# EDGAR Filing Document

**Accession Number:** 0000933267
**File Stem:** 0001654954-25-012190
**Filing Date:** 2025-10
**Character Count:** 1770562
**Document Hash:** 3eee4b759e53c5fa53b8bbe2dea45f08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-012190.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001654954-25-012190

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 178

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IRSA INVESTMENTS & REPRESENTATIONS INC
- **CENTRAL INDEX KEY:** 0000933267
- **STANDARD INDUSTRIAL CLASSIFICATION:** LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13542
- **FILM NUMBER:** 251415172

**BUSINESS ADDRESS:**
- **STREET 1:** CARLOS M. DELLA PAOLERA 261
- **STREET 2:** 9TH FLOOR
- **CITY:** BUENOS AIRES
- **STATE:** C1
- **ZIP:** C1C1001ADA
- **BUSINESS PHONE:** 00541143237449

**MAIL ADDRESS:**
- **STREET 1:** CARLOS M. DELLA PAOLERA 261
- **STREET 2:** 9TH FLOOR
- **CITY:** BUENOS AIRES
- **STATE:** C1
- **ZIP:** C1C1001ADA

?xml version='1.0' encoding='ASCII'? irsa_20f.htm

**United States** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 20-F**

---

| | |
|:---|:---|
| **☐** | **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **OR** | **OR** |
| **☒** | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the fiscal year ended June 30, 2025** | **For the fiscal year ended June 30, 2025** |
| **OR** | **OR** |
| **☐** | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **OR** | **OR** |
| **☐** | **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934** |
|  | Date of event requiring this shell company report ___ |

---

**Commission file number 001-13542**

---

| |
|:---|
| **IRSA Inversiones y Representaciones Sociedad Anónima** |
| (Exact name of Registrant as specified in its charter) |
| **IRSA Investments and Representations Inc.** |
| (Translation of Registrant's name into English) |

---

**Republic of Argentina**

(Jurisdiction of incorporation or organization)

**Carlos M. Della Paolera 261, 9th Floor (C1001ADA)** 

**City of Buenos Aires, Argentina**

(Address of principal executive offices)

**Matías Iván Gaivironsky, Chief Financial and Administrative Officer**

**Tel.: +54 (11) 4323-7449 - ir@irsa.com.ar**

**Carlos M. Della Paolera 261, 9th Floor, (C1001ADA) - City of Buenos Aires, Argentina**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12 (b) of the Act.

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Global Depositary Shares, each representing ten shares of Common Stock | IRS | New York Stock Exchange |
| Common Stock, par value ARS 10.00 per share |  | New York Stock Exchange\* |

---

\* Not for trading, but only in connection with the registration of Global Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12 (g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15 (d) of the Act: None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the Annual Report: 762,520,793.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: ☐ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934. ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Note: Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of "large accelerated filer," "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer  | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer  | ☐ | Emerging growth company  | ☐ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the eﬀectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by checkmark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

---

| | | |
|:---|:---|:---|
| U.S. GAAP ☐ | International Financial Reporting Standards as issued by the International Accounting Standards Board included in this filing: ☒ | Other ☐ |

---

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐&nbsp;&nbsp;&nbsp;&nbsp; Item 18 ☐

If this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): ☐ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by the court. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☐

*Please send copies of notices and communications from the Securities and Exchange Commission to:*

---

| | |
|:---|:---|
| Carolina Zang | Juan M. Naveira |
| Zang Bergel & Viñes Abogados | Simpson Thacher & Bartlett LLP |
| Eduardo Madero Avenue 942, 25<sup>th</sup> Floor<br>C1106ACW City of Buenos Aires <br>Argentina | 425 Lexington Avenue<br>New York, NY 10017 <br>United States of America |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [GLOSSARY](#GLOSSARY) | i |
| [DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS](#DISCLAIMERREGARDING) | iii |
| [AVAILABLE INFORMATION](#AVAILABLEINFORMATION) | iv |
| [PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION](#PRESENTATION) | v |
| [Part I](#p1) | 1 |
| [ITEM 1. Identity of Directors, Senior Management, Advisers and Auditors](#i1) | 1 |
| [ITEM 2. Offer Statistics and Expected Timetable](#i2) | 1 |
| [ITEM 3. Key Information](#i3) | 1 |
| [A. Reserved](#AReserved) | 1 |
| [A.1. Local Exchange Market and Exchange Rates](#A1LocalExchange) | 1 |
| [B. Capitalization and Indebtedness](#BCapitalization) | 1 |
| [C. Reasons for the Offer and Use of Proceeds](#CReasonsfor) | 1 |
| [D. Risk Factors](#DRiskFactors) | 2 |
| [ITEM 4. Information on the Company](#i4) | 41 |
| [A. History and Development of the Company](#AHistoryandDevelopment) | 41 |
| [B. Business Overview](#BBusinessOverview) | 47 |
| [C. Organizational Structure](#COrganizationalStructure) | 102 |
| [D. Property, Plant and Equipment](#DPropertyPlant) | 103 |
| [ITEM 4A. Unresolved staff comments](#i4a) | 104 |
| [ITEM 5. Operating and Financial Review and Prospects](#i5) | 104 |
| [A. Operating Results](#AOperatingResults) | 104 |
| [B. Liquidity and Capital Resources](#BLiquidityandCapitalResources) | 132 |
| [C. Research and Development, Patents and Licenses, Etc.](#CResearchandDevelopment) | 138 |
| [D. Trend Information](#DTrendInformation) | 138 |
| [E. Critical Accounting Estimates](#ECriticalAccountingEstimates) | 140 |
| [ITEM 6. Directors, Senior Management and Employees](#i6) | 142 |
| [A. Directors and Senior Management](#ADirectorsandSeniorManagement) | 142 |
| [B. Compensation](#BCompensation) | 148 |
| [C. Board Practices](#CBoardPractices) | 151 |
| [D. Employees](#DEmployees) | 151 |
| [E. Share Ownership](#EShareOwnership) | 151 |
| [F. Disclosure of Registrant's Action to Recover Erroneously Awarded Compensation](#FDisclosureofRegistrant) | 152 |
| [ITEM 7. Major Shareholders and Related Party Transactions](#i7) | 152 |
| [A. Major Shareholders](#AMajorShareholders) | 152 |
| [B. Related Party Transactions](#BRelatedPartyTransactions) | 154 |
| [C. Interests of Experts and Counsel](#CInterestsofExpertsandCounsel) | 157 |
| [ITEM 8. Financial Information](#i8) | 157 |
| [A. Consolidated Statements and Other Financial Information](#AConsolidatedStatementsandOther) | 157 |
| [B. Significant Changes](#BSignificantChanges) | 163 |
| [ITEM 9. The Offer and Listing](#i9) | 164 |
| [A. Offer and Listing Details](#AOfferandListingDetails) | 164 |
| [B. Plan of Distribution](#BPlanofDistribution) | 165 |
| [C. Markets](#CMarkets) | 166 |
| [D. Selling Shareholders](#DSellingShareholders) | 168 |
| [E. Dilution](#EDilution) | 168 |
| [F. Expenses of the Issue](#FExpensesoftheIssue) | 168 |
| [ITEM 10. Additional Information](#i10) | 169 |
| [A. Share Capital](#AShareCapital) | 169 |
| [B. Memorandum and Articles of Association](#BMemorandumandArticlesofAssociation) | 169 |
| [C. Material Contracts](#CMaterialContracts) | 176 |
| [D. Exchange Controls](#DExchangeControls) | 176 |
| [E. Taxation](#ETaxation) | 190 |

---

*[**Table of Contents**](#toc)*

---

| | |
|:---|:---|
| [F. Dividends and Paying Agents](#FDividendsandPayingAgents) | 198 |
| [G. Statement by Experts](#GStatementbyExperts) | 198 |
| [H. Documents on display](#HDocumentsondisplay) | 198 |
| [I. Subsidiary Information](#ISubsidiaryInformation) | 198 |
| [ITEM 11. Quantitative and Qualitative Disclosures About Market Risk](#i11) | 199 |
| [ITEM 12. Description of Securities Other than Equity Securities](#i12) | 199 |
| [A. Debt Securities](#ADebtSecurities) | 199 |
| [B. Warrants and Rights](#BWarrantsandRights) | 199 |
| [C. Other Securities](#COtherSecurities) | 200 |
| [D. American Depositary Shares](#DAmericanDepositaryShares) | 200 |
| [Part II](#p2) | 201 |
| [ITEM 13. Defaults, Dividend Arrearages and Delinquencies](#i13) | 201 |
| [ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds](#i14) | 201 |
| [A. Fair Price Provision](#AFairPriceProvision) | 201 |
| [B. This section is not applicable](#BThissectionisnotapplicable) | 203 |
| [C. This section is not applicable](#CThissectionisnotapplicable) | 203 |
| [D. This section is not applicable](#DThissectionisnotapplicable) | 203 |
| [E. This section is not applicable](#EThissectionisnotapplicable) | 203 |
| [ITEM 15. Controls and procedures](#i15) | 203 |
| [A. Disclosure Controls and Procedures](#ADisclosureControlsandProcedures) | 203 |
| [B. Management's Annual Report on Internal Control Over Financial Reporting](#BManagementAnnualReport) | 203 |
| [C. Attestation Report of the Registered Public Accounting Firm](#CAttestationReportoftheRegistered) | 204 |
| [D. Changes in Internal Control Over Financial Reporting](#DChangesinInternalControl) | 204 |
| [ITEM 16. Reserved](#i16) | 204 |
| [A. Audit Committee Financial Expert](#AAuditCommitteeFinancialExpert) | 204 |
| [B. Code of Ethics](#BCodeofEthics) | 204 |
| [C. Principal Accountant Fees and Services](#CPrincipalAccountantFeesand) | 205 |
| [D. Exemption from the Listing Standards for Audit Committees](#DExemptionfromtheListingStandards) | 206 |
| [E. Purchase of Equity Securities by the Issuer and its Affiliates](#EPurchaseofEquitySecurities) | 206 |
| [F. Change in Registrant's Certifying Accountant](#FChangeinRegistrantCertifyingAccountant) | 209 |
| [G. Corporate Governance](#GCorporateGovernance) | 209 |
| [H. Mine Safety Disclosures](#HMineSafetyDisclosures) | 211 |
| [I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#IDisclosureRegardingForeignJurisdictions) | 211 |
| [J. Insider Trading Policies](#JInsiderTradingPolicies) | 211 |
| [K. Cybersecurity](#KCybersecurity) | 211 |
| [Part III](#p3) | 214 |
| [ITEM 17. Financial Statements](#i17) | 214 |
| [ITEM 18. Financial Statements](#i18) | 214 |
| [ITEM 19. Exhibit](#i19) | 214 |

---

*[**Table of Contents**](#toc)*

**GLOSSARY**

**Glossary of certain terms used in this Annual Report**

Unless the context indicates otherwise, the following terms have the meanings shown below:

---

| |
|:---|
| "ADS": American Depositary Shares; |
| "AFIP": Federal Administration of Public Revenue (*Administración Federal de Ingresos Públicos)* currently replaced by *"ARCA"* as defined below; |
| "Annual Report": this annual report; |
| "ANSES": National Social Security Agency (*Administración Nacional de la Seguridad Social*); |
| "ARCA": Revenue and Customs Control Agency *(Agencia de Recaudación y Control Aduanero)* |
| "ARS, Pesos or Peso": Argentine Pesos; |
| "Anti-Money Laundering Law": Law No. 25,246, subsequently amended by, among others, Laws No. 26,087, 26,119, 26,268, 26,683, 26,733, 26,734 and Decree No. 27/2018; |
| "Argentine Government": Federal government of Argentina; |
| "Audited Consolidated Financial Statements": audited Consolidated Financial Statements as of June 30, 2025 and 2024 and for the years ended June 30, 2025, 2024 and 2023, and the notes thereto; |
| "A3 Mercados": A3 Mercados S.A. (formerly *Mercado Abierto Electrónico S.A.*) |
| "BACS": Banco de Crédito y Securitización S.A.; |
| "Banco Hipotecario": Banco Hipotecario S.A.; |
| "BASE": Buenos Aires Stock Exchange; |
| "Board of Directors": the board of directors of IRSA Inversiones y Representaciones S.A.; |
| "BOPREAL": Bonds for the Reconstruction of a Free *Argentina ("Bonos para la Reconstrucción de una Argentina Libre");* |
| "BrasilAgro": BrasilAgro Companhia Brasileira de Propriedades Agricolas Ltda; |
| "ByMA": Argentine stock exchange and markets (*Bolsas y Mercados Argentinos S.A.*); |
| "Caja de Valores": Argentine depositary authorized to act in accordance with the CML *(Caja de Valores S.A.)*; |
| "CCI": Consumer Confidence Index; |
| "Central Bank": The Argentine Central Bank (*Banco Central de la República Argentina*); |
| "CML": Capital Markets Law No. 26,831, as amended by, among others, Law 27,440; |
| "CNDC": National Competition Authority *(Comisión Nacional de Defensa de la Competencia)*; |
| "CNV": The Argentine National Securities Commission *(Comisión Nacional de Valores)*; |
| "CNV Rules": the rules issued by the CNV; |
| "Code": Internal Revenue Code of 1986, as amended; |
| "CODM": Chief Operating Decision Maker; |
| "Consumer Protection Law": Argentine Law No. 24,240; |
| "Corporate Criminal Liability Law": Corporate Criminal Liability Law No. 27,401; |
| "Covid-19": the coronavirus, pneumonia originating in Wuhan, China; |
| "CPI": Cumulative Variation of the Consumers Prices Index; |
| "CPF": Collective Promotion Fund; |
| "Credit Card Law": Law No. 25,065, as amended by Law No. 26,010 and Law No. 26,361; |
| "CRESUD": Cresud S.A.C.I. F. y A.; |
| "CSJN": Supreme Court *(Corte Suprema de Justicia de la Nación)*; |
| "Deposit Agreement": the deposit agreement, dated as of as of May 24, 1994, as amended, between us and the GDS Depositary |
| "Dolphin B.V.": Dolphin Netherlands B.V.; |
| "EMAE": Monthly estimate of economic activity; |
| "EOH": Hotel Vacancy Survey *(Encuesta de Ocupación Hotelera)*; |
| "EU": European Union; |
| *"*Exchange Act": United States Securities Exchange Act of 1934, as amended; |
| "Fair Price Provision": fair price provision included to the Company's bylaws; |
| "FCPA": U.S. Foreign Corrupt Practices Act of 1977; |

---

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| |
|:---|
| i |
| *[**Table of Contents**](#toc)* |

