CRESUD INSTITUTIONAL PRESENTATION – 2 Q F Y 2 0 2 1

1 ABOUT US LEADING AGRICULTURAL COMPANY 62.1% Managing an approximately 800k ha portfolio in Argentina, and 100% 34,1% in , Paraguay & through our subsidiary Brasilagro. Farms in ARGENTINA Regional Farmland DIVERSIFIED PORTFOLIO Brazil, Bolivia & Paraguay Real Estate Exposure to farmland in Argentina, Brazil, Paraguay 50.1% 22.3% and Bolivia mitigates agribusiness risks. 33.6% 33.6%

PIONEER IN FARMLAND REAL ESTATE Agricultural Agribusiness State of the art farmer with proven track record rotating the commercial services Marketplace portfolio. Management of great experience and unique skills.

CONTROLLER OF IRSA Largest diversified real estate company that manages a rental portfolio of more than 500k sqm of GLA in Argentina

STRONG CAPITAL MARKETS’ TRACK RECORD Listed on BYMA since 1960 (CRES) and on NASDAQ since 1997 (CRESY). First argentine agricultural company to be listed abroad Argentina. 2 OUR BUSINESS STRATEGY

OUR FAVORITE

FARMING ACTIVITY FARMLAND REAL ESTATE AGRICULTURAL SERVICES Proven track record in the purchase, We produce grains, sugarcane We leverage our deep understanding of improvement and sale of farms in its optimum and beef in the region agribusiness through our investment in commercial productive level agricultural services, trading and ag-tech COMMITTED TO SUSTAINABILITY

We are part of the communities where our farms are located, promoting the education in the 8 schools constructed by the company in those areas. We take care of the environment preserving a green lung of +200k ha in the region and we use sustainable technologies and resources efficiently seeking to achieve environmental certification standards in our fields 3 OUR PORTFOLIO GROWTH

REGIONAL BUSINESS EXPANSION TO CONSOLIDATION EXPANSION TO BOLIVIA & PARAGUAY BRAZIL Th. Ha

PORTFOLIO OPTIMIZATION 877 880 877 885 865 861 867 850 854 842 852 IN ARGENTINA 832 827

726 MANAGEMENT +15.7% CONTROL CAGR 564 Mr. Eduardo Elsztain appointed Chairman & Mr. Alejandro Elsztain CEO in 1994 477 468 468 446 430 437 424 395 346 346 325

Foundation Follow on Follow on IPO Brasilagro Follow on USD 64 M USD 92 M USD 276 M USD 288 M

20 4

1936 1960 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 REGIONAL AGRICULTURAL PORTFOLIO

Brazil 153,368 ha 4% 20%

40% Bolivia 10% Hectares 9,875 ha 56% 1% 885,820 (Owned, LT 11% concession & leased farms) 60%

40% Paraguay 48% 52% 59,585 ha 28% 8% Argentina 536,589 ha 71%

51% 5 GLOBAL AGRICULTURAL OUTLOOK

To meet the future global demand for food, Global demand for food to keep growing, while arable lands will be even more scarce an increase in World population is expected to increase, driving a consistent demand for commodities area of arable lands as well as their productivity shall be essential

0,24 0,23 0,21 0,2 0,2 0,19 7,8 8,5 9,2 5,3 6,1 7

1990 2000 2010 2020E 2030E 2040E World Population Arable Land per cap (Hectare in use) Several short and long-term factors should contribute to an … resulting in a 1.3% per year growth in demand for soy and corn increasing global demand for food…

(World demand, for selected products – mm tons) Product CAGR 20’-28’ The change in eating habits in the higher income population is expected to 1.720 1.741 1.591 1.656 1.677 1.697 increase demand for protein 1.571 1.611 1.635 411 388 393 399 405 366 371 376 382 Soy 1.5% Rising per capita income in Asia (specially China and India) to also increase food demand Corn 1.3% 1.178 1.193 1.207 1.225 1.240 1.256 1.270 1.286 1.301 Total 1.3% Replenishment of Chinese pig herd should keep demand for grains (specially 6 soy) high for the next years 2020 2021 2022 2023 2024 2025 2026 2027 2028 Source: USDA Corn Soy GLOBAL AGRICULTURAL OUTLOOK CBOT PRICES OF COMMODITIES - USD/tn

Soybean: US & the World S/C ratio STRONG RECOVERY IN 2020 35% EE.UU Mundo Prom Mundo Prom EEUU REACHING 2013 LEVELS 30% 550 SOYBEAN 25% 497,8 22,8% 500 +54.0% 20% Since 15% 450 Jun20 10% 400 5% 3%

