| CorporateDepartments     | Department                         | Division /Subdivision  | DistributionMethod                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------------------------|-----------------------------------------|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| HumanResources           | HumanResources Management          |                        | Byheadcount (non-corporate personnel) and weighting the percentagesof other areas (corporate personnel).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                          | CultureManagement                  |                        |
|                          | Administration andLabor Relations  |                        |
| Finance             | CapitalMarkets                     |                        | Weighting is asfollows:CapitalMarkets 25%Relations withInvestors 25%Financial Analysis12.5%Financial Risk12.5%FinancialAdministration 25%Investors Relations: Number of businesshighlights during the semester, number of result announcements,number of meetings with investors (current or potential) to discussthe companies’ business and strategy, number of activecoverages, number of result conferences, the complexity of thewebsite of each company, number of relevant facts published in theArgentine Securities and Exchange Commission and the US Securitiesand Exchange Commission, and number of Roadshows (DealorNon-Deal). All items involved are weighted in equalparts. Capital Markets: Amount of financialtransactions conducted in the period weighted at 70% and theremaining 30% corresponds to updates of offering memoranda and“horizontal” works (20F, annual reports, Press Release,etc.)Financial Risk: Time invested in theduties performed.Financial Administration: Total assetsweighted at 40% and total liabilities weighted at 60%. Theresulting percentage shall be weighted at 80% over the total. Theremaining 20% will correspond to the percentage that each companyconsummates over the total inquiries for specialtransactions.Financial Analysis: Time devoted to thetasks performed.  |
| Relations withInvestors  |                                    |
| FinancialRisk            |                                    |
| FinancialAdministration  |                                    |
| FinancialAnalysis        |                                    |
| Planning                 |                                    |                        | Proportional amongthe three companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| InstitutionalRelations   |                                    |                        | Tasksperformed and the time spent in each.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

| Administration and Control Each one ofthe sectors comprising the Department is weighted.                                                                                           | Accounting andReporting                                                                                                                                                                                                                             |                                                                                                      | Tasksconducted and hours spent in each task                                                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Taxes                                                                                                                                                                              |                                                                                                                                                                                                                                                     | Salaries areweighted according to the position and tasks performed (per companyand in equal shares)  |
| Budgetand Global Management Control                                                                                                                                                |                                                                                                                                                                                                                                                     | Thepreceding half year’s structure expenses arepro-rated.                                     |
| SOXRegulation                                                                                                                                                                      |                                                                                                                                                                                                                                                     | Distribution of keycontrol % per front / company                                                     |
| SharedServices Center (CSC)(Thepercentages of all the sectors reporting to the CSC are weightedaccording to projected salaries of the sector in question over CSCtotal salaries).  | ExpensesAdministration                                                                                                                                                                                                                              |                                                                                                      | Numberof Expense Transactions performed by each Company + DirectAllocation of Resources                                                                                                                 |
| RevenuesAdministration                                                                                                                                                             |                                                                                                                                                                                                                                                     | Numberof Revenue Transactions performed by 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                                                                                                                                                                                                                                          |                                                                                                      | Weighting of timespent in each task (related to the services).                                                                                                                                          |
|                                                                                                                                                                                    | ITServices                                                                                                                                                                                                                                          |                                                                                                      | Numberof CASTI incidents processed for each Company.                                                                                                                                                    |
|                                                                                                                                                                                    | MasterData                                                                                                                                                                                                                                          |                                                                                                      | Numberof Transactions processed by each Company.                                                                                                                                                        |
|                                                                                                                                                                                    | MaintenanceSystems                                                                                                                                                                                                                                  |                                                                                                      | Hoursdevoted to each task.                                                                                                                                                                              |
|                                                                                                                                                                                    | ProjectSystems                                                                                                                                                                                                                                      |                                                                                                      | Hoursdevoted to each task.                                                                                                                                                                              |
|                                                                                                                                                                                    | CommercialTransactions                                                                                                                                                                                                                              |                                                                                                      | Hoursdevoted to each task.                                                                                                                                                                              |
|                                                                                                                                                                                    | ITSecurity                                                                                                                                                                                                                                          |                                                                                                      | Weighting of timespent in each task.                                                                                                                                                                    |
|                                                                                                                                                                                    | ProcessQuality                                                                                                                                                                                                                                      |                                                                                                      | Weighting of timespent 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.                                                                                                                                                                                |
| RealEstate Business Management(eachof the Departments comprising the Area are weighted. It does notrender services to Cresud)                                                 | RealEstate IT Services                                                                                                                                                                                                                              |                                                                                                      | 70%IRSAPC, 30% to be distributed IRSAPC and IRSA based on supervisedprojects.                                                                                                                           |
| RealEstate Business Analysis                                                                                                                                                       |                                                                                                                                                                                                                                                     | Hoursdevoted to reviewed projects as applicable to IRSA PC orIRSA.                                   |
