N A B U S I N E S S C E N T E R

12

ISRAEL BUSINESS CENTERC U R R E N T C O R P O R AT E S T R U C T U R E

100% 83.7%

Directly and Indirectly*

68.8%100% 8.5%**20.2% 46.0% 68.8% 61.1% 26.0%38.6%

34.9%

Energy Tourism Insurance Financial Investments

Telecommunications Agriculture

Rental Properties

Real Estate Technology Supermarket

100%

+ 7.1% through swap transactions.

* 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.

Rental Properties

Concentration Law Resolution:

▪ Disposal of 16.7% of Gav-Yam shares during IQ20Accounting deconsolidation and loss of control(under Ministry of Justice examination)

▪ ISPRO public debt privatization

▪ Mehadrin shares distributed as dividends

Eran SaarNew CEO since

December 2019

13

ISRAEL BUSINESS CENTERD I C M A I N S U B S I D I A R I ES

Medical Technology Cybersecurity IT

• Leading Real Estate company

• 34.9% in Gav-Yam 1,160,000 rental

sqm in Israel + 142,000 sqm in

USA

• 670,000 sqm land reserve

• Largest food retailer

• Operates 338 stores nationwide

• Real estate portfolio of ~NIS 3bn

• Private label (25% of total sales)

• Largest telecommunications

company in Israel

• 2.8 million suscribers

• 26% market share

• Fastest growing company in TV,

internet & fixed line services

• Leading producer and

exporter of citrus and

avocado in Israel

• Income from fruit activity

exceeding USD 300 million

• Fields operated by 3,450

hectares (1,229 hectares in

long-term concessions)

• Elron is a leading Israeli investor in

early stage ventures.

• Leader of several exits of more than

USD 1.5 billion over the last 5 years

• Elron specializes in the fields of

medical devices, cybersecurity and IT.

Financials

84 Agribusiness Adj. EBITDA(Avge 2 years)

OPERATIONAL PERFORMANCEL A S T 2 F I S C A L Y E A R S

Farmland sales40%

Farming54%

Others6%

Adj. EBITDA Agribusiness(Avge 2 years)

84

Urban Israel61%

Urban Argentina 25%

Agribusiness 14%

Consolidated Adj. EBITDA(Avge 2 years)

58575

93

FY 18 FY 19

Consolidated Adj. EBITDA (Avge 2 years)

585

16

443.1 AA-Stand Alone Net Debt Local credit Rating

AMORTIZATION SCHEDULE

DEBT PROFILE

Description Amount Maturity

Bank Overdrafts 50.0 <360 days

2020 Series XXIV 73.6 Nov 2020

2020 Series XXV 59.6 Jul 2021

2023 Series XXIII 113.0 Feb 2023

Other Debt 152.4

GROSS DEBT 448.6

Cash & Eq. 5.5

NET DEBT 443.1

Subsequent event: On January 30, 2020, we issued USD 51.4 MM in the local capital markets

• Series XXVI (ARS): USD 18.2 million at BADLAR + 6.5% due January 30, 2021• Series XXVII (USD linked): USD 5.7 million at 7.45% fixed due July 30, 2021• Series XXVIII (USD): USD 27.5 million at 9.0% fixed due April 30, 2021

Proceeds will be used to refinance short term debt

146,6114,8

74,2

113,0

FY 2020 FY 2021 FY 2022 FY 2023

D E C E M B E R 3 1 , 2 0 1 9 - U S D M I L L I O N