0% 350

300

250 +59.0% Corn: US & the World S/C ratio 211,9 CORN Since 35% S/C EE.UU S/C Mundo Prom EEUU Prom Mundo 200 Jun-20 30% 24,6% 25% 150 20% 100 15% 10,6%

10% jul/2020

5% sep/2019

ene/2018 nov/2018 0%

7

10/11 93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20

Source: Bloomberg

20/21 Act 20/21 20/21 Ant 20/21 HISTORICAL FARMING TRACK RECORD CAGR RECORD +13% 264 262 248 828 GRAINS 212 213 813 200 202 205 199 12 183 179 24 142 141 Planted Area 310 612 (Th. ha) 82 568 589 74 65 596 536 49 36 47 46 37 44 41 46 484 23 32 16 469 435 452 322 288 Grain production 482 (Th. Tn) 133 160 128 187 105 156 115 69 70 73 13 30 20

FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21E

CATTLE

153,1 15,9 Heads 15,1 (Th.) 99 86,6 12,9 12,7 74 11,4 11,8 34 11,2 10,5 10,3 10,5 9,5 9,2 9,0 8,8 Cattle 8,3 8,3 8,2 8,1 production 6,9 7,0 7,2 6,9 (Th. Tn) 6,2 4,6 3,1 3,1 8 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FARMING TRACK RECORD FOLLOWING OUR VISION OF FEEDING THE WORLD 4,200,000

“We imagine Cresud as the world’s food provider. With growing populations and an ever-increasing need for food, it is our responsibility to use this region’s blessings professionally” Eduardo S. Elsztain (Chairman)

10,000 people 550,000

70,000

1995 2005 2020 9

*Estimated according to CRESUD meat and grain production, its calories and needs of a person of 80kg to be fed PROGRESS IN THE FOOD CHAIN PROCESS

FOLLOWING OUR VISION OF FEEDING THE WORLD

Synergies with FyO in developing commercial agreements with clients, both for specialties and traditional grains

MEAT SOYBEAN – CORN - WHEAT

SPECIALTIES SUGARCANE PEA – CHICKPEA – BARLEY - POPCORN

10 FARMING TRACK RECORD

CRESUD SOYBEAN YIELDS EVOLUTION vs ARGENTINE CORN BELT

Increasing land value through development & efficient farming in the region 4,5 Tn/ha

4,0 4,01

3,5 3,44 3,10 3,0 3,1

2,5

2,0

1,5 Avg. Farming EBITDA Last 3 years: 1,0 USD 55 MM ARG Los Pozos ARG Corn Belt 0,5 Highly above historical PY Morotí BZ Bahía farming EBITDA - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 11

Source: Bolsa de Cereales & Internal information FARMLAND REAL ESTATE TRACK RECORD

8.9 18.0 Farmland prices ARGENTINA Corn belt 6.7 29.0 USD/ha 6.0 AVERAGE IRR (USD) 4.8 14,000 16% 25.0

1.3

7.3 Corn Belt Land Value in USD/Ha 5.7 5.0 Land Acquisitions USD MM 10.6 Land Sales USD MM 1.0 6.8 30.0 25.2 2,254 2.5 30.0 9.0 4.1 21.1 9.2 17.2 13.5 14.1

12 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 FARMLAND REAL ESTATE TRACK RECORD

BRAZIL 9,536 USD/Ha 13.7 38.3 AVERAGE IRR (BRL): 2019 24.7 17.5 89.0

22% 45.8 27.1 15.9 67.0 21.5 19.0 31.3 6.776 USD/Ha 38.0 6.030 111.1

51.4 23.9

2.928

1,343 USD/Ha

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202113 FARMLAND REAL ESTATE TRACK RECORD

FARMLAND SALES 134 USD MILLION

PROFIT 72 62 67 BOOK VALUE 46 28 34 26 21 60 21 62 39 19 14 20 5 13 34 13 17 12 14 13 7 8 - 7 7 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

25 YEARS TRACK RECORD FARMS SOLD PER YEAR HA SOLD PER YEAR PORTFOLIO SOLD PER YEAR

14 LEADER IN AGRICULTURAL COMMERCIAL SERVICES

FYO began with the idea of innovating the traditional grain market and, over the years, has incorporated new business units that allow them to keep on growing and to reconvert the company, creating an ecosystem of services that is constantly adjusting to the clients’ needs.

1999 2000 2004 2006 2008 2011

fyo.com Association with Grain U-fyo: Consultancy. Logistics. Start up. Cresud. brokerage. Training center.

