1

IQ 2017 Conference CallNovember 14, 2016

Hosted by:

Alejandro G. Elsztain, IIVP

Daniel R. Elsztain, COO

Matías I. Gaivironsky, CFO

Main Highlights for IQ FY2017 – Consolidated Basis

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Financial Consolidated Results IQ17

Argentina Business Center

oRevenues: ARS 18.7 billion (ARS 1.3 billion from Argentina & ARS 17.4 billion from Israel)

o EBITDA: ARS 2,5 billion (ARS 0,5 billion from Argentina & ARS 2,0 billion from Israel)

o Net Income: Loss of ARS 782 million (Gain of ARS 36 million from Argentina & Loss of ARS 818 million from Israel)

Attributable to IRSA Shareholders: Loss of 577 million

o Good results in the rental segment. EBITDA, excluding sales of investment properties grew by 24% in the IQ17 vs IQ16

o No results from sales of investment properties during IQ17 compared to strong sales in IQ16

o 3 Developments launched for FY 2017 : Polo Dot, Catalinas & Alto Palermo Expansion

o IRSA issued USD 184.5 MM notes at 7% and ARS 384.2 MM note at BADLAR + 299 bps due 2019 to cancel existing debt

o IDBD subsidiary DIC accepted an offer from ChemChina to sell its 40% stake in Adama

o During IQ17 IRSA acquired from IDBD 8.8% of DIC shares for approximately USD 26.7 million

Israel Business Center

Argentina Business Center - Shopping Malls

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Shopping Centers – Stock & Occupancy %

Shopping Centers – Tenants’ Sales(Quarterly Growth Rate - %)

Stock (sqm)

Occupancy

Sales (ARS)

Visitors

Summary Main Figures(IQ 2017)

28,5% 28,6%29,9% 30,0%

27,1%

35,6% 35,5% 34,3%

44,5%

35,7%

29,0%

34,3%

21,0%

31,3% 30,1%

36,3%

32,5%

25,4%

29,6%

21,0%

IQ 14 IIQ 14 IIIQ 14 IVQ 14 IQ 15 IIQ 15 IIIQ 15 IVQ 15 IQ 16 IIQ 16 IIIQ 16 IVQ 16 IQ17

Total Growth Same Shopping Sales

307.720 310.254

334.055 335.032

IQ14 IQ15 IQ16 IQ17

98,60% 98,50% 98,90% 98,40%

Argentina Business Center - Office Buildings

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Offices – Leases USD/sqm/mth & Occupancy

* Source: LJ Ramos

26,0 26,3 26,6 25,9 25,0

96,4%94,0% 93,1%

98,6%100,0%

3M 16 6M 16 9M16 FY 16 3M17

Offices – Stock (sqm) & Market Share* (A+ BA City)

80% potential increase

in EBITDA

(From USD 19.5 million

to ~ USD 34 million)

Argentina Business Center: Capex FY 2017

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Catalinas Office Building (BA)

Investment: ~USD 100 million

GLA: ~ 35,468

Alto Palermo Expansion (BA)

Investment: ~ USD 25 million

New GLA: ~ 4,000

Polo Dot Office Building (BA)

Investment: ~USD 55 million

GLA: ~ 30,000 sqm

Est.

Opening

FY2018

Est.

Opening

FY2019

Est.

Opening

FY2020

Capex 2017-2020 launched: USD 180 million – Rental GLA will increase by 17% to 483,000 sqm

Argentina Business Center - Hotels

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Avge Price / room & Occupancy(USD)

Revenues

EBITDA

Summary Main Figures(IQ17 vs IQ16)

ARS 8 MM (vs ARS -3 MM in IQ16)

ARS 173 MM (+55.9% vs IQ16)

179 178 181175

183

66,70%67,60% 67,70%

65,80% 65,30%

IQ16 IIQ16 IIIQ16 IV16 IQ17

Argentina Business Center – International

Condor Hospitality Trust (Nasdaq: CDOR) – 49% Voting Power

HOTEL EBITDA IQ17: USD 4,6 million - EBITDA Margin: 32%

Common Dividend paid on Sep-16: USD/share 0.03

(Second consecutive quarterly dividend for the Company

for the first time since 2009)

Preferred Quarterly Dividend: 6,25% anual

Last quarter Acquisitions: 2 Aloft hotels, in Kansas and Atlanta:

Aloft Leawood –Overland (Kansas): 156 rooms, price USD 22,5 million

Aloft Atlanta (downtown): 254 rooms, price USD 43.55 million- Stake: 80%

Lipstick Operating Figures Leases USD/sqm & Occupancy

Lisptick Building(49% stake)

6465

67 6789%

92%

97% 97%

FY14 FY15 FY16 IQ17

Relevant Events for IQ 17

Strategy: Fly to quality - Selective hotel sales

to achieve better margin & scale hotels

Portfolio of 27 hotels across the US16 non core hotels sold in 2016 for USD 37 mm

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Urban Real Estate 15 years AppreciationIsrael Business Center: Investment in IDBD

o IDBD subsidiary DIC accepted an offer from ChemChina to sell its 40% stake in Adama for USD 230 million in excess of the

total cancellation of the debt. We expect to close the transaction by November 2016. DIC’s net cash flow ~ NIS 800 millions

o Clal’ share increased by 4% in the IQ17 vs last quarter. Gain of ARS 181 million

o Regarding IDBD NIS 325 million issuance, the Court rejected to pledge Clal shares and we had to cancel NIS 244 million.

