Exhibit 10.10

 

TRADUCCIÓN PÚBLICA

SWORN TRANSLATION

 

EIGHTH AGREEMENT FOR THE IMPLEMENTATION OF

AMENDMENTS

 

TO THE CORPORATE SERVICES MASTER AGREEMENT

 

[Except for the signature page, all the pages that make up the source document in Spanish carry six illegible initials.]

 

Agreement made in the Autonomous City of Buenos Aires on the 12th day of November of 2015 by and between:

 

(i) CRESUD S.A.C.I.F. y A., domiciled at Moreno 877, Piso 23 in the Autonomous City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact (hereinafter “CRESUD”) as party of the one part;

 

(ii) IRSA Propiedades Comerciales S.A., domiciled at Moreno 877, Piso 22 in the Autonomous City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact (hereinafter “IRSAPC”), as party of the second part, and

 

(iii) IRSA Inversiones y Representaciones Sociedad Anónima, domiciled at Bolívar 108, Piso 1o in the Autonomous City of Buenos Aires and having established domicile for purposes hereof at Moreno 877, Piso 22 in the Autonomous City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact, as party of the third part (hereinafter “IRSA” and collectively with CRESUD and IRSAPC designated as “THE PARTIES”).

 

WHEREAS:

 

(i) On June 30, 2004 THE PARTIES executed a Master Agreement for the Exchange of Corporate Services (hereinafter “the Master Agreement”);

 

(ii) On August 23, 2007 THE PARTIES executed the first Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “First Agreement”), whereby certain amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases, and new Individually Responsible Persons were appointed;

 

(iii) On August 14, 2008 and November 27, 2009, THE PARTIES executed the Second Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Second Agreement”) and the Third Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Third Agreement”), respectively, whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases;

 

(iv) On March 12, 2010, THE PARTIES executed an Addendum to the Master Agreement for the Exchange of Corporate Services (hereinafter the “Addendum”) whereby THE PARTIES agree to unify in CRESUD the services of the Areas of Exchange of Corporate Services, to the effect of which the employment agreements of most of the employees of such areas were transferred and the procedure to allocate the costs of potential labor expenses arising from retirement of employees was established;

 

(v) On July 11, 2011, THE PARTIES executed the Fourth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Fourth Agreement”), on October 15, 2012, THE PARTIES executed the Fifth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Fifth Agreement”), on November 12, 2013, THE PARTIES executed the Sixth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Sixth Agreement”) and on February 18, 2015, THE PARTIES executed the Seventh Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Seventh Agreement” and together with the First Agreement, the Second Agreement, the Third Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth Agreement, the “Agreements”), whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases;

 











 

(vi) Pursuant to the structuring process of a new organizational model of division of areas by business, an agreement was reached to transfer to IRSA and/or IRSAPC the employment agreements of those employees who render services related to the Technical, Infrastructure and Services, Purchases, Architecture and Design and Works Development Area, Real Estate Business Management, Real Estate Business Human Resources, Safety and Real Estate Areas, all of them related to the real estate business. On February 24, 2014 THE PARTIES executed a Second Addendum to the Master Agreement for the Exchange of Corporate Services (hereinafter the “Second Addendum”) whereby the mechanisms to be used for the allocation of the costs of potential labor expenses that such process would involve were established.

 

(vii) THE PARTIES have implemented the Master Agreement based on an Implementation Manual updated by Deloitte & Co. S.R.L., (hereinafter “Deloitte”) on February 11, 2008;

 

(viii) In accordance with the recommendations made by Deloitte on its semi-annual reports, new operational changes have been implemented in the Areas of Exchange of Corporate Services and the Cost Distribution Bases starting on June 11, 2015, which THE PARTIES wish to acknowledge in writing;

 

(ix) THE PARTIES have disclosed the content of the EIGHTH AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT (hereinafter the “Eighth Agreement”) to their respective Audit Committees; and

 

(x) The Board of Directors of IRSAPC, CRESUD and IRSA approved the Eighth Agreement at the meeting held on November 12, 2015;

 

NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES hereby agree to execute this Eighth Agreement subject to the following terms and conditions:

 

ONE: THE PARTIES ratify that the Areas (as defined in the Master Agreement) and the calculation method applicable to the Exchange of Operational Services (also as defined in the Master Agreement) have been changed as from the dates listed below, amending therefore Exhibits I and II, as amended by the Agreements, to the Master Agreement as per the following detail:

 

(i) Starting in July 2014, in relation to the Finance Area, a decision was made (a) to exclude the Planning Department for it to be incorporated into the Areas of Exchanges; and (b) to modify its distribution method, thereby introducing changes into Exhibit I and Exhibit II in a manner such that as from July 2014 the components of said method shall be as detailed in new Exhibit I and Exhibit II.

