Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria : Presentation Exchange Offer Series XXIV 10/26/2020

Series XXIV Notes Exchange

Offer presentation

October 2020

1

ARGENTINA

CENTRAL BANK

RESOLUTION

"A" 7106

• Central Bank (BCRA) Communication "A" 7106 restricts access to the Foreign Exchange Market to obtain US dollars for the payment of debt maturities.
• Companies with capital maturities between 10.15.2020 and 03.31.2021 had to submit to the BCRA a detail of a refinancing plan based on the following criteria:
• • that the net amount for which the exchange market will be accessed in the original terms will not exceed 40% of the capital amount due in the period.
  • that the rest of the capital be refinanced with a new issuance with an average life of 2 years.
• CRESUD's Series XXIV, for an amount of USD 73.6 million, falls within the period contemplated by the provision, given its maturity on 11.16.2020.

2

CRESUD's SERIES XXIV EXCHANGE - USD 73.6mm - 9% - Nov 20

OPTION A

• at least USD 0.50 in cash and the rest with a new issuance (SERIES XXXI)

	For each USD 1		OPTION B
	presented in exchange,
	you will receive the
	…Early bird (until 10/30/20) 2% in ARS and a new
	accrued interest until
		issuance (SERIES XXXII)
	settlement date and…

SERIES XXXI

SERIES XXXII

US Dollars

100% Nominal Value

9% fixed - Quarterly payments

CURRENCY & PRICE OF ISSUANCE

INTEREST RATE

US Dollars

100% Nominal Value

9% fixed - Quarterly payments

Three equal installments, 36 months

AMORTIZATION & MATURITY

Bullet at maturity, 24 months

In kind, in exchange of existing SERIES XXIV

SUSCRIPTION

In kind, in exchange of existing SERIES XXIV

USD 44,16 million

SERIES MAXIMUM SIZE

USD 44.16 million

Buenos Aires

PAYMENT LOCATION

New York

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CRESUD's SERIES XXIV EXCHANGE - USD 73.6mm - 9% - Nov 20

SCENARIOS

OPTION A

OPTION B

80%	USD 29.4		USD 29.4		01	USD 14.8	Base scenario according to the SERIES XXXII	20%
		subscription notifications received from some
	SERIES XXXI	50%	Cash	50%	SERIES XXXII	bondholders.

50%	USD 7.4	USD 29.4		02	USD 36.8	50%
		30%
SERIES XXXI 20%	Cash	80%	SERIES XXXII

40%	USD 29.4	03	USD 44.2	60%
Cash	SERIES XXXII

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CRESUD's SERIES XXIV EXCHANGE - USD 73.6mm - 9% - Nov 20

ADDITIONAL INFORMATION

	Early Bird Series XXXII		Exchange closure	Settlement
	2% ARS
		Oct 30, 2020		Nov 5, 2020	~ Nov 11, 2020
		8 PM BA time		8 PM BA time
RATING					EXCHANGE AGENT

A (arg)

JOINT-BOOK RUNNERS

5

La Compañía

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LEADING AGRICULTURAL COMPANY IN LATAM

Managing an approximately 800,000 has portfolio in Argentina, Bolivia, Brazil and Paraguay.

PIONEER IN FARMLAND REAL ESTATE

State of the art farmer with proven track record rotating the portfolio.

Management of great experience and unique skills.

CRESUD AT A GLANCE

D OIN G AGRIBUSIN ESS AN D REAL ESTAT E

LISTED BOTH IN BUENOS

AIRES AND NEW YORK

Since 1960 in Buenos Aires (BYMA:CRES)

Since 1997 in New York (NASDAQ:CRESY)

CONTROLLER OF IRSA

Largest diversified real estate company in Argentina.

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ESTRUCTURA CORPORATIVA

100%

100%

33.6%

33.6%

62.4%

Campos en

Campos en

Campos en

Campos en

ARGENTINA

BOLIVIA

BRASIL

PARAGUAY

A través de

HOTELS

100%

50.1%

22.3%

80.7%

LANDBANK

29.9%

18.9%

BRASILAGRO owns	CRESUD owns 2,6% of
1,9% of Agrofy
IRSA CP

COVID-19

Agribusiness operatingn normally in the region since

it is an essencial activity.

