| CorporateDepartments       | Department                         | Division/ Subdivision                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | DistributionMethod                                                                                        |
|---------------------------------|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|
| Corporate Human Resources  | HumanResources Management          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Byheadcount (non-corporate personnel) and weighting the percentagesof other areas (corporate personnel).  |
|                            | CultureManagement                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                            | Administrationand Labor Relations  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Administration and Finance      | FinanceDepartment                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Thepercentages of all the sectors making up the area areweighted.                                              |
| CapitalMarkets                  |                                    | Capital Markets: Amount of financial transactions conductedin the period weighted at 70% and the remaining 30% corresponds toupdates of offering memoranda and “horizontal” works(20F, annual reports, Press Release, etc.)                                                                                                                                                                                                                                                                                                                        |
| Relationswith Investors         |                                    | Investors Relations: Number of business highlights duringthe semester, number of earnings releases, number of meetings withinvestors (current or potential) to discuss the companies’business and strategy, number of active coverages, number ofearnings release conferences, the complexity of the website of eachcompany, number of material events published in the ArgentineSecurities Commission and the US Securities and ExchangeCommission, and number of Roadshows (DealorNon-Deal). All items involved are weighted in equalparts.   |
| FinancialRisk                   |                                    | Financial Risk: Time invested in the dutiesperformed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| FinancialAdministration         |                                    | Financial Administration: Total assets weighted at 40% andtotal liabilities weighted at 60%. The resulting percentage shallbe weighted at 80% over the total. The remaining 20% willcorrespond to the percentage that each company consummates over thetotal inquiries for special transactions.                                                                                                                                                                                                                                                                 |

| CorporateDepartments                                      | Department                       | Division/ Subdivision                                                                     | DistributionMethod                                                                                                                                                                                                    |
|----------------------------------------------------------------|---------------------------------------|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                           | CorporateTax                          |                                                                                           | Salariesare weighted by position and by tasks performed (by company and inequal parts)                                                                                                                                     |
|                                                           | CorporateAccounting and Reporting     |                                                                                           | Tasksperformed and time invested in each.                                                                                                                                                                                  |
| Planning                                                  | PlanningDepartment               |                                                                                           | Eachone of the sectors making up the area is weighted.                                                                                                                                                                |
| CorporateBudget and Management Control                    |                                  | Overheadexpenses for the previous half year are pro-rated.                                |
| StrategicAnalysis                                         |                                  | Tasksperformed and the time spent in each.                                                |
| Institutional Relations                                   |                                  |                                                                                           | Tasksperformed and the time spent in each.                                                                                                                                                                            |
| Compliance                                                | ComplianceDepartment             |                                                                                           | Eachone of the sectors making up the Area is weighted.                                                                                                                                                                |
| InternalAudit                                             |                                  | Timeestimated/projected in the annual plan.                                               |
| Informationsecurity                                       |                                  | Timespent in each task is weighted                                                        |
| InternalControl                                           |                                  | Distributionof key control % per front / company                                          |
| CorporateGovernance                                       |                                  | Weightingof tasks performed.                                                              |
| Shared Services Center (CSC)               | CSC Department                   |                                                                                           | Thepercentage corresponding to each sector falling within the scope ofthe CSC area is weighted on the basis of the impact exerted by therelevant sector’s projected salaries on the total salaries ofthe CSC.  |
| RevenuesAdministration                                    |                                  | Numberof Revenue Transactions performed for each Company + DirectAllocation of Resources  |
| ExpensesAdministration                                    |                                  | Numberof Expense Transactions performed for each Company + DirectAllocation of Resources  |
| CustomerAdministration                                    |                                  | DirectAllocation of Resources                                                             |
| CollectionsAdministration                                 |                                  | DirectAllocation of Resources                                                             |
| TreasuryAdministration                                    |                                  | Numberof Treasury Transactions performed by each Company.                                 |
| OwnAccount Administration                                 |                                  | Numberof Transactions performed by each Company.                                          |
| Technology                                                |                                  | Weightingof time spent in each task (related to the services).                            |
| ITServices                                                |                                  | Numberof CASTI incidents processed for each Company.                                      |
| MasterData                                                |                                  | Numberof Transactions processed by each Company.                                          |
| Systemsand Applications                                   |                                  | Hoursdevoted to each task.                                                                |
| ProjectSystems                                            |                                  | Hoursdevoted to each task.                                                                |
| CommercialTransactions                                    |                                  | Hoursdevoted to each task.                                                                |
| DataManagement                                            |                                  | Hoursdevoted to each task.                                                                |
| ProcessQuality                                            |                                  | Weightingof time spent in each task.                                                      |
| CSCHuman Resources                                        |                                  | 50%weighting of % of CSC sectors; 50% weighting of Corporatesectors.                      |
| ErrandRunning Service                                     |                                  | Numberof errands run.                                                                     |
| Backoffice                                                |                                  | Hoursspent in each task.                                                                  |
| GeneralServices                                           |                                  | Hoursspent in each task.                                                                  |
| Administrativeoperations                                  |                                  | Thepercentage of each sector served is weighted.                                          |
| ServicesControl                                           |                                  | Numberof documents controlled by company                                                  |
| CSCTaxes                                                  |                                  | Salariesare weighted by position and by tasks performed (by company and inequal parts)    |
| Real Estate Business Management            | RealEstate Business Department   |                                                                                           | Each ofthe Departments comprising the Area is weighted. It does not renderservices to Cresud.                                                                                                                         |
| RealEstate Business Analysis                              |                                  | Hoursdevoted to reviewed projects as applicable to IRSA PC orIRSA.                        |
