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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
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ABOUT USLEADING REAL ESTATE COMPANY IN ARGENTINA
DEVELOPMENT PROPERTIES
EXPERIENCED MANAGEMENT TEAM
UNIQUE PORTFOLIO OF ASSETS
CAPITAL MARKETS TRACK RECORD
30 years acquiring, developing and operating real estate.
Rental Portfolio of more than 500,000 sqm of GLA.
Controlling shareholder of IRCP, leader in Shopping Malls
and Offices in the country (80% Stake).
Owner of 3 premium hotels in Argentina and investment in
CONDOR, US hotel REIT (18.9% stake)
~20 mm sqm premium landbank for future developments,
almost to double current rental portfolio.
Investment in Banco Hipotecario (30% stake) – potential
synergies with the develompent of mortage market in the
country.
With proven track record in the industry
25 years listed on the NYSE and accessing capital markets
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OUR STRATEGY
Our premium locations and our
leadership position in Argentina,
together with our knowledge of the
shopping center and office industry,
allows us to maintain high occupancy
levels and an optimal tenant mix.
Pioneers in innovative real estate
developments in Argentina due to their
format, scale and concept.
We have created a unique real estate
portfolio in the last 30 years in the
country innovating and adapting to
changes in context and consumption
habits.
We are part of the communities where
our business units operate. We plan for
the long term and work towards
environmental protection, and
sustainable Development, seeking to
achieve environmental certification
standards in our real estate projects.
OPERATING PROFITABILITY SUSTAINABILITYINNOVATION AND GROWTH
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MALLS’ PORTFOLIO
67%BA City Market Share
15# Malls
336,000GLA sqm
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OFFICEPORTFOLIO
2 0 0 D E L L A PAO L E R A
N e w h e a d q u a r t e r sO p e n e d o n D e c - 2 0
30Floors
35,000SQM OF GLA
316Parking lots
27,000IRCP GLA
75%Occupancy
10%BA City Market Share
7# Office buildings
113,000GLA sqm
Expanding Corporate North AreaBusiness CenterAAA LocationBack Office Center
200 Della Paolera
Intercontinental
República
Zetta
Philips
Dot Building
Suipacha
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6
2,450
710
4,500
5,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Yacht V & VI
Bouchard 710
República
Boston Tower
Bouchard Plaza
Rulero
Maipú
Intercontinental
Rulero
Maipú
Dique IVBouchard Plaza
200 Della Paolera
A+ Offices pricesUSD/sqm
Sales
Acquisitions
Flight to quality strategy
Zetta BuildingOpened in May 2019
200 Della PaoleraOpened in Dec-20
Bouchard 710
Intercontinental Boston Tower
Della Paolera 261
CAPITAL CONTROLS CAPITAL CONTROLS
OFFICE BUILDINGSAC T I V E P O R T F O L I O M A N AG E M E N TF L I G H T TO Q UA L I T Y S T R AT EGY
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HOTEL PORTFOLIO
3Premium hotels in Argentina
79,000sqm
718rooms
18.9%IRSA stake in Condor 15
hotels
8states across US
1,908rooms
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San Martin (BA province)
Montevideo (Uruguay)
Polo Dot (BA city)
La Plata (BA province)
PRO PERTIES FO R MIXED U S E D E V E LO P ME N TS
18# Land Reserves
17.4Total surface
(mm sqm)
6.2Buildable surface
(mm sqm)
900k sqmCOSTA URBANA PROJECT (FORMER SANTA
MARÍA DEL PLATA) Puerto Madero – BA city
Capacity to almost double current rental portfolio
Caballito (BA city)
Costa Urbana Project (BA city)
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COSTA URBANA PROJECT ( F O R M E R SA N TA M A R Í A D E L P L ATA )
Urbanization areaPedestrian walkways and access pointsPublic and green space
>10 yearsProject
R E C E N T B A C I T Y C O N G R E S S F I R S T A P P R O VA L O N O U R M A I N P R O J E C T
67%For public uses
33%To be developed
70Total has.~900,000
Buildable sqm
The project will boost construction and economic activity, generate plenty of direct and indirect jobs and will house
approximately 6,000 families
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• In August, BA City congress approved in first reading the new mixed-use project.
