FY 2019 Conference Call September 10, 2019 Hosted by: Alejandro Elsztain, CEO Carlos Blousson, General Manager of Argentina & Bolivia Matías Gaivironsky, CFO Main Events for FY 2019 ARS 22.9 billion Adjusted EBITDA +21.1% vs. FY 18 ARS 3.8 billion Agribusiness ARS 19.1 billion Urban & Investments (IRSA) | --- | --- | --- | |--------------------|-------|-------| | | | | | (ARS 28.5 billion) | | | Shares repurchase plans •ARS 600 million repurchased during FY 19 (2.6% of capital stock) •New plan launched for ...

Financial Performance - Adjusted EBITDA increased by 259% compared to the same period in the previous year, reaching ARS 1858 million[1] - The company experienced a net loss of ARS 98 billion, primarily due to higher inflation[1] - A new share repurchase plan was initiated, with a limit of up to ARS 300 million, and 145% had already been repurchased[1] - Consolidated revenues increased by 21% to ARS 55701 million, compared to ARS 46004 million in the previous year[20] - Net financial results showed a loss of ARS 14949 million, a 24% increase compared to the previous year's loss of ARS 12064 million[20,25] Agribusiness - Planted area for FY19 increased by 247% compared to FY18, reaching 248 thousand hectares[2,3] - Agribusiness Adjusted EBITDA grew by 256%[2] - Farming EBITDA experienced a growth of 60%[2] - Argentina Rental Adjusted EBITDA increased by 71%[2] Urban & Investments (IRSA) - Shopping Malls occupancy would have been 983% excluding the Walmart vacancy effect[15] - Same Shopping Malls' Sales increased 247% in nominal terms for IIIQ 19[15] - Israel Business Center Real Estate Adjusted EBITDA increased by 42%[2,24]

Financial Data and Key Metrics Changes - The company reported a loss of ARS 9.8 billion for the nine-month period, with ARS 6.8 billion attributable to shareholders, primarily due to losses from investment properties and their fair value [4] - Adjusted EBITDA for the period was ARS 15.8 billion, representing a 25.9% increase compared to the previous year [4][20] - Gross profit increased from ARS 18.6 billion to ARS 21.6 billion, indicating a positive trend in operating income [20] Business Line Data and Key Metrics Changes - In agriculture, the planted area increased by 19% year-over-year, reaching a record 248,000 hectares [5] - The adjusted EBITDA from farming was ARS 1.33 billion, a 60% increase compared to last year [23] - The urban segment saw a 14% decrease in shopping mall revenues due to lower consumer purchasing power, while office revenues increased by 88% [27] Market Data and Key Metrics Changes - Commodity prices, particularly soybean, saw a 12% drop due to the US-China trade war and swine fever in China, which decreased demand by approximately 10 million tons [9][10] - The regional harvest progress was reported at 64.7% for soybean and 12.3% for corn, with an expected production increase of 52.6% year-over-year [11] Company Strategy and Development Direction - The company initiated a share buyback plan of up to ARS 300 million, having already purchased 14.5% of the program [5] - The company is focusing on increasing agricultural production and improving yields, with expectations of a record campaign in the upcoming quarter [33] Management's Comments on Operating Environment and Future Outlook - Management noted that weather conditions in Argentina have improved, recovering from previous droughts, which bodes well for agricultural output [8] - The company anticipates closing the fiscal year with strong agricultural production and good deals in the region [33] Other Important Information - The company is facing challenges related to the Concentration Law in Israel, which requires a review of public companies controlled by it [18] - The market reacted positively to the sale of shares in Clal, with a 20% increase in share price following the transaction [17] Q&A Session Summary - No questions were raised during the Q&A session, leading to the conclusion of the conference call [32]

Cresud SACIF y A (NASDAQ:CRESY) Q2 2019 Earnings Conference Call March 6, 2019 2:00 PM ET Company Participants Matias Gaivironsky - Chief Financial & Administrative Officer Alejandro Elsztain - Second Vice Chairman, CEO, Acting President & GM Carlos Blousson - CEO, International Operation and GM, Argentina & Bolivia Operations Conference Call Participants Operator Good afternoon, everyone, and welcome to the Cresud Second Quarter 2019 Results Conference Call. Today's live webcast, both audio and slide show ...