 

(ii) Starting in July 2014, a decision was made to exclude the Shared Services Center Department from the Administration and Control Area and for the Shared Services Center Department to become covered by the Areas of Exchange. In addition, as from July 2014 a decision was made to change the distribution method of the Master Data Sector.

 

In January 2015 and in connection with the Shared Services Center Area, there were two additions, namely: (a) the Back Office sector was added and (b) the General Services sector was added.

 

As a result of the decision adopted in this clause, it was further decided to modify Exhibit I and Exhibit II such that as from January 2015 they shall be made up as detailed in the new Exhibit I and Exhibit II.

 

(iii) Starting in July 2014 and in connection with the Administration and Control Area, a decision was made to (a) modify the distribution method applicable to the Accounting and Reporting Department; (b) modify the distribution method applicable to the Global Budget and Management Control Department; and (c) modify the distribution method applicable to the SOX Regulation Department thereby modifying Exhibit II which as from that date shall be made up as detailed in the new Exhibit II.

 

(iv) Starting in July 2014, a decision was made to exclude the Governmental Affairs Department from the Real Estate Area, to incorporate the Governmental Affairs Department into the Areas of Exchange and to modify its 

 











 

distribution method. Therefore, Exhibit I and Exhibit II were amended accordingly so that as from such date, they shall be made up as detailed in the new Exhibit I and Exhibit II.

 

(v) Starting in July 2014, a decision was made to incorporate the Real Estate Accounting and Reporting Department into the Real Estate Management Area. Therefore, Exhibit I and Exhibit II were amended accordingly so that as from such date, they shall be made up as detailed in the new Exhibit I and Exhibit II.

 

(vi) Starting in July 2014 and in connection with the Human Resources Area, a decision was made to (a) change the name of the department known as “Project Management Department”, which shall from now bear the following designation “Human Resources Management Department”; (b) change the name of the department known as “Safety and Hygiene Department”, which shall from now on bear the following designation “Administration and Labor Relations Department” and; (c) change the name of the department known as Project Quality Department, which shall from now on bear the following designation “Culture Management Department”. Therefore, Exhibit II was amended accordingly so that as from such date, it shall be made up as detailed in the new Exhibit II.

 

In consideration of the foregoing, the PARTIES hereby put on record that, subject to the clarifications detailed in the preceding clauses and for purposes of updating Exhibits I and II, they shall read as hereto attached for the periods and as from the dates indicated.

 

TWO: THE PARTIES agree that the costs related to the employees acting in the new Areas included pursuant to this Eighth Agreement, shall be governed in accordance with the terms and conditions set forth in the Master Agreement, the Addendum and the Second Addendum.

 

THREE: THE PARTIES represent that all the sections of the Master Agreement, the Agreements, the Addendum and the Second Addendum that have not been amended pursuant to this Eighth Agreement continue to be fully in force.

 

In witness whereof, this Agreement is executed in three (3) copies of the same tenor and to a single effect in the place and on the date first written.

 

CRESUD S.A.C.I.F.y A.

 

[illegible signature] [Seal:] Carlos Mariano Garriga - Attorney-in-fact / [illegible signature] [Seal:] CRESUD S.A.C.I.F. y A. Agronomic Engineer Alejandro G. Casaretto - Attorney-in-fact

 

IRSA Inversiones y Representaciones Sociedad Anónima

 

[illegible signature] [Seal:] José Luis Rinaldini — Attorney-in-fact / [illegible signature] Gastón Lernoud

 

IRSA Propiedades Comerciales S.A.

 

[illegible signature] [Seal:] David A. Perednik Attorney-in-fact / [illegible signature][Seal:] Mariano Mitelman, Attorney-in-fact.

 

Exhibit I

 

Description of Corporate Services Areas of Exchanges

 

Human Resources

 

The Human Resources sector renders to the Parties the service consisting in Human Resources Administration; Human Resources Management, and Organizational Culture Management. Within the main activities of the sector 

 











 

we may mention labor relationships, selection of managerial positions, leadership training and interpersonal skills, remunerations and benefits, internal communication, etc.

 

Finance

 

The Finance sector renders to THE PARTIES the service consisting in Investor Relations, Capital Markets, Financial Risk, Management of Financial Transactions, Financial Analysis.

