Irsa Inversiones y Representaciones : Earning Release 1° Quarter FY 2017

1

Boston Tower - CABA (Argentina)

The call will be hosted by: Alejandro Elsztain, IIVP Daniel Elsztain. COO Matias Gaivironsky, CFO

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In addition, you can access through the following webcast:

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Available until November 24, 2016

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Access Code: 10096113

Para mayor información Alejandro Elsztain - IIVP Matías Gaivironsky - CFO

+ (5411) 4323 7449

finanzas@irsa.com.arwww.irsa.com.ar

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Highlights of the period

• EBITDA for the first quarter of FY 2017 reached ARS 2,556 million (ARS 503 million from Argentina and ARS 2,053 million from Israel) while the net income registered a loss of ARS 782 million mainly explained by higher financial costs due to the consolidation of IDB Development Corporation and exchange rate differences.

• Tenant Sales in our malls grew by 21% in the first quarter of FY 2017 and the EBITDA of the segment increased by 22% reaching ARS 512 million.

• There were no results from sales of investment properties in the Operation Center in Argentina during IQ17 compared to a gain of ARS 390 million during IQ16.

• We maintained our stake of 68.3% in IDB Development Corporation and acquired from IDBD a stake of 8.8% of Discount Investment Corporation during the quarter.

• IRSA issued a local bond for $ 184.5 million at 7% and ARS 384.2 million Badlar + 299 bps due 2019 to cancel almost its total short term debt.

Buenos Aires, November 11, 2016 - IRSA Inversiones y Representaciones Sociedad Anónima (NYSE: IRS) (BASE: IRSA), Argentina's leading real estate company, announces today the results of its operations for three-month period of fiscal year 2017 ended September 30, 2016.

Consolidated Results

The Company's consolidated results reflect in all lines the material accounting impact of the consolidation of the Israeli holding company IDB Development Corporation ("IDBD"). Operating income and EBITDA for the 3-month period of 2017 increased 58.4% and 228.5%, respectively, as compared to the same period of 2016. In turn, the Company recorded a net loss of ARS 782 million for the 3-month period of 2017, compared to a net loss of ARS 316 million for the same period of 2016.

Argentine Operating Center

II. Shopping Centers (through our subsidiary IRSA Propiedades Comerciales S.A.)

During the first three months of fiscal year 2017, our tenants' sales reached ARS 7,971.2 million,21.0% higher than in the same period of 2016. Our portfolio's leasable area totaled 335,032 square meters during the quarter under review, whereas the occupancy rate stood at optimum levels of 98.4%, reflecting the quality of our portfolio.

Sho pp ing Cent ers ' Fi nanc i al I ndic a tors

(in ARS million)

Sho pp ing Cent ers ' O per a ti ng In dic at ors

(in ARS million, except as indicated)

Revenues from this segment grew 28.0% during this three-month period, whereas EBITDA reached ARS 512 million (+ 21.9% compared to the same period of 2016). The EBITDA margin, excluding income from expenses and collective promotion fund, was 75.0%, 3.8 pp below the figure recorded in the previous fiscal year.