| CorporateDepartments |   | Department                        |   | Division / Subdivision |   | Distribution Method                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|----------------------|--------|-----------------------------------|--------|----------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| HumanResources       |   | Human ResourcesManagement         |   |                             |   | By headcount(non-corporate personnel) and weighting the percentages of otherareas (corporate personnel).                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                 |   |                              |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                 |   | CultureManagement                 |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                 |   |                              |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                 |   | Administration andLabor Relations |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                 |   |                              |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Finance              |   | FinanceDepartment                 |   |                             |   | The percentages ofall the sectors making up the area are weighted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                 |   |                              |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                 |   | CapitalMarkets                    |   |                             |   | Capital Markets: Amount of financial transactionsconducted in the period weighted at 70% and the remaining 30%corresponds to updates of offering memoranda and“horizontal” works (20F, annual reports, PressRelease, etc.)                                                                                                                                                                                                                                                                                                          |
|                 |   |                              |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                 |   | Relations withInvestors           |   |                             |   | Investors Relations: Number of business highlightsduring the semester, number of earnings releases, number ofmeetings with investors (current or potential) to discuss thecompanies’ business and strategy, number of active coverages,number of earnings release conferences, the complexity of thewebsite of each company, number of material events published in theArgentine Securities Commission and the US Securities and ExchangeCommission, and number of Roadshows (Deal or Non-Deal). All items involved areweighted in equal parts. |
|                 |   |                              |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                 |   | FinancialRisk                     |   |                             |   | Financial Risk: Time invested in the dutiesperformed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                 |   |                              |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                 |   | FinancialAdministration           |   |                             |   | Financial Administration: Total assets weighted at40% and total liabilities weighted at 60%. The resulting percentageshall be 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 |   | Distribution Method                                                                                                                                                                                             |
|-----------------------------------|--------|----------------------------------------|--------|----------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| CorporateTax                      |   |                                   |   |                             |   | Salaries areweighted by position and by tasks performed (by company and inequal parts)                                                                                                                               |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
| CorporateAccounting and Reporting |   |                                   |   |                             |   | Tasks performed andtime invested in each.                                                                                                                                                                            |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
| Planning                          |   | PlanningDepartment                     |   |                             |   | Each one of thesectors making up the area is weighted.                                                                                                                                                               |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | Corporate Budgetand Management Control |   |                             |   | Overhead expensesfor the previous half year are pro-rated.                                                                                                                                                           |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | StrategicAnalysis                      |   |                             |   | Tasks performed andthe time spent in each.                                                                                                                                                                           |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
| InstitutionalRelations            |   |                                   |   |                             |   | Tasks performed andthe time spent in each.                                                                                                                                                                           |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
| Compliance                        |   | ComplianceDepartment                   |   |                             |   | Each one of thesectors making up the Area is weighted.                                                                                                                                                               |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | Informationsecurity                    |   |                             |   | Time spent in eachtask is weighted                                                                                                                                                                                   |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | SOXRegulation                          |   |                             |   | Distribution of keycontrol% per front / company                                                                                                                                                                      |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
| SharedServices Center (CSC)       |   | CSC Department                         |   |                             |   | The percentagecorresponding to each sector falling within the scope of the CSCarea is weighted on the basis of the impact exerted by the relevantsector’s projected salaries on the total salaries of theCSC. |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | RevenuesAdministration                 |   |                             |   | Number of RevenueTransactions performed for each Company + Direct Allocation ofResources                                                                                                                             |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | ExpensesAdministration                 |   |                             |   | Number of ExpenseTransactions performed for each Company + Direct Allocation ofResources                                                                                                                             |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | CustomerAdministration                 |   |                             |   | Direct Allocationof Resources                                                                                                                                                                                        |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | CollectionsAdministration              |   |                             |   | Direct Allocationof Resources                                                                                                                                                                                        |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | TreasuryAdministration                 |   |                             |   | Number of TreasuryTransactions performed by each Company.                                                                                                                                                            |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | Own AccountAdministration              |   |                             |   | Number ofTransactions performed by each Company.                                                                                                                                                                     |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | Technology                             |   |                             |   | Weighting of timespent in each task (related to the services).                                                                                                                                                       |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | ITServices                             |   |                             |   | Number of CASTIincidents processed for each Company.                                                                                                                                                                 |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | MasterData                             |   |                             |   | Number ofTransactions processed by each Company.                                                                                                                                                                     |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | MaintenanceSystems                     |   |                             |   | Hours devoted toeach task.                                                                                                                                                                                           |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | ProjectSystems                         |   |                             |   | Hours devoted toeach task.                                                                                                                                                                                           |
