BUSINESS FY 2014 PLAN Conference 2011 Call September 09, 2014 Hosted by: Alejandro Elsztain, CEO Carlos Blousson, General Manager of Argentina & Bolivia Matías Gaivironsky, CFO
Highlights for FY 2014 o FINANCIAL RESULTS o Revenues: ARS 4,604.0 million (+30.5% vs. FY 2013) o Operating Income: ARS 1,185.2 million (+ 7.1% vs. FY 2013) o Net Loss: ARS 1,092.8 million (vs. Gain of 154.3 M during FY 2013) (mainly due to exchange rate differences and net financial results) Corresponding to the Cresud s shareholders: Loss of ARS 888, 4 million o OPERATING RESULTS o 3 Farm sales for ~ USD 36.8 M (1 partial) o Planted Area FY14 : 206,000 ha (compared to 201,000 ha during 2013) o o o Developed Area FY14: 15,378 ha Good campaign in Argentina & Paraguay due to weather conditions Bolivia & Brasil suffered bad climate conditions o SEASON 2015: We expect to plant similar area than 2014 campaign 2
Planted and Developed Area* In th. hectares 82 22 60 142 141 10 1 17 34 40 Planted Area Evolution 183 3 22 201 201 207 8 3 4 18 24 22 58 68 68 99 100 101 107 119 82 66 FY 08 FY 09 FY 10 FY11 FY12 FY13 FY 14 In th. hectares Argentina Brazil Bolivia Paraguay Transformed Area Evolution 28.5 31.0 30.7 3,0 27.2 3,5 19.1 20.3 15.3 18.0 1,0 20.7 13.7 7.8 11.8 15.4 11.3 13.0 13.2 10.0 7.7 10.0 7.5 2.4 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Argentina Brazil Paraguay *Includes our interest in AgroUranga and our Partner s stake in Paraguay Farms and double crop 3
Farmland Regional Prices HISTORICAL FARMLAND PRICES In USD/ha ARGENTINA CORN BELT (USD/ha) BRASIL MATTO GROSO (USD/ha) PARAGUAY CORN BELT (USD/ha) BOLIVIA CORN BELT (USD/ha) USA IOWA (USD/ha) CAGR ( 02-14) 15.4% 17.1% 19.6% 13.8% 12.1% 22,050 20,375 VAR ( 14-13) -2.1% -5% 10,288 +21% 11,825 5,147 5,120 12,000 0% 2,500,2.692 2,100 1,542 4,000 1,400 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 +14% Source: CAT & FNP Acquisition in Brasil Acquisition in Bolivia & Paraguay 4
Annual appreciation of our Farmland Portfolio LAND PRICE APPRECIATION PER REGION Last 12 months - ARGENTINA LAND PRICE APPRECIATION PER REGION Last 12 months - BRAZIL Average: 0% Average: 18% RR AP Average: 0% AC AM RO PA Average MT +16.1% TO MA Average +14.9% BA PI CE RN AL SE PB PE Average: -3% BOLIVIA PARAGUAY MS GO SP MG RJ ES PR Average +6% Average Developed: +11% Undeveloped: +67% RS SC : Federal District 4 Source: CAT, FNP Jan/Feb 2014 5
Farmland Sales during FY 2014 PARAGUAY (in USD million) BRAZIL (in BRL million) BOLIVIA (in USD million) Boquerón State GO Mineiros 41.3 Santa Cruz de la Sierra 30.6 18.5 7.3 11.2 10.7 50% CRESCA (70,965 ha) - Dec13 Araucaria BRASIL (1,164 ha) - Jun14 4.2 2,2 2,0 San Cayetano BOLIVIA (880 ha) - Jun14 NO GAIN RECOGNITION Appreciation = 386% Appreciation = 395% Acquisition cost + CAPEX Land Appreciation Gain IRR (USD)= 15.5% IRR (USD) = 25.0% 6
Last 5yr Farmland Sales: Improving margins in USD 332,6 10.145 183 18,6 4,9 380 6.363 84,5 118,3 29,9 2.751 55,1 91,4 54,6 63,2 13,7 FY 10 FY 11 FY 12 FY 13 FY 14E 149,6 2.658 148,5 57,1 Profit (ARS MM) BV (ARS MM) Profit USD/ha Farms Sold 1 2 3 4 2 7