• A public audience and a second vote is still pending for final approval
Premium locationSouth Puerto Madero
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0,4
0,6
0,8
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31/12/2017 31/3/2018 30/6/2018 30/9/2018 31/12/2018 31/3/2019 30/6/2019 30/9/2019 31/12/2019 31/3/2020 30/6/2020 30/9/2020 31/12/2020 31/3/2021 30/6/2021
-17%YoY
Full-service commercial bank, focused on household and consumer credit
More than 130 years track record
Nationwide network of 63 branches in 23 provinces and BA City
12 additional points of sale
Subsidiaries: BHN Vida, BHN Seguros and BACS (leading local capital markets bank)
Partnership between IRSA (30% stake) and the Argentine government (64%). Remaining 6% float (BYMA: BHIP)
Throughout its history, it has originated more than 1.7 million residential mortgage loans. Since 2012, it is the trustee of the PROCREAR trust (a housing trust established by the national government) and has originated more than 200,000 housing loans
Private Sector Loan Diversification 1,2
In ARS mm
Sources: Bank filings with the National Securities Commission (CNV) and BCRANotes:1. Only considers loans to the non-financial private sector and residents abroad2. Information for FY 2019 and FY 2020 is in constant currency as of December 31, 2020, whereas information for Q1 and Q2 2021 is in constant currency as of June 30, 2021
INVESTMENT IN BANCO HIPOTECARIO
25.170
17.206
8.679
59.354
48.448
56.936 51.056
FY19 FY20 IQ21 IIQ21
Consumer
Commercial
Mortgage
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ENVIRONMENTAL COMMITMENT
22%
ISO 14001 SHOPPING MALLS CERTIFICATIONS
30% (of malls’ portfolio)
LEED GOLD CERTIFICATION FOR OFFICE BUILDINGS
Zetta building, opened in 2019, in the north area of Buenos Aires
City, has LEED Gold Core & Shell certification.
200 Della Paolera building, recently opened, has the
characteristics to obtain LEED Gold Core & Shell Certification.
50% (of office portfolio)
ENERGY REDUCTION
Pursuing improvement in the environmental management of
shopping centers, we have 4 ISO 14001 certified shopping
malls: Alto Palermo, Dot Baires, Patio Bullrich and Distrito
Arcos.
Energy consumption was reduced in our malls 22% from 2018 to 2020. 80% of the luminaire is
LED. 42% of the scalators have a speed regulation system to save energy.
P OT E N T I A L LY
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SOCIAL RESPONSIBILITYW e a r e p a r t o f t h e c o m m u n i t i e s w h e r e o u r b u s i n e s s u n i t s a r e b a s e d
• We frequently organize CSR actions in malls andoffices to disseminate and make visible the topics ofinterest of the society in general, such us inclusion andassistance to those most in need.
• The Foundation supports initiatives that enhance theinteraction between education and culture for thegrowth of society.
• During fiscal year 2020, Fundación IRSA worked with 92civil society organizations, making a direct socialinvestment of ARS 67 million.
72.5Social Group
InvestmentARS MILLION – FY 2020 92
Relationship with NGOs
FY 2020 141Active
volunteersFY 2020
5 Volunteer ProgramsFY 2020
Group Social ActionsFY 2020
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• During 2020, although remotely, we continue to be abridge between NGOs and the public and we´ve beenpart of SeamosUno Campaign delivering food andcleaning kits in COVID emergency
SeamosUno Campaign Fund's donation to deliver 14,000 food and cleaning kits in COVID emergency1996
• Our subsidiary IRSA CP, through the coordination ofIRSA Foundation was one of the five investors of thefirst Social Impact Bond of Argentina in which theState and companies work together to generateemployment conditions to extremely vulnerable youthin BA city
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F I N A N C I A L S
S T R O N G F I N A N C I A L T R A C K R E C O R D