---

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| |
|:---|
| "GCBA": Government of the Autonomous City of Buenos Aires *(Gobierno de la Ciudad Autónoma de Buenos Aires)*; |
| "GCDI": GCDI S.A.; |
| "GDP": Gross Domestic Product; |
| "GDRs": Global Depositary Receipts, which represent the GDSs; |
| "GDSs": Global Depositary Shares each representing 10 shares of our common stock, issued pursuant to the Deposit Agreement; |
| "GDS Depositary": The Bank of New York; |
| "GLA": Gross Leasable Area; |
| "HASAU": Hoteles Argentinos S.A.U.; |
| "IAS 29": Financial Reporting in Hyperinflationary Economies; |
| "IASB": International Accounting Standards Board; |
| "ICSID": International Centre for Settlement of Investment; |
| "IFRS Accounting Standards": International Financial Reporting Standards Accounting Standards; |
| "IGJ": Public Registry of Commerce of the City of Buenos Aires (*Inspección General de Justicia*); |
| "IMF": International Money Fund; |
| "Income Tax Law": Law No. 20,628, as amended; |
| "INDEC": National Institute of Statistics and Censuses (*Instituto Nacional de Estadística y Censos*); |
| "IPC": Consumer Price Index *(Índice de Precios al Consumidor)*; |
| "IRS": Internal Revenue Service; |
| "IRSA" or "the Company": IRSA Inversiones y Representaciones S.A.; |
| "IRSA CP": IRSA Propiedades Comerciales S.A.; |
| "LGS": Argentine General Corporation Law No. 19,550 *(Ley General de Sociedades)*; |
| "MERCOSUR": Common Market of the South; |
| "Metropolitan": Metropolitan 885 3rd Ave; |
| "MULC": Foreign Exchange Market (*Mercado Único y Libre de Cambios*); |
| "m2, or "sqm": Standard measure of area in the real estate market in Argentina is the square meters; |
| "NIS": Israel Currency; |
| "NYSE": New York Stock Exchange; |
| "Official Gazette": Official Gazette of Argentina (*Boletín Oficial de la República Argentina)*; |
| *"*Pamsa": Panamerican Mall S.A.; |
| "PEN": Argentine Executive Branch (Poder Ejecutivo Nacional); |
| "PFIC": Passive Foreign Investment Company; |
| "Program": Global Note Program for the issuance of simple, non-convertible, unconditional notes, secured or unsecured, to be paid in cash and/or in kind for a maximum outstanding amount of up to USD 750,000,000 or its equivalent in other currencies or value units, as approved by the shareholders' meeting dated March 20, 2019; |
| "Real Estate Registry": Argentine Real Estate Property Registry (*Registro de la Propiedad Inmueble*); |
| "SEC": United States Securities and Exchange Commission; |
| "Securities Act": U.S. Securities Act of 1933, as amended; |
| "TAP": Tax on Personal Assets; |
| "UIF": Financial Information Unit (*Unidad de Información Financiera)*; |
| "U.S.": United States of America; |
| "USD and/or U.S. dollars": U.S. currency; |
| "VAM": Vista al Muelle S.A.; |
| "VAT": Value Added Tax; |
| "Warrants": refers to the right to subscribe shares of the Company approved at the shareholder's meeting of the Company on October 30, 2019; |
| "WEO": World Economic Outlook, prepared by IMF; |
| "YPF": Yacimientos Petrolíferos Fiscales S.A.; |
| "2013 COSO Report": Integrated Framework-Internal Control issued by the Committee of Sponsoring Organizations of the Treadway Commission; |
| "2022 Plan": the terms and conditions for the acquisition of the common shares issued by the Company approved on March 11, 2022 by the Board of Directors; |
| "2023 Plan": the terms and conditions for the acquisition of the common shares issued by the Company approved on June 15, 2023 by the Board of Directors. |

---

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|:---|
| ii |
| *[**Table of Contents**](#toc)* |

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**DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS**

This Annual Report contains and incorporates by reference statements that constitute estimates and forward-looking statements. The words "believe," "will," "may," "may have," "would," "estimate," "continues," "anticipates," "intends," "should," "plans," "expects," "predicts," "potential," "seek" and similar words or phrases, or the negative of these terms or other similar expressions, are intended to identify estimates and forward-looking statements. Some of these statements include statements regarding our current intent, belief or expectations. While we consider these expectations and assumptions to be reasonable, forward-looking statements are subject to various risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. Forward-looking statements are not guarantees of future performance. Actual results may be substantially different from the expectations described in the forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

We have based these forward-looking statements on our current beliefs, expectations and assumptions about future events. While we consider these expectations and assumptions to be reasonable, they are inherently subject to significant risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. The risks and uncertainties that may affect our forward-looking statements include, among others, the following:

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| |
|:---|
| changes in general economic, financial, business, political, legal, social or other conditions in Argentina, Latin America, other developed and/or emerging markets, including as a result of provincial mid-term legislative elections held on September 7, 2025, and the national mid-term legislative elections expected to take place in Argentina on October 26, 2025; |
| the policies of the current administration in Argentina, including the ability of the current administration to foster economic growth, implement business friendly policies and facilitate access to foreign capital by Argentine companies; |
| changes in foreign exchange regulations and exchange control measures implemented by the Argentine Central Bank and the Argentine Government; |
| changes in capital markets in general that may affect policies or attitudes toward lending to or investing in Argentina, including volatility in domestic and international financial markets; |
| inflation and interest rates; |
| fluctuations and decreases in exchange rates relative to the Peso, Brazilian real, and U.S. dollar against other currencies, as well as fluctuations in prevailing interest rates in Argentina; |
| increases in financing costs or our inability to obtain additional financing on attractive terms, which may limit our ability to fund existing operations and to finance new activities; |
| current and future regulations and changes in law or in the interpretation by courts; |
| price fluctuations and the overall state of the real estate market; |
| political, civil and armed conflicts; |
| risks related to climate change; |

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| iii |
| *[**Table of Contents**](#toc)* |

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|:---|
| impact of the spread and variants of infectious diseases, including Covid-19, on our business; |
| adverse legal or regulatory disputes or proceedings; |
| fluctuations in the aggregate principal amount of Argentine public debt outstanding and any default on Argentina's sovereign debt; |
| the impact on the negotiation with the IMF and the restructuring of Argentina's sovereign debt with the IMF; |
| governmental intervention in the private sector and in the economy, including through nationalization, expropriation, labor regulation, or other acts; |
| increased competition in the shopping mall sector, office or other commercial properties and related industries; |
| our ability to retain key members of our senior management, and our relationship with our employees; |
| potential loss of significant tenants at our shopping malls, offices or other commercial properties; |
| our ability to take advantage of opportunities in the real estate market on a timely basis; |
| restrictions on energy supply or fluctuations in prices of utilities in the Argentine market; |
| our ability to meet our debt obligations; |
| shifts in consumer purchasing habits and trends; |
| technological changes and our potential inability to implement new technologies; |
| threats of cybersecurity breaches; |
| deterioration of regional, national or global businesses and economic conditions; |
| the integration of any acquisitions and the failure to realize expected synergies; |
| an increase and/or creation of taxes; |
| changes in current regulations related to urban and commercial leases; |
| incidents of government corruption that adversely impact the development of our real estate projects; and |
| the risk factors discussed under "Risk Factors". |

---

Forward-looking statements refer only to the date of this Annual Report, and we undertake no obligation to update or revise any estimate or forward-looking statement due to new information, future events or otherwise. Additional factors or events affecting our business may emerge from time to time, and we cannot predict all of these factors or events, nor can we assess the future.

**AVAILABLE INFORMATION**

We file annual and current reports and other information with the United States Securities and Exchange Commission ("SEC"). You may obtain any report, information or other document we file electronically with the SEC at the SEC's website (http://www.sec.gov) or at our website (http://www.irsa.com.ar). The information contained in our website does not form part of this Annual Report.

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| iv |
| *[**Table of Contents**](#toc)* |

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**PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION**

**General**

In this Annual Report, references to "IRSA," the "Company," "we," "us" and "our" means IRSA Inversiones y Representaciones Sociedad Anónima and its consolidated subsidiaries*,* unless the context otherwise requires, or where we make clear that such term refers only to IRSA and not to its subsidiaries.

References to "GDSs" are to the Global Depositary Shares, each representing 10 shares of our common stock, issued pursuant to the Deposit Agreement, and references to "GDRs" are to the Global Depositary Receipts, which represent the GDSs.

**Financial Statements**

We prepare and maintain our financial books and records in Pesos (as defined below in section "—Currency") and in accordance with IFRS Accounting Standards, as issued by the IASB and the CNV Rules. Our fiscal year begins on July 1 of each year and ends on June 30 of each year thereafter.

Our Audited Consolidated Financial Statements as of June 30, 2025 and 2024 and for the years ended June 30, 2025, 2024 and 2023, and the notes thereto are set forth on pages F-1 through F-83 of this Annual Report.

Our Audited Consolidated Financial Statements have been approved by resolution of the Board of Directors' meeting held on October 23, 2025 and have been audited by Price Waterhouse & Co S.R.L., Argentina, member of PricewaterhouseCoopers International Limited, an independent registered public accounting firm whose report is included herein.

**Functional and Presentation Currency; Adjustment for Inflation**

Our functional and presentation currency is the Argentine Peso, and our Audited Consolidated Financial Statements included in this Annual Report are presented in Argentine Pesos.

IAS 29 requires that the financial statements of any entity whose functional currency is one of a hyperinflationary economy be measured in terms of the current unit of measurement at the closing date of the financial statements, regardless of whether they are based on the historical cost method or the current cost method. This requirement also includes the comparative information of the financial statements.

In order to conclude that an economy is "hyperinflationary," IAS 29 outlines a series of factors, including the existence of an accumulated inflation rate in three years that is approximately or exceeds 100%. As of July 1, 2018, Argentina reported a cumulative three-year inflation rate greater than 100% and therefore financial information published beginning on that date should be adjusted for inflation in accordance with IAS 29. Therefore, our Audited Consolidated Financial Statements and the financial information included in this Annual Report have been stated in terms of the measuring unit current at the end of the reporting year. For more information, see section "Financial Statements" above and Note 2.1 to our Audited Consolidated Financial Statements.

See Note 2.2 to our Audited Consolidated Financial Statements for more information about the adoption of new accounting standards.

**Currency**

Unless otherwise specified or the context otherwise requires, references in this Annual Report to "Peso," "*Pesos,*" "peso" or "ARS" are to Argentine *pesos*, and references to "U.S. dollars," "dollars" or "USD" are to United States dollars.

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Unless otherwise indicated, we have translated some of the Peso amounts contained in this Annual Report into U.S. dollars for convenience purposes only. Unless otherwise specified or the context otherwise required, the rate used to convert Peso amounts to U.S. dollars is the seller exchange rate quoted by Banco de la Nación Argentina of ARS 1,205.00 per USD 1.00 as of June 30, 2025. The average seller exchange rate for fiscal year 2025, quoted by Banco de la Nación Argentina was ARS 1,034.58. The seller exchange rate quoted by Banco de la Nación Argentina was ARS 1,484.50 per USD 1.00 as of October 22, 2025. The U.S. dollar-equivalent information presented in this Annual Report is provided solely for the convenience of the reader and should not be construed as implying that the Peso amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other rate. See "*Item 3. Key Information—A1. Local Exchange Market and Exchange Rates*" and "*Item 3. Key Information —D. Risk Factors—Risks relating to Argentina—Continuing high rates of inflation may have an adverse effect on the economy and our business, financial condition and results of operations.*"

**Certain Measurements**

In Argentina, the standard measure of area in the real estate market is the square meters ("m2", or "sqm"), while in the United States and certain other jurisdictions the standard measure of area is the square foot (sq. ft.). All units of area shown in this Annual Report (e.g. GLA), and size of undeveloped land are expressed in terms of sqm. One sqm is equal to approximately 10.8 square feet. One hectare is equal to approximately 10,000 sqm and to approximately 2.47 acres.

As used in this Annual Report, GLA in the case of shopping malls refers to the total leasable area of the properties, regardless of our ownership interest in such properties (excluding common areas and parking areas and space occupied by supermarkets, hypermarkets, gas stations and co-owners, except where specifically stated otherwise).

**Rounding**

Certain figures which appear in this Annual Report (including percentage amounts) and in our financial statements have been subject to rounding adjustments for ease of presentation. Accordingly, figures shown for the same category presented in different tables or different parts of this Annual Report and in our financial statements may vary slightly, and figures shown as totals in certain tables may not be arithmetic aggregation of the figures that precede them.

**Economic, Industry and Market Data**

Economic, industry and market data and other statistical information included or incorporated by reference into this Annual Report is based on data compiled by us from internal sources and based on publications such as Bloomberg, the International Council of Shopping Centers, the Argentine Chamber of Shopping Centers (Cámara Argentina de Shopping Centers), and the INDEC. Although we believe these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy or completeness.

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**PART I**

**ITEM 1. Identity of Directors, Senior Management and Advisers**

This item is not applicable.

**ITEM 2. Offer Statistics and Expected Timetable**

This item is not applicable.

**ITEM 3. Key Information**

**A. Reserved**

**A.1. Local Exchange Market and Exchange Rates**

The Argentine Government has established a series of exchange control measures that restrict the free flow of currency and the transfer of funds abroad. These measures significantly curtail access to the MULC by private sector entities. This makes it necessary, among other things, to obtain prior approval from the Central Bank to enter into certain foreign exchange transactions such as payments relating to royalties, services or fees payable outside Argentina. For more information about exchange controls see, "Item 10. Additional Information—D. Exchange Controls".

The following table shows the maximum, minimum, average and closing exchange rates for each applicable period to purchases of U.S. dollars.

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|  | **Maximum <sup>(1) (2)</sup>** | **Minimum <sup>(1) (3)</sup>** | **Average <sup>(1) (4)</sup>** | **At closing <sup>(1)</sup>** |
| **Fiscal year ended:** |  |  |  |  |
| June 30, 2023 | 256.50 | 125.35 | 179.71 | 256.50 |
| June 30, 2024 | 910.50 | 257.70 | 613.03 | 910.50 |
| June 30, 2025 | 1200.50 | 912.50 | 1032.46 | 1200.50 |
| **Month ended:** |  |  |  |  |
| July 31, 2025 | 1369.50 | 1217.50 | 1265.30 | 1369.50 |
| August 31, 2025 | 1359.50 | 1288.00 | 1323.75 | 1337.50 |
| September 30, 2025 | 1470.50 | 1321.50 | 1396.57 | 1375.50 |
| October, 2025 (through October 22, 2025) | 1486.00 | 1344.50 | 1420.63 | 1484.50 |

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*Source*: Banco de la Nación Argentina

(1) Average between the offer exchange rate and the bid exchange rate according to Banco de la Nación Argentina's foreign currency exchange rate.

(2) The maximum exchange rate appearing in the table was the highest end-of-month exchange rate in the year or shorter period, as indicated.

(3) The minimum exchange rate appearing in the table was the lowest end-of-month exchange rate in the year or shorter period, as indicated.

(4) Average exchange rates at the end of the month.

**B. Capitalization and Indebtedness**

This section is not applicable.

**C. Reasons for the Offer and Use of Proceeds**

This section is not applicable.

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**D. Risk Factors**

**Summary of Risk Factors**

The following summarizes some, but not all, of the risks provided below. Please carefully consider all of the information discussed in this Item 3.D. "Risk Factors" in this Annual Report for a more thorough description of these and other risks:

***Risks Relating to Argentina***

· We depend on macroeconomic and political conditions in Argentina.

· Exchange rate volatility may adversely affect the Argentine economy as well as our financial performance.

· Economic and political developments in Argentina, and future policies of the Argentine Government may adversely affect the sectors in which we operate.

· The policies or measures adopted by the Argentine Government, from time to time may adversely affect the Argentine economy and the sectors in which we operate.

· The maintenance or implementation of additional exchange controls regulations, restrictions on transfers abroad and capital inflow restrictions could limit the availability of international credit and could threaten the financial system.

· Inflation could adversely affect the Argentine economy and our operational results.

· High levels of public spending in Argentina could generate long-lasting adverse consequences for the Argentine economy.

***Risks Relating to our Business***

· We are subject to risks inherent to the operation of shopping malls that may affect our profitability.

· Our performance is subject to the risks associated with our properties and with the real estate industry.

· We could be adversely affected by decreases in the value of our investments.

· Our level of debt may adversely affect our operations and our ability to pay our debt as it becomes due and our capacity to successfully access the local and international markets on favorable terms affects our cost of funding.

· Our assets are highly concentrated in certain geographic areas and an economic downturn in such areas could have a material adverse effect on our results of operations and financial condition.

· The loss of tenants could adversely affect our operating revenue and value of our properties.

· We may face risks associated with acquisitions of properties.

· The Company's future acquisitions may not be profitable.

· We may be liable for certain defects in our buildings.

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***Risks Relating to our Investment in Banco Hipotecario***

· The stability of the financial system depends upon the ability of financial institutions, including Banco Hipotecario, to maintain and increase the confidence of depositors.

