Institutional Presentation

IIQ FY 2019

Corporate Structure

Farms in

BOLIVIA

Farms in

ARGENTINA

Farms in

PARAGUAY

Farms in

BRASIL

100% 50.1% 100%

100% 100% 43.4% 63.7%%

81.3% 29.9%100% 77.1%Indirectly

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

2

Pioneer Agribusiness Company with 82 years of history

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

20 (Th. Ha)

Follow onUSD 288 M

Foundation

• 1st Latam Agricultural Company to be listed both in the US and Argentina

• Pioneer in farmland development business

• More than 1,235 employees in agriculture related operations

• Due Diligence for more than 4 million ha in the region

• 3 leading farmland development cases in Harvard Business School

+17% CAGR

Follow on USD 92 M

IPO USD 276 M

852(Th. Ha)

Owned + leased Has

Follow onUSD 64 M

Mr. Eduardo ElsztainAppointed Chairman

& Mr. Alejandro Elsztain CEO

Agribusiness Market’s Strengths

The increase in the demand for food will need an expansion of productive areas (108 mm ha)

24,3%39,4%

61,2%

75,7%60,6%

38,8%

From 1967 to 1987 From 1987 to 2007 From 2007 to 2018

Increase in areas Productivity Gain

Only 3% of the surface of the Earth would be land available for agriculture

Lack of SupplyExcess of Demand

9 Bn inhabitants to be fed by 2050 mostly coming from developing countries

3% 9 Bn

+

The region has the main resources (land & water) to meet the increasing demand

South America Strengths Productivity Increase not Enough

Agribusiness Market’s Strengths

Acquire & Develop the Land

Acquire & Plant

Acquire & Lease

Re

turn

Pioneer in Farmland Development

Acquire & Lease Acquire & Plant Lease & PlantAcquire & develop the

land

Benefit from farmland price appreciation

+ + - +

Operational gains - + + +

Committed capital High High Low High

Risk

Replicating it´s business model in Brazil, Bolivia & Paraguay

Lease & Plant

Cresud Business Strategy

FARMLAND DEVELOPMENT FARMING ACTIVITY

Bare Land

Cattle

Urban Property

Specialties / Agriculture

Agriculture

Time

Val

ue

Cre

atio

n

RO

IC

Stable Yielding

Farmland Development

Farming Activity

Time

Cresud Diversified Rural Portfolio – 23 farms in the region

BOLIVIA

1%3 farms9,875 ha

BRAZIL

18%7 farms

128,781 ha

PARAGUAY

8%1 farms

59,490 ha

ARGENTINA

73%

12 farms536,188 ha (*)

(*) Includes 132.000 ha under concession in Argentina

CORN

SUGARCANE

SOYBEAN

MEAT

CORN

SOYBEAN

CORN

SUGARCANE

SOYBEAN

MEAT

SOYBEAN

MEAT

LEASING AS COMPLEMENTARY BUSINESS(137,917 ha in Argentina & Brasil)

Current Portfolio Breakdown (Hectares)

Sheep10,387 heads

10%

872,251 has~16% Leased

Productive427,402 has

49%

Reserves444,849 has

51%

Livestock121,386 has

28%

Agriculture168,099has

40%Development Potential173,388 has

39%

Legal Reserve271,461 has

61%

Beef Cattle93,299 heads

90%

Corn

29%

Soybean

50%

Sugarcane

11%

Leased to 3rd Parties137,917 has

32%

Others

10%

Farmland Development Track Record

27.42140.576

59.625

88.124

119.111

147.321

170.974

191.274206.674

218.274226.474

239.774250.484

258.984

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019e Potential

Development Potential

173,388 has

Annual average developed ha

20,000

1994-2006

Crops & Cattle Operational Track Record

482

368

86

119

13 3069

20

133160

105128

70 73

156115

187

288

322

452

596

469435

568589

484

612

532

1636

7465

47 4637 44

23 3241 46 54

87

148 146

188 206 206

212214

179205 209

257

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

Planted area (Th. Has)

Crop production (Th. Tn)

3,14,6

6,9

15,915,1

12,912,7

10,59,2

11,410,3

9,0 9,58,3

7,0

3,1

6,2

8,87,2

6,9

8,3 8,2 8,19,7

34,0

46,2

64,0

153,1

134,7

116,5

106,6

82,6 83,790,3 91,0

83,6 86,0 85,4 86,682,2

71,2 70,661,3 61,5

70,075,0

83,0

94,0

FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Meat production (Th. Tn) Heads (Thousands)

