| Name of the entity                                                   | Place of business / country of incorporation |
|----------------------------------------------------------------------|----------------------------------------------|
| Direct equity interest of IRSA:                                      |                                         |
| IRSA CP(3)                                                           | Argentina                                    |
| E-CommerceLatina S.A. (3)                                            | Argentina                                    |
| EfanurS.A.                                                           | Uruguay                                      |
| HotelesArgentinos S.A.                                               | Argentina                                    |
| InversoraBolívar S.A.                                           | Argentina                                    |
| LlaoLlao Resorts S.A. (1)                                            | Argentina                                    |
| NuevasFronteras S.A.                                                 | Argentina                                    |
| PalermoInvest S.A.                                                   | Argentina                                    |
| RitelcoS.A.                                                          | Uruguay                                      |
| TyrusS.A.                                                            | Uruguay                                      |
| Interest indirectly held through IRSA CP:                            |                                         |
| Arcosdel Gourmet S.A.                                                | Argentina                                    |
| EmprendimientoRecoleta S.A.                                          | Argentina                                    |
| FibesaS.A.                                                           | Argentina                                    |
| PanamericanMall S.A.                                                 | Argentina                                    |
| ShoppingNeuquén S.A.                                            | Argentina                                    |
| TorodurS.A.                                                          | Uruguay                                      |
| Interest indirectly held through Tyrus S.A.:                         |                                         |
| DolphinFund Ltd. (2)                                                 | Bermuda                                      |
| IMadison LLC                                                         | UnitedStates                                 |
| IRSADevelopment LP                                                   | UnitedStates                                 |
| IRSAInternational LLC                                                | UnitedStates                                 |
| JiwinS.A.                                                            | Uruguay                                      |
| LiveckS.A.                                                           | Uruguay                                      |
| RealEstate Investment Group IV LP (REIG IV)                          | Bermuda                                      |
| RealEstate Investment Group V LP                                     | Bermuda                                      |
| RealEstate Strategies LLC                                            | UnitedStates                                 |
| Interest indirectly held through Efanur S.A.:                        |                                         |
| RealEstate Strategies LP                                             | Bermuda                                      |
| Interest indirectly held through Dolphin Fund Ltd.:                  |                                         |
| IDBDevelopment Corporation Ltd. (6)                                  | Israel                                       |
| Interest indirectly held through IDBD:                               |                                         |
| Discount InvestmentCorporation Ltd.                                  | Israel                                       |
| IDBTourism (2009) Ltd.                                               | Israel                                       |
| IDBGroup Investment Inc.                                             | Israel                                       |
| Interest indirectly held through Discount Investment CorporationLtd: |                                         |
| Property &Building Corporation Ltd.                              | Israel                                       |
| Gav Yam LandLtd.                                                     | Israel                                       |
| Israel PropertyRental Corporation Ltd. (ISPRO)                       | Israel                                       |
| MATAM - HaifaScience Industries Center                               | Israel                                       |
| Neveh-Gad Building& Development Ltd.                             | Israel                                       |
| Hadarim PropertiesLtd.                                               | Israel                                       |
| PBC USA InvestmentInc.                                               | UnitedStates                                 |
| ShufersalLtd.                                                        | Israel                                       |
| Shufersal RealEstate Ltd.                                            | Israel                                       |
| Koor IndustriesLtd.(4)                                               | Israel                                       |
| Cellcom Israel Ltd.(5)                                               | Israel                                       |
| NetvisionLtd.                                                        | Israel                                       |
| Elron ElectronicIndustries Ltd.                                      | Israel                                       |
| Bartan Holdings andInvestments Ltd.                                  | Israel                                       |
| Epsilon InvestmentHouse Ltd.                                         | Israel                                       |