· The asset quality of financial institutions is exposed to the non-financial public sector and Central Bank's indebtedness.

· Banco Hipotecario could suffer losses in its investment portfolios due to volatility in the capital markets and in the exchange rate, which could significantly affect Banco Hipotecario's financial condition and results of operations.

· Potential Adverse Effects of Consumer Protection Law and Class Actions on Banco Hipotecario.

***Risks Relating to our GDSs and Common Shares***

· Shares eligible for sale could adversely affect the price of our common shares and GDSs.

· If we issue additional equity securities in the future, you may suffer dilution, and trading prices for our equity securities may decline.

· We are subject to certain different corporate disclosure requirements and accounting standards than domestic issuers of listed securities in the United States.

· Investors may not be able to effect service of process within the United States, limiting their recovery of any foreign judgment.

· If we are considered to be a passive foreign investment company for United States federal income tax purposes, United States holders of our common shares or GDSs would suffer negative consequences.

· Changes in Argentine tax laws may affect the tax treatment of our common shares or GDSs.

· Our warrants are exercisable under limited circumstances and will expire.

**Risk Factors**

You should carefully consider the risks described below, in addition to the other information contained in this Annual Report, before making an investment decision. We also may face additional risks and uncertainties not currently known to us, or which as of the date of this Annual Report we might not consider significant, which may adversely affect our business. In general, you take more risk when you invest in securities of issuers in emerging markets, such as Argentina, than when you invest in securities of issuers in the United States, and certain other markets. You should understand that an investment in our common shares and GDSs involves a high degree of risk, including the possibility of loss of your entire investment.

**Risks Relating to Argentina**

***We depend on macroeconomic and political conditions in Argentina.***

Developments in economic and political conditions in Argentina, and measures taken by the Argentine Government, have had and are expected to continue to have a significant impact on our business, results of operations and financial condition. Argentina is an emerging country and investing in emerging markets generally carries additional risks.

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The Argentine economy has experienced significant volatility in recent decades, characterized by periods of low or negative GDP growth, high inflation levels, and currency devaluation. Argentina's sustainable economic growth depends on a variety of factors, such as international demand for Argentine exports, the stability and competitiveness of the peso against foreign currencies, consumer and foreign and domestic investor confidence, a stable inflation rate, national employment levels, and the circumstances of Argentina's regional trade partners.

Argentine economic conditions are dependent on a variety of factors, including the following: (i) domestic production, international demand and prices for Argentina's principal commodity exports; (ii) the competitiveness and efficiency of domestic industries and services; (iii) the stability and competitiveness of the Peso against foreign currencies; (iv) the rate of inflation; (v) the government's fiscal deficits or surpluses and the level of expenditure by the Argentine Government; (vi) the government's public debt levels; (vii) foreign and domestic investment and financing; (viii) governmental policies and the legal and regulatory environment; (ix) fluctuations in the Central Bank's international reserves; (x) labor disputes and work stoppages; (xi) the level of unemployment; and (xii) political instability and social tensions.

According to the World Bank's Global Economic Prospects report of June 2025, the Argentine economy is expected to grow by 5.5% in 2025, and by 4.3% in 2026 and 2027, driven mainly by developments in the agriculture, energy, and mining sectors. In addition, according to the IMF's World Economic Outlook report of October 2025, Argentina's GDP is expected to grow by 4.5% in 2025 and by 4.0% in 2026. We cannot assure you whether these estimates will be met.

On December 10, 2023, Javier Milei took office as President of Argentina and pledged to implement significant economic reforms. The current Argentine administration faces significant macroeconomic challenges, such as reducing the inflation rate, achieving commercial and fiscal surpluses, accumulating reserves, supporting the peso, eliminating exchange controls, refinancing debt owed to private creditors, and improving the competitiveness of the Argentine economy. Since the current Argentine administration took office, a large number of measures aimed at deregulating the Argentine economy and limiting government intervention in the private sector have been implemented, including the suspension of public work tenders and reduction in energy and transport subsidies, and it is expected that further measures will be adopted in the future.

The Argentine economy may be affected if political and social pressures inhibit the Argentine Government's implementation of policies designed to control inflation, generate growth, and improve consumer and investor confidence, or if the policies implemented by the Argentine Government to achieve these goals are unsuccessful. These developments could materially affect our financial condition and the results of our operations.

Moreover, certain fiscal adjustment measures implemented by the Argentine Government, including the reduction of public spending and the elimination of subsidies, could lead to a contraction in domestic demand and a slowdown in economic activity in the short term. A contraction in economic activity could negatively affect the demand for our products and services, access to financing, employment levels and consumers' purchasing power, which could have a material adverse effect on our business, results of operations and financial condition.

We cannot assure you that a decline in economic growth or political conditions in Argentina will not adversely affect our business, financial condition or results of operation and cause the market value of our GDSs and our common shares to decline.

***Exchange rate volatility may adversely affect the Argentine economy as well as our financial performance.***

The Argentine Peso has been subject to significant devaluation against the U.S. dollar in the past and may be subject to fluctuations in the future. According to the exchange rate information published by the Banco de la Nación Argentina, the Argentine Peso has depreciated 27.7%, 356.3% and 72.5% in 2024, 2023 and 2022, respectively, although it is estimated that the Peso has appreciated against the U.S. dollar in real terms around 40% during 2024, being the most strengthened currency in real terms during the last year. The value of the Peso compared to other currencies is dependent, in addition to other factors, on the level of international reserves maintained by the Central Bank, which have also shown significant fluctuations in recent years. As of October 20, 2025, the international reserves of the Central Bank totaled USD 41,316 million.

Fluctuations in the value of the peso may also adversely affect the Argentine economy, our financial condition and results of operations. The devaluation of the Argentine Peso may have a negative impact on the ability of certain Argentine businesses to service their foreign currency-denominated debt, lead to high inflation, significantly reduce real wages, jeopardize the stability of businesses whose success depends on domestic market demand, including public utilities and the financial industry, and adversely affect the Argentine Government's ability to honor its foreign debt obligations.

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On the other hand, a significant appreciation of the Argentine Peso against the U.S. dollar also present risks for the Argentine economy, including the possibility of a reduction in exports (as a consequence of the loss of external competitiveness). Any such increase could also have a negative effect on economic growth and employment, reduce the Argentine public sector's revenues from tax collection in real terms, and have a material adverse effect on our business, our results of operations, and our ability to repay our debt within the respective maturity dates and may affect the market value of our GDSs, as a result of the overall effects of the weakening of the Argentine economy.

We cannot predict whether, and to what extent, the value of the Argentine Peso may depreciate or appreciate against the U.S. dollar or other foreign currencies, and how these uncertainties will affect our businesses.

***Economic and political developments in Argentina, and future policies of the Argentine Government may adversely affect the sectors in which we operate.***

The Argentine Government has historically exercised significant influence over the economy, and our Company has operated in a highly regulated environment. In the past, Argentine administrations have directly intervened in the economy, including through expropriations and nationalizations, the imposition of price controls and exchange controls, and other measures that significantly limited private sector activity.

Since December 2023, under President Milei, the current administration has sought to implement policies focused on deregulation, reduction of state intervention in the economy, fiscal adjustment, and the liberalization of markets. While these policies aim to foster private sector activity and foreign investment, they remain subject to political, economic and social challenges, and their long-term sustainability is uncertain.

On September 22, 2025, through Decree No. 682/2025, the Argentine Government announced the removal of export duties on more than 70 agro-industrial products, directly impacting Argentina's exports of grains, meat, and by-products. The decree establishes a 0% export tax rate until October 31, 2025 or until the quota of USD 7 billion in sworn export sales affidavits is exhausted. The reduction to 0% of export duties for beef, poultry, and horse meat, live animals, and by-products will apply until October 31, 2025, and will remain in effect as it is not included in the USD 7 billion quota.

In addition, future political developments may result in a reversal of current policies. A change in government administration could lead to a reintroduction of measures such as expropriations, nationalizations, mandatory contract amendments, price controls, exchange controls, or changes in taxation policies, including tax increases and retroactive claims. The recurrence of such measures could have a material adverse effect on our business, financial condition, and results of operations.

In the legislative elections held in the Province of Buenos Aires on September 7, 2025, the opposition party Fuerza Patria obtained approximately 47.28% of the vote against 33.71% for the ruling coalition La Libertad Avanza, thereby securing a majority in the provincial legislature. This outcome may increase political uncertainty at the national level and the risk of policy reversals.

In October 2025, mid-term national legislative elections are expected to take place in Argentina. As a result of these elections, 127 of the 257 members of the Argentine Congress and 24 of the 72 members of the Argentine Senate will be elected. The impact of these elections and any measures taken by the government on the Argentine economy, as a whole and in the banking sector in particular, remains uncertain. We are unable to predict the measures that the Argentine Government may adopt in the future, and how they will impact on the Argentine economy and our results of operations and financial condition.

Additionally, no assurance can be given that, in the future, no additional currency or foreign exchange restrictions or controls will be imposed. Existing and future measures may negatively affect Argentina's international competitiveness, discouraging foreign investments and lending by foreign investors or increasing foreign capital outflow which could have an adverse effect on economic activity in Argentina, and which in turn could adversely affect our business and results of operations. We cannot predict how these conditions will affect our ability to meet our liabilities denominated in currencies other than the Argentine Peso. Any restrictions on transferring funds abroad imposed by the Argentine Government could undermine our ability to pay dividends on our GDSs or make payments (of principal or interest) under our outstanding indebtedness in U.S. dollars, as well as to comply with any other obligation denominated in foreign currency.

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We cannot affirm that the Argentine economic, regulatory, social and political framework or the policies or measures that the Argentine Government adopts or may adopt, will not adversely affect the market value of our GDSs, our business, financial condition and/or results of operation.

***The policies or measures adopted by the Argentine Government from time to time may adversely affect the Argentine economy and the sectors in which we operate.***

The Argentine Government has historically exercised significant influence over the economy, and our Company has operated in a highly regulated environment. In the recent past, the Argentine Government has directly intervened in the economy, including through the implementation of expropriation and nationalization measures, price controls, and exchange controls.

Since we operate in a context in which the governing law and applicable regulations change frequently, in part as the result of changes in government administrations, it is difficult to predict if and how our activities will be affected by such changes.

In 2023, President Milei announced various measures and policies, including the Decree 70/2023, which initiated a comprehensive series of measures designed to reform the Argentine economy. The decree made various amendments in several areas, such as economic, labor, foreign trade, energy and legal policy, often with the goal of repealing relevant regulations. Additionally, significant adjustments were implemented in the Argentine Civil and Commercial Code, mainly focused on foreign currency obligations, as well as easing of regulation of contracts and restrictions to judicial authority in contractual intervention.

Although Decree No. 70/2023 became effective as of December 29, 2023, it remains subject to congressional and judicial review. Decree No. 70/2023 was rejected by the Argentine Senate on March 14, 2024. As of the date of this Annual Report, certain legal actions are pending questioning the constitutionality of the decree.

Concurrently with Decree 70/2023, President Milei submitted an "Omnibus Law" bill to the Argentine Congress, that included liberal economic measures and a strong fiscal adjustment. The bill aimed to deregulate the economy, reduce ministries and structures of the Argentine Government, ease labor laws, and privatize state-owned companies. On February 6, 2024, the Argentine Congress submitted the Omnibus Law bill to a legislative committee for approval. In April 2024, the Argentine Government submitted to the Argentine Congress a new version of the Omnibus Law bill with a more limited scope. On June 27, 2024, the bill was approved by the Argentine Congress.

The political and economic uncertainty remains high, including as a result of the mid-term congressional elections that are expected to take place in Argentina on October 26, 2025, which may influence the ability of the Argentine Congress and the Argentine Government to apply new political and economic measures, and may affect measures already in force, which may have a negative effect on the Argentine economy and on our business and results of operations. In addition, we cannot assure you that the regulatory reforms introduced by President Milei will be sustained in the long term. Argentine courts have suspended certain provisions of the Decree No. 70/2023, particularly those related to labor matters that require companies to assume greater responsibility for the costs and risks associated with subcontracted labor and the calculation of salaries, severance payments, and social security contributions.

Moreover, companies operating in Argentina may face risks such as strikes, social unrest, mandatory amendment of existing contracts, and changes in taxation policies, including tax increases and retroactive tax claims.

We cannot guarantee that the Argentine economic, regulatory, social and political framework or the policies or measures that the Argentine Government adopts or may adopt, will not adversely affect the market value of our GDSs, business, financial condition and/or operational results, nor can we assert that they will be successful in correcting the energy production sector in Argentina.

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***The maintenance or implementation of additional exchange controls regulations, restrictions on transfers abroad and capital inflow restrictions could limit the availability of international credit and could threaten the financial system.***

In the past, the Argentine Government has increased controls on the sale of foreign currency, limiting transfers of funds abroad. Measures taken by the Argentine Government significantly curtailed access to the official foreign exchange market and, as a result, an unofficial U.S. dollar trading market developed in which the Peso-U.S. dollar exchange rate differed substantially from the official Peso-U.S. dollar exchange rate. The current exchange controls apply with respect to access to the foreign exchange market by residents for savings and investment purposes abroad, the payment of external financial debts abroad, the payment of dividends in foreign currency abroad, payments of imports and exports of goods and services, and the obligation to repatriate and settle the proceeds from exports of goods and services for Pesos, among others.

In September 2020, the Central Bank issued Communication "A" 7106 which restricted the access to the foreign exchange market for the repayment of principal payments under certain external financial indebtedness maturing between October 15, 2020 and March 31, 2021, which led many borrowers to restructure or refinance their debts. These restrictions were further amended and applied to external financial indebtedness maturing between October 15, 2020 and December 31, 2023. We cannot assure you whether the Central Bank will adopt similar restrictions in the future.

On April 11, 2025, the Central Bank announced the start of "phase 3" of its economic program which introduces significant changes to its monetary and exchange rate policy. A managed floating exchange rate system was implemented, allowing the U.S. dollar to fluctuate within a band of Ps.1,000 to Ps.1,400, adjusted monthly by approximately 1%. The Argentine Government lifted certain foreign exchange controls and, as a result, tax surcharges were eliminated, except for tourism and credit card transactions. However, certain regulatory limitations remain in place, such as restrictions that prevent individuals who access the official foreign exchange market from operating in the financial markets through Contado con Liquidación and MEP dollar transactions for 90 days following the purchase of foreign currency through the official market. For corporations, restrictions on import payments and new dividends repatriation were eased, while a new BOPREAL bond was introduced to address legacy external liabilities. The export incentive program known as the "dólar blend" was eliminated to simplify the exchange market. The monetary policy framework was reformed to focus on strict control of monetary aggregates, particularly the M2 private transactional aggregate, with no monetary financing of the fiscal deficit or interest payments on Central Bank liabilities.

We cannot anticipate how long the current measures will be in force or if additional restrictions will be imposed. The Argentine Government could maintain or impose new exchange controls, restrictions and take other measures in response to capital flight or a significant depreciation of the Peso, which could in turn limit access to the international capital markets and affect the Argentine economy. In addition, the evolving exchange control restrictions and measures may result in Central Banks's information requests, enforcement actions and penalties due to diverging interpretations of foreign exchange regulations.

In addition, during 2023, the imposition of further exchange controls deeply broadened the difference between the official exchange rate, which is currently used for both commercial and financial operations, and other informal exchange rates that arise implicitly as a result of certain operations commonly carried out in the capital market. However, in an effort to address the fiscal deficit, the Argentine Government implemented a currency adjustment, which has narrowed the gap between the official exchange rate and the other informal exchange rates.

The Argentine Government could maintain a single official exchange rate or create multiple exchange rates for different types of transactions, substantially modifying the applicable exchange rate at which we acquire currency for different purposes. Furthermore, existing or future measures could undermine the Argentine Government's public finances, which could adversely affect Argentina's economy, which, in turn, could adversely affect our business, financial condition and results of operations.

