InstitutionalPresentation

IIIQ FY 2019

1

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

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▪ 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.

IRCP at a glance▪ Best-in-Class Operator

Shopping Malls

95% occupancy

75% 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

91% occupancy

80% EBITDA Mg

BEST

Real Estate

Company

Top of mindShopping Malls

3

• Leading commercial real estate company in Argentina• Listed on Nasdaq & ByMA• Controlled 82.3% by IRSA Inversiones y Representaciones

Premium Portfolio of Shopping Malls

High income AreaMid Income AreaLow Income Area

USD 102 MN LTM EBITDAUSD 1.1 BN Book Value mar’19

(USD 2.0 BN dec’17)

BA City Argentina

4

Premium Portfolio of Office Buildings

Expanding Corporate North AreaBusiness CenterAAA LocationBack Office Center

USD 18 MM LTM EBITDAUSD 0.3 BN Book Value

BA City

200 Della Paolera(FY 2020)

Est. EBITDA~USD 10-12 MMZetta Building

(2H FY2019)Est. EBITDA~USD 9MM

5

Offices – Leases USD/sqm/month & OccupancySame Shopping Malls’ Sales

(% Var i.a.)

Shopping Malls & OfficesOperating Figures

25,8 26,5 26,3

98%

91% 91%

IIIQ17 IIIQ18 IIIQ19

337,401 340,111332,119

98% 99%

95%

IIIQ17 IIIQ18 IIIQ19

Offices – Stock (sqm GLA) 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, IIIQ 19 occupancy would have been

98.3%

+ 9.2% - 1.4%

+74.5%

Zetta Building

200 Della Paolera

77,252 84,361 83,205 83,205

115,205

32,000

30,000115,208

145,205

IIIQ17 IIIQ18 IIIQ19 FY19E FY20E

Excluding

IIIQ19Nominal Terms: 31.2%

Real Terms: -13.6%

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

22,3% 22,7%27,3% 28,7%

24,4% 24,7%

29,6%

-14,5% -14,1%

-2,9% -2,1%

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

-8,1%

-15,5% -14,7%

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

Nominal terms Real terms

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Our land reserve will allow us to significantly expand our commercial

real estate portfolio

We have a robust pipeline for shopping malls… …as well as for premium office properties

115 115 115

1062 106

221

Current New developments Current GLA &pipeline

1.9x

332 332

128 130 128

1181 118

580

Current Brownfield Greenfield Current GLA &pipeline

1.7x

~19,000 sqm currently under construction or

to start soon

~35,000 sqm currently under construction

In existing land reserve In existing land reserve7

“200 Della Paolera” Office building (under development in Catalinas)

87%

13%

Current Ownership

35,000 GLA sqm

Total Project

FY 2020 Est. opening

USD 10-12mmEst. EBITDA

51.6% Work Progress*

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*As of March 31, 2019

32,000 GLA sqm

~ USD 9mmEst. EBITDA

USD 60 mmEst. investment

Fully Leased

9

80%

20%

Zetta building OpeningMay 6, 2019

The first building of the

Office Park developed in

the north area of

BA City

15% Cap Rate

Polo Dot Full Project

Existing Shopping Mall

Zetta BuildingPolo Dot 1st stage

Polo Dot 2nd stage

Polo Dot 3rd stage

Philips BuildingFuture Recycling

Existing Office Building

Future Mall Expansion

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Shopping malls´ Expansions

Alto Palermo

City of Buenos AiresHighest sales/sqm shopping mall

US$28.5mmestimated investment

FY2020opening date

3,900sqm GLA

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10.5% Work Progress**As of March 31, 2019

Recent Approval: La Plata Mixed-use Project

Land Plot

78,000 sqm

Capacity to develop

100,000 sqm

La Plata

BA City

La Plata is the 5th

highly populated

city of Argentina

with no shopping

malls 12

Recent Approval: Caballito Project

Land Plot of 23,000 sqmCapacity to develop

Residential: ~ 76,000 sqm Retail: ~ 11,000 sqm

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LibertadorBA city

IntercontinentalBA city

Llao Llao ResortBariloche city

Argentina Business Center - Hotels

194 198 203

69,6% 71,9% 69,3%

IIIQ17 IIIQ18 IIIQ19

Rate USD/room & Occupancy evolution

69

483

9M18 9M19

EBITDA (ARS MM)

+ 600%

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%14

San Luis

Neuquén

Montevideo

(Uruguay)

Paraná

Tucumán

Pereiraola

Caballito

Pilar

Pontevedra

Mariano Acosta

Merlo

La Adela

Puerto Retiro

UOM LujanLa Plata

Coto Abasto

(air surface)San Martín

Land Plot

Maltería

Hudson

Argentina BA Province

USD 460 MN

Book Value

Santa María del Plata

City of BA

~20 mn sqm

Land Surface

~ 700,000 sq of Premium Real Estate to be developed in the best locations in BA City (Approvals pending)15

Premium mixed-use Landbank for future developments

7 7,6

17,65

12.85

31/3/2017 30/9/2017 31/3/2018 30/9/2018 31/3/2019

Argentina Business Center – Banco Hipotecario

IRSA29.9%

Ownership

Market Value to IRSA(USD million)

Share Price evolution

Results to IRSA

▪ The bank has generated a loss of ARS 533 million during 9M19 comparedto a gain of ARS 348 million during 9M 18.