Farmland Real Estate Track Record

2,254

15,900

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

14.1

13.5

2.5

21.1

6.8 25.2

9.0

30.0

17.29.2

4.1

1.0

10.6

5.7 5.0

7.3

30.0

1.3

25.0

4.8

18.08.9

6.7

6.0

29.0

Corn Belt Land Value in USD/Ha

Land Acquisitions USD MM

Land Sales USD MM

Farmland Sales1.5 farms per year

Appreciation: +136%IRR (USD): 16%

Farmland pricesUSD/ha

Farmland Real Estate Track Record

1,200 USD/Ha

2,500 USD/Ha

12,000 USD/Ha

10,000 USD/Ha

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

13.2

29.0

3.6

4.27.0

14.215.0

11.9

Farmland Sales0.6 farms per year

Appreciation: +62%IRR (USD): 15%

1,343 USD/Ha

9,536 USD/Ha

7.090 USD/Ha

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

31.3

27.1

89.024.738.3

13.7

17.5

21.5111.1

23.9

Land Value in USD/Ha

Land Acquisitions USD MM

Sales of Land USD MM

Farmland Sales0.7 farms per year

Appreciation: +225%IRR (BRL): 22%

51.4

15.9

2019

47

1,100 USD/Ha

3,250 USD/Ha

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Regional Farmland Sales

7 1234

8

62

148 57 7

0 3

13 14

28

13

72

20 39 47*10 8 1 5

21 26

62

21

134

3446

52

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IIQ 2019

Profit USD M Book Value USD M

Brasilagro’s partial sale of Jatobá was not

recognized at CRESUD level since it was

already valued at fair value as Investment

Property (leased to third parties)

13

BRL 177.8 million9,784 has (BRL/ha 18,172)

“Jatobá” partial sale

BRL 8.0 million103 has (BRL/ha 77,670)

“Alto Taquarí” partial sale

Profit: BRL 5.8 million

IRR (USD): 17.1%IRR (USD): 7.1%

IQ 2019 IIQ 2019

Farmland Sales EvolutionUSD mm

BA

Jatoba

(Jaborandi)

MT

Alto Taquari

*USD 47mm considers the full price transaction of Jatobá & Alto Taquari financed partial sales (Present Value USD 31 mm).

Remaining has: 21,197 Remaining has: 5,291 (productive 3,476 ha)

Farmland Development Cases

Cattle infrastructureInvestment USD/ha 250

Turnaround of a Cattlefarm into Cattle & CropFarmland

Los Pozos, SaltaArgentina

Has: 240,000

Bare LandAcquisition Cost USD/Ha. 10

Crop Investment USD/ha 650

Technological Investment(equipment, holes & irrigation system)

USD/Ha 2,000

35,000 heads in 44,000 haLand Price: USD/ha 1,500

13,000 haLand Price USD/Ha. 2,500

Best Yielding FarmLand Price: ~ USD/ha 10,000

Beef Cattle – Low productivity farmLow rainfalls levels & underground water resources

Acquisition Cost USD/Ha 700

Turnaround of Undeveloped Land into a regular crop production

Agroriego, San Luis Argentina

Has: 7,052

Technological Investment(equipment, holes & irrigation system)

USD/Ha 2,000

Investment in FyO

VOLUME (Grain Traded Tons (Million)

Brokerage Derivatives Exports

Specialties Freights &

Logistics

Trading Grain Elevator Consultancy

Portfolio Management

Training

MARKET SHARE (fyo’s share / total commercialized in Argentina)

Cresud’ Stake: 50,1%

MAIN SERVICES

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

After two years of operations Agrofy achieved that 5,000

companies listed more than 50,000 products consulted by 1.2

million monthly buyers in 10 different items

We are building

an e-commerce

ecosystem

around

agribusinessAgrofy empowers farmers and

agribusiness companies with

its leading marketplace and

digital products.

Vision

Horizontal Ag

Marketplace

We cover all categories

that are relevant for

farmers.

Ag Fintech

Developing financing credit

solutions to improve transactions

Global Ambition

Our business model is

highly scalable.

Ag Logistics

solution

Working with 3rd

parties to automate

logistics for each

category.

Collecting data

We analyze millions of

data to help our

customers improve

their transactions and

improve business.

Online marketing

Best digital marketing

team with ag

expertise.

Agrofy: Future regional expansion

Central Hub

2020BUILDING

TRACTION

Local

commercial

team generates

liquidity through

basic

memberships.

