| Name of the entity                                   | Place of business / country of incorporation |
|------------------------------------------------------|----------------------------------------------|
| Direct equity interest of IRSA:                      |                                         |
| IRSA Propiedades Comerciales S.A. (IRSA CP)          | Argentina                                    |
| E-Commerce Latina S.A.                               | Argentina                                    |
| Efanur S.A.                                          | Uruguay                                      |
| Hoteles Argentinos S.A.                              | Argentina                                    |
| Inversora Bolívar S.A.                          | Argentina                                    |
| Llao Llao Resorts S.A. (1)                           | Argentina                                    |
| Nuevas Fronteras S.A.                                | Argentina                                    |
| Palermo Invest S.A.                                  | Argentina                                    |
| Ritelco S.A.                                         | Uruguay                                      |
| Solares de Santa María S.A.                     | Argentina                                    |
| Tyrus S.A.                                           | Uruguay                                      |
| Unicity S.A.                                         | Argentina                                    |
| Interest indirectly held through APSA:               |                                         |
| Arcos del Gourmet S.A.                               | Argentina                                    |
| Emprendimiento Recoleta S.A.                         | Argentina                                    |
| Fibesa S.A.                                          | Argentina                                    |
| Panamerican Mall S.A.                                | Argentina                                    |
| Shopping Neuquén S.A.                           | Argentina                                    |
| Torodur S.A.                                         | Uruguay                                      |
| Interest indirectly held through Tyrus S.A.:         |                                         |
| Dolphin Fund Ltd (2)                                 | Bermuda                                      |
| I Madison LLC                                        | United States                                |
| IRSA Development LP                                  | United States                                |
| IRSA International LLC                               | United States                                |
| Jiwin S.A.                                           | Uruguay                                      |
| Liveck S.A.                                          | Uruguay                                      |
| Real Estate Investment Group LP (“REIG”) | Bermuda                                      |
| Real Estate Investment Group II LP                   | Bermuda                                      |
| Real Estate Investment Group III LP                  | Bermuda                                      |
| Real Estate Investment Group IV LP                   | Bermuda                                      |
| Real Estate Investment Group V LP                    | Bermuda                                      |
| Real Estate Strategies LLC                           | United States                                |
| Interest indirectly held through Efanur S.A.:        |                                         |
| Real State Strategies LP                             | Bermuda                                      |

| (1)   | We have consolidated the investment in Llao Llao Resorts S.A. considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | We have consolidated our indirect interest in Dolphin Fund Ltd. (DFL) considering its exposure to variable returns coming from its investment in DFL and the nature of the relationship between the Group and the shareholders with right to vote of DFL. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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