| RealEstate Legal Affairs                                  |                                  | Weightingof hours and salaries.                                                           |
| RealEstate Budget and Management Control                  |                                  | Actualrevenues per company.                                                               |
| RealEstate Business Accounting and Reporting              |                                  | Numberof Real Estate Business accounting vouchers.                                        |
|                                                           | RealEstate Business IT Services  |                                                                                           | 100%IRSA PC                                                                                                                                                                                                           |
| Real Estate Business Board of Directors to beDistributed  |                                  |                                                                                           | Proportionalbetween IRSA and IRSAPC. Excludes Cresud.                                                                                                                                                                 |
| Real Estate Business HHRR                                 |                                  |                                                                                           | Bypayroll                                                                                                                                                                                                             |
| Safety                                                    |                                  |                                                                                           | Perhour                                                                                                                                                                                                               |
| Legal Affairs - Corporate                                 |                                  |                                                                                           | Weightedbetween number of minutes analyzed and premium amount of the annualinsurance program.                                                                                                                         |

| CorporateDepartments                           | Department                                                                                                                                                                                                                                          | Division/ Subdivision                                                    | DistributionMethod                                              |
|-----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|----------------------------------------------------------------------|
| Corporate Environment and Quality              |                                                                                                                                                                                                                                                     |                                                                          | Tasksperformed and time devoted to them.                        |
| Technical, Infrastructure and Services         | Technical,Infrastructure and Services(IRSAPC– IRSA: Weighted average from the Departments reporting to itless the percentage allocated to CRESUD. CRESUD: a percentage iscalculated based on the hours spent in the tasksperformed/planned)  | Technical,Infrastructure and Services Department                         | Anaverage is calculated of the departments reporting toit       |
| Planningand Control                            | Byallocation of resources                                                                                                                                                                                                                           |
| Logistics                                      | Weightedbetween directly assigned personnel and centralized personneldistributed per square meter of the real property (IRSA and IRSAPC)and time spent in tasks (CRESUD).                                                                           |
| DistributedOperations                | Squaremeters of real property held, operated and to which maintenanceservices are provided (IRSA and IRSAPC) and time spent in tasks(CRESUD).                                                                                                       |
| Thirdparties' services                         | Distributionof resource allocation.                                                                                                                                                                                                                 |
| TravelingPersonnel                             | Maintenancehours (IRSA and IRSAPC) and time spent in tasks(CRESUD).                                                                                                                                                                                 |
| Engineeringand Maintenance                     | Squaremeters of real property held, to which maintenance, engineering andother services are provided (IRSA and IRSAPC) and time spent intasks (CRESUD).                                                                                             |
| BuildingsPersonnel To be distributed           |                                                                                                                                                                                                                                                     | Bynumber of buildings in each company.                                   |
| Purchases and Hirings                          |                                                                                                                                                                                                                                                     |                                                                          | Purchaseorders through a weighting of their volume and amount.  |
| Proceedings and Permits                        |                                                                                                                                                                                                                                                     |                                                                          | Tasksperformed and time spent in each                           |
| Investments                                    | Real Estate                                                                                                                                                                                                                                         |                                                                          | Bytotal book value of the properties in each company.           |
| Rentals – Offices                       |                                                                                                                                                                                                                                                     | Bytotal book value of the properties in each company                     |
| Architecture and Design and Works Development  | Architectureand design                                                                                                                                                                                                                              | IRSA/IRSAPC:Personnel distributed per surface area and number ofstores.  |
| Worksdevelopment                               | Tasksperformed and time spent in each.                                                                                                                                                                                                              |
| Governmental Affairs                           |                                                                                                                                                                                                                                                     |                                                                          | Weightingof allocated projects.                                 |
| Hotels                                         |                                                                                                                                                                                                                                                     |                                                                          | 100%IRSA.                                                       |
| Fraud Prevention                               |                                                                                                                                                                                                                                                     |                                                                          | Proportionalamong the three companies.                          |
| Bolívar                                   |                                                                                                                                                                                                                                                     |                                                                          | Proportionalamong the three companies.                          |
| Attorneys-in-fact                              |                                                                                                                                                                                                                                                     |                                                                          | Proportionalamong the three companies.                          |
| Audit Committee                                |                                                                                                                                                                                                                                                     |                                                                          | Weightingof tasks performed.                                    |
| Board of Directors’ Safety              |                                                                                                                                                                                                                                                     |                                                                          | Proportionalamong the three companies.                          |