IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q2 2022 Earnings Conference Call February 14, 2022 9:00 AM ET Company Participants Santiago Donato - Investor Relations Officer Eduardo Elsztain - Chief Executive Officer MatÃas Gaivironsky - Chief Financial Officer Conference Call Participants Gordon Lee - Banco BTG Pactual SA Santiago Donato Good morning, everyone. IÂ'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the Second Quarter of Fiscal Year 2022 Results Con ...

[Legal and Corporate Information](index=2&type=section&id=Legal%20and%20Corporate%20Information) This section provides an overview of IRSA Inversiones y Representaciones Sociedad Anónima, detailing its legal structure, primary activities, and capital status [Company Overview](index=2&type=section&id=Company%20Overview) IRSA Inversiones y Representaciones Sociedad Anónima is an Argentine company established in 1943, primarily engaged in real estate investment and development, with Cresud S.A.C.I.F. y A. holding a 62.22% voting interest Company Details | Category | Detail | | :--- | :--- | | **Denomination** | IRSA Inversiones y Representaciones Sociedad Anónima | | **Legal Address** | 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina | | **Company Activity** | Real estate investment and development | | **Parent Company** | Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | | **Parent's Voting Interest** | 62.22% (direct and indirect) | Capital Status | Capital Status | Amount (in millions of ARS) | | :--- | :--- | | **Shares Authorized for Public Offering** | 658,707,201 | | **Subscribed, issued and paid up nominal value** | 659 | [Unaudited Condensed Interim Consolidated Financial Statements](index=5&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section presents the company's financial performance and position for the three months ended September 30, 2021, including statements of financial position, income, equity changes, and cash flows [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of September 30, 2021, total assets stood at ARS 237,104 million, a slight decrease from ARS 243,463 million as of June 30, 2021, primarily driven by a reduction in non-current assets, particularly investment properties, while total liabilities also decreased to ARS 147,880 million from ARS 153,060 million over the same period Consolidated Statements of Financial Position | (in millions of ARS) | 09.30.2021 | 06.30.2021 | | :--- | :--- | :--- | | **Total Assets** | **237,104** | **243,463** | | Total non-current assets | 221,796 | 228,247 | | Total current assets | 15,308 | 15,216 | | **Total Liabilities** | **147,880** | **153,060** | | Total non-current liabilities | 126,629 | 128,868 | | Total current liabilities | 21,251 | 24,192 | | **Total Shareholders' Equity** | **89,224** | **90,403** | [Consolidated Statements of Income and Other Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Other%20Comprehensive%20Income) For the three months ended September 30, 2021, the company reported a net loss of ARS 1,014 million, a significant reversal from the ARS 12,716 million profit in the prior-year period, primarily driven by a substantial net loss from the fair value adjustment of investment properties amounting to ARS 6,494 million, compared to a gain of ARS 36,728 million in the same period last year, while revenues increased by 78.6% to ARS 4,382 million Consolidated Statements of Income and Other Comprehensive Income | (in millions of ARS) | Three months ended 09.30.2021 | Three months ended 09.30.2020 | | :--- | :--- | :--- | | **Revenues** | 4,382 | 2,453 | | **Gross profit** | 2,628 | 780 | | **Net (loss) / gain from fair value adjustment of investment properties** | (6,494) | 36,728 | | **(Loss) / profit from operations** | (4,689) | 35,856 | | **(Loss) / profit for the period** | (1,014) | 12,716 | | **Basic (Loss) / profit per share (ARS)** | (0.91) | 17.53 | [Consolidated Statements of Changes in Shareholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Total shareholders' equity decreased from ARS 90,403 million at the beginning of the period to ARS 89,224 million as of September 30, 2021, primarily due to the net loss for the period of ARS 1,014 million and other comprehensive losses of ARS 164 million Consolidated Statements of Changes in Shareholders' Equity | (in millions of ARS) | Amount | | :--- | :--- | | **Balance as of July 1, 2021** | **90,403** | | Loss for the period | (1,014) | | Other comprehensive loss for the period | (164) | | Warrants exercise | 2 | | Other