1

THE REAL ASSET PLAY

IQ15 RESULTS CONFERENCE CALL

Hosted by:

Alejandro Elsztain, II VP

Daniel Elsztain, COO

Matías Gaivironsky, CFO

November 12, 2014

Main Highlights for the IQ 2015

2

Financial Results

o Revenues: ARS 790.0 M (+27.1% vs. IQ14)

o Op. Income: ARS 640.1 M (+179.4% vs. IQ14)*

o Net Income: ARS 135.8 M (vs. ARS 2.9 M during IQ14)

o To IRSA’ Shareholders: Gain of ARS 3.3 M

Operating Results

o Malls’ Tenant Sales: + 27.1% (vs. IQ14)

o Office Rent: USD/sqm 26

o Vacancy: 1.5% in Malls & 2.1% in Offices

Beginning of FY 2015

o Better results in Offices & Hotels o High returns on Madison & other assets sales

o Slight slowdown in Tenant Sales

o Works in Progress in Neuquén Project

o Waiting for the final resolution to open Arcos

* Excluding Madison Sale, Ebitda grew by 36%

Rental Segment: Strong Operating Figures

+29.2% FY 14 vs FY 13

98,5%

Stock (sqm)

Occupancy

Sales (ARS)

Visitors

Summary Main Figures (IQ 15)

Stable for the last 3 yrs

Shopping Centers – Tenant Sales (Growth Rate % )

3

Shopping Malls

31,8% 30,5%

24,9% 26,0%

22,1%

24,1%

28,9%

26,3%

28,5% 28,6%

29,9% 29,9%

27,1%

sep-1

1

oct-

11

nov-1

1

dic

-11

ene-1

2

feb-1

2

mar-

12

abr-

12

may-

12

jun-1

2

jul-12

ago-1

2

sep-1

2

oct-

12

nov-1

2

dic

-12

ene-1

3

feb-1

3

mar-

13

abr-

13

may-

13

jun-1

3

jul-13

ago-1

3

sep-1

3

oct-

13

nov-1

3

dic

-13

ene-1

4

feb-1

4

mar-

14

abr-

14

may-

14

jun-1

4

jul-14

ago-1

4

sep-1

4

Portfolio Occupancy (IQ 15)

Rental Segment: Strong Operating Figures

Offices

Stock (sqm)

Occupancy

Leases in ARS

Leases in USD

4

Avge Lease Price (ARS & USD/sqm – IQ15)

142.423

141.287 141.287

131.085 131.115

127.342

122.470

121.380

se

p-1

2

no

v-1

2

en

e-1

3

ma

r-1

3

ma

y-1

3

jul-

13

se

p-1

3

no

v-1

3

en

e-1

4

ma

r-1

4

ma

y-1

4

jul-

14

se

p-1

4

Portfolio Stock (GLA sqm)

Summary Main Figures (IQ15)

118,3

146,0

214,3

25,3 26,6

26,0

IQ13 IQ14 IQ15

+47%

Occupancy (ARS & USD/sqm – IQ15)

96,8% 96,7%

97,9%

IQ13 IQ14 IQ15

113.905 Current Stock:

Upcoming Project: DISTRITO ARCOS

Shopping Mall Project (BA City)

ARS 240 million investment

~ 14.000 sqm GLA

65 Stores

100% built & fully occupied

Status We are waiting for the final resolution to open our 14th Mall.

APSA Stake: 90.0%

5

Development: Upcoming Project Neuquén Shopping

How it will look…next DECEMBER

Alto Comahue Shopping Mall Project (Neuquén Province)

~ ARS 250 million investment

~ 10.000 sqm GLA

Estimated opening: FY 15

101 Stores

56% signed contracts 89% negociated contracts

Full Project Mall + Supermarket + Hotel +Residential (18.000 sqm)

APSA Stake: 99.1%

6

Expansion Project: La Ribera Shopping (Santa Fe)

Expansion & Food Court Moving

16 new stores

Development Status ~70% developed Start: June 2014 End of Construction : November 2014

APSA Stake: 50.0%

6

From 51 to 67 stores

~ ARS 16 million investment

Moving 26 stores (new positions & tenants)

Investment in Avenida Inc.

Investment in Avenida Inc. (e-commerce)

Company created in 2013 that recently

obtained funds for ~ USD 16.0 million (including investments from Tiger Global Mgt & Naspers)

APSA

Stake

Aug-13 Jul-14 Aug-14

APSA Investment:

Call exercized for ARS 10 MM

New investor acquired 32,94%

injecting USD 15 MM

Sold 5% at USD 2,2 MM

Acquired 23,08% at

ARS 13 MM

23.08% 33.33% 21.58% 16.58%

Jul-14

8 Recognized Gain: ARS 8.6 Million

Sale of Investment Properties during and after IQ15

Sales of Investment Properties

Maipú 1300 “Pirelli”

897 sqm

USD 3.0 million

USD/sqm 3.378

Cap Rate: 5.82%

Subsequent Sales

“Bouchard Plaza”

7.475 sqm

USD 61.7 million

USD/sqm 8.250

Cap Rates: 3,5%-4,5%

No longer leasable area in the building

Remaining parking lots: 116 9

Subsequent Sale: 432 sqm

USD 1.4 million

USD/sqm 3.289

Cap Rate: 5,86%

La Nación Building Investment Case

9

pendiente

Subsequent Event: Acquisition of “La Adela” Reserve

Amount paid: ARS 210 million (~ USD/sqm 2.4)