-27%

IIIQ 19 vs.

IIIQ 18

2019 main work fronts:

• Liabilities: to preserve cash and long term deposits, adjusting rates to market changes.

• Assets: increase of commissions, fees and preservation of the quality of the portfolio in a context of higher delinquency rates.

• Balance Sheet equilibrium: preserving the solvency and liquidity, with focus on the funding.

179

393

133 134

IIIQ17 IIIQ18 IIIQ19 Current as of

May,7

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Argentina Business Center - International

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

26 2627

FY16 FY17 FY18

Market Value to IRSA(USD million)

IRSA18.9%

FLOAT 56.8%STEPSTONE

24.3%

Ownership

Edificio Lipstick

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58,000 sqm of GLA in 34 floors

69 78 77

95% 97% 96%

FY17 FY18 IIIQ19

*3,3mm en preferidas E + 0,7 promissory note

22,6 20,3 21,9

4

25,9

IIIQ 18 IIIQ 19 Current as of

May 9, 2019

Investment in IDB & DIC – IsraelCurrent Corporate Structure (as of mar-19)

100% 82.3%

Indirectly*

68.8%100% 20.3%**19.3% 44.1% 68.8% 59.5% 26.0%

45.4% 51.7%

* 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.** 15% of the shares are held by a trustee. IDB sold 24% of Clal shares as part of swap transactions.

Energy Tourism InsuranceFinancial

InvestmentsTelecommunications

Agriculture Rental Properties

Real Estate Technology Supermarket

Working to reduce one more layer of public companies before December 2019, according to Concentration Law requirement

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4.947

3.452

1.000

2.000

3.000

4.000

5.000

6.000

7.000

Equity

Market cap

Market Cap vs. Book Value(NIS million)

70% BV

Clal Insurance(20.3% IDB current stake + 24.0% through swaps)

Recent Material events

✓ Control permit requested on Mar-19 – under process

✓ Sale agreements signed with third non-related parties

▪~ 10% already sold (5% of the shares held by the trustee and 5% of the Swaps transactions) to 2 private investors, at NIS 47.7.

▪ In the event of gaining control permit, one of the investors received an option to buy another 3% at NIS 50.

▪An additional option was given for a third investor (3-5% at NIS 47.7), financed by 90% seller loan.

✓ After the sale, IDB total exposure reduced to 45.3% (20.3% directly and 24% through SWAPS)

✓ Positive market reaction to thesale: total 20% increase 3 daysfollowing the sale

✓ Current Market Cap / Equity: 70%

USD 967 MM

Mkt Cap

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PBC (67.5% DIC Stake) & Gav Yam (51.7% 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 Bank

142,000 sqmin USA

Market CapUSD 542 MM

USD 1,047MM 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

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Shufersal (26.0% DIC stake): Israel’s Leading Food Retailer

✓Traded on TASE – Market cap USD 1,589 MM

✓Operates 338 stores nationwide

• Shufersal: 274 stores• New Pharm: 64 stores

✓Holds a real estate portfolio of ~ NIS 3 billion

Private Label - % of Total Sales

22,1%21,6%

22,1% 22,2%

24,0% 24,0%

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q2 2018 Q3 2018

Online Sales - % of Total Sales

11,8%10,5%

11,2%12,4%

13,5% 13,6%

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q2 2018 Q3 2018

New Pharm recent acquisition2nd largest pharmacy chain in Israel

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Largest Telecommunications Provider(43.9% DIC stake)

20 37

50

6374

87

99

111

124

137

154

170

184195

206

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q2

2017

Q3

2017

Q4

2017

Q1

2018

Q2

2018

Q3

2018

Cellcom TV Subscribers (Th.)

✓ Fastest growing company in TV, internet & fixed line services:

• ISP Service for 685k households

• Over 195,000 pay TV subscribers

✓Israel’s largest cellular provider – 2.8 million subscribers26% market share

✓Competition:

•Operates in competitive environment -5 cellular providers.

•Cellular: ARPU NIS 51.8 vs ~ NIS 163 in the US.

✓Transition from cellular company to communication Group:

✓Market cap USD 524 MM 23

Deleverage at IDB & DIC

24

Net Debt (USD million)

Stand alone Stand alone

1290 1312

923

781749

711

613

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

1321

1466

951 954

740

966

632

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

Net Debt as of March 31, 2019*(USD millions)

Amortization Schedule

IRSA Net Debt 313.2

*Does not include IRCP & IDB/DIC debt

17.0

204.1

83.2

8.8

FY 2019 FY 2020 FY 2021 FY 2022

Subsequent 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

96.3Recently

issued

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Investment Highlights

ROMPECABEZAS BR PROPERTIES

LeadingReal Estate Company

Strong Capital

Markets track record

25 yearsListed in NYSE

2.1 mm sqmworldwide

High standards of

Corporate Governance

Diversified country risk

ArgentinaIsraelUSA

UniquePortfolio of

Real Assetsacross the world Financial

Solvency26