2015 2016 2017 2018 2019 2020

Agrofy: Amauta: fyo Acopio: fyo Digital: fyo Capital: Regionalization: Market place. Nutritional supplies. Storage center. We digitized our services. Financial market tools fyo Brasil and strategies. Specialties.

MAIN ACTIVITIES: Market share en trading 2008-2009 2019-2020 Traded Tonnes Evolution EBIT Evolution (USD MM) • Brokerage corn 2.0% 6.3% (Th. tn) 12,0 • Derivatives 10,6 11,0 • Exports wheat 1.2% 3.6% • Specialties 7,5 soybean 0.7% 4.8% • Logistics 5,0 • Trading • Gathering 2,6

• Consulting 0,3

1.259 1.487 1.733 1.684 2.001 2.241 3.030 3.307 3.940 5.132 5.760 6.250 1.200

122 259 558 618 655 735 • Portfolio Management 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Pto 2020/21 • Training 15 Annual visits

Last capital round IIQ20 38.513.424 INVESTMENT IN AGTECH 33.796.362 USD 23 million PIONEER IN AGRIBUSINESS E - COMMERCE

14.159.699 ▪CRESUD subscribed USD 2 MM

▪BrasilAgro USD 1 million The Agribusiness Marketplace Dic_18 Dic_19 Dic_20

Monthly contacts LATAM EXPANSION OWNERSHIP 1.107.496 964.622

492.954 22,25%

2022 1,89%

2020 Others 75,86% Dic_18 Dic_19 Dic_20 2018 Revenues (USD)

2022 2020 2020 2.779.285 2.579.739 2019

2020 1.331.652

Central Hub Company current valuation:

USD 53 million Dic_18 Dic_19 Dic_20 INVESTMENT IN IRSA INCREASING POSITION IN MARKET OPPORTUNITIES

CRESUD STAKE IN IRSA

29,1 64,30% 63,70% 28,0 62,10% IRS Share price 57,50% (USD/ADR) 49,90%

19,3 19,0

15,3 15,6 26,70% -85.0%

14,80% 7,9

3,3 2,8 2,6 17 2001 2002 2008 2011 2015 2018 2020 IRSA INVESTMENT

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 Argentina and investment in

(BYMA:CRES ; NASDAQ:CRESY) CONDOR, US hotel REIT (18.9% stake) 62.1% DEVELOPMENT PROPERTIES

~20 mm sqm premium landbank for future developments, almost to double current rental portfolio. (BYMA:IRSA ; NYSE:IRS)

80.0% HOTELS LANDBANK 29.9% 18.9% Owner of Santa María del Plata – 700th premium sqm in (BA).

Investment in (30% stake) – potential synergies with the develompent of mortage market in the (BYMA:IRCP ; NASDAQ:IRCP) country. *Cresud owns 3.36% of IRCP shares 18 RENTAL PORTFOLIO 25 Rental Properties POTENTIALLY 526,000 Rental sqm 67% Mall’s BA City Market share 10% A+ Office BA City 19 Market Share Caballito (BA city) PROPERTIES FOR DEVELOPMENT

18 17.4 Polo Dot (BA city) San Martin (BA province) # Land Reserves Total surface (mm sqm) 700k sqm 6.2 Santa María Plot Buildable surface Puerto Madero – BA city (mm sqm) (approvals pending)

Capacity to almost double current rental portfolio

20 Montevideo () Santa María del Plata (BA city) La Plata (BA province) AGRORIEGO SAN LUIS ENVIRONMENTAL 10yrs certified ISO 14,001 COMMITMENT ENVIRONMENTAL POLICY Environmental • We innovate in the use of the best practices for the Awareness development of our activities balancing an efficient use of resources and a growing production. "Best Farmer" La • We work towards continuous improvement and the Nación-Banco Galicia compliance with current legislation and regulations. award EFFICIENT USE OF RESOURCES • Efficient use of energy (migration to LED lighting and preventive maintenance of facilities and equipment) Underground • Waste management (managing phytosanitary containers in a differentiated way and working with Water Monitoring cooperatives promoting the reuse and / or recycling of crop bags and pallets) • Water care (through preventive maintenance of the facilities) • Technology innovation (crop rotation, direct sowing, integrated pest management, sustainable use of Reforesting agrochemicals and fertilizers, EIQ index to determine the environmental impact of phytosanitary product, among others) GREEN LUNG AND BIODIVERSITY PRESERVATION Alternative energy • +200k ha in the region of green lung preserving biodiversity. At Los Pozos farm (Salta - North Argentina) 4,700ha are private natural reserve. • At 8 de Julio farm (South Argentina) we preserve 2,000 ha 21 biodiversity (penguins, sea lions, plenty of birds) penguin area SOCIAL RESPONSIBILITY We are part of the communities where our farms are located

• We have constructed 8 schools in the commnunities where our farms are located. • We deliver school kits, organize workshops with extra curricular activities such as theater, puppet factory and educational visits for students.

