In Instit itutional Presentation IIQ FY 2019 Corporate Structure - PowerPoint PPT Presentation

In Instit itutional Presentation IIQ FY 2019

Corporate Structure  Leading agricultural company in Latin America. It manages a portfolio of approximately 800,000 hectares in Argentina, Bolivia and through its subsidiary Brasilagro , in Brazil and Paraguay  Controlling shareholder of IRSA, Argentina ’ s leading real estate company 63.7%% 100% 100% 43.4% Farms in Farms in Farms in ARGENTINA BOLIVIA BRASIL Indirectly 100% 50.1% 81.3% 100% 77.1% 29.9% 100% Farms in PARAGUAY 2

Pioneer Agribusiness Company with 82 years of history 1 st Latam Agricultural Company to be listed both in the US and • Argentina Follow on USD 288 M Owned + leased • Pioneer in farmland development business Has 852 • More than 1,235 employees in agriculture related operations (Th. Ha) • Due Diligence for more than 4 million ha in the region + 17% CAGR • 3 leading farmland development cases in Harvard Business School IPO USD 276 M Mr. Eduardo Elsztain Appointed Chairman & Mr. Alejandro Elsztain CEO Follow on USD 64 M Follow on USD 92 M Foundation 20 (Th. Ha) 1936 1960 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

Agribusiness Market’s Strengths + Excess of Demand Lack of Supply 9 Bn 3% 9 Bn inhabitants to be fed by 2050 mostly coming Only 3% of the surface of the Earth would be land from developing countries available for agriculture Productivity Increase not Enough South America Strengths Increase in areas Productivity Gain From 1967 to 1987 From 1987 to 2007 From 2007 to 2018 38,8% 60,6% 75,7% 61,2% 39,4% 24,3% The increase in the demand for food will need an expansion of The region has the main resources (land & water) to meet the productive areas (108 mm ha) increasing demand

Agribusiness Market’s Strengths Acquire & develop the Acquire & Lease Acquire & Plant Lease & Plant land Benefit from farmland price + + - + appreciation - + + + Operational gains High High Low High Committed capital Pioneer in Farmland Development Lease & Plant Acquire & Develop the Land Return Acquire & Plant Replicating it´s business model in Brazil, Bolivia & Paraguay Acquire & Lease Risk

Cresud Business Strategy FARMLAND DEVELOPMENT FARMING ACTIVITY Urban Property Stable Yielding Value Creation ROIC Specialties / Agriculture Farmland Development Agriculture Farming Activity Cattle Bare Land Time Time

Cresud Diversified Rural Portfolio – 23 farms in the region BRAZIL BOLIVIA SOYBEAN SOYBEAN CORN CORN 1% 18% SUGARCANE SUGARCANE 3 farms 7 farms 9,875 ha 128,781 ha MEAT ARGENTINA PARAGUAY SOYBEAN SOYBEAN CORN MEAT 73% 8% MEAT 12 farms 1 farms 536,188 ha (*) 59,490 ha (*) Includes 132.000 ha under concession in Argentina LEASING AS COMPLEMENTARY BUSINESS (137,917 ha in Argentina & Brasil)

Current Portfolio Breakdown (Hectares) 872,251 has ~16% Leased Productive Reserves 427,402 has 444,849 has 49% 51% Leased to 3rd Parties 137,917 has Legal Reserve 32% 271,461 has 61% Livestock Agriculture 121,386 has 168,099has 28% 40% Development Potential 173,388 has 39% Soybean Beef 50% Cattle Sheep Corn 93,299 heads 10,387 heads 29% 90% 10% Sugarcane Others 11 % 10%

Farmland Development Track Record Development Potential 173,388 has Annual average developed ha 20,000 258.984 250.484 239.774 226.474 218.274 206.674 191.274 170.974 147.321 119.111 88.124 59.625 40.576 27.421 1994-2006 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019e Potential

