|  CRESUD S.A.C.I.F.y A. |   |   |  CRESUD S.A.C.I.F.y A. |   |
|-----------------------------|--------|--------|-----------------------------|--------|
| /s/ Eduardo Sergio Elsztain |   |   | /s/ Saúl Zang          |   |
| Eduardo Sergio Elsztain     |   |   | Saúl Zang              |   |
| Attorneys-in-fact           |   |   | Attorneys-in-fact           |   |

|   IRSA Inversiones y Representaciones Sociedad Anónima |   |   |   IRSA Inversiones y Representaciones Sociedad Anónima |   |
|------------------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|
| /s/ Oscar Pedro Bergotto                                         |   |   | /s/ Gaston Armando Lernoud                        |   |
| Oscar Pedro Bergotto                                             |   |   | Gaston Armando Lernoud                                           |   |
| Attorneys-in-fact                                                |   |   | Attorneys-in-fact                                                |   |

|   Alto Palermo S.A. (APSA) |   |   |   Alto Palermo S.A. (APSA)  |   |
|---------------------------------|--------|--------|----------------------------------|--------|
| /s/ Alejandro Gustavo Elsztain  |   |   | /s/ David Alberto Perednik       |   |
| Alejandro Gustavo Elsztain      |   |   | Name David Alberto Perednik |   |
| Attorneys-in-fact               |   |   | Attorneys-in-fact                |   |