Subsequent Event: Brasil sells fraction of Cresca Farm Sale fraction of Paraguay Farm Total undeveloped area sold: 24,624 ha Acquisition price (dec/13): USD/ha 350 Sale price (Jul/14): USD/ha 600 Farms Asuncion Total area: 141,000 ha. Arable area: 71,931 ha. 8
Subsequent Event: La Adela Farm Sale Sale to IRSA at ARS 210 million (~ USD/ha 24,000) Book Value: ARS 10 million (21X) High urbanistic potential for future real estate development Acquired in 1943 Located 60km from BA City in a closed community Area 50km BA BA City Urban cities Closed communities Avge Price Plot of Land: USD/sqm 25 60km BA NO GAIN RECOGNITION 9
Farming activity: Mixed weather conditions in the region South America Good weather conditions in Argentina Drought in Bahia (Brazil) Good weather conditions in Paraguay Excess of Water in Bolivia 10
Crop Production Crop Production* (Th Tonnes) 187 0 288 321 21 79 88 187 209 212 453 33 1 134 285 596 7 55 152 382 469 8 60 435 2 49 151 139 250 245 596 22 32 158 384 3% 1% 3% Crop Breakdown (In ha) 4% 9% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014E Yields Evolution (tn/ha) 6.1 5.5 Argentina Brazil Bolivia Paraguay 4.7 5.7 6.7 5.5 5.4 5.3 21% 59% 2.8 2.7 2.7 2.2 1.6 2.0 1.9 2.2 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Soybean Corn Soybean Wheat Sugar Cane Leased to 3rd Parties Corn Sunflower Other *Excluding sugar cane production ** Includes production from previous season 11
08-10 09-10 10-10 11-10 12-10 01-11 02-11 03-11 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 12-11 01-12 02-12 03-12 04-12 05-12 06-12 07-12 08-12 09-12 10-12 11-12 12-12 01-13 02-13 03-13 04-13 05-13 06-13 07-13 08-13 09-13 10-13 11-13 12-13 01-14 02-14 03-14 04-14 05-14 06-14 07-14 08-14 USDA Estimations and Season Results Soybean - 3% 14% 8% -5% -1% 354 352 103 82 88 91 82 90 274 50 54 54 2012/2013 2013/2014 2014/2015E Argentina Brazil USA Var % YoY Commodity Prices (USD/tn) 574 526 Corn Var % YoY 80 78 74 27 24 26 2012/2013 2013/2014 2014/2015E Argentina Brazil USA Hedge status (June 30, 2014) Soybean Corn Soybean Corn 267 174 399 140 12
Investment in other Subsidiaries 0,1 0,3 0,5 Grain Trading (Tn million) 0,7 0,7 0,8 1,1 1,6 1,7 2,0 2,4 +22% Given its urban development and its proximity to the city of Villa Mercedes (San Luis), we closed and moved the feedlot activity by the end of the FY to our cattle activity farms in the North of Argentina PF 04 PF 05 PF 06 PF 07 PF 08 PF 09 PF 10 PF 11 PF 12 PF 13 PF 14E Fyo 7% Market Share % Others 93% Source: Bolsa de Comercio Rosario (2013) Net income FY 14: ARS 7,6 million (vs ARS 4,4 million last year) Dividends for a total amount of ARS 3.4 million Positive results after 3 yrs of losses Cuota Hilton 100% used Slaughtering Capacity: From 4.800 to 7.800 heads/mth Net Income FY 14: ARS 5,5 million (vs Loss of ARS 21,6 last year) 13