8

REGIONAL AGRICULTURAL PORTFOLIO

Brazil

153,368 ha

20%

10%

11% Bolivia

9,875 ha

1%

Paraguay

59,585 ha28%

8%

Argentina

536,589 ha

71%

4%

40%	Hectares
56%	885,820
	(Owned, LT
	concession &	60%
	leased farms)
	48%	52%	40%

51%

9

FARMING

WE PRODUCE CROPS, SUGARCANE

AND MEAT IN THE REGION

We promote productivity improvements by investing in new technologies such as high-yield, genetically modified seed, direct sowing techniques, machinery and renewable energy

~400th ha	~260th ha
PRODUCTIVE IN THE REGION	PLANTED AREA

~830th ton

REGIONAL CROP PRODUCTION

	PREMIUM MEATPACKING PLANT
	Capacity:
LA PAMPA - ARGENTINA	12.500 monthly heads
Exports licenses:
100%	UE, America & Asia (including China)

BUSINESS MODEL

D IV E RSIFIED AN D REGION AL

REAL ESTATE

PIONEERS IN FARMLAND REAL ESTATE

BUSINESS IN LATINOAMERICA

Proven track record in the acquisition, appreciation and

sale of farms in its optimum productive level

Urban

Valuecreation	Agriculture
	Specialties
	Cattle
	Unproductive land

Time

AGRICULTURAL SERVICES

LEADING AGRICULTURAL BROKER

IN ARGENTINA

50.1%

CRESUD STAKE

PIONEER AGRIBUSINESS E-COMMECE

PLATFORM

22.3%

CRESUD STAKE

CRESUD STAKE

CROP BREAKDOWN

(FY 20)

13%

RECORD PLANTED AREA

T H . HECTARES

HISTORICAL

RECORD +6.5%

36

16

11%

51%

24%

Soybean

Corn

Sugarcane

Others

74

65

47	46	44
		37

36

23 23

			264
		248	10	Paraguay
		8	14	Bolivia
		15
	212	213
200	202	205
199
183		179	101	Brazil
		95

142 141

82

131 139 Argentina

49

37

FY 95 FY 96 FY 97 FY 98 FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20

8

COVID-19 AGRIBUSINESS WORKING AS ESSENTIAL ACTIVITY

P ROTOCOL USE D BY CRESUD IN IT S FARM S

SECURITY AND HYGIENE PROTOCOL

Security protocols and action procedures when identifying people with symptoms, applicable to own personnel and third parties.

Implementation of safe work measures: safety distances, sectorization, dining shifts, use of face masks, increased frequency of cleaning, among others.

Use of technological means to spread training material and medical advice.

FARMS ACCESS CONTROL

Implementation of controls at the accesses to the farms carried out by nurses and / or surveillance personnel (control of body temperature of all the personnel and a disinfecting spray system for all type of equipment or vehicle that enters the farm).

SUSPENSION OF FARMS VISITS

Suspension of trips and technical visits to the farms. The monitoring of the campaign is carried out in virtual form, through work meetings.

REDUCED TRANSPORT USE

The company's vehicles are used at 50% of their capacity to transport personnel and with certain measures regarding their use.

the transportation of employees living in the vicinity of the field has been reduced at 50% of their capacity too.

CHANGES IN THE WAY OF WORKING

Teleworking was implemented in different positions and functions

Some third-party work is now provided by own staff, due to less accessibility

In this way, Cresud supports the measures ordered

by the National Government to ensure

the provision of basic supplies and food.

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GOOD PRODUCTIVE RESULTS FOR 2020 CAMPAIGN

CROP PRODUCTION

Th. tn

		Argentina	Brazil		+2.0%
		Bolivia		Paraguay	812	828
					24	24 12
					29
536		203	310
23	21
116
					557	482
376
		FY18		FY19	FY20

SUGARCANE PRODUCTION

Tn/ha

	Brazil	Bolivia	+12.1%
		2.150	2.411
	1.898	172
	146
	67
	1.831	2.004	2.239

CROP YIELDS

Tn/ha

	6.3	6.1
5.5
2.6	2.9	2.7
		Soybean
FY18	FY19	FY20E

MEAT PRODUCTION

Th. Tn & Th units

94	99
		74
		11,783
		2,485
10,566	11,173	9,298

Recent ~20%

59 cattle stock sale in

Argentina

11

4

FY18	FY19	FY20	FY18	FY19	FY20	10

MEATPACKING FACILITY

M AIN E V E NTS FOR FY 2 0 2 0

RECORD VOLUME OF SLAUGHTER		37.6%		FIRST POSITIVE EBITDA
Th. Heads						After five years losses
							(USD million)
					116							1,5
				107
			101
84	77	86									-0,4
						-4,7			-4,4
						-5,6
									-7,9
FY 15	FY 16	FY 17	FY 18	FY 19	FY 20		FY 15	FY 16	FY 17	FY 18	FY 19	FY 20

INCREASE IN EXPORTS

66% in Kg and 39% in value

World meat consumption by country

Source: USDA 2019

USA

20%

China

14%

Others Brazil

40% E.U. 13%

13%

CHINESE MARKET	HILTON QUOTA
License obtained to access the market	Right to export 1.399 Ton to EU
	with tariff exemption
KOSHER BUSINESS OPTIMIZATION	100% fulfilled
For Israel and USA markets