| Corporate Departments                                                                                                                                                                                                                                                         | Department                                                                                                                                                                 | Division / Subdivision                                                                                            | Distribution Method                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Human Resources                                                                                                                                                                                                                                                               | Human Resources                                                                                                                                                            |                                                                                                              | By headcount (non-corporate personnel) and weighting the percentages of other areas (corporate personnel).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                          | Project Management                                                                                                                                                         |                                                                                                              |
|                                                                                                                                                                                                                                                                          | Project Quality                                                                                                                                                            |                                                                                                              |
|                                                                                                                                                                                                                                                                          | Safety and Hygiene                                                                                                                                                         |                                                                                                              |
| Finance                                                                                                                                                                                                                                                                  | Capital Markets                                                                                                                                                            |                                                                                                              | Each one of the Departments included within it is weighted at 20%.Investors Relations: Number of business highlights during the semester, number of result announcements, number of meetings with investors (current or potential) to discuss the companies’ business and strategy, number of active coverages, number of result conferences, the complexity of the website of each company, number of relevant facts published in the Argentine Securities and Exchange Commission and the US Securities and Exchange Commission, and number of Roadshows (Deal o Non-Deal). All items involved are weighted in equal parts. Capital Markets: Amount of financial transactions conducted in the period weighted at 70% and the remaining 30% corresponds to updates of offering memoranda and “horizontal” works (20F, annual reports, Press Release, etc.)Financial Risk: Time invested in the duties performed.Financial Administration: Total assets weighted at 40% and total liabilities weighted at 60%. The resulting percentage shall be weighted at 80% over the total. The remaining 20% will correspond to the percentage that each company consummates over the total inquiries for special transactions.Business Analysis: Number of projects. |
| Relations with Investors                                                                                                                                                                                                                                                      |                                                                                                                                                                       |
| Financial Risk                                                                                                                                                                                                                                                                |                                                                                                                                                                       |
| Financial Administration                                                                                                                                                                                                                                                      |                                                                                                                                                                       |
| Business Analysis                                                                                                                                                                                                                                                             |                                                                                                                                                                       |
| Institutional Relations                                                                                                                                                                                                                                                       | Institutional Relations                                                                                                                                                    |                                                                                                              | Tasks performed and the time spent in each.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Administration and ControlEach one of the sectors comprising the Department is weighted as described below:24,5% Accounting and Administrative Operations; 24,5% Taxes; 24,5% Budget and Management Control; 24,5% Systems and Technology and 2% Special Projects and Control | Accounting and Administrative Operations (Weighted from the Divisions and Subdivisions within the Department)                                                              | Accounting and Reporting                                                                                          | Number of companies per group, receipts per company and weighting of basic income per company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Administrative Operations                                                                                                                                                                                                                                                     | Income receipts, expenses receipts.                                                                                                                                        |
| Taxes                                                                                                                                                                                                                                                                         |                                                                                                                                                                       | Salaries are weighted according to the position and tasks performed (per company and in equal shares)             |
| Budget and Management Control (Actual income per company)                                                                                                                                                                                                                     | Budget and Management Control – Global                                                                                                                               | Actual income per company.(Real data are obtained annually based on the published financial statements).          |
| Budget and Management Control – Real Estate                                                                                                                                                                                                                             | IRSA’s and APSA’s actual income.                                                                                                                               |
| Budget and Management Control - Agricultural                                                                                                                                                                                                                                  | Revenues from production and income from agricultural sales.                                                                                                               |
| Special Projects and Control                                                                                                                                                                                                                                                  |                                                                                                                                                                       |  Salaries are weighted based on the position and the tasks performed (per company and in equal parts).       |
|                                                                                                                                                                                                                                                                          | Systems and Technology (based on the allocation of resources).                                                                                                             | Quality of Processes                                                                                              | Tasks performed and time spent in each.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| IT Security                                                                                                                                                                                                                                                                   | Weighting of time spent in each task.                                                                                                                                      |
| Master Data                                                                                                                                                                                                                                                                   | Number of transactions processed by each company.                                                                                                                          |
| Insurance                                                                                                                                                                                                                                                                     | Insurance                                                                                                                                                                  |                                                                                                              | Insured amounts and volume of losses (in units). Both variables weighted in equal shares (50%).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Errand Running Service                                                                                                                                                                                                                                                        | Errand Running Service                                                                                                                                                     |                                                                                                              | Number of errands run.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Safety                                                                                                                                                                                                                                                                        | Safety                                                                                                                                                                     |                                                                                                              | Per hour.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Contracts                                                                                                                                                                                                                                                                     | Contracts                                                                                                                                                                  |                                                                                                              | Number of contracts executed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Technical, Infrastructure and Services, Purchases, Architecture and Design, and Development and Works DepartmentAn average is obtained from the Departments reporting to it.                                                                                                  | Technical, Infrastructure and Services (Weighted average of the Departments reporting to it)                                                 | Planning and Control                                                                                              | Weighted average of the areas under the supervision of the TIS Department.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Logistics                                                                                                                                                                                                                                                                     | Weighted between directly assigned personnel and centralized personnel distributed per square meter of the real property (IRSA and APSA) and time spent in tasks (CRESUD). |
| Distributed Operations                                                                                                                                                                                                                                                        | Square meters of real property held, operated and to which maintenance services are provided (IRSA and APSA) and time spent in tasks (CRESUD).                             |
| Architecture                                                                                                                                                                                                                                                                  | IRSA/APSA: Personnel distributed per surface area and number of stores.                                                                                                    |
| Third parties' services                                                                                                                                                                                                                                                       | Square meters of common areas to which services are provided (IRSA and APSA) and time spent in tasks (CRESUD).                                                             |
| Traveling Personnel                                                                                                                                                                                                                                                           | Maintenance hours (IRSA and APSA) and time spent in tasks (CRESUD).                                                                                                        |
| Engineering and Maintenance                                                                                                                                                                                                                                                   | Square meters of real property held, to which maintenance, engineering and other services are provided (IRSA and APSA) and time spent in tasks (CRESUD).                   |
| Purchases and Hirings                                                                                                                                                                                                                                                         |                                                                                                                                                                       | Purchase orders with weighted volume and amounts thereof.                                                         |
| Development and Works                                                                                                                                                                                                                                                         |                                                                                                                                                                       | Tasks performed and time spent in each.                                                                           |
| Architecture and Design                                                                                                                                                                                                                                                       |                                                                                                                                                                       | Completed projects.                                                                                               |
| Environment and Quality                                                                                                                                                                                                                                                       |                                                                                                                                                                       | Number of case files submitted with the enforcing authority, and time spent in the follow-up and control thereof. |
| Real Estate                                                                                                                                                                                                                                                                   | Real Estate                                                                                                                                                                |                                                                                                              | Salaries are weighted according to the position and tasks performed (per companies and in equal shares).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Hotels and Tourism                                                                                                                                                                                                                                                            | Hotels and Tourism                                                                                                                                                         |                                                                                                              | Salaries are weighted according to the position and tasks performed (per companies and in equal shares).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Audit and ControlTime spent in each task.                                                                                                                                                                                                                      | Fraud                                                                                                                                                                      |                                                                                                              | Weighting of the time spent in each task.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Internal Audit                                                                                                                                                                                                                                                                |                                                                                                                                                                       | Weighting of the time spent in each task.                                                                         |
|  SOX Regulations                                                                                                                                                                                                                                                         |                                                                                                                                                                       | Weighting of the time spent in each task.                                                                         |
| Board of Directors to be Distributed                                                                                                                                                                                                                                          | Board of Directors to be Distributed                                                                                                                                       |                                                                                                              | Proportional among the three companies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| General Management Department to be Distributed                                                                                                                                                                                                                               | General Management Department to be Distributed                                                                                                                            |                                                                                                              | Proportional among the three companies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Board of Directors’ Safety                                                                                                                                                                                                                                              | Board of Directors’ Safety                                                                                                                                           |                                                                                                              | Proportional among the three companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Public Affairs                                                                                                                                                                                                                                                                |                                                                                                                                                                       |                                                                                                              | Proportional among the three companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |