Institutional Presentation

FY 2020

IRSA AT A GLANCE

29.9%80.7% HOTELS LANDBANK 100%Indirectly

83.7%Directly and Indirectly

ARGENTINABUSINESS CENTER

ISRAELBUSINESS CENTER

18.9%

*CRESUD additionally owns 2.6% of IRCP shares

2

UNIQUE PORTFOLIO AND STRONG MARKET POSITION

UNIQUE PORTFOLIO AND STRONG MARKET POSITION IN ARGENTINA

LEADING DIVERSIFIED REAL ESTATE COMPANY

INVESTMENTS IN THE US AND ISRAEL

Argentina Business Center

62.4%

3

6.7%

93.3%

17.3%

82.7%

High income AreaMid Income AreaLow Income Area

BA CITY

332,000 sqm GLA

15 MALLS

~70% MarketShare

SHOPPING MALLS’ UNIQUE PORTFOLIO

ATOMIZED AND DIVERSE TENANT MIX

TOP FIVE ON SALES

BY SQMBY BASE RENT

SALES BY TYPE

56,2%

8,1%

10,8%

5,4%

19,5%

ApparelElectro

Restaurants

Department Store

Others

With low incidence of department stores

4

Expanding Corporate North AreaBusiness CenterAAA LocationBack Office Center

200 Della Paolera

(IVQ FY20)

Intercontinental

República

Zetta

Philips

Dot Building

Boston Tower

Bouchard 710

Suipacha

8 BUILDINGS121,000 sqm GLA

OFFICES BUILDINGS

84%

16%

A+ & A

B

Surface by class

PREMIUM PORTFOLIO

PREMIUM TENANTS

75%International

Tenants

31%

14%9%

46%

Others Technology

Oil & EnergyBanks & Insurance

3 PREMIUM HOTELS ACROSS THE COUNTRY

LibertadorBA city200 rooms

IntercontinentalBA city313 rooms

Llao Llao ResortBariloche city205 rooms

Intercontinental

Libertador

Llao Llao

YEAR 1 YEAR 2 YEAR 3In advance

AR

S

Variable

Key money

Brokerage fee

RENTAL PROPERTIES´ RESILIENT REVENUE MODELF O R B OT H S H O P P I N G M A L L S A N D O F F I C E A G R E E M E N T S

VARIABLE & FIXED RENT

The company collects the

highest between a % of tenant

monthly sales and a minimum

fixed rent (base rent)

OTHER REVENUES

26% of total revenues comes from

key money, brokerage fee, stands,

parking and non-traditional

advertising

74%of total

revenues

SHOPPING MALLS OFFICES

YEAR 1 YEAR 2 YEAR 3

USD

Per sqmPer sqmPer sqm

OFFICE AGREEMENTS

• 3-year average term

• US Dollar based

• Rental rates for renewed terms

are negotiated at market

conditions

Fixed

50% Fixed

24% Variable

Base Rent

Base Rent

Base Rent

7

Base rent; 33%

Variable rent; 21%

Key money ; 9%

Parking y Otros; 9%

Commercial fund; 8%

Common Expenses; 20%

SHOPPING MALLS

OFFICE BUILDINGS

EXPENSES

CAPEX

Construction works in Catalinas (“200 Della Paolera”) and Alto

Palermo expansion suspended during lockdown. After the end of

the Fiscal Year, construction activity has been reestablished but

with some restrictions.

Cut of nonessential expenses and services.

Cut of social security taxes and other taxes.

Normal revenues collection during

lockdown period.

COVID-19 IN ARGENTINAI M PA C T I N O U R B U S I N E S S

Situation pre Covid-19(6M FY20)

GUARANTEED BY CONTRACT

Shutted down since March 20th. Intercontinental Hotel just

working under a contingency and emergency planHOTELS

Working together with our tenants

giving them all our support and help in this unprecedented

situation

8

Operations closed since March 20th. The company decided to defer billing

and collection of base rent and commercial fund from April to September

30, 2020, supporting tenants and prioritizing long-term relationship. We

just charged common expenses.

18,3%22,3% 22,7%

27,3% 28,7%24,4% 24,7%

29,6%35,1%

46,2%

60,5%

32,5%

-90,4%

-2,1%2,8% -0,1% 1,6% 1,2%

-8,1%-15,5%

-14,7%

-13,5%-5,1%

5,6%

-11,9%

-92,9%

IVQ 17 IQ 18 IIQ 18 IIIQ 18 IVQ 18 IQ 19 IIQ 19 IIIQ 19 IVQ 19 IQ 20 IIQ 20 IIIQ 20 IVQ 20

Nominal terms

Real terms

SHOPPING MALLSO P E R AT I N G F I G U R E S

GLA & OCCUPANCY(GLA: sqm)

SAME SHOPPING MALLS SALES(% Var i.a.)

344,025 332,150 333,062

98.5%94.7% 93.2%

FY18 FY19 FY20

end of concession

IIIQ20 Includes 10 days and IVQ the full impact from

closure of operations

Pre COVID-19 COVID-19

Pre COVID-1995.0%

9

SHOPPING MALLS – DELINQUENCY( A R S M I L L I O N )

SHOPPING MALLS – DELINQUENCY(ARS MILLION)

9M 20 IVQ 20 FY 20 FY 19 ∆

Delinquency 118 187 305 109 180%

Revenues 5,632 303 5,935 8,541 -30.5%

Delinquency/Revenues

2.1% 61.7% 5.1% 1.3% +3.8bps

COVID-19 MALLS´ REOPENINGA C C O R D I N G TO I R S A C O M M E R C I A L P R O P E R T I ES ’ P R OTO C O L

*Includes Alto Rosario recently closed on 9/5 for two weeks and Alto Noa closed on 9/9 for one week (~16% of GLA)

July AugustMay SeptemberJune

97.0%37%

63%

SOCIAL DISTANCE

STRICT SAFETY AND HYGIENE MEASURES

REDUCED HOURS AND TRAFFIC

COMMUNICATION, TRAINING AND INCENTIVES

BY SALES(FY 20)

BY GLA

44%

56%

REOPENING PROTOCOL% OF TOTAL PORTFOLIO*

Average Occupancy

10

25.9 25.4 26.1 26.4 26.6

IVQ 16 IVQ 17 IVQ 18 IVQ 19 IVQ 20

83,213

115,378 115,640

93,144

28,000

121,144

FY18 FY19 FY20 IQ21E

OFFICE BUILDINGSO P E R AT I N G F I G U R E S

STOCK(GLA: sqm)

OCCUPANCY BY CLASS

Zetta Building

B

A+ & A

LEASES(USD/sqm/month)