changes | (1) | | **Balance as of September 30, 2021** | **89,224** | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the three-month period, net cash generated from operating activities was ARS 1,653 million, investing activities used ARS 205 million, and financing activities used ARS 1,048 million, resulting in a net increase in cash and cash equivalents of ARS 400 million, bringing the ending balance to ARS 2,153 million Consolidated Statements of Cash Flows | (in millions of ARS) | Three months ended 09.30.2021 | Three months ended 09.30.2020 | | :--- | :--- | :--- | | **Net cash generated from operating activities** | 1,653 | 5,125 | | **Net cash (used in) / generated from investing activities** | (205) | 63,187 | | **Net cash used in financing activities** | (1,048) | (41,387) | | **Net increase in cash and cash equivalents** | 400 | 26,925 | | **Cash and cash equivalents at end of period** | 2,153 | 6,704 | [Notes to the Unaudited Condensed Interim Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section details the accounting policies, significant transactions, segment performance, investment property valuations, borrowings, and other material events impacting the financial statements [Note 2 – Summary of significant accounting policies](index=15&type=section&id=Note%202%20%E2%80%93%20Summary%20of%20significant%20accounting%20policies) The financial statements are prepared in accordance with IAS 34 for interim reporting and are restated for hyperinflation as required by IAS 29, using a price variation of 9% for the three-month period ended September 30, 2021 - The financial statements have been prepared under IAS 34 and are restated for hyperinflation according to IAS 29, as Argentina's cumulative three-year inflation exceeds **100%**[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - The price variation used for inflation adjustment for the three months ended September 30, 2021, was **9%**[54](index=54&type=chunk) [Note 4 – Acquisitions and disposals](index=16&type=section&id=Note%204%20%E2%80%93%20Acquisitions%20and%20disposals) During the quarter, the company sold several real estate parcels in Hudson, Mariano Acosta, and Merlo, proposed a merger between IRSA and its subsidiary IRSA CP to streamline operations, and noted Condor Hospitality Trust's agreement to sell its portfolio of 15 hotels in the United States - The Boards of Directors of IRSA and IRSA CP approved a prior merger agreement, with IRSA as the absorbing company, and the proposed exchange ratio is **1.40 IRSA shares for each IRSA CP share**[67](index=67&type=chunk)[72](index=72&type=chunk) - Condor Hospitality Trust, in which IRSA holds a **21.7% stake**, signed an agreement to sell its portfolio of **15 hotels** in the U.S. to an affiliate of Blackstone Real Estate Partners[65](index=65&type=chunk)[66](index=66&type=chunk) - The company completed sales of real estate parcels in Hudson for **USD 0.6 million**, Mariano Acosta for **USD 0.7 million**, and Merlo for **USD 0.7 million**[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [Note 6 – Segment information](index=18&type=section&id=Note%206%20%E2%80%93%20Segment%20information) For the quarter ended September 30, 2021, the Group's total revenues were ARS 4,382 million, with the Shopping Malls segment as the largest contributor, but reported a total operating loss of ARS 4,689 million, primarily due to a significant net loss from the fair value adjustment of investment properties amounting to ARS 6,494 million Segment Performance | (in millions of ARS) | Revenues | (Loss) / profit from operations | | :--- | :--- | :--- | | **Shopping Malls** | 2,225 | (2,241) | | **Offices** | 716 | (1,280) | | **Sales and developments** | - | (1,204) | | **Hotels** | 473 | 17 | | **International** | 2 | (10) | | **Corporate** | - | (115) | | **Others** | 14 | 59 | | **Total Reportable Segments** | **3,430** | **(4,774)** | - The net loss from fair value adjustment of investment properties was **ARS 6,494 million**, mainly due to changes in macroeconomic conditions, including variations in projected income growth, inflation, and an increase in the discount rate[79](index=79&type=chunk) [Note 8 – Investment properties](index=23&type=section&id=Note%208%20%E2%80%93%20Investment%20properties) The fair value of investment properties decreased from ARS 200,154 million to ARS 193,895 million during the quarter, with a net loss of ARS 6,494 million from fair value adjustments recognized in the income statement, while the 'Costa Urbana' development project