Crops & Cattle Operational Track Record 257 Planted area (Th. Has) 214 212 612 589 209 205 188 568 206 206 179 Crop production (Th. Tn) 532 596 148 146 484 86 469 452 435 119 87 74 65 322 54 47 46 46 44 41 37 36 32 288 23 16 482 187 160 368 156 133 128 115 105 73 69 70 30 20 13 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19E 153,1 Meat production (Th. Tn) Heads (Thousands) 134,7 116,5 106,6 94,0 91,0 90,3 86,6 86,0 85,4 83,7 83,6 83,0 82,6 82,2 15,9 15,1 75,0 71,2 70,6 70,0 12,9 64,0 61,5 12,7 61,3 11,4 10,5 10,3 46,2 9,2 9,0 9,5 9,7 8,3 8,1 8,3 8,8 8,2 7,0 7,2 34,0 6,9 6,2 6,9 4,6 3,1 3,1 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Farmland Real Estate Track Record 18.0 8.9 Farmland Sales Farmland prices 6.7 29.0 1.5 farms per year USD/ha 6.0 Appreciation: +136% IRR (USD): 16% 15,900 4.8 25.0 1.3 7.3 5.0 5.7 10.6 1.0 30.0 6.8 25.2 30.0 2.5 Corn Belt Land Value in 2,254 4.1 9.0 USD/Ha 21.1 9.2 17.2 Land Acquisitions USD MM 13.5 Land Sales USD MM 14.1 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Farmland Real Estate Track Record 2019 13.7 38.3 9,536 USD/Ha Farmland Sales 47 24.7 89.0 17.5 0.7 farms per year 27.1 Appreciation: +225% 15.9 IRR (BRL): 22% 31.3 Land Value in USD/Ha 111.1 21.5 Land Acquisitions USD MM 7.090 USD/Ha 51.4 1,343 USD/Ha Sales of Land USD MM 23.9 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 4.2 7.0 14.2 12,000 3.6 15.0 Farmland Sales USD/Ha 0.6 farms per year 3,250 USD/Ha Appreciation: +62% 13.2 10,000 IRR (USD): 15% USD/Ha 29.0 2,500 11.9 1,200 1,100 USD/Ha USD/Ha USD/Ha 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Regional Farmland Sales MT BA IIQ 2019 IQ 2019 Jatoba Alto Taquari (Jaborandi) “ Jatobá ” partial sale “Alto Taquarí” partial sale BRL 177.8 million BRL 8.0 million 103 has (BRL/ha 77,670) 9,784 has (BRL/ha 18,172) IRR (USD): 7.1% Profit: BRL 5.8 million IRR (USD): 17.1% Remaining has: 21,197 Remaining has: 5,291 (productive 3,476 ha) Farmland Sales Evolution 134 Brasilagro’s partial sale of Jatobá was not USD mm recognized at CRESUD level since it was already valued at fair value as Investment Property (leased to third parties) 72 62 52 46 28 34 26 21 21 62 47* 39 20 10 8 14 34 1 5 13 13 14 7 12 7 7 8 5 8 3 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IIQ 2019 Profit USD M Book Value USD M 13 *USD 47mm considers the full price transaction of Jatobá & Alto Taquari financed partial sales (Present Value USD 31 mm).

Farmland Development Cases Los Pozos, Salta Argentina Turnaround of a Cattle Cattle infrastructure 35,000 heads in 44,000 ha Investment USD/ha 250 farm into Cattle & Crop Land Price: USD/ha 1,500 Farmland Has: 240,000 Bare Land Crop Investment 13,000 ha Acquisition Cost USD/Ha. 10 USD/ha 650 Land Price USD/Ha. 2,500 Agroriego, San Luis Argentina Turnaround of Undeveloped Land into a regular crop production Has: 7,052 Beef Cattle – Low productivity farm Technological Investment Technological Investment Best Yielding Farm Low rainfalls levels & underground water resources (equipment, holes & irrigation system) (equipment, holes & irrigation system) Land Price: ~ USD/ha 10,000 Acquisition Cost USD/Ha 700 USD/Ha 2,000 USD/Ha 2,000

Investment in FyO MAIN SERVICES Cresud’ Stake:  Brokerage  Specialties  Trading  Portfolio 50,1%  Derivatives  Freights &  Grain Elevator Management  Exports  Consultancy  Training Logistics VOLUME (Grain Traded Tons (Million) MARKET SHARE ( fyo’s share / total commercialized in Argentina) Soybean Corn

Investment in Agrofy Online business platform 35.2% Equity stake AGROFY is an E-commerce company that pioneers in the Agribusiness sector

Agrofy: Online agribusiness platform Ag Fintech Developing financing credit solutions to improve transactions We are building Horizontal Ag Ag Logistics an e-commerce Marketplace solution We cover all categories Working with 3rd ecosystem that are relevant for parties to automate farmers. logistics for each category. around Vision Collecting data agribusiness Global Ambition We analyze millions of Our business model is data to help our highly scalable. customers improve their transactions and Agrofy empowers farmers and improve business. agribusiness companies with Online marketing its leading marketplace and Best digital marketing digital products. team with ag expertise. After two years of operations Agrofy achieved that 5,00 000 comp mpan anies es listed more than 50 50,000 000 pr prod oduc ucts consulted by 1.2 millio lion month nthly ly buy uyer ers in 10 10 different nt items ms