Bouchard 710

Boston Tower

+4.8%

200 Della Paolera

26,4 26,6 26,9 26,6 26,6

IVQ 19 IQ20 IIQ 20 IIIQ20 IVQ 20

97,2% 96,6% 97,1% 93,9% 93,0%

45,0% 46,2% 47,5%53,2% 52,4%

IVQ 19 IQ 20 IIQ 20 IIIQ 20 IVQ 20

IH21E

Pre COVID-19 COVID-19

Pre COVID-19 COVID-19

11

July 2020

BOUCHARD 710 Entire building – 12 floors

15,014GLA sqm

USD 87.2 mmPrice

June 2020

200 DELLA PAOLERA

2 floors

2,430GLA sqm

USD 16.9 mmPrice

6,940USD/sqm

~28,000Remaining GLA sqm

July and August 2020

BOSTON TOWER

6 floors

7,482GLA sqm

USD 41.4 mmPrice

5,500USD/sqm

~7,380Remaining GLA sqm

IRCP FY 2020 AND SUBSEQUENT SALESOFFICE BUILDINGS

PARTIAL SALES

5,800USD/sqm

16%USD IRR 12

AVERAGE CAP RATE 6.0%

PROJECTS UNDER DEVELOPMENT

ALTO PALERMO EXPANSION 3,900

GLA sqm

64%Works Progress

FY21 Est. Opening date

USD 28.5mmEst. Investment

~USD 6.2mmCAPEX deployment pending

200 DELLA

PAOLERA

35,000 Total GLA

28,000IRCP GLA

200 DELLA PAOLERA

61%Commercialization Progress

~USD 5.8mmCAPEX deployment pending

13

95%Works Progress

IH21 Est. Opening date

~USD 90mmEst. Investment

~USD 10mmEst. Stabilized Revenues

Construction works suspended during COVID-19

lockdown. After the end of the Fiscal Year,

construction activity has been reestablished but

working with protocol restrictions.

Both openings are delayed.

Former Philips Building

Giga Building

Exa BuildingExpansion

POLO DOT FUTURE STAGES

14

332 332

128 130 128

118 118

580

Current Brownfield Greenfield Current GLA & pipeline

115 115 115

30

106106

221

Current New developments Current GLA & pipeline

POTENTIAL DEVELOPMENT

SHOPPING MALLS( T h . S q m )

OFFICES( T h . S q m )

A L M O S T TO D O U B L E C U R R E N T C O M M E R C I A L P O R T F O L I O

1.7x

1.9x

currently under construction

currently under construction4

15

SANTA MARÍA DEL PLATA(BA City)

Approvals pending

~700,000 sqm

Premium mixed use Real Estate to be developed in

the best location of BA city

Israel Business Center

17

Concentration Law Resolution:

▪ Partial sale of Gav-Yam shares during FY20Accounting deconsolidation and loss of control

▪ ISPRO public debt privatization

▪ Mehadrin shares distributed as dividends, therefore now under DIC direct control.

C 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 or indirectly

68.8%100% 5.0%*19.1% 45.6% 73.8% 61.1% 26.0%44.0%

29.9%

Energy Tourism Insurance Financial investments

Telecommunications Agriculture

Rental Properties

Real Estate Technology Supermarkets

100%**

Rental Properties

* * Direct stake.

ISRAEL BUSINESS CENTER

**PBC signed an agreement to sell

ISPRO for NIS 800MM

NIS 1,456 mmSale value

23.5NIS/share

ARS 1,480 mmGain recognition

18

SALE PROCESS

54.8%34.8%

20.3%8.5%

5.0%

20.0%

24.0%

2.1%

54.8%44.3%

10.6%

Original Stake FY 18 FY 19 FY 20 IQ 21E

Direct Through Swaps Float

Swaps sold

• IDB debt exchange

• Options exercised by investors

• Capital Increase & IDB stake dilution

Private

investors

(sales +

options)

Swap

transactions

100% 100% 100% 100%100%

19

0

2.000

4.000

6.000

8.000

30/6/2012 30/6/2014 30/6/2016 30/6/2018 30/6/2020

Stake sold: 49.8%As of Sep 2020

SHARE PRICE EVOLUTION

5,405

2,041

0

2.000

4.000

6.000

8.000

30/6/2012 30/6/2014 30/6/2016 30/6/2018 30/6/2020

Equity Market cap

MARKET CAP vs. BOOK VALUE(NIS million)