|                              |   |                                   |   |                             |   |                                                                                                                                                                                                                 |
|                              |   | CommercialTransactions                 |   |                             |   | Hours devoted toeach task.                                                                                                                                                                                           |

 

| CorporateDepartments                                    |   | Department                                   |   | Division / Subdivision |   | Distribution Method                                                                      |
|---------------------------------------------------------|--------|----------------------------------------------|--------|----------------------------------|--------|-----------------------------------------------------------------------------------------------|
|                                                    |   | DataManagement                               |   |                             |   | Hours devoted toeach task.                                                                    |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | ProcessQuality                               |   |                             |   | Weighting of timespent in each task.                                                          |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | CSC HumanResources                           |   |                             |   | 50% weighting of%of CSC sectors; 50% weighting of Corporate sectors.                          |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | Errand RunningService                        |   |                             |   | Number of errandsrun.                                                                         |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | Backoffice                                   |   |                             |   | Hours spent in eachtask.                                                                      |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | GeneralServices                              |   |                             |   | Hours spent in eachtask.                                                                      |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | Administrativeoperations                     |   |                             |   | The percentage ofeach sector served is weighted.                                              |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | ServicesControl                              |   |                             |   | Number of documentscontrolled by company                                                      |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | ITDepartment                                 |   |                             |   | The percentage ofeach sector served is weighted                                               |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | CSCTaxes                                     |   |                             |   | Salaries areweighted by position and by tasks performed (by company and inequal parts)        |
|                                                    |   |                                         |   |                             |   |                                                                                          |
| RealEstate Business Management                          |   | Real EstateBusiness Department               |   |                             |   | Each of theDepartments comprising the Area is weighted. It does not renderservices to Cresud. |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | Real EstateBusiness Analysis                 |   |                             |   | Hours devoted toreviewed projects as applicable to IRSA PC or IRSA.                           |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | Real Estate LegalAffairs                     |   |                             |   | Weighting of hoursand salaries.                                                               |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | Real Estate Budgetand Management Control     |   |                             |   | Actual revenues percompany.                                                                   |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | Real EstateBusiness Accounting and Reporting |   |                             |   | Number of RealEstate Business accounting vouchers.                                            |
|                                                    |   |                                         |   |                             |   |                                                                                          |
|                                                    |   | Real EstateBusiness IT Services              |   |                             |   | 100% IRSAPC                                                                                   |
|                                                    |   |                                         |   |                             |   |                                                                                          |
| RealEstate Business Board of Directors to beDistributed |   |                                         |   |                             |   | Proportionalbetween IRSA and IRSAPC. Excludes Cresud.                                         |
|                                                    |   |                                         |   |                             |   |                                                                                          |
| Rentals- Buildings                                      |   |                                         |   |                             |   | Budgeted revenuesper business unit per company                                                |
|                                                    |   |                                         |   |                             |   |                                                                                          |
| RealEstate Business HHRR                                |   |                                         |   |                             |   | Bypayroll                                                                                     |
|                                                    |   |                                         |   |                             |   |                                                                                          |
| Insurance                                               |   |                                         |   |                             |   | Based on the amountof premiums under the annual insurance program.                            |
|                                                    |   |                                         |   |                             |   |                                                                                          |
| Safety                                                  |   |                                         |   |                             |   | Perhour                                                                                       |
|                                                    |   |                                         |   |                             |   |                                                                                          |
| LegalAffairs - Corporate                                |   |                                         |   |                             |   | Number of minutesanalyzed.                                                                    |

 

| CorporateDepartments                                                                      |   | Department                                                                                                                                                                                                                                               |                  | Division / Subdivision                      |                                                                                                                                                                      | Distribution Method                                                                                                                                |
|-------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| CorporateEnvironment and Quality                                                          |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Tasks performed andtime devoted to them.                                                                                                                |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| Technical, Infrastructureand Services, Architecture and Design, and WorksDevelopment |   | Technical, Infrastructureand Services(IRSAPC — IRSA: Weighted average from the Departmentsreporting to it less the percentage allocated to CRESUD. CRESUD: apercentage is calculated based on the hours spent in the tasksperformed/planned) |                  | Technical, Infrastructureand Services Department |                                                                                                                                                                      | An average iscalculated of the departments reporting to it                                                                                              |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |
|                                                                                      |   |                                                                                                                                                                                                                                                     | Planning andControl   |                                                  | By allocation ofresources                                                                                                                                                 |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |
|                                                                                      |   |                                                                                                                                                                                                                                                     | Logistics             |                                                  | Weighted betweendirectly assigned personnel and centralized personnel distributedper square meter of the real property (IRSA and IRSAPC) and timespent in tasks (CRESUD). |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |
|                                                                                      |   |                                                                                                                                                                                                                                                     | DistributedOperations |                                                  | Square meters ofreal property held, operated and to which maintenance services areprovided (IRSA and IRSAPC) and time spent in tasks(CRESUD).                             |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  | Architecture                                          |                                                                                                                                                                      | IRSA/IRSAPC:Personnel distributed per surface area and number ofstores.                                                                                 |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  | Thirdparties’ services                         |                                                                                                                                                                      | Distribution ofresource allocation.                                                                                                                     |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  | TravelingPersonnel                                    |                                                                                                                                                                      | Maintenance hours(IRSA and IRSAPC) and time spent in tasks (CRESUD).                                                                                    |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  | Engineering andMaintenance                            |                                                                                                                                                                      | Square meters ofreal property held, to which maintenance, engineering and otherservices are provided (IRSA and IRSAPC) and time spent in tasks(CRESUD). |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |   | WorksDevelopment                                                                                                                                                                                                                                         |                  |                                                  |                                                                                                                                                                      | Tasks performed andtime spent in each.                                                                                                                  |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |   | Architecture andDesign                                                                                                                                                                                                                                   |                  |                                                  |                                                                                                                                                                      | Completedprojects.                                                                                                                                      |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |   | Buildings PersonnelTo be distributed                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | By number ofbuildings in each company.                                                                                                                  |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| Purchasesand Hirings                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Purchase ordersthrough a weighting of their volume and amount.                                                                                          |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| Proceedingsand Permits                                                                    |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Tasks performed andtime spent in each                                                                                                                   |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| RealEstate                                                                                |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | By total book valueof the properties in each company.                                                                                                   |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| GovernmentalAffairs                                                                       |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Weighting ofallocated projects.                                                                                                                         |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| Hotels                                                                                    |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | 100%IRSA.                                                                                                                                               |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| InternalAudit                                                                             |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Timesestimated/forecast in the annual plan.                                                                                                             |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| FraudPrevention                                                                           |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Proportional amongthe three companies                                                                                                                   |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| Boardof Directors to be Distributed                                                       |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Proportional amongthe three companies                                                                                                                   |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| Attorneys-in-fact                                                                         |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Proportional amongthe three companies                                                                                                                   |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| AuditCommittee                                                                            |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Weighting of tasksperformed.                                                                                                                            |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| GeneralManagement Department to be Distributed                                            |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Proportional amongthe three companies                                                                                                                   |
|                                                                                      |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      |                                                                                                                                                    |
| Boardof Directors’ Safety                                                          |   |                                                                                                                                                                                                                                                     |                  |                                                  |                                                                                                                                                                      | Proportional amongthe three companies                                                                                                                   |