 

Planning

 

The Planning area is responsible for medium- and long-term planning, for aligning the PARTIES’ objectives and individual goals, for coordinating the PARTIES’ investment analysis and for coordinating all the management information flowing through the businesses and submitted to the respective Boards of Directors.

 

Institutional Relations

 

The Institutional Relations sector renders to THE PARTIES the service consisting in the development and control of advertising, broadcasting and marketing actions, relations with the media, preparation of articles, brochures and related activities.

 

Administration and Control

 

The Administration and Control sector is responsible for the PARTIES’ management control, budget of structure expenses, and SOX controls.

 

Shared Services Center

 

The Shared Services Center provides THE PARTIES with all the transactional and operational services associated to income and expense management, to the services inherent in managing human resources benefits and payroll processing, in commercial contract management, in errand running services and in general services. And it is equally responsible for managing, maintaining and providing support to systems, technology and processes.

 

Insurance

 

The Insurance sector is in charge of managing THE PARTIES’ assets’ coverage by negotiating, acquiring and monitoring insurance policies, dealing with claims in terms of coverage, collection, etc.

 

Safety

 

The Safety sector renders to THE PARTIES the surveillance service.

 

Contracts

 

The Contracts sector renders to THE PARTIES the service consisting in aid to the preparation, analysis and response to legal briefs, agreements, official letters, etc.

 

Technical, Infrastructure and Services, Architecture and Design, and Works Development

 

The Technical, Infrastructure and Services, Architecture and Design, and Works Development sector renders to THE PARTIES the services consisting in operational coordination of the following sectors: Architecture and Design; Works Development; and Technical, Infrastructure and Services.

 

Purchases and Hirings

 

The Purchases and Hirings sector bears the responsibility of obtaining the most appropriate goods and/or services for the purpose for which they will be used. Quality, costs and terms of delivery are essential when taking the 

 











 

decision to hire. In addition, this sector deals with the necessary means to obtain appropriate funding of the purchases from suppliers.

 

Environment and Quality

 

The Environment and Quality sector renders to the PARTIES the services consisting in management of national and municipal permits and licenses before the controlling entities. In addition, it assesses the environmental impact of projects and activities in order to define preventive and corrective actions for minimizing such impacts, following the working methodology set forth in an Environmental Management System.

 

Real Estate

 

The Real Estate sector renders to THE PARTIES the services consisting in sales and acquisitions of real estate, except for real estate assigned to the agricultural business.

 

Governmental Affairs

 

The Governmental Affairs sector takes part in the businesses arising from governmental grants (exploitation concessions and private initiatives).

 

Hotels

 

The Hotels sector renders to THE PARTIES the services consisting in the integration of the different areas of hotels along with their business relations. It carries out activities to optimize and control hotels’ management and organization.

 

Board of Directors to be Distributed

 

The Board of Directors to be Distributed sector includes the employees performing activities of support and assistance to the Parties’ Board of Directors.

 

Real Estate Business Board of Directors to be Distributed

 

The Real Estate Business Board of Directors to be Distributed sector includes the employees performing activities of support and assistance to the Board of Directors of IRSA and IRSAPC.

 

General Management Department to be Distributed

 

The General Management Department to be Distributed sector includes employees performing activities of support and assistance to the Parties’ General Management Departments.

 

Board of Directors’ Safety

 

The Board of Directors’ Safety sector renders to the Parties the service consisting in comprehensive safety for the main officers acting in their Board of Directors.

 

Audit Committee

 

The Audit Committee sector includes the employees performing tasks of support and assistance to THE PARTIES’ Audit Committees.

 

Real Estate Business Management

 

The Real Estate Business Management sector renders the following services to IRSA and IRSAPC: budget and control management, accounting and reporting, analysis of new businesses, analysis of the business clients’ credit risk, IT support to shopping centers, marketing and leadership agreements for the business legal aspects.

 











 

Real Estate Business HHRR

 

The Real Estate Business HHRR sector renders to IRSA and IRSAPC the service consisting in Human Resource Administration; Human Resource Management; Workplace Safety, Hygiene and Environment; Organizational Culture Management and Project Management. The main sector activities include, among others: personnel management, recruitment and training, compensation and benefits, internal communication, third party control, etc.

 

Fraud Prevention

 

The Fraud Prevention sector renders to THE PARTIES corporate Fraud Prevention services.

 

Internal Audit

 

The Internal Audit sector renders to THE PARTIES internal audit services.