| RealEstate Credit Risk                                                                                                                                                             |                                                                                                                                                                                                                                                     | Hoursworked for each company.                                                                        |
| RealEstate Legal Affairs                                                                                                                                                           |                                                                                                                                                                                                                                                     | Weighting of hoursand salaries.                                                                      |
| RealEstate Budget and Management Control                                                                                                                                           |                                                                                                                                                                                                                                                     | Actualrevenues per company.                                                                          |
|                                                                                                                                                                                    | RealEstate Business Accounting and Reporting                                                                                                                                                                                                        |                                                                                                      | RealEstate Business accounting voucher weighting.                                                                                                                                                       |
| RealEstate Business Board of Directors to be Distributed                                                                                                                           |                                                                                                                                                                                                                                                     |                                                                                                      | Proportionalbetween IRSA and IRSAPC. Excludes Cresud.                                                                                                                                                   |
| RealEstate Business HHRR                                                                                                                                                           |                                                                                                                                                                                                                                                     |                                                                                                      | Basedon payroll.                                                                                                                                                                                        |
| Insurance                                                                                                                                                                          |                                                                                                                                                                                                                                                     |                                                                                                      | Basedon the amount of premiums under the annual insuranceprogram.                                                                                                                                       |
| Safety                                                                                                                                                                             |                                                                                                                                                                                                                                                     |                                                                                                      | Perhour                                                                                                                                                                                                 |
| ContractDepartment                                                                                                                                                                 | Contracts                                                                                                                                                                                                                                           |                                                                                                      | Numberof contracts executed.                                                                                                                                                                            |
| Technical,Infrastructure and Services, Architecture and Design, and WorksDevelopment DepartmentAnaverage is obtained from the Departments reporting toit                           | 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)  | Planning andControl                                                                                  | Weighted average ofthe areas under the supervision of the TIS Department of IRSA andIRSAPC, excluding CRESUD.                                                                                           |
| Logistics                                                                                                                                                                          | Weighted betweendirectly assigned personnel and centralized personnel distributedper square meter of the real property (IRSA and IRSAPC) and timespent 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).                                                                                                       |
| 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                                                                                                                                                         | Squaremeters of real property held, to which maintenance, engineering andother services are provided (IRSA and IRSAPC) and time spent intasks (CRESUD).                                                                                             |
| WorksDevelopment                                                                                                                                                                   |                                                                                                                                                                                                                                                     | Tasksperformed and time spent in each.                                                               |
| Architecture andDesign                                                                                                                                                             |                                                                                                                                                                                                                                                     | Completedprojects.                                                                                   |
| Purchasesand Hirings                                                                                                                                                               |                                                                                                                                                                                                                                                     |                                                                                                      | Weighted volume andamounts of purchase orders.                                                                                                                                                          |
| Environmentand Quality                                                                                                                                                             |                                                                                                                                                                                                                                                     |                                                                                                      | Thedistribution of corporate costs of the Environment, Farming Qualityand Standardization area will be made according to the hoursdevoted to each global topic by person and company during theperiod.  |
| RealEstate                                                                                                                                                                         |                                                                                                                                                                                                                                                     |                                                                                                      | Tasksperformed and time spent in each.                                                                                                                                                                  |
| 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                                                                                                                                                                        |
| AuditCommittee                                                                                                                                                                     |                                                                                                                                                                                                                                                     |                                                                                                      | Weighting of tasksperformed.                                                                                                                                                                            |
| GeneralManagement Department to be Distributed                                                                                                                                     |                                                                                                                                                                                                                                                     |                                                                                                      | Proportional amongthe three companies                                                                                                                                                                   |
| Boardof Directors’ Safety                                                                                                                                                   |                                                                                                                                                                                                                                                     |                                                                                                      | Proportional amongthe three companies                                                                                                                                                                   |