***Inflation could adversely affect the Argentine economy and our operational results.***

Historically, inflation has materially undermined the Argentine economy and the Argentine Government's ability to create conditions that allow economic growth in Argentina. In recent years, Argentina has confronted inflationary pressures, evidenced by significantly higher fuel, energy and food prices, among other factors.

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The Milei administration has applied certain measures in relation to price deregulations in food supplies, health insurances, communications, transport, electricity and gas tariffs and the price of gasoline that have affected prices, creating additional inflationary pressure during December 2023 and 2024.

According to data published by the INDEC, during 2024 there was a significant deceleration of year-on-year inflation with respect to 2023. The National CPI variation during 2024 was 117.8%, a significant deceleration compared to the 211.4% in 2023. Notwithstanding the deceleration of inflation during 2024, inflation continues to be high. During 2025, CPI rates were 2.2% in January, 2.4% in February, 3.7% in March, 2.8% in April, 1.5% in May, 1.6% in June, 1.9% in July, 1.9% in August, and 2.1% in September consolidating a lowering inflation rate as compared to 2024. On September 4, 2025, the Central Bank announced that the new inflation estimate for 2025 will be approximately 29.5% pursuant to its survey of market expectations (*Relevamiento de Expectativas de Mercado*). As of to the date of this Annual Report, the Argentine Government seems to have stabilized the value of the Argentine Peso through fiscal and monetary policies having a positive impact on lowering inflation rates. If such policies cannot be maintained, or in the future are no longer effective, an increase in inflation rates could be expected.

A high inflation rate affects Argentina's foreign competitiveness by diluting the effects of the Peso depreciation, negatively impacting employment and the level of economic activity and undermining confidence in Argentina's banking system, which may further limit the availability of domestic and international credit to businesses. In turn, a portion of Argentina's debt continues to be adjusted by the "CER", a currency index that is strongly correlated with inflation. Therefore, any significant increase in inflation would drive an increase in the Argentine external debt, either in whole or in part, and consequently in Argentina's financial obligations, which could exacerbate the stress on the Argentine economy. An inflationary environment could undermine our results of operations, adversely affect our ability to finance the working capital needs of our businesses on favorable terms and our results of operations and cause the market value of our GDSs and our common shares to decline.

There is uncertainty regarding the effectiveness of the policies implemented by the Argentine Government to control, maintain and further reduce inflation and the potential impact of those policies in the future. We cannot assure that the inflation rates will not increase in the future or that measures taken or to be taken by the Argentine Government to control inflation will be effective in the long term. High inflation may adversely affect the Argentine economy, which in turn may have a negative impact in our financial condition and results of operations.

***High levels of public spending in Argentina could generate long-lasting adverse consequences for the Argentine economy.***

In the past, the Argentine Government has sustained high levels of fiscal deficit and has resorted regularly to the Central Bank to source part of its funding requirements. In 2022, public sector expenditure increased approximately 54.8% and the Argentine Government achieved a primary fiscal deficit of 2.4% of Argentina's GDP, according to the Argentine Ministry of Treasury. In 2023, public sector revenues decreased approximately 4.7%, mainly as a result of the significant decrease in income as a result of the drought which occurred in Argentina in 2023, public expenditures decreased 4.9%, mainly due to a reduction in real terms in social benefits and subsidies, and the Argentine Government achieved a primary fiscal deficit of 2.9% of Argentina's GDP. In 2024, public sector revenues increased approximately 7.2% in real terms and public expenditures decreased 4.4% compared to 2023, mainly due to the reduction of public works, and the Argentine Government achieved a primary fiscal surplus of 1.8% of Argentina's GDP.

Despite the commitment from the current Argentine administration to eliminate the fiscal deficit, and the achievement of a financial and primary fiscal surplus in 2024, we cannot assure you that such levels of public expenditures and public sector revenues can be sustained by the Argentine Government. As a result, we cannot assure you that in the future the Argentine Government will not seek to finance its deficit by gaining access to the liquidity available in the local financial institutions. In that case, the initiatives of the Argentine Government that increase the exposure of local financial institutions to the public sector could affect the liquidity and asset quality of the financial system and have a negative effect on clients' confidence in the financial system.

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***Argentina's ability to obtain financing from international markets could be limited, which may impair its ability to implement reforms and foster economic growth.***

Argentina's history of external debt defaults and prolonged litigation with holdout creditors may repeat in the future and prevent Argentine companies such as us from accessing international capital markets, or may result in higher costs and more onerous financing conditions, which could negatively affect our business, financial condition, operating results, and ability to meet our obligations. Following the default on its external debt in 2001, Argentina attempted to restructure its outstanding debt through exchange offers in 2005 and again in 2010. Holders representing approximately 93% of Argentina's defaulted debt participated in the exchanges, but several bondholders did not participate and initiated legal actions against Argentina. The Argentine Government eventually reached agreements with such bondholders after more than 15 years of litigation. Additionally, in August 2020, the Argentine Government successfully negotiated the restructuring of Argentine bond debt representing approximately USD 65 billion owed to several bondholders.

In 2009, Argentina signed a swap agreement with the People's Republic of China (the "Swap") for CNY 70 billion (approximately USD 9.9 billion). In June 2024, the Argentine Government reached an agreement with the People's Republic of China to refinance the Swap, pursuant to which the maturity dates of the Swap were extended to 2025 and 2026. The Swap is expected to mature in mid-2026. A devaluation of the Chinese yuan could affect the value of the debt denominated in that currency and the Central Bank's reserve balance.

In January 2022, Argentina entered into a 30-month Extended Fund Facility arrangement with the IMF to refinance the debt originally borrowed from the IMF in 2018, for an amount of more than USD 40 billion. The arrangement expired at the end of 2024, upon completion of its original term; however, repayment obligations under that program, including interest and surcharges, remain outstanding and are scheduled to be serviced over the coming years.

In December 2023, under the administration of President Milei, the Development Bank of Latin America granted a loan to Argentina for USD 960 million, intended as bridge financing to allow Argentina to cover its debt service payments to the IMF. In November 2024, the Inter-American Development Bank and the World Bank provided financing to Argentine in the amount of approximately USD 4 billion.

In April 2025, the IMF approved an extended fund facility program for Argentina totaling approximately USD 20 billion, with a 10-year term and a 4.5 year-grace period on payments of principal. By the end of 2025, disbursements under this extended fund facility program are expected to total USD 15 billion, of which USD 12 billion were disbursed to Argentina in April 2025 and USD 2 billion in August 2025, and USD 1 billion is expected to be disbursed before the end of 2025. The program aims to strengthen the Central Bank's reserves, partially lift currency controls with a band between 1,000 and 1,400 pesos per dollar, and stabilize the exchange rate. The USD 12 billion from the first disbursement was used to fully repay the Central Bank's non-transferable notes maturing in 2025 and 2026, and to partially repay the Central Bank's non-transferable notes maturing in 2029.

In the past, Argentina has negotiated amendments to its debt instruments with the members of the Paris Club. In 2020, Argentina postponed the payment of USD 2.1 billion which was due in May 2020 and subsequently proposed to extend other maturities and reduce the interest rates of such instruments. After several extensions and a temporary "bridge" loan entered into between Argentina and the members of the Paris Club to avoid default under the existing debt instruments, in October 2022 an addendum was signed rescheduling the payment of USD 1.971 billion, reducing the initial interest rate from 9% to 3.9% in the first installments and extending maturities until 2028. In June 2023, Argentina signed bilateral agreements with 15 of the 16 creditor countries to refinance the outstanding debt.

In May 2025, the Argentine Government published Decree No. 313/2025 approving the granting to Argentina of a loan of USD 500 million by the Inter-American Development Bank to finance Argentina's balance of payments and improve the monetary and exchange rate policy framework in Argentina. The USD 500 million disbursement is expected to be made in a single payment, with repayment over seven years under a semiannual amortization schedule.

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In October 2025, the U.S. Secretary of Treasury announced that the U.S. Government had reached an agreement with the Argentine Government to implement a USD 20 billion currency swap with the Central Bank, although President Trump later announced that such currency swap agreement would be conditioned upon the results of the elections that will be held in Argentina on October 26, 2025. The U.S. Secretary of Treasury also reported that the U.S. Department of Treasury had sold U.S. dollars in the Argentine market in exchange for pesos in order to strengthen the stability.

On October 6, 2025, JP Morgan announced the removal of Argentina from its EMBI+ index, which measures sovereign risk on a real-time basis, and its inclusion solely in the EMBI Global Diversified index, which is updated once per day. This change may reduce the visibility and liquidity of Argentine debt instruments and could negatively affect investor perception of Argentine sovereign and corporate credit risk. A potential decrease in investor demand or an increase in the risk premium required for Argentine issuers could result in higher financing costs and reduced access to international capital markets. Any such developments could adversely affect the market value of our debt securities and our ability to obtain financing on favorable terms.

***The Argentine economy and finances may be adversely affected as a consequence of a decrease in the international prices of commodities.***

Argentina's economy has historically been centered on the production and export of certain commodities, including agricultural products such as cereals, fats and oils, beef and dairy products, and oil. Argentina's reliance on the production and export of these commodities has made the country more vulnerable to fluctuations in their prices.

The commodities market is characterized by its volatility. A decrease in commodity prices may adversely affect the Argentine Government's fiscal revenues and the Argentine economy as a whole and, as a result, negatively impact our business, results of operations and financial condition. Given its reliance on these agricultural commodities, Argentina is also vulnerable to weather events, such as the droughts which occurred in Argentina in 2018 and 2023, which may negatively affect the production of agricultural products, reducing fiscal revenues and the inflow of U.S. dollars.

The conflict between Russia and Ukraine and the conflict in the Middle East have affected and could continue to affect other countries worldwide, generating increases in the international prices of oil, gas and other commodities, including those produced by Argentina. However, a long-term decrease in the international price of oil would negatively impact the oil and gas prospects of Argentina and result in a decrease in foreign investment in these sectors. In addition, foreign trade policies announced by the new U.S. administration may have a significant impact in international prices and, consequently, demand. We cannot predict the impact that these policies may have on investment levels and prices of commodities, and how these impacts may affect the Argentine economy.

A sustained decrease in the international price of the main commodities exported by Argentina, or any future climate event or condition may have an adverse effect on the agricultural sector. This would negatively impact the revenues of the Argentine Government and its capacity to comply with the payments of its public debt, eventually generating recessive or inflationary pressures, thus affecting our business, financial situation and the results of our operations.

***Developments in other countries and "contagion" effects could have an adverse effect on the Argentine economy and our financial performance.***

Although economic conditions vary from country to country, investors' perceptions of events occurring in certain countries have in the past substantially affected, and may continue to substantially affect, capital flows into and investments in securities of issuers from other countries, including Argentina.

The effects of a global or regional financial crisis and related turmoil in the global financial system may have a negative impact on our business, capacity to access credit and international capital markets, financial condition and results of operations, which is likely to be more severe on an emerging market economy, such as Argentina. There can be no assurance that the Argentine financial system and securities markets will not be adversely affected by policies that may be adopted by foreign governments or the Argentine Government in the future, or by events in the economies of developed countries or in other emerging markets.

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On November 3, 2024, the United States held a presidential election in which President Trump was elected president of the United States. Mr. Trump assumed the presidency on January 20, 2025. Potential changes in economic, social, political, and regulatory conditions in the United States, as well as shift in international trade policies, could generate uncertainty in global markets and negatively impact on emerging markets, such as Argentina, which could adversely affect our operations.

In April 2025, Trump's administration announced the imposition of new tariffs on certain imported goods, including goods imported from Argentina, and threatened increased tariffs of goods originating from countries that do not cooperate with United States policies. These measures present potential risks to international trade and foreign relations. We cannot assure you that the U.S. government will not impose additional tariffs on Argentina in the future and that the Argentine economy will not be adversely affected. In the event of certain changes in U.S. policy implemented by the current U.S. administration, the Argentine Government could implement retaliatory actions. Retaliatory actions by certain countries have raised concerns about potential disruptions in global trade and have resulted in market volatility and a decrease in the price of certain commodities, including oil, which could materially and adversely impact on the Argentine economy. As of the date of this Annual Report, the scope, structure, and timeline of the measures adopted by the U.S. administration remain unclear.

The economic activity of Brazil, one of Argentina's main trade partners, also has an impact on Argentina's economy. A depreciation of the Brazilian Real against the U.S. dollar has in the past, and would again in the future, put additional pressure on the exchange rate for the Argentine Peso against the U.S. dollar. Likewise, weak economic performance from Brazil would affect Argentine exports, particularly in the case of industrial goods, many of which Argentina exports to Brazil.

In addition, the conflict between Russia and Ukraine, the conflict between Israel and Hamas in the Gaza Strip and the conflict between Israel and Hezbollah and the recent conflict between Israel and Iran have generated increases in the international prices of commodities, including those produced by Argentina. A long-term decrease in the international price of oil would negatively impact the oil and gas prospects of Argentina and result in a decrease in foreign investment in these sectors.

These conflicts may escalate, contributing to world economic instability and uncertainty in global financial markets, adversely affecting our operations.

International investors' perceptions of events occurring in one market may generate a "contagion" effect by which an entire region or class of investment is disfavored by international investors. Argentina could be adversely affected by negative economic or financial developments in other emerging and developed countries, which in turn may have a material adverse effect on the Argentine economy and, indirectly, on our business, financial condition and results of operations, and the market value of our GDSs and common shares.

The effects of an economic crisis on our customers and on us cannot be predicted. Economic factors such as unemployment, inflation and the unavailability of credit could also have a material adverse effect on our business, financial condition and results of operations. The financial and economic situation in Argentina or in other countries, such as Brazil, may also have a negative impact on us and third parties with whom we do, or may do, business.

***The interruption of the publication of Argentine economic indexes or changes in their calculation methodologies could affect the projections made by the Company.***

In 2014, the INDEC established a new consumer price index, the CPI, which reflects a broad measurement of consumer prices, considering price information from the 24 provinces of the country, divided into six regions. Faced with the credibility of the CPI, as well as other indices published by the INDEC, being called into question, the Argentine Government declared a state of administrative emergency for the national statistical system and the INDEC on January 8, 2016, based on the determination that INDEC had failed to produce reliable statistical information, particularly with respect to CPI, GDP, inflation, and foreign trade data, as well as poverty and unemployment rates. The INDEC temporarily suspended the publication of certain statistical data until the reorganization of its technical and administrative structure to recover its ability to produce reliable statistical information. In 2017, the INDEC began publishing a National CPI, which is based on a survey conducted by the INDEC and several provincial statistical offices in 39 urban areas, including each of Argentina's provinces.

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As a result of changes to the GDP calculation methodology made by the INDEC, certain holders of Argentine bonds maturing in 2035 that were issued under English and Welsh law filed a lawsuit claiming damages caused by these changes. In April 2023, Judge Simon Picken of the High Court of Justice in London issued a ruling determining that the change in the GDP calculation methodology and its evolution caused losses to bond holders, ordering Argentina to pay damages and compensations in the amount of Euro 643 million and Euro 1,330 million, respectively. The Argentine Government has appealed this decision. However, in October 2024, the Supreme Court of the United Kingdom rejected the Argentine Government's request for appeal. As a result, Argentina will have to pay Euro 1,330 million along with the applicable interests. On January 14, 2025, the Court of Appeals requested an order instructing Banco Santander to enforce the USD 313 million guarantee. As a result, the plaintiffs in the case enforced a €313 million guarantee that Argentina had deposited in March through a letter of credit issued by Banco Santander. In June 2025, the bondholders initiated proceedings in the United States, petitioning the District Court for the District of Columbia to recognize the British judgments in order to enforce them in that country.