 

Exhibit II

Cost Distribution Bases

 

	
Corporate
   Departments
    	
 
    	
Department
    	
 
    	
Division / Subdivision
    	
 
    	
Distribution Method
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Human Resources
    	
 
    	
Human Resources Management
    	
 
    	
 
    	
 
    	
By headcount (non-corporate personnel) and weighting   the percentages of other areas (corporate personnel).
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Culture Management
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Administration and Labor Relations
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Finance
    	
 
    	
Capital Markets
    	
 
    	
 
    	
 
    	
Weighting is as follows:
   Capital Markets 25%
   Relations with Investors 25%
   Financial Analysis 12.5%
   Financial Risk 12.5%
   Financial Administration 25%
    
    Investors Relations: Number of   business highlights during the semester, number of result announcements,   number of meetings with investors (current or potential) to discuss the   companies’ business and strategy, number of 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Relations with Investors
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Financial Risk
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    


 











 

	
 
    	
 
    	
Financial Administration

 

Financial Analysis
    	
 
    	
 
    	
 
    	
active coverages, number of result conferences, the   complexity of the website of each company, number of relevant facts published   in the Argentine Securities and Exchange Commission and the US Securities and   Exchange Commission, and number of Roadshows (Deal   or Non-Deal). All items involved are   weighted in equal parts.
    Capital Markets: Amount of financial   transactions conducted in the period weighted at 70% and the remaining 30%   corresponds to updates of offering memoranda and “horizontal” works (20F,   annual reports, Press Release, etc.)
    Financial Risk: Time invested in the   duties performed.
    Financial Administration: Total assets   weighted at 40% and total liabilities weighted at 60%. The resulting   percentage shall be weighted at 80% over the total. The remaining 20% will   correspond to the percentage that each company consummates over the total   inquiries for special transactions.
    Financial Analysis: Time devoted to   the tasks performed.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Planning
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Proportional among the three companies.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Institutional Relations
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Tasks performed and the time spent in each.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    


 

	
Administration and Control   Each one of the sectors comprising the Department is weighted.
    	
 
    	
Accounting and Reporting
    	
 
    	
 
    	
 
    	
Tasks conducted and hours spent in each task
    
	
 
    	
 
    	
Taxes
    	
 
    	
 
    	
 
    	
Salaries are weighted according to the position and   tasks performed (per company and in equal shares)
    


 











 

	
 
    	
 
    	
Budget and Global Management Control
    	
 
    	
 
    	
 
    	
The preceding half year’s structure expenses are   pro-rated.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
SOX Regulation
    	
 
    	
 
    	
 
    	
Distribution of key control% per front / company
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Shared Services Center (CSC)
   (The percentages of all the sectors reporting to the CSC are weighted   according to projected salaries of the sector in question over CSC total   salaries).
    	
 
    	
Expenses Administration
    	
 
    	
 
    	
 
    	
Number of Expense Transactions performed by each   Company + Direct Allocation of Resources
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Revenues Administration
    	
 
    	
 
    	
 
    	
Number of Revenue Transactions performed by each   Company + Direct Allocation of Resources
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Customer Administration
    	
 
    	
 
    	
 
    	
Direct Allocation of Resources
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Collections Administration
    	
 
    	
 
    	
 
    	
Direct Allocation of Resources
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Treasury Administration
    	
 
    	
 
    	
 
    	
Number of Treasury Transactions performed by each   Company.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Own Account Administration
    	
 
    	
 
    	
 
    	
Number of Transactions performed by each Company.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Technology
    	
 
    	
 
    	
 
    	
Weighting of time spent in each task (related to the   services).
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
IT Services
    	
 
    	
 
    	
 
    	
Number of CASTI incidents processed for each   Company.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Master Data
    	
 
    	
 
    	
 
    	
Number of Transactions processed by each Company.
    


 











 

	
 
    	
 
    	
Maintenance Systems
    	
 
    	
 
    	
 
    	
Hours devoted to each task.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Project Systems
    	
 
    	
 
    	
 
    	
Hours devoted to each task.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Commercial Transactions
    	
 
    	
 
    	
 
    	
Hours devoted to each task.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
IT Security
    	
 
    	
 
    	
 
    	
Weighting of time spent in each task.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Process Quality
    	
 
    	
 
    	
 
    	
Weighting of time spent in each task.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
CSC Human Resources
    	
 
    	
 
    	
 
    	
50% weighting of% of CSC sectors; 50% weighting of   Corporate sectors.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Errand Running Service
    	
 
    	
 
    	
 
    	
Number of errands run.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Back office
    	
 
    	
 
    	
 
    	
Hours spent in each task.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
General Services
    	
 
    	
 
    	
 
    	
Hours spent in each task.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Real Estate Business Management
   (each of the Departments comprising the Area are weighted. It does not render   services to Cresud)
    	
 
    	
Real Estate IT Services
    	
 
    	
 
    	
 
    	
70% IRSAPC, 30% to be distributed IRSAPC and IRSA   based on supervised projects.
    
