Cresud Sa · BCBA:CRES

Cresud Sa — Investor Presentation (June 2016)

15 slides from Cresud Sa's investor presentation, June 2016

  1. Slide 1: Institutional Presentation

    Institutional Presentation Institutional Presentation IIIQ FY2016 March 2013 1

  2. Slide 2: Corporate Structure

    Corporate Structure IFISA* and others FLOAT 35.83% 64.17% FLOAT 63.38% 36.32% 39.76% FD: 45.5% 29.91% 68.30% 94.74% 2 *IFISA holds 31.7% stake in IDBD

  3. Slide 3: Pioneer Agribusiness Company with 79 years of history

    Pioneer Agribusiness Company with 79 years of history REGIONALIZATION 1936 1994 1998 Farmland 2006 2008 Purchases in Expansion to Brazil Mr. Eduardo Argentina Expansion to Elsztain ~ 9,000 ha Bolivia & IPO for USD 276 M Paraguay Appointed Listed in Novo Follow on for Chairman Main Acquisition Agrori

  4. Slide 4: Agribusiness Market's Strengths

    Agribusiness Market’s Strengths 3%* Lack of Supply Excess of Demand Only 3% of the surface of the Earth would be land 9 Bn inhabitants to be fed by 2050 mostly coming available for agriculture from developing countries Increase in areas Productivity Gain From 1967 to 1987 From 1987 to 2007 From 2007

  5. Slide 5: Few Listed Companies in the Region with different business models

    Few Listed Companies in the Region with different business models Acquire & Lease Acquire & Plant Lease & Plant Acquire & develop the land Benefit from farmland + + - + price appreciation Operational gains - + + + Commited capital High High Low High High Pioneer in Farmland Development Return Acquir

  6. Slide 6: CRESUD Business Strategy

    CRESUD Business Strategy FARMLAND DEVELOPMENT FARMING ACTIVITY Urban Property Value Creation ROIC Specialties / Stable Yielding Agriculture Farmland Agriculture Development Farming Activity Cattle Bare Land Time Time 6 6

  7. Slide 7: CRESUD Diversified Rural Portfolio

    CRESUD Diversified Rural Portfolio ~ 800,000 hectares under management in the Region Planted Area & Breakdown (in K ha) BOLIVIA BRAZIL 201 201 207 4 209 6 183 8 3 16 21 174 3 24 22 22 12 142 141 59 69 15 1 68 10 17 68 58 45 34 82 40 4 farms 22 6 farms 101 123 118 99 100 107 102 12,533 ha 60 82 124,2

  8. Slide 8: Strong track record developing & selling Farms

    Strong track record developing & selling Farms Over 200k ha developed Developed Farm 190,3 In thousand ha Potential to develop 190k ha 59,0 31,0 30,7 25,2 28,5 27,2 3,0 19,1 3,5 20,3 15,3 18,0 1,0 15,4 20,7 13,7 11,6 7,8 11,8 0,0 110,1 13,0 2,4 11,3 13,2 10,0 10,0 7,5 7,7 7,5 2,4 1,7 FY 2008 FY 2009

  9. Slide 9: Farmland Sales during FY 2015

    Farmland Sales during FY 2015 ARGENTINA BOLIVIA BRAZIL (in USD million) (in USD million) (in USD million) Santa Cruz 89 Lujan - BA de la Sierra Boquerón State 27,745 ha 1,058 ha 1,643 ha 24,624 ha 64 24 15 7 23 3 5 24 4 10 1 La Adela - Agentina Fon Fon - Bolivia Fraction of Paraguay - Brasil Cremaq

  10. Slide 10: Regional Farmland Appreciation USD/ha

    Regional Farmland Appreciation USD/ha CAGR (‘05-’15) ARGENTINA CORN BELT (USD/ha) 9.5% 21.538 BRASIL MATTO GROSO (USD/ha) 12.4% 20.066 19.628 PARAGUAY CORN BELT (USD/ha) 22.2% 18.136 BOLIVIA CORN BELT (USD/ha) 11.5% 16.576 17.375 17.000 16.083 USA IOWA (USD/ha) 9.7% 15.000 15.000 12.792 12.513 11.82

  11. Slide 11: Our largest Farmland Development Case

    Our largest Farmland Development Case Los Pozos, Salta ARGENTINA Turnaround of a Cattle farm into Cattle & Crop Farmland Has: 240.000 Cattle infrastructure 35,000 heads in 44,000 ha Investment USD/ha 250 Land Price: USD/ha 1.500 Bare Land Crop Investment 13,000 ha Acquisition Cost USD/Ha. 10 USD/ha

  12. Slide 12: Farmland Development Cases

    Farmland Development Cases Agroriego, San Luis (ARGENTINA) Technological Investment (equipment, holes & irrigation system) Turnaround of Undeveloped Land into a USD/Ha 2.000 regular crop production Has: 7.052 Beef Cattle – Low productivity farm Best Yielding Farm Low rainfalls levels & underground w

  13. Slide 13: IRSA Commercial Properties + Other diversified assets

    IRSA Commercial Properties + Other diversified assets 94.74% 29.91% HOTELS LANDBANK INTERNATIONAL VP 49% 68.3% 49% SHOPPING OFFICE Malls Buildings 414,000 sqm of rental GLA + Commercial Landbank Potential to develop: 240,000 sqm of shopping malls 13 89,000 sqm of offices

  14. Slide 14: Cresud Stand Alone Debt as of March 31, 2016

    Cresud Stand Alone Debt as of March 31, 2016 Amount Agribusiness (USD MM) Cresud Total Debt 293.9 Cash & ST Investments 12.9 Cresud Net Debt 281.0 Debt Amortization Schedule (Cresud Standalone - USD million) 127,5 53,9 58,8 46,7 6,9 2016 2017 2018 2019 2020-2022 14

  15. Slide 15: Land is our Value Thanks!

    Land is our Value Thanks!

Cresud — Investor Presentation (June 2016) on 6ix