Any future required correction or restatement of the INDEC indexes could result in decreased confidence in Argentina's economy, which, in turn, could have an adverse effect on our ability to access international capital markets to finance our operations and growth, and which could, in turn, adversely affect our results of operation and financial condition and cause the market value of our GDSs and our common shares to decline.

***Restrictions on transfers of foreign currency and the repatriation of capital from Argentina may impair our ability to pay dividends and distributions and investors may face restrictions on their ability to collect capital and interest payments in connection with corporate bonds issued by Argentine companies.***

In the last few years, the Argentine Government and the Central Bank have implemented certain measures that control and restrict the ability of companies and individuals to access to the foreign exchange market to purchase foreign currency and to transfer it abroad, in order to contain the decrease in the level of international reserves held by the Central Bank. Those measures include, among others: (i) restricting access to the Argentine foreign exchange market for the purchase or transfer of foreign currency abroad for any purpose, including the payment of dividends to interested non-residents; (ii) restricting the acquisition of any foreign currency to be held as cash in Argentina; (iii) requiring exporters to repatriate and settle in Pesos, in the local exchange market, all the proceeds of their exports of goods and services; (iv) limitations on repayment of foreign debt and to the transfer of securities into and from Argentina; (v) implementing taxes on certain transactions involving the acquisition of foreign currency; and (vi) restricting access (including, but not limited to, in connection with the term for making such payments) to the currency exchange market to pay for imports of goods and services. In the past, the Central Bank established certain additional restrictions such as establishing certain mandatory refinancing of U.S. Dollar-denominated debt. For further information, see "Item 10. Additional Information – Exchange Controls."

On September 26, 2025 the Central Bank through Communication 'A' 8336 reinstated the cross-restriction rule, which imposes a 90-day period from the date of access to the official foreign exchange market, during which buyers of the official dollar are prohibited, either directly or indirectly, from transacting in the financial markets through Contado con Liquidación and MEP dollar transactions, and vice versa. This measure aims to curb arbitrage amid the emerging exchange rate gap between the different currency markets. The market reacted with an increase in financial exchange rates and a widening of the gap.

On April 11, 2025, the Argentine Government announced measures to loosen regulations concerning access to the foreign exchange market. These measures include: (i) the establishment of floating bands for the dollar exchange rate, allowing it to fluctuate between ARS 1,000 and ARS 1,400, with limits expanding at a rate of 1% per month; (ii) the elimination of the Export Increase Program which previously required 80% of exports to settle through the foreign exchange market and 20% through the financial market (also known as "Dollar Blend"); (iii) the elimination of foreign exchange restrictions for individuals, including the monthly USD 200 limit and restrictions on those who received pandemic-era government assistance, subsidies, public employment, or similar measures, as well as cross-restrictions under Communication "A" 7340. Additionally, the ARCA will remove the current tax perception on foreign currency acquisitions in the exchange market, remaining only on tourism and credit card payments; (iv) the authorization of profit distribution to foreign shareholders of Argentine companies, starting with financial years beginning in 2025; (v) the easing of deadlines for foreign trade operations payment, including (a) goods imports may be paid upon customs entry registration (previously 30 days); (b) imports of goods by small and medium-sized enterprises ("SMEs" or *PyMEs*, for its acronym in Spanish) companies may be paid from the origin dispatch (previously 30 days post customs entry registration); (c) service imports may be paid from the service provision date (previously 30 days); (d) capital goods imports may be paid with a 30% advance, 50% post port dispatch, and 20% after customs entry (previously 20% advance for SMEs); and (e) imports of services between related companies may be paid 90 days post service provision (previously 180 days); and (vi) a one-time removal of the 90-day restriction in Communication "A" 7340 for legal entities, to enhance operational efficiency in the foreign exchange market.

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Despite the recently announced measures by the Milei administration that have begun to gradually eliminate or ease certain foreign exchange restrictions, and the announcement that foreign exchange controls would be lifted by the end of 2025, no detailed plan or timing of this event has been disclosed. In addition, individuals were allowed unrestricted access to the official foreign exchange market, although the Argentine Government established a cross-restriction that prevents those who purchase foreign currency in the official market from accessing financial dollars (MEP dollar and Contado con Liquidación) for a period of 90 days. Consequently, it cannot be assured that the Argentine Government and/or the Central Bank will not impose new foreign exchange controls in the near future; therefore, there is no certainty as to if, when, or to what extent these measures will be fully lifted. Given the unpredictable nature of political and economic events, it is not feasible to ensure that stricter exchange controls and transfer restrictions than those currently in effect will not be imposed. In the event of a period of crisis and political, economic, and social instability in Argentina, resulting in a significant economic contraction, the current administration may fundamentally change its economic, exchange and financial policies. These changes may be implemented with the aim of preserving the balance of payments, the Central Bank foreign exchange reserves, preventing capital flight, or a significant depreciation of the Peso. Potential changes include the mandatory conversion of obligations assumed by legal entities residing in Argentina in U.S. Dollars to Pesos. The implementation of such restrictive measures, in addition to external factors that are beyond our control, may have a significant impact on our results of operations and financial condition.

It is not possible to anticipate for how long these measures will be in force or even if additional restrictions will be imposed. Such measures could undermine the Argentine Government's public finances, which could adversely affect Argentina's economy, which, in turn, could adversely affect our business, results of operations and financial condition.

***The operating costs of the Company could increase as a result of the promotion or adoption of certain measures by the Argentine Government as well as pressure from union sectors.***

In the past, the Argentine Government has promoted and adopted laws and collective labor agreements that imposed on private sector employers the obligation to maintain certain salary levels and provide additional benefits to their employees. In addition, employers have come under strong pressure from their employees and from unions to grant wage increases and other benefits.

As of June 30, 2025, 59.3% of our workforce was represented by unions under collective bargaining agreements. Although we currently enjoy good relations with our employees and their unions, we cannot assure you that labor relations will continue to be positive or that deterioration in labor relations will not materially and adversely affect our business, financial condition or results of operations.

Also, we cannot be sure that in the future the Argentine Government will not enact measures that result in increases in the minimum, vital and mobile salary and/or in benefits, compensation or other labor costs that employers must bear. Any salary increase and/or any other labor cost could result in higher costs and a decrease in the results of the Company's operations.

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***Failure to adequately address actual and perceived risks of institutional deterioration and corruption may adversely affect Argentina's economy and financial condition.***

A lack of a solid and transparent institutional framework for contracts with the Argentine Government and its agencies, as well as allegations of corruption, have affected and continue to affect Argentina. Argentina ranked 99 of 180 in the Transparency International's 2024 Corruption Perceptions Index.

For example, in 2018, the so-called "Cuadernos" case was initiated following the disclosure of notebooks written by Oscar Centeno, a former driver for the Ministry of Planning, which allegedly described systematic payments of bribes by business executives to public officials in exchange for public works contracts. This case involves several former government officials and prominent business leaders and is scheduled to go to trial in November 2025. Furthermore, on June 10, 2025, the Argentine Supreme Court upheld a six-year prison sentence and a permanent disqualification from holding public office against former President Cristina Fernández de Kirchner in the "Vialidad" case, related to fraudulent administration of public funds in connection with public works projects. The Federal Criminal Appeals Court (Cámara Federal de Casación Penal) confirmed that former President Cristina Fernández de Kirchner, together with the other defendants convicted in the "Vialidad" case, must pay ARS 684,990,350,139.86 as forfeiture and as an ancillary penalty for the crime of fraudulent administration to the detriment of Argentina.

In August 2025, a political controversy involving allegations of corruption in the procurement of medicines for persons with disabilities created political uncertainty and public scrutiny in Argentina. Leaked audio recordings attributed to Diego Spagnuolo, former director of the National Disability Agency, implicated Karina Milei, sister of President Javier Milei and Secretary General of the Presidency, in authorizing contracts worth approximately USD 19 million with alleged kickbacks of 3–4%. These allegations led to judicial investigations, the filing of criminal complaints and searches of electronic devices. In addition, in October 2025, José Luis Espert, National Deputy for La Libertad Avanza and then a candidate for deputy in the Province of Buenos Aires, was charged in a case for alleged money laundering. The investigation arose from allegations that Espert had received USD 200,000 in 2020 from businessman Federico Machado, who is in detention and subject to an extradition request to the United States on charges related to drug trafficking and money laundering. Espert withdrew his candidacy for the national legislative elections. As of the date of this Annual Report, these proceedings remain ongoing.

As of the date of this Annual Report, there are several ongoing investigations into allegations of money laundering and corruption, which have negatively impacted the Argentine economy and political environment. Depending on the results of these investigations and how long it takes to finalize them, companies involved may be subject to, among other consequences, a decrease in their credit ratings, having claims filed against them by investors in their equity and debt securities, and may further experience restrictions on their access to financing through the capital markets, all of which will likely decrease their income. Additionally, if criminal cases against companies move forward, they may be restricted from rendering services or may face new restrictions due to their customers' internal policies and procedures. These adverse effects could restrict these companies' ability to conduct their operating activities and to fulfill their financial obligations.

Recognizing that the failure to address these issues could increase the risk of political instability, distort decision-making processes and adversely affect Argentina's international reputation and ability to attract foreign investment, the Argentine Government has announced several measures aimed at strengthening Argentina's institutions and reducing corruption.

These measures include creating a special prosecutor's office in charge of investigations involving national and provincial officials related to illicit enrichment and asset increases, plea bargains in exchange for cooperation with the judiciary in corruption investigations, greater access to public information, the seizure of assets from officials prosecuted for corruption, expanded powers for the Anti-Corruption Office, and the enactment of a new public ethics law, among others. We cannot guarantee that the implementation of these measures will be successful or that, once implemented, they will achieve the desired result.

We cannot estimate the impact that these investigations could have on the Argentine economy. Similarly, it is not possible to predict the duration of corruption investigations, nor which companies might be involved or how far-reaching the effects of these investigations might be, which may negatively impact the Argentine economy. In turn, the decrease in investor confidence resulting from any of these, among other issues, could have a significant adverse effect on the growth of the Argentine economy, which could, in turn, harm our business, our financial condition and results of operation and affect the trading price of our common shares and GDSs.

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***Property values in U.S. dollars in Argentina could decline significantly.***

Property values in U.S. dollars are influenced by multiple factors that are beyond our control, such as a decreased demand for real estate properties due to a deterioration of macroeconomic conditions or an increase in supply of real estate properties that could adversely affect the value in U.S. dollars of real estate properties. We cannot assure you that property values in U.S. dollars will increase or that they will not be reduced. Most of the properties we own are located in Argentina. As a result, a reduction in the value in U.S. dollars of properties in Argentina could materially affect our business and our financial statements due to the valuation of our investment properties at fair market value in U.S. dollars.

***The emergence and spread of a pandemic-level disease or threat to public health, such as Covid-19, may have a material adverse impact on the Argentine and global economy, our business operations, financial condition or results of operations.***

Economic conditions in Argentina may be adversely affected by an outbreak of a contagious disease, such as Covid-19, that develops into a regional or global pandemic and other large scale public health events. The measures taken by governments, regulators and businesses to respond to any such pandemic or event may lead to slower or negative economic growth, supply disruptions, inflationary pressures and significant increases in public debt, and may also adversely affect our customers, which may lead to increased loan losses. Such measures could also impact the business and operations of third parties that provide critical services to us.

Additional strains of Covid-19, or an outbreak of another pandemic, disease, or similar public health threat, could have material adverse effects on global economic, financial, and business conditions, which could have an adverse impact in our business, financial condition, and results of operations.

If any of the aforementioned events or other epidemics were to occur again, or if there were an increase in the severity or duration of Covid-19 or other epidemics, it could have a material adverse effect on our business, results of operations, cash flows, and financial condition.

***We are exposed to risks in relation to compliance with anti-corruption and anti-bribery laws and regulations.***

Due to the nature of our activities, we are exposed to certain compliance risks. We must comply with regulations regarding customer conduct, market conduct, the prevention of money laundering and the financing of terrorist activities, the protection of personal data, the restrictions established by national or international sanctions programs and anti-corruption laws, including the Corporate Criminal Liability Law and the FCPA. Both the Corporate Criminal Liability Law and the FCPA impose liability against companies who engage in bribery of Argentine Government officials, either directly or through intermediaries. The anti-corruption laws generally prohibit providing anything of value to Argentine Government officials for the purposes of obtaining or retaining business or securing any improper business advantage. As part of our business, we may deal with entities in which the employees are considered government officials. We have a compliance program that is designed to manage the risks of doing business in light of these new and existing legal and regulatory requirements.

Although we have internal policies and procedures designed to ensure compliance with applicable anti-corruption and anti-bribery laws and regulations, there can be no assurance that such policies and procedures will be sufficient. Violations of anti-corruption laws and sanctions regulations could lead to financial penalties being imposed on us, limits being placed on our activities, our authorizations and licenses being revoked, damage to our reputation and other consequences that could have a material adverse effect on our business, results of operations and financial condition. Further, litigations or investigations relating to alleged or suspected violations of anti-corruption laws and sanctions regulations could be costly.

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***Argentina is subject to litigation by foreign shareholders of Argentine companies and holders of Argentina's defaulted bonds, which have resulted and may result in adverse judgments or injunctions against Argentina's assets and limit its financial resources.***

There are outstanding claims against the Argentine Government submitted before ICSID which may entail new sanctions against the Argentine Government, which in turn could have a substantially adverse effect on the Argentine Government's ability to implement reforms and to foster economic growth. We cannot assure you that in the future the Argentine Government will not breach its obligations.

Litigation, as well as ICSID claims against the Argentine Government, have resulted in material judgments and may result in further material judgments, and could result in attachment of or injunctions relating to assets of Argentina that the Argentine Government intended for other uses. As a consequence, the Argentine Government may not have all the necessary financial resources to honor its obligations, implement reforms and foster growth, which could have a material adverse effect on Argentina's economy, and consequently, our business, financial condition and results of operations. There are pending ICSID claims against the Argentine Government which could result in further awards against Argentina, which in turn could have a material adverse effect on the Argentine Government's ability to implement reforms and foster economic growth.

On March 31, 2023, the District Court granted YPF's motion for summary judgment and denied the plaintiffs' motion for summary judgment with respect to YPF in its entirety. The District Court held that YPF has no contractual liability and owes no compensation to the plaintiffs for breach of contract and, consequently dismissed plaintiffs' claims against YPF. The District Court denied Argentina's motion for summary judgment, and the proceedings will continue between the plaintiffs and Argentina, which was ordered to pay USD 16 billion. In October 2023, Argentina filed an appeal against the judgment ordering it to pay USD 16 billion to investment fund Burford Capital in connection with the case arising from the expropriation of YPF.

On November 21, 2023, Judge Loretta Preska ruled in favor of Argentina's request, allowing Argentina not to deposit the USD 16 billion, but at the same time ordered Argentina to provide other assets, such as YPF shares, as collateral to prevent seizures.

Subsequently, Burford Capital formally requested that the District Court order Argentina to deliver the Class D shares of YPF held by the Argentine state to Burford Capital in partial satisfaction of the District Court judgment. Argentina opposed this motion.

On June 30, 2025, Judge Loretta Preska issued a ruling ordering Argentina to (i) transfer its Class D shares of YPF to a global custody account at The Bank of New York Mellon in New York within 14 days from the date of the order; and (ii) instruct BNYM to initiate a transfer of Argentina's ownership interests in its Class D shares of YPF to Burford Capital and Eton Park, or to whomever they designate, within one business day from the date the shares are deposited in the account. On July 14, 2025, Judge Loretta Preska denied Argentina's request to stay the order requiring the transfer of 51% of YPF's shares to Burford Capital and Eton Park. Following the decision on July 14, 2025, Argentina filed an appeal before the U.S. Court of Appeals for the Second Circuit, which on August 15, 2025, issued a ruling favorable to the country. This ruling is not a decision on the merits but a procedural resolution that suspends Judge Preska's order, allowing Argentina to continue with the appeal without having to deliver YPF shares or other assets as collateral.

Subsequently, on July 29, 2025, Judge Loretta Preska issued a series of orders seeking discovery related to the trial over the nationalization of 51% of YPF and the means to seize assets of Argentina and its state-owned companies. Among these orders, the judge requested access to the WhatsApp messages and emails of the Minister of Economy, Luis Caputo, and his predecessor, Sergio Massa.

As of the date of this Annual Report, the judgment has not been enforced. A favorable ruling was obtained from the High Commercial Court of Ireland on August 18, 2025, which rejected the plaintiffs' request to enforce the YPF case judgment in Ireland. In September 2025, Judge Loretta Preska denied a request by YPF and Argentina to block the discovery of information, bringing Burford Capital closer to being able to seek the attachment of YPF's assets. The order includes the obligation to provide documents, emails, and messages that could demonstrate that YPF acts as the "alter ego" of the Argentine Government, which would allow the plaintiffs to extend the enforcement of the judgment to YPF's assets if Argentine Government's liability is confirmed.

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In October 2025, Argentina filed its brief before the U.S. Court of Appeals for the Second Circuit, and the Court scheduled the oral hearing for October 29, 2025. In addition, Argentina obtained the support of twelve foreign governments and international organizations that filed amicus curiae in favor of Argentina's position including the United States, Spain, Mexico, Brazil, Chile, and the Organization of American States, among others.

Although the Argentine Government has publicly expressed its intention to appeal in all available instances, and despite these favorable rulings that allow it to continue its defense without enforcing the judgment, the effect that a potential final decision may have on public finances and on the Argentine economy in general remains uncertain.

In January 2025, Argentina suffered another legal setback in the United States in connection with its longstanding dispute over defaulted debt. The U.S. Supreme Court rejected the country's appeal and authorized the seizure of Argentine assets totaling USD 310 million, which were held in accounts at the Federal Reserve in New York, Germany, and Switzerland.

The litigation originated from the default on Brady bonds and other securities following the 2001 crisis. These bonds had been issued in the 1990s as part of a debt restructuring but went into default when Argentina declared the largest sovereign default in its history. Although the country carried out debt restructurings in 2005, 2010, and 2016, certain creditors (including investment funds that had purchased the defaulted bonds, known as "vulture funds") refused the exchanges and brought claims before U.S. courts seeking full repayment of their holdings. The U.S. Supreme Court's 2025 ruling upholds earlier decisions by lower courts that had already ruled in favor of the plaintiffs, consistent with the landmark 2014 case in which Argentina was ordered to pay the holdouts. This decision comes amid a challenging economic environment for the country, with limited international reserves and ongoing negotiations with the IMF. While the government may explore legal or diplomatic alternatives to prevent further seizures, the ruling increases pressure from creditors on Argentina and reignites debate over the consequences of its historic default. We cannot assure that new litigation will not be brought against Argentina, nor that any such new cases will not affect the Argentine economy and our business.

***Any downgrade in Argentina's credit rating or rating outlook could adversely affect both the rating and the market price of the Company's shares***

As of the date of this Annual Report, Argentina's long-term foreign currency debt is rated "CCC (Stable)" by S&P and "CCC+" by Fitch.

On February 6, 2025, S&P ratified Argentina's long- and short-term foreign and local currency sovereign ratings at "CCC/C," maintaining a stable outlook, confirmed the national scale rating at "raB+," and improved the transfer and convertibility assessment from "CCC" to "B-," reflecting a slight improvement in foreign currency access conditions.

On June 23, 2025, Morgan Stanley Capital International published a new report corresponding to its annual market review, in which it maintained Argentina's credit rating as a "standalone" market. This is the lowest rating the institution assigns to national markets and is based, as explained in its "market accessibility" report, on "the persistence of certain restrictions that continue to hinder foreign investors' access to the Argentine market." The institution considers Argentina a "potential candidate" for a future reclassification, although it notes that it does not meet the "minimum liquidity requirements" and that its markets are "currently partially or fully closed to foreign investors. On July 17, 2025, Moody's Ratings (Moody's) upgraded Argentina's sovereign rating from "Caa3" to "Caa1," while raising the local currency ceiling from "B3" to "B1" and the foreign currency ceiling from "Caa1" to "B2." This upgrade was supported by the liberalization of exchange and capital controls, as well as the approval of a new agreement with the IMF, factors that strengthen foreign currency liquidity and reduce the risk of credit events. Moody's also highlighted the disinflation process, fiscal adjustment, and progress on structural reforms aimed at correcting macroeconomic distortions and promoting external sustainability.

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Notwithstanding the foregoing, a downgrade, suspension, or withdrawal of Argentine companies' credit ratings could give rise to the following consequences, among others: (i) an increase in financing costs and other fundraising difficulties; (ii) the need to provide additional guarantees in connection with financial market operations; and (iii) the termination or cancellation of existing agreements.

***Climate change-related risks may adversely affect Argentina's economy***

The Argentine economy may be affected by climate related events, including droughts, wildfires, and severe flooding, which are unpredictable and may be exacerbated by the effects of climate change. The risks associated with climate change could manifest in difficulties of Argentina to access capital due to public image issues with investors and increased costs to the Argentine Government due to the implementation of energy transition policies which may lead to increasing electrification in urban mobility.

**Risks Relating to our Business**

***We are subject to risks inherent to the operation of shopping malls that may affect our profitability.***

Our shopping malls are subject to various factors that affect their development, administration and profitability, including:

· declines in lease prices or increases in levels of default by our tenants due to economic conditions;

· increases in interest rates and other factors outside our control;

· the accessibility and attractiveness of the areas where our shopping malls are located;

· the intrinsic attractiveness of the shopping mall;

· the flow of people and the level of sales of rental units in our shopping malls;

· the increasing competition from internet sales;

· the amount of rent collected from tenants at our shopping malls;

· changes in consumer demand and availability of consumer credit, both of which are highly sensitive to general macroeconomic conditions; and

· fluctuations in occupancy levels in our shopping malls.

An increase in our operating costs could also have a material adverse effect on us if our tenants were to become unable to pay higher rent we may be required to impose as a result of increased expenses. Moreover, the shopping mall business is closely related to consumer spending and affected by prevailing economic conditions. All of our shopping malls and commercial properties are located in Argentina, and consequently, these operations may be adversely affected by recession or economic uncertainty in Argentina. Persistently poor economic conditions could result in a decline in consumer spending which could have a material adverse effect on shopping mall revenue.

***Our performance is subject to the risks associated with our properties and with the real estate industry.***

Our operating performance and the value of our real estate assets, and as a result, the value of our securities, are subject to the risk that our properties may not be able to generate sufficient revenue to meet our operating expenses, including debt service and capital expenditures, our cash flow needs and our ability to service our debt service obligations. Events or conditions beyond our control that may adversely affect our operations or the value of our properties include:

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· downturns in national, regional and local economies;

· decrease in consumer spending and consumption;

· competition from other shopping malls and sales outlets;

· local real estate market conditions, such as oversupply or lower demand for retail space;

· changes in interest rates and availability of financing;

· the exercise by our tenants of their right to early termination of their leases;

· vacancies, changes in market rental rates and the need to periodically repair, renovate and re-lease space;

· increased operating costs, including insurance expenses, salary increases, utilities, real estate taxes, federal and local taxes and higher security costs;

· the impact of losses resulting from civil disturbances, strikes, natural disasters, terrorist acts or acts of war;

· significant fixed expenditures associated with each investment property, such as debt service payments, real estate taxes, insurance and maintenance costs;

· declines in the financial condition of our tenants and our ability to collect rents when due;

· changes in our or our tenants' ability to provide for adequate maintenance and insurance that result in a reduction in the useful life of a property; and

· changes in law or governmental regulations (such as those governing usage, zoning and real property taxes) or changes in the exchange controls or government action (such as expropriation).

If any one or more of the foregoing conditions were to affect our activities, this could have a material adverse effect on our financial condition and results of operations, and as a result, on the Company's results.

***We could be adversely affected by decreases in the value of our investments.***

Our investments are exposed to the risks generally inherent to the real estate industry, many of which are out of our control. Any of these risks could adversely and materially affect our business, financial condition and results of operations. Any returns on capital expenditures associated with real estate are dependent upon sales volumes and/or revenue from leases and the expenses incurred. In addition, there are other factors that may adversely affect the performance and value of a property, including local economic conditions prevailing in the area where the property is located, macroeconomic conditions in Argentina and globally, competition, our ability to find leases and our ability to perform on our leases, changes in legislation and in governmental regulations (such as the use of properties, urban planning and real estate taxes) as well as exchange controls (given that the real estate market in Argentina relies on the U.S. dollar to determine valuations), variations in interest rates (including the risk of an increase in interest rates that reduces sales of lots for residential development) and the availability of third party financing. In addition, given the relative illiquidity of the Argentine real estate market, we could be unable to effectively respond to adverse market conditions and/or be compelled to undersell one or more properties. Some significant expenses, such as debt service, real estate taxes and operating and maintenance costs do not fall when there are circumstances that reduce the revenue from an investment, increasing our relative expenditures. These factors and events could impair our ability to respond to adverse changes in the returns on our investments, which in turn could have an adverse effect on our financial position and the results of our operations.

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***Our level of debt may adversely affect our operations and our ability to pay our debt as it becomes due and our capacity to successfully access the local and international markets on favorable terms affects our cost of funding.***

As of June 30, 2025, our consolidated financial gross debt amounted to ARS 647,128 million. We are generating sufficient funds from our operating cash flows to meet our debt service obligations and our ability to obtain new financing is adequate. Considering the current availability of loan financing in Argentina, we cannot assure you that we will have sufficient cash flows and adequate financial structure in the future. For more information see "Item 10. Additional Information—D. Exchange Controls."

Our leverage may affect our ability to refinance existing debt or borrow additional funds to finance working capital requirements, acquisitions and capital expenditures. Access to equity and debt financing options may be restricted and it may be uncertain how long these economic circumstances may last. This would require us to allocate a substantial portion of cash flow to repay principal and interest, thereby reducing the amount of money available to invest in operations, including acquisitions and capital expenditures.

We may not be able to generate sufficient cash flows from operations to satisfy our debt service requirements or to obtain future financing. If we cannot satisfy our debt service requirements or if our defaults on any financial or other covenants in our debt arrangements, the lenders and/or holders of IRSA's securities will be able to accelerate the maturity of such debt or default under other debt arrangements. Our ability to service debt obligations or to refinance them will depend upon our future financial and operating performance, which will, in part, be subject to factors beyond our control such as macroeconomic conditions and regulatory changes in Argentina. If we cannot obtain future financing, we may have to delay or abandon some or all of our planned capital expenditures, which could adversely affect our ability to generate cash flows and repay our obligations as they become due.

For more information see "*Item 5. Operating and Financial Review and Prospects—B. Liquidity and capital resources—Indebtedness*".

***Our assets are highly concentrated in certain geographic areas and an economic downturn in such areas could have a material adverse effect on our results of operations and financial condition.***

As of June 30, 2025, most of our revenue from leases and services provided by the Shopping Malls segment derived from properties located in the City of Buenos Aires and the Greater Buenos Aires metropolitan area. In addition, all of our office buildings are located in Buenos Aires and a substantial portion of our revenue is derived from such properties. Although we own properties and may acquire or develop additional properties outside Buenos Aires and the Greater Buenos Aires metro area, we could be largely affected by economic conditions or by other effects which could affect these high populated areas. Consequently, an economic downturn in those areas could cause a reduction in our rental income and adversely affect its ability to comply with our debt service and fund operations.

***The loss of tenants could adversely affect our operating revenue and value of our properties.***

Although no single tenant represents more than 6.2% of our revenues in any fiscal year, if a significant number of tenants at its retail or office properties were to experience financial difficulties, including bankruptcy, insolvency or a general downturn of business, or if we failed to retain them, our business could be adversely affected. Further, our shopping malls typically have a significant "anchor" tenant, such as well-known department stores, that generate consumer traffic at each mall. A decision by such tenants to cease operating at any of our shopping mall properties could have a material adverse effect on our financial condition and the results of our operations. In addition, the closing of one or more stores that attract consumer traffic may motivate other tenants to terminate or to not renew their leases, to seek rent concessions and/or close their stores. Moreover, tenants at one or more properties might terminate their leases as a result of mergers, acquisitions, consolidations, dispositions or bankruptcies. The bankruptcy and/or closure of multiple stores, if we are not able to successfully release the affected space, could have a material adverse effect on both the operating revenue and underlying value of the properties involved.

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***We may face risks associated with acquisitions of properties.***

As part of the Company's growth strategy, we have acquired, and intend to do so in the future, properties, including large properties, that tend to increase the size of our operations and potentially alter our capital structure. Although we believe that the acquisitions we have completed in the past and that we expect to undertake enhance the Company's financial performance, the success of such transactions is subject to a number of uncertainties, including the risk that:

· we may not be able to obtain financing for acquisitions on favorable terms;

· acquired properties may fail to perform as expected;

· the actual costs of repositioning or redeveloping acquired properties may be higher than the Company's estimates;

· acquired properties may be located in new markets where we may have limited knowledge and understanding of the local economy, absence of business relationships in the area or are unfamiliar with local governmental and permitting procedures; and

· we may not be able to efficiently integrate acquired properties, particularly portfolios of properties, into the Company's organization and to manage new properties in a way that allows it to realize cost savings and synergies.

***The Company's future acquisitions may not be profitable.***

We seek to acquire additional shopping malls to the extent we manage to acquire them on favorable terms and conditions and they meet our investment criteria. Acquisitions of commercial properties entail general investment risks associated with any real estate investment, including:

· the Company's estimates of the cost of improvements needed to bring the property up to established standards for the market may prove to be inaccurate;

· properties we acquire may fail to achieve, within the time frames we project, the occupancy or rental rates we expect to achieve at the time we make the decision to acquire, which may result in the properties' failure to achieve the returns we projected;

· the Company's pre-acquisitions evaluation and the physical condition of each new investment may not detect certain defects or identify necessary repairs, which could significantly increase our total acquisition costs; and

· the Company's investigation of a property or building prior to its acquisition, and any representations we may receive from the seller of such building or property, may fail to reveal various liabilities, which could reduce the cash flow from the property or increase our acquisition cost.

If we acquired a business, we will be required to merge and integrate the operations, personnel, accounting and information systems of such acquired business. In addition, acquisitions of or investments in companies may cause disruptions in our operations and divert management's attention away from day-to-day operations, which could impair our relationships with our current tenants and employees.

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***An adverse economic environment for real estate companies and the credit crisis may adversely affect our results of operations.***

The success of our business and profitability of its operations depend on continued investment in real estate and access to long-term financing. A prolonged crisis of confidence in real estate investments and lack of credit for acquisitions may constrain our growth and the maintenance of our current business and operations. As part of our strategy, we intend to increase our properties portfolio through strategic acquisitions at favorable prices, where we believe we can bring the necessary expertise to enhance property values. In order to pursue acquisitions, we may require capital or debt financing. Disruptions in the financial markets may adversely impact our ability to refinance existing debt and the availability and cost of credit in the future. Any consideration of sales of existing properties or portfolio interests may be offset by lower property values. Our ability to make scheduled payments or to refinance our existing debt obligations depends on our operating and financial performance, which in turn is subject to prevailing economic conditions. If disruptions in financial markets prevail or arise in the future, we cannot provide assurances that Argentine Government responses to such disruptions will restore investor confidence.