	
 
    	
 
    	
Real Estate Business Analysis
    	
 
    	
 
    	
 
    	
Hours devoted to reviewed projects as applicable to   IRSA PC or IRSA.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Real Estate Credit Risk
    	
 
    	
 
    	
 
    	
Hours worked for each company.
    


 











 

	
 
    	
 
    	
Real Estate Legal Affairs
    	
 
    	
 
    	
 
    	
Weighting of hours and salaries.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Real Estate Budget and Management Control
    	
 
    	
 
    	
 
    	
Actual revenues per company.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Real Estate Business Accounting and Reporting
    	
 
    	
 
    	
 
    	
Real Estate Business accounting voucher weighting.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Real Estate Business Board of Directors to be   Distributed
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Proportional between IRSA and IRSAPC. Excludes   Cresud.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Real Estate Business HHRR
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Based on payroll.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Insurance
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Based on the amount of premiums under the annual insurance   program.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Safety
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Per hour
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Contract Department
    	
 
    	
Contracts
    	
 
    	
 
    	
 
    	
Number of contracts executed.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Technical, Infrastructure and Services,   Architecture and Design, and Works Development Department
    
   An average is obtained from the Departments 
    	
 
    	
Technical, Infrastructure and Services
    
   (IRSAPC — IRSA: Weighted average from the Departments reporting to it less   the percentage allocated to CRESUD. CRESUD: a percentage is calculated based   on the hours spent in the tasks performed/planned)
    	
 
    	
Planning and Control
    	
 
    	
Weighted average of the areas under the supervision   of the TIS Department of IRSA and IRSAPC, excluding CRESUD.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Logistics
    	
 
    	
Weighted between directly assigned personnel and   centralized personnel distributed per square meter of the real property (IRSA   
    


 











 

	
reporting to it
    	
 
    	
 
    	
 
    	
 
    	
 
    	
and IRSAPC)  and   time spent in tasks (CRESUD).
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Distributed Operations
    	
 
    	
Square meters of real property held, operated and to   which maintenance services are provided (IRSA and IRSAPC) and time spent in   tasks (CRESUD).
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Architecture
    	
 
    	
IRSA/IRSAPC: Personnel distributed per surface area   and number of stores.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Third parties’ services
    	
 
    	
Distribution of resource allocation.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Traveling Personnel
    	
 
    	
Maintenance hours (IRSA and IRSAPC) and time spent   in tasks (CRESUD).
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Engineering and Maintenance
    	
 
    	
Square meters of real property held, to which   maintenance, engineering and other services are provided (IRSA and IRSAPC)   and time spent in tasks (CRESUD).
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Works Development
    	
 
    	
 
    	
 
    	
Tasks performed and time spent in each.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Architecture and Design
    	
 
    	
 
    	
 
    	
Completed projects.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Purchases and Hirings
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Weighted volume and amounts of purchase orders.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Environment and Quality
    	
 
    	
 
    	
 
    	
 
    	
 
    	
The distribution of corporate costs of the   Environment, Farming Quality and Standardization area will be made according   to the hours 
    


 











 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
devoted to each global topic by person and company   during the period.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Real Estate
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Tasks performed and time spent in each.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Governmental Affairs
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Weighting of allocated projects.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Hotels
    	
 
    	
 
    	
 
    	
 
    	
 
    	
100% IRSA.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Internal Audit
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Times estimated/forecast in the annual plan.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Fraud Prevention
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Proportional among the three companies
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Board of Directors to be Distributed
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Proportional among the three companies
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Audit Committee
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Weighting of tasks performed.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Management Department to be Distributed
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Proportional among the three companies
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Board of Directors’ Safety
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Proportional among the three companies
    


 

THIS DOCUMENT IS A TRUE AND ACCURATE TRANSLATION into English of the document in Spanish I have had before me in Buenos Aires, on this 27th day of September, 2016.

 

[For authentication purposes only:]

 

ES TRADUCCIÓN FIEL al inglés del documento adjunto redactado en idioma castellano que he tenido ante mí y al cual me remito en Buenos Aires, a los 27 días de setiembre de 2016.