Institutional Presentation IIIQ FY 2019 1 IRSA: Leading Real - PowerPoint PPT Presentation

Institutional Presentation IIIQ FY 2019 1

IRSA: Leading Real Estate Company in Argentina Leading real estate company in Argentina with opportunistic ▪ assets abroad. 62.4% Majority shareholder of IRSA Propiedades Comerciales, ▪ leading commercial real estate company in Argentina with ~447,000 sqm of GLA located in premium locations. SANTA MARÍA 29.9% 82.3% & OTHER HOTELS INTERNATIONAL LANDBANK VP 18.9% Dolphin 49.0% SHOPPING OFFICE MALLS BUILDINGS 100.0% 82.3% COMMERCIAL LANDBANK 2

IRCP at a glance Best-in-Class Operator ▪ Shopping Malls Offices • Leading commercial real estate company in Argentina 95% occupancy 91% occupancy Listed on Nasdaq & ByMA • • Controlled 82.3% by IRSA Inversiones y Representaciones 75% EBITDA Mg 80% EBITDA Mg ▪ Unique Portfolio of Prime Commercial Real Estate 15 Shopping Malls 332k sqm GLA High brand recognition ▪ 67% Market Share BA City & customer loyalty 110 mn BEST Real Estate 8 Office Buildings Annual Mall visitors Company 115k sqm GLA 2.5x Argentina’s population Valuable customers 11% Market Share A+ information & technology BA City Top of mind innovation Shopping Malls 3

Premium Portfolio of Shopping Malls BA City Argentina High income Area Mid Income Area Low Income Area USD 102 MN LTM EBITDA USD 1.1 BN Book Value mar’19 (USD 2.0 BN dec’17) 4

Premium Portfolio of Office Buildings USD 18 MM LTM EBITDA USD 0.3 BN Book Value BA City 200 Della Paolera (FY 2020) Est. EBITDA Zetta Building ~USD 10-12 MM (2H FY2019) Est. EBITDA ~USD 9MM Expanding Corporate North Area Business Center AAA Location 5 Back Office Center

Shopping Malls & Offices Operating Figures Shopping Malls – Sqm GLA (Th.) & Occupancy (%) Offices – Stock (sqm GLA) +74.5% Mainly due to 12,600 sqm vacancy generated by 99% 98% 145,205 Walmart in DOT Baires Shopping 95% 200 Della 30,000 Paolera 115,208 - 1.4% + 9.2% 32,000 Zetta Building 340,111 337,401 332,119 115,205 84,361 83,205 83,205 Excluding this effect, IIIQ 19 77,252 occupancy would have been end of 98.3% concession IIIQ17 IIIQ18 IIIQ19 IIIQ17 IIIQ18 IIIQ19 FY19E FY20E Offices – Leases USD/sqm/month & Occupancy Same Shopping Malls’ Sales (% Var i.a.) Nominal terms Real terms 98% 29,6% 28,7% 91% 27,3% 91% 24,7% 24,4% 22,7% 22,3% 21,2% Excluding 19,5% 18,3% 18,3% 26,5 26,3 25,8 IIIQ19 2,8% 1,6% 1,2% -0,1% Nominal Terms : 31.2% -2,1% -2,9% Real Terms : -13.6% -8,1% -14,5% -14,1% -15,5% -14,7% IIIQ17 IIIQ18 IIIQ19 6 IQ 17 IIQ 17 IIIQ 17 IVQ 17 IQ 18 IIQ 18 IIIQ 18 IVQ 18 IQ 19 IIQ 19 IIIQ 19

Our land reserve will allow us to significantly expand our commercial real estate portfolio …as well as for premium office properties We have a robust pipeline for shopping malls… 1.7x 580 1.9x 118 1 118 221 ~19,000 sqm currently 128 130 128 under construction or to start soon 106 2 106 ~35,000 sqm currently under construction 332 332 115 115 115 Current Brownfield Greenfield Current GLA & Current New developments Current GLA & pipeline pipeline In existing land reserve In existing land reserve 7

“200 Della Paolera” Office building ( under development in Catalinas) Total Project Current Ownership USD 10-12mm 35,000 GLA sqm Est. EBITDA 13% FY 2020 Est. opening 51.6% Work Progress* 87% *As of March 31, 2019 8

Zetta building Opening May 6, 2019 The first building of the Office Park developed in the north area of BA City 32,000 GLA sqm Fully Leased 20% 80 % USD 60 mm Est. investment ~ USD 9mm Est. EBITDA 15% Cap Rate 9

Polo Dot Full Project Polo Dot 3 rd stage Existing Shopping Mall Future Mall Expansion Polo Dot 2 nd stage Existing Office Building Zetta Building Polo Dot 1 st stage Philips Building Future Recycling 10

Shopping malls´ Expansions Alto Palermo City of Buenos Aires Highest sales/sqm shopping mall 10.5% Work Progress* *As of March 31, 2019 3,900 sqm GLA US$28.5mm FY2020 estimated investment opening date 11

Recent Approval: La Plata Mixed-use Project BA City La Plata Land Plot 78,000 sqm La Plata is the 5 th highly populated Capacity to develop city of Argentina 100,000 sqm with no shopping 12 malls

Recent Approval: Caballito Project Land Plot of 23,000 sqm Capacity to develop Residential: ~ 76,000 sqm Retail: ~ 11,000 sqm 13