The balance (26% of the total issuance) is subject to Clal’ pledge approval.

oCompanies’ new issuances:

DIC: NIS 360 million at 5.7% fixed rate due 2025 • PBC (Sep-16): NIS 600 million. 500M at 3.95% fixed rate and 100M at 2,85% + CPI. Maturity 2029

• MATAM (Aug 16): NIS 400 million at 3.10% fixed rate. Maturity 2027

• CELLCOM (Sep-16): NIS 300 million at 3,55% fixed rate and NIS 100 million 2,45% + CPI due 2026

o IRSA acquired from IDBD 8.8% of DIC shares for approximately USD 26.7 million

As of September 30, 2016 IRSA controls, through Dolphin, 68.3% of IDBD – Amount invested USD 515 MM

Ownership Structure (June 30, 2016)

Latest Developments

Ownership Structure (September 30, 2016)

IRSA IRSA

8,8%

76,4% 54,9

%CLALDIC

68,3% 31,7%

Dolphin IFISA

IDBD

67,6% 54,9

%CLALDIC

68,3% 31,7%

Dolphin IFISA

IDBD

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Financial Results

Argentina Business Center:

Operating Income by Segment IQ FY17

10

Rental Segment(ARS million)

Sales & Development(ARS million)

Financial & Others(ARS million)

-18%

(Shoppings, offices + hotels) (Sales & Development) (International + Financials)

+25%

472,0

590,0

350,0

-51,0 -33,0 -27,0

1Q FY16 1Q FY17 1Q FY16 1Q FY17 1Q FY16 1Q FY17

Israel Business Center:

Operating Income by Segment 3M (Mar-16 to Jun-16)

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Consolidated Subsidiaries

In ARS million

355

449

80

-185

501

759

886

-17

Real Estate Supermarkets Telecommunications Others

Operating Income EBITDA

Consolidated Financial Results IQ17 – ARS MM

12

-577

-205Non-controling intereset

Controlling shareholders

Net Financial Costs: Loss of ARS 1,583 MM (vs. Loss of ARS 147 million in IQ16)

Net FX: Loss of ARS 147 MM (vs. Loss of ARS 123 million in IQ16)

Other FV of financial assets: Gain of ARS 262 MM (vs Loss of ARS 148 million in IQ16)

Net Financial Results

Main Effects – 1Q FY2017

1Q FY171Q FY16

Net Financial Results Operating Income Net Income

724

1,147

-1,474

-437

-782

-316

448

699

-1,056

-418-818

36

Argentina Business Center

Israel Business Center

Clal: ARS 181 mm

Net Financial cots

ARS 1,321 mm

IRSA stand alone Debt as of September 30, 2016

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Debt Amortization schedule - Proforma

(USD million)

Gross Debt: USD 405.1 MM

Net Debt: USD 315.3 MM

Sep-16: IRSA issued USD 184.5 million note at 7% and ARS 384.2 million note at BADLAR + 299 bps due 2019 to cancel existing debt

Oct-16: Cancellation of USD 75 million of IRSA 2017 bond

New IssuanceBond Class. VII y VIII

120

75

0

210

71,4

2016 2017 2018 2019 2020

48,7

Israel Business Center: IDBD Stand Alone Debt

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Net Debt Amount USD MM(As of June 30, 2016)

IDBD 728

4.8144.554

3.588

3.051

2.785

31.12.2012 31.12.2013 31.12.2014 31.12.2015 30.6.2016

IDBD Debt decrease since IRSA Investment IDBD Debt Amortization schedule (NIS MM)(As of today)

154

807 742

86

1.434

2016 2017 2018 2019 2020-2025

Cautionary Statement

Investing in all equities, including natural resources and real estate-related equities, carries risks which should betaken into consideration when making an investment.

This institutional presentation contains statements that constitute forward-looking statements, in that they includestatements regarding the intent, belief or current expectations of our directors and officers with respect to our

future operating performance. You should be aware that any such forward looking statements are no guaranteesof future performance and may involve risks and uncertainties, and that actual results may differ materially andadversely from those set forth in this presentation. We undertake no obligation to release publicly any revisions tosuch forward-looking statements to reflect later events or circumstances or to reflect the occurrence ofunanticipated events.

Additional information concerning factors that could cause actual results to differ materially from those in theforward-looking statements can be found in the companies’ Forms 20-F for Fiscal Year 2016 ended June 30, 2016,

which are available for you in our web sites.

ALEJANDRO ELSZTAIN – II VP

MATÍAS GAIVIRONSKY– CFO

Tel +(54 11) 4323 7449

Corporate Offices

Intercontinental PlazaMoreno 877 24° Floor

Tel +(54 11) 4323 7400

Fax +(54 11) 4323 7480

C1091AAQ – City of Buenos Aires – Argentina

Independent AuditorsPricewaterhouseCoopers

Argentina

Tel +(54 11) 4850 0000

Bouchard 557 7º

C1106ABG – City of Buenos Aires

Argentina

NYSE Symbol: IRS

BASE Symbol: IRSA

www.irsa.com.ar

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