39% BV

ISRAEL BUSINESS CENTER – IDBD CLAL SALE PROCESS

500

1250

2000

2750

13800

0

5.500

11.000

16.500

22.000

800

0

1.000

2.000

3.000

4.000

1310

0

1.250

2.500

3.750

5.000

19250

0

10.000

20.000

30.000

40.000

493,4

0

1.000

2.000

3.000

4.000

Since control -54.5%

YoY 74.7%

YTD 26.2%

Since control -35.7%

YoY -12.7%

YTD -17.1%

S H A R E S ’ P E R F O R M A N C E E V O LU T I O N A S O F S E P T E M B E R 1 7 , 2 0 2 0

Since control -26.5%

YoY -40.3%

YTD -45.9%

Since control 24.7%

YoY 8.9%

YTD 27.0%

Since control -55.2%

YoY 50.3%

YTD 54.0%

Since control -6.6%

YoY -8.5%

YTD 0.7%

20

Stake sold: 26.0%

NIS 1,456 mmSale value

23.5NIS/share

ARS 1,480 mmGain recognition

ISRAEL BUSINESS CENTER – DIC & MAIN SUBSIDIARIES

13211466

951 954

740

966

628

831 840

dec-12 dec-13 dec-14 dec-15 dec-16 dec-17 dec-18 dec-19 jun-20

78 44

332

44 44 44

dec-20 dec-21 dec-22 dec-23 dec-24 dec-25

1290 1312

923781 749 739 613

525 560

dec-12 dec-13 dec-14 dec-15 dec-16 dec-17 dec-18 dec-19 jun-20

21

LATEST EVENTS:

▪Due to IDBD financial situation, IRSA committed on September 2019 to make three annual contributions, of NIS 70 million each, into IDBD subject to certain conditions.

▪Given all the doubts regarding the fulfillment of those agreed conditions, Dolphin decided not to make the NIS 70 million contribution on September 2020.

▪ In this regard, IDBD began legal actions regarding our contribution.

81

175 175 175 175 175

95

dec-20 dec-21 dec-22 dec-23 dec-24 dec-25 dec-26

DIC NET DEBT EVOLUTION

IDBD NET DEBT EVOLUTION

DIC AMORTIZATION SCHEDULE

ISRAEL BUSINESS CENTER – FINANCIAL SITUATIONJ U N E 3 0 , 2 0 2 0 – U S D M I L L I O N

IDBD AMORTIZATION SCHEDULE

420Subsequent sale of Shufersal

25.4Cash & Equivalents

211.3 +Cash & Equivalents

ISRAEL BUSINESS CENTER – FINANCIAL SITUATION

• The Company had been negotiating with the holders of its 3 series of bonds due to its financial situation

(negative NAV)

• IDBD Debt amounts to ~NIS 2 billion

• Series 9: NIS 910 million (without guarantee)

• Series 14: NIS 880 million (collateral of 70% DIC shares)

• Series 15: NIS 240 million (collateral 5% CLAL shares)

• After several rounds of negotiation, where Dolphin tried to reach an agreement beneficial to the parties, the creditors

rejected the offers and asked the Tel Aviv District Court to order the opening of bankruptcy procedure against IDBD.

• On September 25, 2020, the Court resolved that IDBD is insolvent and has therefore resolved to grant all three orders

requested and accordingly, issued an order for the initiation of proceedings and liquidation of IDBD, and has appointed

a liquidator to IDBD and interim receivers over the Pledged DIC Shares and the Pledged Clal Shares.

• As of to date, we are analyzing together with our local and international advisors the judicial decision, alternatives and

course of action.

• With respect to our non-consolidated financial statements, as of June 30, 2020, the investment in IDBD is valued at

zero.

IDBD DEBT RESTRUCTURING PROCESS

Financial Performance

642

1.672

1.333

1.718

780

160 15 75

339

Shopping Malls Offices Land reserves& Prop. Underdevelopment

Others JV & Investees Gross AssetValue

Net Debt Net AssetValue

Net AssetValue IVQ FY

2020

90.4 107.9Adjusted EBITDAFY204

FINANCIAL METRICS

2 3

1- Assets and liabilities adjusted by IRCP ownership

2- Includes trading properties and barters registered under intangible assets. These two items are recorded at historical cost in the financial statements

3- Includes Quality and Nuevo Puerto Santa Fe as JV and La Rural, Convention Center & TGLT as Investees.