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EVOLUTION BY TYPE OF ASSETS(USD MILLION)
EVOLUTION PER SQM(USD)
RENTAL ASSETS VALUATIONANNUAL EVOLUTION
1.769 1.728 1.387
807 669 533
296 337
334
459 827 725
2.064 2.064
1.721
1.267
1.495
1.257
FY16 FY17 FY18 FY19 FY 20 FY 21
Shopping Malls Offices
5.290 5.081
4.032
2.431 2.007
1.589
3.740 4.003 4.011 3.979
5.757
6.401
FY16 FY17 FY18 FY19 FY 20 FY 21
Shopping Malls Offices
OFFICIALFX
BLUE CHIP SWAP
4.035 3.718
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NET ASSET VALUEJUNE 30, 2021 - USD MILL ION
1,460 GAV 1,159 NAV 20.6% LTV
1. Book value as of June 30, 20212. Book value as of June 30, 2021. “Others” includes properties for sale and investment in Condor Hospitality Trust
990
1.460
1.159
27 56
387 301
IRCP NAV Hotels Banco Hipotecario Landbank & Others Gross Asset Value Net Debt Net Asset Value
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CAPITAL INCREASE
USD/ADS 4.32 or USD/share 0.432Warrant strike price
ARS 58.35 or USD 0.36Common shares´ Subscription Price
USD 3.60ADS Subscription Price
5 yearsWarrant maturity
April 16, 2021Record date
• In Argentina and/or abroad
that could represent an
opportunity for long-term
capital appreciation
OTHER BUSINESS OPPORTUNITIES
• Huge landbank to develop mixed
use projects in Argentina
REAL ESTATE DEVELOPMENTS
• Group shares trading at historical
minimum prices, highly discounted
• Opportunity to invest in subsidiaries
EQUITY INVESTMENTS DEBT CANCELLATION & WORKING CAPITAL IN ARGENTINA
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USE OF PROCEEDS
USD 28.8 millionFunds received
80.0 million shares(79.1 million preemptive right subscription &0.9 million from accretion rights)
+ 80.0 million warrantsfor 80 million additional new shares
658.7 million sharesIRSA new capital stock
+19%oversubscribed
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DEBT PROFILEJUNE 30, 2021 - USD MILL ION
AMORTIZATION SCHEDULEDOES NOT INCLUDE INTERCOMPANY DEBT
Description Amount Maturity
Short term debt 0.6 <360 days
Series VI 2.5 Jul-21
Series VII 33.7 Jan-22
Series X 7.3 Mar-22
Series V 9.2 May-22
Series IX 80.7 Mar-23
Series I 3.1 Mar-23
Series VIII 31.8 Nov-23
Series XI 15.8 Mar-24
Series XII 45.6 Mar-24
Intercompany Debt 69.9 Mar-22
Other Debt 8.8 Feb-22
GROSS DEBT 309.0
Cash & Eq. 8.0
NET DEBT 301.0
301 Stand Alone Net Debt
72,6 94,3
72,2
FY22 FY23 FY24 FY25
Credit Rating upgradeBy FIX (affiliate of Fitch Ratings)From A to AA
On August 26, 2021, we issued USD 58.1 MM in the local capital markets
• Series XIII (USD linked): at 3.9% fixed due 25% in August 2023, 25% in February 2024 and 50% in August 2024.
• Proceeds will be used to refinance short term debt
58,1
*IRSA CP owns IRSA bonds for ~ USD 50 million
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GROUP CAPITAL MARKETS TRACK RECORD
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1997 2000/1 2006 2008 2012
IRSA IPO CRESUD FOLLOW ON
BRASILAGRO IPO
APSA
2016/7 2018/9
LIABILITY MANAGEMENT
DEBT REFINANCING
CRESUD USD 246 MM
IRSA USD 227 MM
LOCAL MARKET DOLLAR LINKED ISSUANCES
USD 265 MM
NUMBER OF TRANSACTIONS AMOUNT ISSUED GROUP LISTED VEHICLES
+200 +USD 18bn New York, Buenos Aires,
& Sao Paulo
NON-DEFAULT HISTORY
Even in the worst Argentinean crisis (2001)
BA & NY LISTING
CRESUD US LISTING
Follow on
USD 92 MM
APSA IPO (now IRCP)
BA & NY LISTING
APSA & IRSA CONVERTIBLE NOTES
USD 276 MM
Company Foundation
USD 288 MM
Regional expansion
BRASILAGRO US LISTING
Tender offer IRSA bonds
New IRCP USD 360 MM bond
IRCP 8% SPO USD 138 MM
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1994
CAPITAL INCREASEBRASILAGRO USD 93 MM
CRESUD USD 45 MM
IRSA USD 29 MM
LOCAL MARKET ISSUANCES& DEBT EXCHANGES
USD 120 MM
COVID-19 PANDEMIC
DEBT EXCHANGES
USD 148 MM
2020 2021
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CONTACT US
OUR ADRESS
Della Paolera 261 9th floor
OUR EMAIL
OUR PHONE
(+54) 911 4323-7449
OUR WEBSITE
www.irsa.com.ar
@IRSAIR