VALUE

GENERATION

Capitalize on

multinational

clients to open

new markets.

LEAN

GROWTH

Leverage central

hub in argentina to

streamline

processes and

control costs.

BRAND

EXPOSURE

Along with digital

marketing

campaigns, agrofy

will be present at

all principal agro

events and expos.

Leveraging a superior product and back-

end infrastructure based in Argentina,

Agrofy will scale efficiently across the

region. Currently in Brazil.

2020

2019

2018

2018

2018

2018

Leading in LATAM

in the next 3 years

2019

Investment in Carnes Pampeanas- Meatpacking Facility

Carnes Pampeanas is a beef processing company

- staffed by a highly professional team

- dedicated to the production of prime quality food

products

- starting from the highest quality cattle

- fulfilling the most demanding quality standards.

Brief description of the company

The beef packing plant is one of the country’s most

modern.

It counts with all necessary permits for export to the

demanding European and Asian markets, apart from

providing quality beef cuts to Brazil and Chile.

With the brand “Carnes Pampeanas” the company

markets chilled and frozen beef, cattle offal and other

byproducts.

Meatpacking: Location & technical conditions

Strategic Location

The following outlines the cattle stock of Argentina, detailed by

province, where you can appreciate the strategic location of the plant in the area of highest density of cattle and this strategic

component in trade policy and competitiveness plant.

Due to its location in the city of Santa Rosa (La Pampa), the

production comes from premium Angus and Hereford steers bred

extensively in the fertile Pampas plains

Technical conditions of meat packing plant

• The processing capacity is 9,600 heads per month

• It has all licenses and permits required by law.

0

1 190.000

190.001 –

1.000.000

1.000.001 2.500.000

> 2.500.001

Stock vacuno

Fuente: Elaboración propia, en base a vacunación SENASA 2011

––

29.9%81.1%

VP 18.9% Dolphin 49.0%

HOTELS

SANTA MARÍA & OTHER

LANDBANKINTERNATIONAL

SHOPPINGSMALLS

OFFICEBUILDINGS

COMMERCIAL LANDBANK

98.7% 77.1%

63.74%

• Leading diversified real estate company with assets in Argentina, USA and Israel.

• Controlling shareholder of IRSA Propiedades Comerciales, leading commercial real estate company in Argentina with ~447,000 sqm of GLA located in premium locations.

• Landbank to develop ~ 3 million sqm of prime real estate

• 25 years listed both in Buenos Aires and NYSE

IRSA at a glance

21

Premium Portfolio of Shopping Malls

High income AreaMid Income AreaLow Income Area

USD 121 MN LTM EBITDAUSD 1.1 BN Book Value

BA City Argentina

22

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 8MMZetta Building

(2H FY2019)Est. EBITDA~USD 6MM

23

Premium mixed-use Landbank for future developments

San Luis

Neuquén

Montevideo

(Uruguay)

Paraná

Tucumán

Pereiraola

Caballito

Pilar

Pontevedra

Mariano Acosta

Merlo

La Adela

Puerto Retiro

UOM LujanLa Plata

Coto Abasto

(espacio aéreo)Predio

San Martín

Maltería

Hudson

Argentina BA Province

USD 460 MN

Book Value

Santa María del Plata

BA City

~20 MN SQM

Land Surface

~ 700,000 sqm of Premium Real Estate to be developed in the best location of BA City (Approvals pending)24

Investment in IDB & DIC

Israel

100% 77.9%

Indirectly*

68.8%100% 25.3%**19.3% 43.9% 67.5% 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.** 29.6% stake sold through local swap transactions, holding economic rights for 54.9%.

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

Largest and most well diversified conglomerate in Israel• Controlling shareholder of

Israel’s largest telecommunications’

and supermarkets’ company.

• Controlling shareholder of

PBC, leading real estate company in Israel

• Controlling shareholder of

the 2nd largest insurance company in Israel

• IDBD bonds listed in Tel Aviv Stock Exchange as well as the equity of operational Subsidiaries

25

Net Debt as of December 31, 2018*(USD million)

CRESUD Net Debt 395.5

*Does not include IRCP & IDB/DIC debt

In November 2018, we issued a local Bond for USD 73.6 mmat a fixed annual interest rate of 9.0% due November 2020 to refinance short-term debt

126.9

84.2 84.5

4.7

113.0

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Amortization Schedule

www.cresud.com.ar

ir@cresud.com.ar