received initial legislative approval Investment Properties Fair Value | (in millions of ARS) | Amount | | :--- | :--- | | **Fair value at beginning of period** | 200,154 | | Additions | 487 | | Disposals | (245) | | Net (loss) from fair value adjustment | (6,494) | | **Fair value at end of period** | **193,895** | - The 'Costa Urbana' development project bill was approved in its first reading by the City of Buenos Aires Legislature, proposing to dedicate over **67%** of the **70-hectare property** to public use[93](index=93&type=chunk)[94](index=94&type=chunk) [Note 17 – Borrowings](index=30&type=section&id=Note%2017%20%E2%80%93%20Borrowings) Total borrowings as of September 30, 2021, were ARS 65,082 million, a slight decrease from ARS 67,900 million at June 30, 2021, and in August 2021, the company issued USD 58.1 million of Series XIII Non-convertible Notes to refinance short-term liabilities Total Borrowings | (in millions of ARS) | 09.30.2021 | 06.30.2021 | | :--- | :--- | :--- | | NCN | 55,473 | 56,700 | | Bank loans | 2,687 | 3,405 | | Bank overdrafts | 4,993 | 5,775 | | Other borrowings | 1,595 | 1,511 | | **Total borrowings** | **65,082** | **67,900** | - On August 26, 2021, the company issued **USD 58.1 million** in Series XIII Non-convertible Notes with a fixed rate of **3.9%**, maturing in August 2024, with funds used to refinance short-term liabilities[111](index=111&type=chunk) [Note 29 & 30 – Other Significant Events and Subsequent Events](index=38&type=section&id=Note%2029%20%26%2030%20%E2%80%93%20Other%20Significant%20Events%20and%20Subsequent%20Events) The Group operates in a complex Argentine economic context marked by high inflation and currency volatility, with the COVID-19 pandemic severely impacting operations, particularly in Shopping Malls and Hotels, though all malls are now operational, and subsequent to the quarter's end, a shareholders' meeting approved a reserve write-off, and the company sold three floors of the '261 Della Paolera' tower for approximately ARS 3,197 million - The Group's operations are affected by Argentina's macroeconomic volatility, including high inflation, currency depreciation, and capital controls[135](index=135&type=chunk)[136](index=136&type=chunk) - Due to recovery from the pandemic, **100%** of the company's shopping malls are operational as of the report date[139](index=139&type=chunk) - Subsequent Event: On November 2, 2021, the company's subsidiary IRSA CP sold three floors of the '261 Della Paolera' tower in Catalinas for approximately **ARS 3,197 million**[145](index=145&type=chunk)[146](index=146&type=chunk) [Business Summary and Outlook](index=69&type=section&id=Business%20Summary%20and%20Outlook) This section provides a consolidated overview of the company's Q1 FY22 results, segment-specific performance, financial debt position, and strategic outlook for its real estate operations [Consolidated Results Overview](index=71&type=section&id=Consolidated%20Results%20Overview) In Q1 FY22, revenues grew **78.6%** YoY to ARS 4,382 million, driven by the recovery of Shopping Malls and Hotels, but the company recorded a net loss of ARS 1,014 million, compared to a gain of ARS 12,716 million in Q1 FY21, due to a negative fair value adjustment on investment properties, while Adjusted EBITDA decreased by **72.2%** to ARS 2,076 million Consolidated Results Overview | (in millions of ARS) | IQ 22 | IQ 21 | YoY Var | | :--- | :--- | :--- | :--- | | **Revenues** | 4,382 | 2,453 | 78.6% | | **Adjusted EBITDA** | 2,076 | 7,477 | (72.2)% | | **Result for the period** | (1,014) | 12,716 | (108.0)% | [Segment Performance](index=71&type=section&id=Segment%20Performance) The Shopping Malls segment showed strong recovery with revenues up **297.3%** and positive Adjusted EBITDA of ARS 1,506 million, while the Offices segment's Adjusted EBITDA slightly decreased by **4.2%** to ARS 567 million due to lower occupancy, the Hotels segment is recovering, posting positive EBITDA of ARS 79 million, and the Sales and Developments segment's Adjusted EBITDA fell sharply to ARS 164 million - **Shopping Malls:** Tenant sales were **322% higher** than in Q1'21 but remained **10.7% below** pre-pandemic levels (Q1'20), with portfolio occupancy reaching **89.6%**[265](index=265&type=chunk) - **Offices:** Portfolio occupancy for Class A+ & A offices was **78.9%**, with an average rental price of **USD 25.1 per sqm**[276](index=276&type=chunk) - **Hotels:** The segment is showing signs of recovery driven by domestic tourism, with average occupancy at **21.0%** and an average rate of **USD 243/night**[281](index=281&type=chunk)[287](index=287&type=chunk) [Financial Debt](index=77&type=section&id=Financial%20Debt) As of September 30, 2021, IRSA's total debt stood at USD 338.3 million, resulting in a net debt of USD 331.6 million, while its main subsidiary, IRSA CP, had a total debt of USD 426.4 million and a net debt of USD 259.0 million Financial Debt Overview | (in millions of USD) | IRSA | IRSA CP | | :--- | :--- | :--- | | **Total Debt** | 338.3 | 426.4 | | **Cash & Investments** | 6.8 | 126.0 | | **Net Debt** | 331.6 | 259.0 | [Outlook](index=82&type=section&id=Outlook) The company is optimistic about the continued recovery of its shopping centers in fiscal year 2022, with the office segment focusing on leasing premium properties and adapting to hybrid work trends, the hotel segment's full recovery contingent on international tourism, and a key strategic focus on the proposed merger with IRSA CP to enhance efficiency and consolidate its real estate portfolio - Optimistic about the recovery of the shopping center business and will continue to develop its Marketplace to complement physical sales[318](index=318&type=chunk) - The office portfolio is positioned for a "flight to quality" trend, with a focus on leasing the new "261 Della Paolera" building[319](index=319&type=chunk) - The proposed merger with IRSA PC is a key initiative for corporate reorganization, aimed at streamlining costs and consolidating the portfolio[322](index=322&type=chunk)

Financial Data and Key Metrics Changes - The company reported a net loss of ARS 1 billion attributable to controlling interest, compared to a gain of ARS 12.7 billion in the previous year [17] - The quarterly EBITDA was lower than the previous quarter due to no asset sales, with rental EBITDA still 36.5% below pre-pandemic levels [6][7] - A significant loss of ARS 6.5 billion was recorded in the fair value of investment properties, contrasting with a gain of ARS 36.7 billion in the previous year [19] Business Line Data and Key Metrics Changes - In the shopping malls segment, EBITDA was ARS 1.5 billion, recovering from a loss in the previous year, but still 35% below the previous year adjusted for inflation [24] - The office segment saw a slight decrease in occupancy to 78.9% and average rent price decreased to $25 per square meter [10] - The hotel segment generated a positive EBITDA of ARS 79 million, indicating a recovery but still affected by the pandemic [27] Market Data and Key Metrics Changes - Tenant sales increased by 322% compared to last year, but were still 10.7% below pre-pandemic levels [9] - The occupancy rate in shopping malls was reported at 89.6%, which would rise to 94.3% excluding the impact of a major tenant leaving the country [8] Company Strategy and Development Direction - The company is focused on simplifying its corporate structure through a merger proposal with IRCP, which is expected to enhance liquidity and eliminate conflicts of interest [36] - The development segment is progressing with the approval of Costa Urbana, which is anticipated to boost construction and economic activity [14][16] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the rental segment in shopping malls and hotels, anticipating increased traffic and interest in renting spaces [39] - The company noted that the current economic situation in Argentina makes it challenging to find investment opportunities abroad, but remains open to opportunistic investments [37] Other Important Information - The company has a net debt of $331.6 million, with a loan-to-value ratio of 21.9% [32] - The merger proposal is pending approval from shareholders, with a meeting expected to take place in December [34] Q&A Session Summary Question: How much money did the company save after the merge? Is the company still invested in Israel, or do you expect to invest out of the country? - The merger is expected to simplify the corporate structure, increase liquidity, and eliminate conflicts of interest, with estimated savings of around $1 million in hard costs [36] - The company has deconsolidated its investments in Israel and currently finds it inefficient to export capital from Argentina due to high costs [37] Question: If there are no more questions, closing remarks? - Management expressed satisfaction with the first quarter results, highlighting the return of customers to malls and optimism for future tourism and economic recovery [39]

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date ...