High urbanistic potential for future real estate development

Closed communities Avge Price Plot of Land: USD/sqm 25

BA City 50km

60km BA

Located 60km from BA City in a closed community Area

Urban cities

La Adela

Lujan (BA)

Acquired from our controller CRESUD July 14

10

Landbank

Huge Landbank for future commercial developments

9

5,2

2,0 1,0 2,0

49,7 14,0 7,7 14,0

10,0

125,0*

115,0

232,7 287,5 299,3 309,0 310,0 311,0

335,0

575,0

FY 08 FY 09 FY 11 FY 12 FY 13 FY 14 FY 15e Potential

Growth

GLA (sqm K) Expansions DOT

Soleil La Ribera Arcos Gourmet

New Developments Current Malls' Expansions

122,1 93,4* 163,7 156,0 140,2 150,9 145,4

131,8

215,5

2008 2009 2010 2011 2012 2013 2014 Potential

Growth

Leased Area Future Developments

*Does not consider Santa Maria, Puerto Retiro & Caballito (approvals pending)

Evolution of Offices’ GLA & Potential

(Th. sqm)

Evolution of Malls’ GLA & Potential (Th. sqm)

International: Sale of Madison 183 Building

Madison Sale for USD 185 MM

85.1

147.5

185.0

Valuation of the Building (USD million)

Dic-10 Nov-12 Sep-14

49.0%

.74,5% 74.5%

USD 50 MM Increased to USD75 MM

USD 75 MM to be

cancelled

Building Debt (Mortgage non recourse to IRSA)

Cap Rate

~ 3.8%

12 Recognized Gain: ARS 296.5 Million

International: Investment in IDB Development Corp.

DOLPHIN + EXTRA HOLDING

(50%/50%)

58.0%

FORMER IDBH

BONDHOLDERS

42.0%

Adama

13

Investment in IDBD One of Israel’s largest and world-class asset collection

Pending Commitments (Dolphin 50%):

2015: Up to NIS 392.9 million

Tender Offer Commitments

2015: NIS 249.8 million (Price 8,344)

2016: NIS 262.3 million (Price 8,761) 69,31% 80.63%

Position Fully Diluted

Financial operations: Investment in Banco Hipotecario

Results to IRSA: ARS 43.3 million (vs. ARS 53.4 million in IQ14 mainly due to lower financial spread)

29.77%

14

109

143

225

sep-12 sep-13 sep-14

Market Value to IRSA

USD million

+58%

Financial IQ15 Results by Segment

456

75 16

73 19

569

101

5

97 28

Shoppings Offices S&D Hotels International

IQ 14 IQ 15

243

39

-7

4 10

302

63

10 4

299

Shoppings Offices S&D Hotels International

IQ14 IQ15

Revenues by Segment ARS million

EBITDA by Segment ARS million

+23% +35% -70% +33% +45% +24% +61% -244% -13% +2837%

Shoppings* Offices* Hotels S&D

IQ 15 78.5% 73,4% 3.6% 32.9%**

IQ 14 78.3% 61,6% 5.6% -

var YoY +0.2 pp +11,8pp -2,0pp -

•Excluding common maintenance common expenses and promotional funds ** Considering Revenues of Investment Properties,

EBITDA margin by Segment EBITDA Breakdown

LTM

57%

12%

14%

1% 16% Shoppings

Offices

S&D

Hotels

International

IRSA Income Statement IQ 2015

2.570

1.600

2.060

3.500

6.153 5.630

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

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Real Estate Prices Evolution (A+ Offices BA – USD/sqm)

Exchange Rate Evolution (ARS/USD)

+ 3.6%

5,388 5,793

8,133 8,430

+ 7.5%

IRSA Income Statement IQ 2015

32.4

35.7

135.8

3.3

2.9

64.4

27.1 17.1

-0.5

135.9 14.4

3.5 -163.4

132.5

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Pro

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1Q

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Segm

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Pro

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- Sh

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Segm

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Pro

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Segm

ent

Pro

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Segm

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Pro

fit

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ent

Pro

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JV

Net

Fin

anci

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Taxe

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Pro

fit

for

the

1Q

15

Att

rib

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to

:

Non controlling interest

IRSA Equity holders

IRSA Equity holders

Non controlling interest

IRSA’s consolidated debt as of September 30, 2014

18

44,9 25,4

151,3 150,0 40,7

14,5

120,0

85,6

39,9

4,4

271,3

150,0

2014 2015 2016 2017 2018 2019 2020

IRSA APSA

Debt amortization schedule (IRSA consolidated - USD million)

Total debt (USD million)

Net debt / Assets (BV)

33.4%

Net debt / EBITDA (LTM)

1.7x

Net Debt

380,2

Cash 147,7

Gross Debt

551,1

Debt Ratios

Debt Repurchase 23,2

Cautionary Statement

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

This institutional presentation contains statements that constitute forward-looking statements, in that they include statements 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 guarantees

of future performance and may involve risks and uncertainties, and that actual results may differ materially and adversely from those set forth in this presentation. We undertake no obligation to release publicly any revisions to such forward-looking statements to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in the companies’ Forms 20-F for Fiscal Year 2014 ended June 30, 2014, which are available for you in our web sites.

ALEJANDRO ELSZTAIN – II VP

MATÍAS GAIVIRONSKY– CFO

Tel +(54 11) 4323 7449

Corporate Offices

Intercontinental Plaza Moreno 877 24° Floor

Tel +(54 11) 4323 7400

Fax +(54 11) 4323 7480

C1091AAQ – City of Buenos Aires – Argentina

Independent Auditors PricewaterhouseCoopers 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

Contact Information