4- FY as of June 30, 2020 Adjusted Avg. FX: $68.07

5- Includes 200 Della Paolera

VALUATION RATIOS June 2020

CAP RATE (NOI/EV) 18%

EV/EBITDA 6.5x

P/FFO 3.8x

P/NAV 0.2x

Net Operating IncomeFY204

52.5 Adjusted FFOFY204

NAV1 -22%

5

J U N E 3 0 , 2 0 2 0 - U S D M I L L I O N

24

Description Amount Maturity

Short-term debt 23.0 <360 days

2020 Series IV (local) 140.0 Sep 2020

PAMSA loan 29.7 Feb 2023

2023 Series II (international)

360.0 Mar 2023

GROSS DEBT 552.7

Cash & Equivalents1 154.7

Intercompany Credit 53.4

NET DEBT2 344.6

344.6 Consolidated Net

Debt2

20.6% Loan to Value3

3.8x Net Debt/EBITDA

AMORTIZATION SCHEDULE

DEBT PROFILEJ U N E 3 0 , 2 0 2 0 - U S D M I L L I O N

33.810.8

368.1

FY 2021 FY 2022 FY 2023

25

1. Cash & Cash Equivalents + Investments in Financial Currents Assets + Intercompany Notes Holdings

2. Gross Financial Debt less cash & equivalents, short-term financial current investments & Intercompany Credit with parent IRSA

3. Net Financial Debt over Gross Assets Value

A F T E R S E R I E S I V C A N C E L L A T I O N

128.6 Subsequent Office

Sales

140.0 Series IV Cancellation

1,5361,1361,083

27 58368 410

IRCP NAV Hotels Banco Hipotecario Landbank & Others Gross Asset Value Net Debt Net Asset Value1 2

NAV

IRSA – NET ASSET VALUEA S O F J U N E 3 0 , 2 0 2 0 - U S D M I L L I O N

1. Book value as of June 30, 2020

2. Book value as of June 30, 2020. “Others” includes investment in Condor Hospitality Trust and Israel at zero market value

26

1,536 1,136 26.7% LTVNAVGAV

Description Amount Maturity

Short term debt 14.3 <360 days

Series II (USD) 71.4 Jul 2020

Series II (CLP) 38.6 Aug 2020

Series I 181.5 Nov 2020

Series III 5.0 Feb 2021

Series IV 51.4 May 2021

Series V 9.2 May 2022

Intercompany Debt 53.4 Mar 2022

Other Debt 20.6 Feb 2022

GROSS DEBT 445.4

Cash & Equivalents1 35.1

NET DEBT 410.3

410.3 Consolidated Net

Debt 104.2 Local Issuances(May and July 2020)

AMORTIZATION SCHEDULE AFTER SERIES II CANCELLATION(Calendar year)

DEBT PROFILEJ U N E 3 0 , 2 0 2 0 - U S D M I L L I O N

27

203.1

66.7

65.6

2020 2021 2022

104.0

Subsequently, on July 21, 2020, we issued USD 38.4 MM

• Series VI (ARS): ARS 335.2 MM at BADLAR + 4.0% due July 21, 2021

• Series VII (USD linked): USD 33.7 MM at 4.0% fixed due January 21, 2022

1 Cash & Cash Equivalents + Investments in Financial Currents Assets +

Intercompany Notes Holdings

110.0 Series II Cancellation(July and August 2020)

Central Bank Resolutions A “7106”:

▪ Companies must refinance principal maturities operating between October 15, 2020 and March 31,2021.

▪ The BCRA will give access to the official FX up to 40% of the total amount and companies must refinance the remaining balance to an average term of at least 2 years.

▪ The refinancing plan must be submitted prior to September30, 2020.▪ The maturity of Series I falls within the period contemplated by the provision, as well as other bank

debt.

Thanks