IRSA L E A D I N G R E A L E S T A T E C O M P A N Y I N S T I T U T I O N A L P R E S E N T A T I O N – 3 Q F Y 2 0 2 1 1 ABOUT US LEADING REAL ESTATE IN ARGENTINA ✓ 30 years acquiring, developing and operating real estate ✓ 25 years listed on the NYSE and accessing capital markets ✓ Rental Portfolio of more than 500,000 sqm of GLA RENTAL PROPERTIES Controlling shareholder of IRCP (BYMA:IRCP ; NASDAQ:IRCP), leader in Shopping Malls and Offices in the country (80% Stake). Owner of 3 premium hotels in Argent ...

Financial Data and Key Metrics Changes - The company reported a net loss of ARS 38 billion for the fiscal year 2021, compared to a net gain of ARS 37 billion in the previous year [5][20] - The adjusted EBITDA increased by 55%, driven by sales and developments, despite a significant drop in the rental segment from ARS 6 billion to ARS 2.7 billion, a decrease of 55% [7][23] - The fair value of investment properties saw a loss of ARS 7.7 billion this year, contrasting with a gain of ARS 50.6 billion last year [21] Business Line Data and Key Metrics Changes - The shopping segment maintained a portfolio of 335,000 square meters, with occupancy dropping to 90% due to tenant exits, but smaller tenants were successfully replaced [10] - Real sales in shopping centers were down 28% year-over-year, although there was a positive trend in consumption since reopening in July [11] - The office segment experienced a decrease in occupancy due to tenants leaving the country and a shift to home office arrangements, leading to increased vacancy rates [12] Market Data and Key Metrics Changes - The hotel segment was severely impacted by COVID-19, with an average occupancy of only 12% during the last quarter, primarily driven by domestic tourism [13] - The company noted that international tourism recovery is uncertain, with expectations for a gradual return depending on government decisions regarding border openings [39] Company Strategy and Development Direction - The company is optimistic about the Costa Urbana project, which has received initial approval, and anticipates significant construction activity over the next decade [17] - A focus on "flight-to-quality" was emphasized, with the sale of older office buildings and the opening of new, high-quality office spaces [8][14] - The company plans to finance large projects through various means, including pre-sales and barter agreements, indicating a flexible approach to funding [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of shopping centers and office buildings, expecting no further lockdowns in the upcoming year [45] - The company highlighted its ability to generate positive cash flows despite challenging conditions, indicating resilience in its operations [45] - Management is hopeful for a return to higher occupancy levels in hotels and shopping centers as international tourism resumes [39] Other Important Information - The company completed a capital increase of $29 million, fully subscribed by existing shareholders, to reduce leverage [26] - The net asset value of the company is significantly higher than its market capitalization, indicating a potential undervaluation [26] Q&A Session Summary Question: Update on the Costa Urbana project approval process and financing plans - Management is optimistic about the approval process progressing this year and plans to finance the project in stages, with initial infrastructure investments around $50 million [30][31] Question: Recovery timeline for international tourism and occupancy expectations - Management indicated that achieving 60% occupancy in hotels may take time, with hopes for government decisions to open borders soon [39] Question: Update on residential projects in Uruguay - Management confirmed that one residential tower is nearing completion, with plans to launch additional projects pending [43]

Financial Data and Key Metrics Changes - The company reported a net loss of ARS1.2 billion for the first half of 2021, compared to a gain of ARS6.6 billion in the previous year, indicating a significant decline in financial performance [5] - The adjusted EBITDA for the real estate segment increased by 77% from ARS4.5 billion last year to almost ARS8 billion this year [6] - The company experienced a loss of ARS17.5 billion in fair value of investment properties during the quarter, while the total gain for the semester was ARS9.2 billion [23] Business Line Data and Key Metrics Changes - The shopping malls segment saw a drop of 76.2% in adjusted EBITDA compared to the previous year, with a 47.1% drop during the quarter [28] - Office buildings occupancy reached close to 80%, with an average rent slightly lower than last year at around $26 per square meter [12] - Hotel occupancy was severely affected, with an average of 8% occupancy, although the Llao Llao hotel performed better with occupancy levels around 80% during the summer [14] Market Data and Key Metrics Changes - The company’s shopping malls faced challenges due to the exit of major tenants, such as Falabella, leading to a decrease in occupancy rates [10] - The overall market environment in Argentina remains challenging, with the stock price of the company remaining low compared to the previous year [21] Company Strategy and Development Direction - The company is focusing on liquidity and solvency, particularly in its banking operations, and has successfully restructured its debt, achieving a reduction of $200 million [19] - The strategy includes potential asset sales, particularly in the hotel and land bank segments, to improve liquidity [46] Management Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the recovery of shopping center sales post-lockdown, which are performing better than expected [52] - The company anticipates that the financial position for the year will be much better than last year, provided that COVID-19 does not lead to further restrictions [53] Other Important Information - The company completed a successful debt exchange with a 98% acceptance rate, which will help in managing future liabilities [34] - The net asset value is reported at $1.1 billion, with a loan-to-value ratio of 22% [33] Q&A Session Summary Question: Current cash balance and dividend distribution - The company confirmed that IRSA Commercial Properties distributed dividends of ARS9.7 billion in November, which were used to cancel intercompany loans, reducing exposure [39][40] Question: Sources of liquidity and asset sales - Management indicated that they are considering selling certain assets, including some hotels and land banks, to improve liquidity [46] Question: Revaluation and markdown details - The company explained that the volatility in asset values is primarily due to macroeconomic factors, with the blue-chip swap being used for valuation adjustments [48]

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q1 2021 Earnings Conference Call November 20, 2020 10:00 AM ET Company Participants Santiago Donato – Investor Relations Alejandro Elsztain – Second Vice President MatÃas Gaivironsky – Chief Administrative and Financial Officer Conference Call Participants Santiago Donato Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the First Quarter Fiscal Year 2021 Results Conference Call. First of all, ...

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-13542 IRSA Inversiones y Representaciones Sociedad Anónima OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY RE ...

IRSA Overview - IRSA is a leading diversified real estate company in Argentina with a unique portfolio and strong market position[3] - IRSA is currently under a sale process[2] - CRESUD owns 62.4% of IRCP shares and additionally owns 2.6% of IRCP shares[3] Argentina Business Center Portfolio - Argentina Business Center has 332,000 sqm GLA across 15 shopping malls, holding 40% market share in Argentina[4] - Argentina Business Center has 115,000 sqm GLA across 8 premium office buildings in BA City[4] - The company has 3 premium hotels across the country with a total of 718 rooms[5] Rental Revenue Model - Shopping malls and offices have variable and fixed rent agreements, with 74% of total revenues from fixed rent and 24% variable[5] - Office agreements have a 3-year average term and are US Dollar based, with 75% of rental rates for renewed terms from international tenants[5] Operational Performance - Shopping malls have shown strong operational performance over 20 years, with 99% occupancy in 1H 2020[6] - Office buildings have high occupancy rates, with 97.1% occupancy for A+ & A class offices in IIQ 2020[7] Potential Development - The company has potential to almost double its current commercial portfolio, with 580 Th sqm of shopping malls and 221 Th sqm of offices in the pipeline[8, 9] - 200 Della Paolera project has an estimated investment of USD 28.5 million and 35,000 GLA sqm, with 86% works progress[12] Israel Business Center - The company owns 83.7% directly and indirectly of Israel Business Center[3] - Clal ownership in Israel Business Center is 54.8%[20] - DIC has a net financial debt of USD 830.9 million as of December 31, 2019[23] Financial Metrics - IRSA's Adjusted EBITDA is USD 107.6 million and Net Operating Income is USD 134.4 million[26] - Net Debt is USD 673 million and Net Asset Value is USD 1.33 billion[26] - IRCP has a consolidated net debt of USD 346.9 million, with a 26% Loan to Value[27]