• We promote transformations estimulating economic activity in the territories helping to access to social, health and educational services, as well as to housing and better infrastructure, including technology in communications.

• We collaborate in the hospitals doing first aid courses, donating water purification filters, SeamosUno Campaign creating a primary care room for the communities in the farms, among other proposals. Fund's donation to deliver 14,000 food and cleaning kits in COVID emergency

• The Foundation supports initiatives that enhance Social Group Relationship Active the interaction between education and culture for Investment with NGOs the growth of society. 72.5 volunteers ARS MILLION – FY 2020 92 FY 2020 141 FY 2020 1996 • During fiscal year 2020, Fundación IRSA worked with 92 civil society organizations, making a Volunteer Programs Group Social Actions22 direct social investment of ARS 67 million. 5 FY 2020 40 FY 2020 CORPORATE BOARD OF DIRECTORS

12 Regular GOVERNANCE 5 Independent We stood out in (3 in Audit Committee) EDUARDO S. ELSZTAIN credibility, pride and fellowship • NASDAQ Level 3 listing since 1997 (24 yrs listed) Chairman • Sarbanes-Oxley compliant In recent years, we included 3 women MANAGEMENT TEAM • > 50% float promoting diversity in ALEJANDRO ELSZTAIN the Company’s governing More than 25 years • One class of common shares body II Vice-president & CEO experience in agribusiness • One share = One vote (equal voting rights for all shareholders)

• Independent audit committee SHARED SERVICES CORPORATE AGRIBUSINESS • Controlled related parties' transactions: CENTER previous opinion of Audit Committee according to rule and third independent valuations. Related party annual form • Finance & signed by Directors, Statutory Auditors & Senior Mgmt • IT Administration • Tax Settlement • Compliance Department in charge of: • Legal CARLOS BLOUSSON ANDRE GUILLAUMON • Administrative Corporate Governance, Internal Control & Audit, Fraud • Human Resources Operations Prevention & information Security • Compliance CRESUD Argentina Brasilagro • Commercial General Manager General Manager • Executive and financial risk committees • Planning Operations • Institutional • Treasury • IR department fully available and active in Relationships • PRODUCTION: Technical & Farms Managers investors’ conferences and meetings • COMMERCIAL • LEASED • Equal treatment to all shareholders • ADMINISTRATION • • Updated website, with full information for HUMAN RESOURCES investors, general public and direct access 23 to independent whistleblower hotline FINANCIALS STRONG TRACK RECORD

24 AGRIBUSINESS ADJUSTED EBITDA 93 105 USD 105 million 75 FY20 FY 18 FY 19 FY 20

39% Others Sugarcane 36% 10% FY 20 33% Farming Adj. EBITDA FY 20 Cattle 66% by segment 7% Adj. EBITDA by Company FY 20 Agricultural 64% Adj. EBITDA 7% and rental 61% Farmland sales services 24% By Farming segment

53% 25 Crops Other Assets 11% Brazil Bolivia 31% 2% NAV Paraguay 5% Urban Real Estate Dec-20 – USD million GAV Business Farmland by business 44% value by country Agribusiness Argentina USD 602 million 45% 62%

LTV 464 42% Mkt cap 115 Paraguay 21 USD 272 MM Bolivia 10 Brasil 144 436

Argentina 289 1.038

602 459

1 2 3 IRSA NAV Regional Farmland Other Investments + Biological Gross Asset Value Net Debt Net Asset Value assets 1 – NAV proportional by Cresud stake 2 – Valuation made by Compañía Argentina de Tierras (Argentina + Bolivia) & Deloitte (Brasil + Paraguay) as of June 30, 2018 3 – Includes FyO according to last sale transaction, Carnes Pampeanas at BV, biological assets and inventories and Agrofy at recent capital round. ARS DEBT 21% STAND ALONE USD Debt by Dec-2020 55% currency USD Linked USD 436.1 million 24% Net Debt

DEBT AMORTIZATION SCHEDULE Description Amount Maturity USD MILLION

Short term debt 50.0 <360 days 165,6 147,7 136,6 Notes debt 361.0 -

Other Debt 64.3 -

GROSS DEBT 475.3

CASH & EQ 39,2 25,4

NET DEBT 436,1

FY21 FY22 FY23 FY24 27 CONTACT US

Della Paolera 261 9th floor

(333) 4323-7449

[email protected]

www.cresud.com.ar

@cresudir

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