In September 2021, Evergrande, one of China's largest real estate companies, announced that it would be unable to meet its debt obligations. Since then, the markets have been negatively impacted by the announcement. In August 2023, Evergrande filed for bankruptcy, seeking recognition of foreign restructuring proceedings before the High Court of Hong Kong and the High Court of the Eastern Caribbean Supreme Court of the British Virgin Islands. In January 2024, the High Court of Hong Kong ordered Evergrande to liquidate its subsidiary in mainland China following a failed attempt to restructure USD 300 billion owed to its creditors. Following that liquidation order, trading of its shares was suspended and has since remained halted due to non-compliance with the requirements for resumption. Finally, on August 25, 2025, after trading in its shares had remained suspended for more than 18 months, Evergrande was delisted from the Hong Kong Stock Exchange.

The real estate sector in China accounts for approximately 30% of the China's economic activity, and more than two-thirds of household wealth is tied to the real estate sector.

We cannot predict whether, and to what extent, the uncertainty of the property crisis in China may and how will affect our business, stabilize the markets or increase liquidity and the availability of credit.

***Our revenue and profit may be materially and adversely affected by continuing inflation and economic activity in Argentina.***

Our business is mainly driven by consumer spending since a portion of the revenue from our Shopping Mall segment derives directly from the sales of our tenants, whose revenue relies on the sales to consumers. As a result, our revenues and net income are impacted to a significant extent by economic conditions in Argentina, including the development in the textile industry and domestic consumption both of which experienced significant declines during 2019, 2020 and 2021. Consumer spending is influenced by many factors beyond our control, including consumer perception of current and future economic conditions, inflation, political uncertainty, rates of employment, interest rates, taxation and currency exchange rates. Any continuing economic slowdown, whether actual or perceived, could significantly reduce domestic consumer spending in Argentina and therefore adversely affect our business, financial condition and results of operations.

According to INDEC, as of July 2025, the manufacturing industrial production index for textiles, apparel, leather and footwear declined by 1.1% compared to the same month of the previous year, while the cumulative figure for January–July 2025 shows an increase of 5.8% compared to the same period in 2024. Meanwhile, national consumption in shopping centers, at current prices in June 2025, reached a total of ARS 592,710.3 million, representing an increase of 27.8% compared to the same month of the previous year. In addition, according to INDEC, during the second quarter of 2025, public consumption increased by 1.1% while private consumption decreased by 1.1% (both measured against the previous quarter in seasonally adjusted terms).

***Some of the land we have purchased is not zoned for development and we may be unable to obtain, or may face delays in obtaining, the necessary zoning permits and other authorizations.***

We own several plots of land which are not zoned for our intended development plans. In addition, we have not yet applied for the required land use, building, occupancy and other required governmental permits and authorizations for these properties. We cannot assure you that we will continue to be successful in our attempts to rezone land and to obtain all necessary permits and authorizations, or that rezoning efforts and permit requests will not be delayed or rejected. Moreover, we may be affected by building moratorium and anti growth legislation. If we are unable to obtain the governmental permits and authorizations we need to develop our present and future projects as planned, we may be forced to make unwanted modifications to such projects or abandon them altogether.

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***We may face risks associated with land-takings in Argentina.***

Land-taking is a long-standing problem in Argentina that has escalated throughout the years with every economic crisis.

The spread of land takes has revived an old debate in Argentina. There is a conflict between two groups that claim, on the one hand, a right to decent housing, and on the other hand a group that claims that the right to private property should be respected Argentina's constant and cyclical economic crises over the past 50 years have also caused poverty to rise sharply, so less people can access a roof, resulting in a housing deficit.

As a consequence, we cannot provide assurance that Argentine Government responses to such disruptions will restore investor confidence in Argentine lands, which could have an adverse impact on our financial condition and results of operations.

***Our dependence on rental income may adversely affect our ability to meet our debt obligations.***

A substantial part of our revenue is derived from rental income. As a result, our performance depends on our ability to collect rent from our tenants. Our revenue and profits would be negatively affected if a significant number of our tenants or any significant tenant were to:

· delay lease commencements;

· decline to extend or renew leases upon expiration;

· fail to make rental payments when due; or

· close stores or declare bankruptcy.

Any of these actions could result in the termination of leases and the loss of related rental income. In addition, we cannot assure you that any tenant whose lease expires will renew that lease or that we will be able to re-let the space on economically reasonable terms. The loss of rental revenue from a number of our tenants and our inability to replace such tenants may adversely affect our profitability and its ability to comply with our debt service obligations. These factors are particularly disruptive in the context of emergency situations, such as pandemics or epidemics, which may cause significant adverse impacts on our business.

***It may be difficult to buy and sell real estate quickly and transfer restrictions may apply to part of our portfolio of properties.***

Real estate investments are relatively illiquid and this tends to limit our ability to change the mix of our portfolio in response to economic circumstances or other conditions. In addition, significant expenditures associated with each investment, such as mortgage payments (if any), real estate taxes and maintenance costs, are generally not reduced when an investment generates lower revenue. If revenue from a property declines while expenses remain the same, our results of operations would be adversely affected. Certain properties are mortgaged and if we were unable to meet our underlying payment obligations, we could suffer losses as a result of foreclosures on those mortgaged properties. Furthermore, if we are required to dispose of one or more of our mortgaged properties, we would not be able to obtain release of the mortgage interest without payment of the associated debt. The foreclosure of a mortgage on a property or inability to sell a property could adversely affect our business. In this kind of transactions, we may agree not to sell the acquired properties for a considerable time which could affect our results of operations.

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***Our ability to grow will be limited if we cannot obtain additional financing.***

Although we are liquid as of the date of this Annual Report, we must maintain liquidity to fund our working capital, service our outstanding indebtedness and finance investment opportunities. Without sufficient liquidity, we could be forced to curtail our operations or may not be able to pursue new business opportunities.

Our growth strategy is focused on the development and redevelopment of properties we already own and the acquisition of additional properties for development. As a result, we are likely to have to depend to an important degree on the availability of capital financing, which may or may not be available on favorable terms if at all. We cannot assure you that additional financing, refinancing or other capital will be available in the amounts we require or on favorable terms. Our access to debt or equity capital markets depends on a number of factors, including the market's perception of our growth potential, our ability to pay dividends, our financial condition, our credit rating and our current and potential future earnings. Depending on these factors, we could experience delays or difficulties in implementing our growth strategy on satisfactory terms or at all.

The capital and credit markets for Argentina have been experiencing extreme volatility and disruption since the last years. If our current resources do not satisfy our liquidity requirements, we may have to seek additional financing. The availability of financing will depend on a variety of factors, such as economic and market conditions, the availability of credit and our credit ratings, as well as the possibility that lenders could develop a negative perception of the prospects of risk in Argentina, of us or the industry generally. We may not be able to successfully obtain any necessary additional financing on favorable terms, or at all.

***A downgrade in our credit rating could negatively impact our cost of and ability to access capital.***

Our credit ratings are an important part of maintaining our liquidity. Any downgrade in credit ratings could potentially increase our borrowing costs or, depending on the severity of the downgrade, substantially limit our access to capital markets, require us to make cash payments or post collateral and permit termination by counterparties of certain significant contracts. Factors that may impact our credit ratings include, among others, debt levels, planned asset purchases or sales, and near-term and long-term growth opportunities. Factors such as liquidity, asset quality, cost structure, product mix, and others are also considered by the rating agencies. A ratings downgrade could adversely impact our ability to access debt markets in the future, increase the cost of future debt, and potentially require us to post letters of credit for certain obligations.

***Adverse incidents that occur in our shopping malls may result in damage to our reputation and a decrease in the number of customers.***

Given that our shopping malls are open to the public, with significant circulation of people, accidents, theft, robbery, public protest, pandemic effects and other incidents may occur in our facilities, regardless of the preventative measures we adopt. If such an incident or series of incidents occurs, shopping mall customers and visitors may choose to visit other shopping venues that they believe are safer, which may cause a reduction in the sales volume and operating income of our shopping malls.

***Argentine laws governing leases impose restrictions that limit our flexibility.***

Argentine laws governing leases impose certain restrictions. In December 2023, the current Argentine administration approved Decree No. 70/2023, which modifies certain aspects of lease agreements in Argentina, repeals Law No. 27,551 and amends certain sections of the Argentine Civil and Commercial Code. The following are the main aspects of the real estate leasing sector that were modified through Decree No. 70/2023: (i) the legal minimum terms applicable to leases have been removed and, if no term is specified in the lease agreement, the default term under the Argentine Civil and Commercial Code is two years for permanent residential leases with or without furniture or three years for other uses and for temporary leases; (ii) rent can be set in pesos or foreign currency and, if it is set in a foreign currency, the tenant cannot require the landlord to accept payment in a different currency; and (iii) the parties may freely agree on the payment frequency, which cannot be less than one month.

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Under the Argentine laws governing leases, we are exposed to the risk of exercise of rescission rights by our tenants, which could materially and adversely affect our business and results of operations. We cannot assure you that our tenants will not exercise such right, especially if rental rates stabilize or decline in the future or if economic conditions continue to deteriorate. In addition, we cannot predict at this time how Decree No. 70/2023 may affect our business, result of operations or financial condition.

***We may be liable for certain defects in our buildings.***

The Argentine Civil and Commercial Code imposes liability for real estate developers, builders, technical project managers and architects in case of hidden defects in a property for a period of three years from the date title on the property is tendered to the purchaser, even when those defects did not cause significant property damage. If any defect affects the structural soundness or makes the property unfit for use, the liability term is ten years.

In our real estate developments, we usually act as developers and sellers while construction generally is carried out by third party contractors. Absent a specific claim, we cannot quantify the potential cost of any obligation that may arise as a result of a future claim, and we have not recorded provisions associated with them in our financial statements. If we were required to remedy any defects on completed works, our financial condition and results of operations could be adversely affected.

***We could have losses if we have to resort to eviction proceedings in Argentina to collect unpaid rent because such proceedings are complex and time-consuming.***

Although Argentine law permits filing of an executive proceeding to collect unpaid rent and a special proceeding to evict tenants, eviction proceedings in Argentina are complex and time-consuming. Historically, the heavy workloads of the courts and the numerous procedural steps required have generally delayed landlords' efforts to evict tenants. Eviction proceedings generally take between six months and two years from the date of filing of the suit to the time of actual eviction.

Historically, we have sought to negotiate the termination of leases with defaulting tenants after the first few months of non-payment in an effort to avoid legal proceedings. Delinquency may increase significantly in the future, and such negotiations with tenants may not be as successful as they have been in the past. Moreover, new Argentine laws and regulations may forbid or restrict eviction, and in each such case they would likely have a material and adverse effect on our financial condition and results of operations.

***Climate change may have adverse effects on our business.***

We, our customers, and communities in which we operate, may be adversely affected by the physical risks of climate change, including increases in temperatures, sea levels, and the frequency and severity of adverse climatic events including fires, storms, floods and droughts. These effects, whether acute or chronic in nature, may directly impact us and our customers through disruptions to business and economic activity or impacts on income and asset values.

Climate change implies multiple drivers of financial risk that could adversely affect us:

· *Transition risks*: the move to a low-carbon economy, both at idiosyncratic and systemic levels - such as through policy, regulatory and technological changes, and business and consumers preferences- could increase our expenses and impact our strategies.

· *Physical risks:* discrete events, such as flooding and wildfires, and extreme weather impacts and longer-term shifts in climate patterns, such as extreme heat, sea level rise and more frequent and prolonged drought, which could result in financial losses that could impair asset values and the creditworthiness of our customers. Such events could disrupt our operations or those of our customers or third parties on which we rely and do business with.

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· *Liability risks:* parties who may suffer losses from the effects of climate change may seek compensation from state entities, regulators, investors and lenders, among others.

· *Credit risks:* physical climate change could lead to increased credit exposure and companies with business models not aligned with the transition to a low-carbon economy may face a higher risk of reduced corporate earnings and business disruption due to new regulations or market shifts.

· *Market and liquidity risks:* market and liquidity changes in the most carbon-intensive sectors could affect energy and commodity prices, corporate bonds, equities and certain derivatives contracts. Increasing frequency of severe weather events could affect macroeconomic conditions, weakening fundamental factors such as economic growth, employment and inflation. Companies could face liquidity risks derived from cash outflows targeted to improve their reputation in the market or solve climate-related problems.

· *Operational risks:* severe weather events could directly impact business continuity and operations both of customers and our operations.

· *Regulatory compliance risks:* increased regulatory compliance risk may result from the increasing pace, breadth and depth of regulatory expectations requiring implementation in short timeframes across multiple jurisdictions and from changes in public policy, laws and regulations in connection with climate change and related environmental sustainability matters.

· *Conduct risks:* increasing demand for "green" products where there are differing and developing standards or taxonomies.

· *Reputational risk:* our reputation and client relationships may be damaged as a result of our practices and decisions related to climate change, social and environmental matters, or to the practices or involvement of our client vendors or suppliers, in certain industries or projects associated with causing or exacerbating climate change.

Initiatives to mitigate or respond to climate change may impact market and asset prices, economic activity, and customer behavior, particularly in emissions intensive industry sectors and geographies affected by these changes. Any of the conditions described above, or failure to effectively manage and disclose these risks could adversely affect our business, prospects, reputation, financial performance or financial condition.

***The recurrence of a credit crisis could have a negative impact on our major customers, which in turn could materially adversely affect our results of operations and liquidity.***

Argentina is undergoing a credit crisis that could negatively impact our tenants' ability to comply with their lease obligations. The impact of a future credit crisis on our major tenants cannot be predicted and may be quite severe. A disruption in the ability of our significant tenants to access liquidity could pose serious disruptions or an overall deterioration of their businesses, which could lead to a significant reduction in future orders of their products and their inability or failure to comply with their obligations, any of which could have a material adverse effect on our results of operations and liquidity.

***We are subject to risks inherent to the operation of office buildings that may affect our profitability.***

Office buildings are exposed to various factors that may affect their development, administration and profitability, including the following factors:

· lower demand for office space as a consequence of the implementation of hybrid and home office work;

· a deterioration in the financial condition of our tenants that causes defaults under leases due to lack of liquidity, access to capital or for other reasons;

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· difficulties or delays renewing leases or re-leasing space;

· decreases in rents as a result of oversupply, particularly offerings at newer or re-developed properties;

· competition from developers, owners and operators of office properties and other commercial real estate, including sublease space available from our tenants;

· maintenance, repair and renovation costs incurred to maintain the competitiveness of our office buildings;

· exchange controls that may interfere with their ability to pay rents that generally are pegged to the U.S. dollar;

· the consequences of a pandemic, epidemic or disease outbreak that would produce lower demand for offices spaces; and

· an increase in our operating costs, caused by inflation or by other factors could have a material adverse effect on us if our tenants are unable to pay higher rent as a result of increased expenses.

***The Company's investment in property development and management activities may be less profitable than we anticipate.***

We are engaged in the development and construction of properties to be used for office, residential or commercial purposes, shopping malls and residential complexes, in general through third-party contractors. Risks associated with our development, reconversion and construction activities include the following, among others:

· abandonment of development opportunities and renovation proposals;

· construction costs may exceed our estimates for reasons including higher interest rates or increases in the cost of materials and labor, making a project unprofitable;

· occupancy rates and rents at newly completed properties may fluctuate depending on a number of factors, including market and economic conditions, resulting in lower than projected rental revenue and a corresponding lower return on our investment;

· pre-construction buyers may default on their purchase contracts or units in new buildings may remain unsold upon completion of construction;

· lack of affordable financing alternatives in the private and public debt markets;

· sale prices of residential units may be insufficient to cover development costs;

· construction and lease commencements may not be completed on schedule, resulting in increased debt service expense and construction costs;

· failure or delays in obtaining necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, or building moratoria and anti-growth legislation;

· significant time lags between the commencement and completion of projects subjects us to greater risks due to fluctuation in the general economy;

· construction may be delayed because of a number of factors, including weather, strikes or delays in receipt of zoning or other regulatory approvals, or man-made or natural disasters, resulting in increased debt service expense and construction costs; and

· changes in our tenants' demand for rental properties outside of Buenos Aires.