Argentina Business Center - Hotels Intercontinental Llao Llao Resort Libertador BA city Bariloche city BA city Rate USD/room & Occupancy evolution EBITDA (ARS MM) On Feb-19, IRSA acquired 483 20% of the shares of Hoteles + 600% Argentinos S.A., owner of the 71,9% 69,6% 69,3% hotel formerly known as 198 Sheraton Liberatdor 194 203 69 Current stake: 100% 14 IIIQ17 IIIQ18 IIIQ19 9M18 9M19

Premium mixed-use Landbank for future developments City of BA Argentina BA Province Coto Abasto (air surface) San Martín Land Plot La Adela Maltería Pilar Hudson Tucumán Merlo Puerto Retiro La Plata UOM Lujan Pereiraola Mariano Acosta Pontevedra Paraná San Luis Montevideo Caballito (Uruguay) Santa María del Plata Neuquén ~20 mn sqm Land Surface USD 460 MN Book Value 15 ~ 70 ~ nding ) 700,000 sq sq of of Premium Re Real Esta Estate to o be be de developed in n the he be best loca ocations in n BA A City (App Approvals pe pend

Argentina Business Center – Banco Hipotecario Share Price evolution Ownership 17,65 -27% IIIQ 19 vs. IIIQ 18 IRSA 29.9% 2019 main work fronts: 12.85 7,6 7 • Liabilities : to preserve cash and long term deposits, adjusting rates to market changes. • 31/3/2017 30/9/2017 31/3/2018 30/9/2018 31/3/2019 Assets : increase of commissions, fees and preservation of the quality of the portfolio in a Market Value to IRSA context of higher delinquency rates. (USD million) • Balance Sheet equilibrium : preserving the 393 solvency and liquidity, with focus on the funding. 179 133 134 Results to IRSA ▪ The bank has generated a loss of ARS 533 million during 9M19 compared to a gain of ARS 348 million during 9M 18. IIIQ17 IIIQ18 IIIQ19 Current as of May,7 16

Argentina Business Center - International Edificio Lipstick Ownership IRSA 18.9% 58,000 sqm 58,0 sqm of of GLA GLA FLOAT STEPSTONE 56.8% in 34 34 fl floors 24.3% Market Value to IRSA NOI (USD MM) Leases (USD MM) & Occupancy (USD million) 25,9 97% 95% 96% 4 27 78 77 22,6 21,9 69 20,3 26 26 IIIQ 18 IIIQ 19 Current as of May 9, 2019 FY17 FY18 IIIQ19 FY16 FY17 FY18 17 *3,3mm en preferidas E + 0,7 promissory note

Investment in IDB & DIC – Israel Current Corporate Structure (as of mar-19) Indirectly* 82.3% 100% Working to reduce one more layer of public companies before December 2019, according to Concentration Law requirement 19.3% 100% 20.3%** 68.8% 44.1% 68.8% 59.5% 26.0% Financial Telecommunications Real Estate Technology Supermarket Energy Tourism Insurance Investments 45.4% 51.7% Agriculture Rental Properties * There is a non recourse intercompany loan between Dolphin (borrower) and IDB (lender) due to the transference of DIC shares. This loan is guaranteed with DIC shares sold. 18 ** 15% of the shares are held by a trustee. IDB sold 24% of Clal shares as part of swap transactions.

Clal Insurance ( 20.3% IDB current stake + 24.0 % through swaps) ✓ Positive market reaction to the sale: total 20% increase 3 days following the sale Recent Material events ✓ Current Market Cap / Equity: ✓ Control permit requested on Mar-19 – under 70 % process Market Cap vs. Book Value 7.000 ✓ Sale agreements signed with third non-related (NIS million) parties Equity 6.000 ▪ ~ 10% already sold (5% of the shares held by Market cap 4.947 the trustee and 5% of the Swaps transactions) 5.000 to 2 private investors , at NIS 47.7. 4.000 USD 967 MM ▪ In the event of gaining control permit, one of 3.452 Mkt Cap the investors received an option to buy another 3% at NIS 50. 3.000 ▪ An additional option was given for a third 70% BV 2.000 investor ( 3-5% at NIS 47.7), financed by 90% seller loan. 1.000 ✓ After the sale, IDB total exposure reduced to 45.3% ( 20.3% directly and 24% through SWAPS) 19

PBC ( 67.5% DIC Stake) & Gav Yam ( 51.7% PBC Stake) Leading real estate companies in Israel Matam Park - Haifa Herzeliva North 1,160,000 sqm qm in n Isr srael Office & hi-tech park 670,000 sqm qm Commercial & Retail Lan Land d Ban ank Industrial & Logistics 97 97% HSBC Building - Manhattan Properties under construction Occupancy Residential Mar Market Cap Cap Land reserves USD 54 542 2 MM 142,000 sqm qm Tivoli - Las Vegas in USA in SA 20 USD 1, 1,047MM

Real Estate projects under development in Israel 8 Projects TOHA: 95% already leased. Opening during 2H FY 2019 194,000 sqm REHOVOT: 3 of 4 buildings finished MATAM-YAM: Recently f inished Amazon main tenant The New Haifa Bay – Logistic Center Opening during 2H FY 2019 NEGEV: 3 of 4 buildings finished 21