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FARMLAND SALES TRACK RECORD

U S D M I L L I O N

																					Jatobá Partial Sales	Alto Taquarí Partial Sales
			25 YEARS AVERAGE
														Date of sale		IQ20 (Sep 19)		IV20 (Jun 20)	IIQ20 (Oct 19)	IVQ20 (Jun 20)
	Farms sold		2.4
														Area (hectares)		Total: 1,134 ha		Total: 1,875 ha	Total: 85 ha	Total: 105 ha
																			Productive: 893 ha		Productive: 1,500 ha	Productive: 65 ha	Productive: 105 ha
	Has sold		17 th.
													Acquisition Price +		BRL 1.7 MM		BRL 3.5 MM	BRL 1.2 MM	BRL 1.3 MM
																			CAPEX
	% Portfolio sold		3%
														Nominal Sale Price		302 bags/ha		300 bags/ha	1,100 bags/ha	1,100 bags/ha
	Argentina USD IRR		16%														BRL 22.7 MM		BRL 45.0 MM	BRL 5.5 MM	BRL 11.0 MM
																			IRR (BRL - USD)	14.7% - 7.0%			14.3% - 5.0%	21.4% - 13.0%		21.1% - 14.4%
	Brazil BRL IRR		22%										134
	Bolivia USD IRR		15%
																72
			PROFIT								62															67
			(USD MM)
																						46
			BOOK VALUE							28								34
			(USD MM)
				21	26			21			62								60
													39						19
											20
					14
									34
				5	13		13																		17
						12									14
													8
				3			7															7		7
				1														-													2
				FY10			FY11			FY12		FY13		FY14		FY15		FY16		FY17	FY18	FY19		FY20
	Farms sold	1		2	3	4	2		4	0	6				3		3					4

15

FARMLAND DEVELOPMENT & SALE CASES

A D D I N G V A L U E T O T H E L A N D

LOS POZOS

Salta - Argentina

AGRORIEGO

San Luis - Argentina

CREMAQ

Piaui - Brasil

1995

Acquisition 240,000 ha

USD 10/ha

1997

Acquisition

7,052 ha

USD 700/ha

2006

Acquisition

32,702 ha

BRL 42 mm

Investment

Cattle

USD 250/ha

Crop

USD 650/ha

Investment

Technology

USD 2,000/ha

Investment

CAPEX

BRL 33 mm

Current

valuation

Cattle land

USD1,500/ha

Crop land

USD 2.500/ha

Current

valuation

USD 10.000/ha

2015

Sale Value

BRL 233 mm

LARGEST FARMLAND APPRECIATION CASE IN ARGENTINA

HIGHEST

PRODUCTIVITY

CASE IN

ARGENTINA

LARGEST

FARMLAND SALE

IN BRASIL

16

	Market share en trading
	2008-2009	2020-2021
corn	2.0%	5.3%
wheat	1.2%	3.0%
soybean	0.7%	3.7%

AGRICULTURAL SERVICES

T RAD ING, GAT HE RIN G & AGT ECH

LEADING GRAIN BROKER IN ARGENTINA			Traded Tonnes Evolution
				(Th. tn)
•	Brokerage	•	Trading
•	Derivatives	•	Gathering							1.259	1.487	1.733	1.684	2.001	2.241	3.030	3.307	3.940	5.132	4.018
•	Exports	•	Consulting	122	259	558	618	655	735
•	Specialties	•	Portfolio Management
•	Logistics	•	Training

PIONEER AGRIBUSINESS E-COMMERCE PLATFORM

•	The world most visited agribusiness platform
•	~41 mm annual visits & 1,250 k monthly contacts	2020

LATAM EXPANSION

Annual visits (Th.)		Monthly contacts		Revenues (USD)
	1.252.557	2.612.319		2020
			41.021			+109%			+43%						2018
		+104%
									1.821.767
		20.137						1.463.603			2020
					598.489								2020
11.575			418.192												2020
															2019
													2020
									Jun-18	Jun-19	Jun-20
	Jun-18	Jun-19	Jun-20		Jun-18	Jun-19	Jun-20

Central Hub

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INVESTMENT IN IRSA

A RGE N T INA BUS IN ES S CE N T E R

		SHOPPING MALLS			OFFICES
•	15 Shopping Malls	•	8 Office Buildings
•	332k GLA sqm	•	121k GLA sqm
•	94.7% occupancy	• 93,0% A+ y A occupancy
• FY20 Adj. EBITDA USD 58 MM (IRCP)	• FY20 Adj. EBITDA USD 28 MM (IRCP)
• FY20 FV USD 669MM (IRCP)	• FY20 FV USD 827 MM (IRCP)

COVID-19: NEGATIVE IMPACT	COVID-19: NEUTRAL IMPACT
Malls closed since March 20. As of	Offices business operating
today, 85% of sqm are operating
normally.
under strict protocols.