IRSA: Urban Real Estate Segments Figures in ARS MM Revenues by Segment EBITDA by Segment 26% 17% -30% 47% 122% 20% 23% 39% -785% -95% 1.625 2.049 838 1.004 292 341 142 226 332 99 41 91 163 200 245 176 147 25 7 Shoppings Offices S&D Hotels International FY 13 FY 14 EBITDA Margins Shoppings Offices S&D Hotels International FY 13 FY 14-4 EBITDA Breakdown Shoppings* Offices* Hotels S&D 2% 1% FY 13 76.5% 71.2% -1.6% 44.2% FY 14 73.0%(1) 69.9% 7.6% 61.9%** var YoY - 3,5 pp -1,6 pp 9,2pp +17,7 pp (1)Excluding one timer effect of the Incentive stock Plan for employees of the company, Shoppings FY14 EBITDA margin increased to 77.2% in FY14 from 76.9% in FY13 14% 17% 68% Shoppings Offices S&D Hotels International Excluding common maintenance common expenses and promotional funds ** Considering Revenues of Investment Properties, 14
Gross Profit by Segment FY 2014 Gross Profit by Segment and Farmland Results ARS million 38% -76% 404% 164% -37% -39% 1671% 114% 160 140 146,9 149,6 120 106,4 100 91,4 80 75,2 74,4 FY 14 FY 13 60 55,4 40 20 0 23,7 18,8 13,3 14,9 12,4 11,8 11,1 4,7 4,2 Grains Sugarcarne Catlle Milk Leases Farmland Sales Agroindustrial Others-Fyo 15
Cresud s Income Statement FY 2014 + 19.0% Exchange Rate Evolution (ARS/USD) + 50.9% 8,133 4,527 5,388 1,106.4 Financial Results ARS million 1,185.2 154.3 FY 14 FY 13 1,899.6-2,258.8 481.7-908 -1,092.8 Operating Income Net Financial Results Net Loss Net Exchange Rate Losses 16
Real estate Assets historically correlated to USD Farmland - Argentina Corn Belt (USD/ha) 23.758 22.523 22.050 16.083 3.950 3.592 2.692 3.950 5.317 6.067 7.708 9.167 11.825 10.533 12.792 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 A+ Office Prices - BA (USD/sqm) 6.153 5.733 5.630 4.500 2.570 2.280 1.600 1.800 2.060 2.110 2.800 3.100 3.500 3.700 3.800 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 17
Cresud s Consolidated Debt June 30, 2014 Description Amount (USD MM) Cresud Total Debt 357.2 IRSA Total Debt 452.3 APSA Total Debt 201.5 Brasilagro Total Debt 54.7 Consolidated Total Debt 1,065.7 Consolidated Cash 123.3 Debt Repurchase 32.8 Consolidated Net Debt 909.6 Net Debt/ Assets (BV): 46.9% New debt issuance at the local market Series XVII Note: Issued in ARS up to 75 million Badlar+Spread, quarterly basis Bullet in 18 months Series XVIII Note (Dollar Link): Issued in USD, equivalent to ARS 75 mm Principal in 2 installments, 54 and 60 months 4% fixed rate quarterly basis Cresud Standalone Debt Amortization Scheduled In USD Million 92,8 107,4 127,4 2,0 18,5 9,1 2014 2015 2016 2017 2018 2019-2022 o Share Repurchase Plan for up to ARS 200 million or 5% of the shares outstanding o We paid dividends for a total amount of ARS 120 million 18
Contact Information ALEJANDRO ELSZTAIN CEO MATÍAS GAIVIRONSKY - CFO Tel +(54 11) 4323 7449 Corporate Offices Intercontinental Plaza Moreno 877 23 Floor Tel +(54 11) 4323 7400 Fax +(54 11) 4323 7480 C1091AAQ - City of Buenos Aires - Argentina NASDAQ Symbol: CRESY BASE Symbol: CRES www.cresud.com.ar/ri Contact e-mail: ir@cresud.com.ar Independent Auditors PricewaterhouseCoopers Argentina Tel +(54 11) 4850 0000 Bouchard 557 7º Floor C1106ABG City of Buenos Aires - Argentina 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 2013 ended June 30, 2013, which are available for you in our websites. 19