HOTELS

• 3 Hotels
• 79k sqm
• FY20 BV USD 27 MM

COVID-19: NEGATIVE IMPACT.

Hotels closed since March 20.

"Intercontinental" is the only one

operating under a contingency/emergency plan.

LANDBANK

• 19 land plots
• 20 mm sqm
• FY20 BV USD 368 MM

18

Operational and

Financial Performance

19

AGRIBUSINESS ADJUSTED EBITDA

LAST 3 Y RS E VOLUT ION - USD M ILLION

105	Agribusiness Adj. EBITDA
FY 2020	Farming	FY 20

66%	Adj. EBITDA
	by segment

75	93	105
	36%
					FY 20
					Adj. EBITDA
FY 18	FY 19	FY 20			by Company

Others

10%

Farmland sales

24%

64%

20

NET ASSET VALUE

A S OF JUN E 3 0 , 2 0 2 0 - USD M ILLION

1,308 Gross Asset Value		888 Net Asset Value		32.1% LTV

	485	115
	21
Paraguay		Otros Activos
31
Bolivia		420	9%
	144
Brazil
	289		Negocio
Argentina			Agropecuario
		1,308	37%
			888
709
			Brazil
			30%

IRSA NAV1	Farms in the region2	Other Investments +	Gross Asset	Net Debt as of	Net Asset
		Biological Assets3	Value	06/30/20	Value

Activos por	Negocio
Negocio	Inmobiliario
Urbano
	54%

Bolivia

6%

Paraguay

4%

Valor

campos por país

Argentina

1 - Stake proportional NAV.

2 - Valuation carried out by Compañía Argentina de Tierras (Argentina + Bolivia) and Deloitte (Brazil + Paraguay) as of June 30, 2018.

3 - Includes FyO according to latests sales, Carnes Pampeanas at Book Value, biological assets, inventories and AgroFy according to latest round of capital.

60%

21

CRESUD STAND ALONE

BY CALE NDAR Y EAR AS OF SE P T EMBER 3 0 , 2 0 2 0 - USD M ILLION

Description	Amount	Maturity
Banking Debt	101.4
Series XXIV	73.6	Nov 2020
Series XXVI	13.1	Jan 2021
Series XXVIII	27.5	Apr 2021
Series XXV	59.6	Jul 2021
Series XXVII	5.7	Jul 2021
Series XIX	83.0	Dec 2021
Series XXIII	113.0	Feb 2023
Series XXX	25.0	Ago 2023
GROSS DEBT	501.9

CURRENT SCHEME			253.3
SERIES XXIV					138
103.3
to be exchanged for				7.3
USD 73.6
	2020	2021	2022	2023

PROFORMA AMORTIZATION SCENARIOS

01	80% OPCIÓN A	02	50% OPCIÓN A		03	100% OPCIÓN B
20% OPCIÓN B	50% OPCIÓN B
		265.1				260.7				253.3
		11.8				7.4					182.2
			158.6				167.4
		253.3	20.6			253.3	29.4			253.3	44.2
29.7	19.1	138	29.7	17.7	138	29.7	7.3	138
		11.8				10.4

2020

2021

2022

2023

2020

2021

2022

2023

2020

2021

2022

2023

22

CAPITAL MARKETS TRACK RECORD

NUMBER OF TRANSACTIONS		AMOUNT ISSUED		GROUP LISTED VEHICLES		NON-DEFAULT HISTORY
+200		+USD 17bn		5	New York, Buenos Aires,		Even in the worst
		& Sao Paulo		Argentinean crisis (2001)

IRSA IPO

APSA

APSA IPO (now IRCP)

CRESUD	LIABILITY
FOLLOW ON	MANAGEMENT

Tender offer IRSA bonds New IRCP

LOCAL MARKET

BA & NY LISTING

BA & NY LISTING

APSA & IRSA CONVERTIBLE NOTES

USD 288 MM Regional expansion

USD 360 MM bond IRCP 8% SPO USD 138 MM

DOLLAR LINKED ISSUANCES

USD 265 MM

1994	1997	2000/1	2006	2008	2012	2016/7	2018/9	2020
CRESUD US LISTING	BRASILAGRO IPO	BRASILAGRO US		DEBT	DURING
REFINANCING	COVID-19
	Follow on	USD 276 MM			LISTING
			CRESUD USD 246 MM	PANDEMIC
	USD 92 MM	Company Foundation
				IRSA USD 227 MM

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Thanks!

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