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We may incur capital expenditures that require considerable time and effort and which may never be completed due to government restrictions or overall market conditions.

In addition, we may face claims for the enforcement of labor laws in Argentina. Many companies hire personnel from third parties that provide outsourced services, and sign indemnity agreements if labor claims from employees of such third parties arise. However, in recent years several courts have rejected the existence of independence in those labor relations and ruled that joint and several responsibilities by both companies.

While the Company's policies with respect to expansion, renovation and development activities are intended to limit some of the risks otherwise associated with such activities, we are nevertheless subject to risks associated with property development, such as cost overruns, design changes and timing delays arising from a lack of availability of materials and labor, weather conditions and other factors outside of our control, as well as financing costs that, may exceed original estimates, possibly making the associated investment unprofitable. Any delays or unanticipated expenses could adversely affect the investment returns from these development projects and harm our operating results.

***Greater than expected increases in construction costs could adversely affect the profitability of our new developments.***

Our business activities include real estate developments. One of the main risks related to this activity corresponds to potential increases in construction costs, which may be driven by higher demand and new development projects in the shopping malls and buildings sectors. Increases higher than those included in the original budget may result in lower profitability than expected.

Profitability of real estate developments may also be impacted by failure to obtain financing on favorable terms, delays in construction, and failure to obtain necessary zoning, land use, building, occupancy and other required governmental permits and authorizations.

***The increasingly competitive real estate sector in Argentina may adversely affect our ability to rent or sell office space and other real estate and may affect the sale and lease price of our premises.***

Our real estate activities are highly concentrated in the Buenos Aires metropolitan area where the market is highly competitive due to a scarcity of properties in sought-after locations and an increasing number of local and international competitors. The Argentine real estate industry is highly competitive and fragmented and does not have high barriers to entry for new competitors. The main competitive factors in the real estate development business include availability and location of land, price, funding, design, quality, reputation and partnerships with developers. A number of residential and commercial developers and real estate service companies compete in identifying land acquisition opportunities, attracting financial resources, and appealing to prospective purchasers and tenants. Other companies, including joint ventures of foreign and local companies, have become increasingly active in the market, further increasing competition. If one or more of our competitors is able to acquire and develop desirable properties, because it has access to greater financial resources or otherwise, if we are unable to respond to such pressures as promptly as our competitors, or competition increases, our business and financial condition could be adversely affected.

All of our shopping mall and commercial office properties are located in Argentina. There are other shopping malls and independent retail stores and residential properties that are within the geographic scope of each of our properties. The number of competing properties in a particular area could have a material adverse effect both on our ability to lease retail space in our shopping malls or sell units in our residential complexes and on the amount of rent or the sale price that we are able to charge. We cannot assure you that other shopping mall operators will not invest in Argentina in the near future. If additional competitors become active in the shopping mall segment, such competition could have a material adverse effect on our results of operations.

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Substantially all of our offices and other non-shopping mall rental properties are located in developed urban areas. There are many office buildings, shopping malls, retail and residential premises in the areas where our properties are located. This is a highly fragmented market, and the abundance of comparable properties in our vicinity may adversely affect our ability to rent or sell office space and other real estate and may affect the sale and lease price of our premises. In the future, both national and foreign companies may participate in Argentina's real estate development market, competing with us for business opportunities.

***Some potential losses are not covered by insurance and certain kinds of insurance coverage may become prohibitively expensive.***

We currently have insurance policies in place that cover potential risks such as civil liability, all operational risks (including, among others, fire, loss of profits, floods, natural events, and other material damages to our assets), and terrorism, in all of our properties. Although we believe the policy specifications and insured limits of these policies are customary, there are certain types of losses, such as leases and other contract claims and acts of war, that are generally not covered under the insurance policies offered in Argentina. In the event of a loss that was not insured or a loss in excess of insured limits, we could lose all or a portion of the capital we have invested in a property, as well as our anticipated future revenue. In such an event, we might nevertheless remain obligated for any mortgage debt or other financial obligations related to the property. We cannot assure you that material losses in excess of insurance proceeds will not occur in the future. If any of our properties were to experience a catastrophic loss, it could seriously disrupt our operations, delay revenues, and result in large expenses to repair or rebuild the property.

We have life or incapacity insurance for our employees. If any of our employees were to die or become disabled, we could experience losses caused by a disruption in our operations which will not be covered by insurance, and this could have a material adverse effect on IRSA's financial condition and results of operations.

Moreover, we cannot assure that IRSA will be able to renew its insurance coverage in an adequate amount or at reasonable prices. It is possible that insurance companies no longer offer coverage for certain types of losses, or, if they do, these types of insurance may be prohibitively expensive.

***An uninsured loss or a loss that exceeds policies on our properties could subject us to lost capital or revenue on those properties.***

The terms of our standard form property leases currently in effect, require tenants to indemnify and hold us harmless from liabilities resulting from injury to persons or property at or outside the premises, due to activities conducted on the properties, except for claims arising from negligence or intentional misconduct of our agents. Tenants are generally required, at the tenant's expense, to obtain and keep in full force during the term of the lease, liability insurance policies. we cannot provide assurance that our tenants will be able to properly maintain their insurance policies or have the ability to pay deductibles. If an uninsured loss occurs or a loss arises that exceeds the combined aggregate limits for the policies, or if a loss arises that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in, and anticipated revenue from, one or more of our properties, which could have a material adverse effect on our business, financial condition and results of operations.

***Demand for our premium properties, aimed at high-income consumers, may not be sufficient.***

We have focused on development projects that cater to affluent consumers and we have entered into property barter arrangements pursuant to which we contribute undeveloped land parcels to joint venture entities with developers who agree to deliver units at premium development locations in exchange for our land contribution. When the developers return these properties to us, demand for premium residential units could be significantly lower. In such case, we would be unable to sell these residential units at the estimated prices or time frame, which could have an adverse effect on our financial condition and results of operations.

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***The shift by consumers to purchasing goods over the internet, where barriers to entry are low, may negatively affect sales at our shopping malls.***

In recent years, internet retail sales have grown significantly in Argentina, even though the market share of such sales is still modest. The Internet enables manufacturers and retailers to sell directly to consumers, diminishing the importance of traditional distribution channels such as retail stores and shopping malls. We believe that our target consumers are increasingly using the Internet, from home, work or elsewhere, to shop electronically for retail goods, and this trend is likely to continue. Retailers at our properties face increasing competition from online sales and this could cause the termination or non-renewal of their leases or a reduction in their gross sales, affecting our percentage rent based revenue. If e-commerce and retail sales through the Internet continue to grow, retailers' and consumers' reliance on our shopping malls could be materially diminished, having a material adverse effect on our financial condition, results of operations and business prospects.

***We are subject to risks affecting the hotel industry.***

The full-service segment of the lodging industry in which our hotels operate is highly competitive. The operational success of our hotels is highly dependent on our ability to compete in areas such as access, location, quality of accommodations, rates, quality food and beverage facilities and other services and amenities. Our hotels may face additional competition if other companies decide to build new hotels or improve their existing hotels to increase their attractiveness.

In addition, the profitability of our hotels depends on:

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| our ability to form successful relationships with international and local operators to run our hotels; |
| changes in tourism and travel trends, including seasonal changes and changes due to pandemic outbreaks, such as the Influenza A Subtype H1N1 and Zika viruses, a potential Ebola outbreak, Covid-19, monkeypox, among others, or weather phenomenons or other natural events, such as the eruption of the Puyehué and the Calbuco volcano in June 2011 and April 2015, respectively; |
| affluence of tourists, which can be affected by a slowdown in global and local economy; and |
| taxes and governmental regulations affecting wages, prices, interest rates, construction procedures and costs. |

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***Our business is subject to extensive regulation and additional regulations may be imposed in the future.***

Our activities are subject to Argentine federal, state and municipal laws, and to regulations, authorizations and licenses required with respect to construction, zoning, use of the soil, environmental protection and historical landmark preservation, consumer protection, antitrust and other requirements, all of which affect our ability to acquire land, buildings and shopping malls, develop and build projects and negotiate with customers. In addition, companies in this industry are subject to increasing tax rates, the introduction of new taxes and changes in the taxation regime. We are required to obtain permits from different government agencies in order to carry out our projects. Maintaining our licenses and authorizations can be costly. If we fail to comply with such laws, regulations, licenses and authorizations, we may face fines, project shutdowns, and cancellation of licenses and revocation of authorizations.

Antitrust laws in Argentina could limit our ability to expand our business through acquisitions or joint ventures. Argentine antitrust laws contain provisions that require authorization by the antitrust authorities in those countries for the acquisition of, or entering into joint venture agreements with, companies with a relevant market share.

In addition, public agencies may issue new and stricter standards, or enforce or construe existing laws and regulations in a more restrictive manner, which may force us to incur expenditures in order to comply. Development activities are also subject to risks of potential delays in or an inability to obtain all necessary zoning, environmental, land-use, development, building, occupancy and other permits and authorizations. Any such delays or failures to obtain such government approvals may have an adverse effect on our business.

In this context, Arcos del Gourmet S.A., one of our subsidiaries, is involved in proceedings related to zoning and environmental regulations, as well as the revocation of its concession agreement concerning the "Distrito Arcos" shopping mall in Buenos Aires. Although the shopping mall continues to operate normally, an unfavorable outcome in these proceedings, including the potential loss of the concession, could adversely affect our business. For more information, see "Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings—Arcos del Gourmet".

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In the past, the Argentine Government issued regulations regarding leases in response to housing shortages, high rates of inflation and difficulties in accessing credit. Such regulations limited or prohibited increases on rental prices and prohibited eviction of tenants, even for failure to pay rent. Most of our leases provide that tenants pay all costs and taxes related to their respective leased areas. In the event of a significant increase in such costs and taxes, the Argentine Government may respond to political pressure to intervene by regulating this practice, thereby negatively affecting our rental income. We cannot assure you that the Argentine Government will not impose similar or other regulations in the future. Changes in existing laws or the enactment of new laws governing the ownership, operation or leasing of shopping malls and office properties in Argentina could negatively affect the real estate and the rental market and materially and adversely affect our operations and financial condition.

***Labor relations may negatively impact us.***

As of June 30, 2025, 59.3% of our workforce was represented by unions under collective bargaining agreements. Although we currently enjoy good relations with our employees and their unions, we cannot assure you that labor relations will continue to be positive or that deterioration in labor relations will not materially and adversely affect us.

***Our results of operations include unrealized revaluation adjustments on investment properties, which may fluctuate significantly over financial periods and may materially and adversely affect our business, results of operations and financial condition.***

During the year ended June 30, 2025, we had fair value loss on investment properties of ARS 2,500 million. Although the upward or downward revaluation adjustments reflect unrealized capital gains or losses on our investment properties during the relevant periods, the adjustments do not reflect the actual cash flow or profit or losses generated from the sales or rental of our investment properties. Unless such investment properties are disposed of at similarly revalued amounts, we will not realize the actual cash flow. The amount of revaluation adjustments has been, and will continue to be, significantly affected by the prevailing property markets and macroeconomic conditions prevailing in Argentina and will be subject to market fluctuations in those markets.

We cannot guarantee whether changes in market conditions will increase, maintain or decrease the historical average fair value gains on our investment properties or at all. In addition, the fair value of our investment properties may materially differ from the amount we receive from any actual sale of an investment property. If there is any material downward adjustment in the revaluation of our investment properties in the future or if our investment properties are disposed of at significantly lower prices than their valuation or appraised value, our business, results of operations and financial condition may be materially and adversely affected.

***Due to the currency mismatches between our assets and liabilities, we have high currency exposure.***

As of June 30, 2025, the majority of our liabilities, such as our Series XIV, XVI (which was paid on July 25, 2025), XVII, XVIII, XX, XXII, XXIII and XXIV Notes, were denominated in U.S. dollars while the Company's revenues are mainly denominated in Pesos. This currency gap mainly affects our operational flows to pay interests of our U.S. dollar denominated debt, considering our assets are transacted in U.S dollars. In addition, restrictions to access to MULC to acquire the required U.S. dollars to pay our U.S. dollar denominated debt or future regulations that may be enacted establishing a different exchange rate (higher than the current official exchange rate) to convert the Pesos into U.S. dollars exposes us to a risk of volatility, which may adversely affect our financial results if the U.S. dollar appreciates against the Peso and may affected our ability to pay interests of our U.S. dollar denominated debt. Any depreciation of the Peso against the U.S. dollar increases the nominal amount of our debt in Pesos, which further adversely affects the results of our operations and financial conditions and may increase the collection risk of our leases and other receivables from our tenants and mortgages, most of which generate Peso denominated revenue.

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***We issue debt in the local and international capital markets as one of our main sources of funding and our capacity to successfully access the local and international markets on favorable terms affects our cost of funding.***

Our ability to successfully access the local and international capital markets on acceptable terms depends largely on capital markets conditions prevailing in Argentina and internationally. We have no control over capital markets conditions, which can be volatile and unpredictable. If we are unable to issue debt in the local and/or international capital markets and on terms acceptable to us, whether as a result of regulations and foreign exchange restrictions, a deterioration in capital markets conditions or otherwise, we would likely be compelled to seek alternatives for funding, which may include short-term or more expensive funding sources. If this were to happen, we may be unable to fund our liquidity needs at competitive costs and our business results of operations and financial condition may be materially and adversely affected.

***Cybersecurity events could negatively affect our reputation, our financial condition and our results of operations.***

Our operations do not rely exclusively on the internet, cybersecurity remains a critical risk for the Company. We depend on digital systems to manage financial, operational and administrative information. These systems can be subject to cyber intrusions, viruses, ransomware, denial-of-service attacks, phishing, identity theft, and other disruptions that could affect our operations and cause financial losses or damage to our reputation.

We have implemented robust security measures, including multi-factor authentication and constant cybersecurity monitoring in our environment, to protect information and systems. We also raise awareness among our employees about cybersecurity practices to reduce risks. Despite these efforts, we cannot guarantee that our systems are completely free of vulnerabilities.

In the event of a significant cyberattack, we could face disruptions in our operations, fraud, or theft of sensitive information that negatively affect our financial situation and shareholder confidence. Additionally, insurance coverage may not be sufficient to cover all potential losses, which could have a negative impact on our business.

Although we intend to continue implementing and updating our security technology devices and operational procedures to prevent cybersecurity damage, it is possible that our systems are not free of vulnerabilities and that these security countermeasures could be defeated. If any of these events occur, our reputation could be damaged, affecting our business, as well as our results of operations and financial condition.

***Property ownership through joint ventures or investees may limit our ability to act exclusively in our interest.***

We develop and acquire properties in joint ventures with other persons or entities or make minority investments in entities when we believe circumstances warrant the use of such structures.

As of June 30, 2025, we own 50% of the equity of Puerto Retiro. In the Hotel segment, IRSA owns 50% of the equity of Hotel Llao Llao and the other 50% is owned by the Sutton Group. In the Shopping Malls segment IRSA owns 50% of the equity of Nuevo Puerto Santa Fe S.A., which is the tenant of a building in which it built and currently operates "La Ribera" shopping mall.

In addition, as of June 30, 2025, we hold approximately 29.12% of the equity of Banco Hipotecario, of which the Argentine Government is the controlling shareholder.

We could engage in a dispute with one or more of our joint venture partners or controlling shareholders in an investment that might affect our ability to operate a jointly-owned property. Moreover, our joint venture partners or controlling shareholders in an investment may, at any time, have business, economic or other objectives that are inconsistent with our objectives, including objectives that relate to the timing and terms of any sale or refinancing of a property. For example, the approval of certain of our investors is required with respect to operating budgets and refinancing, encumbering, expanding or selling any of these properties. In some instances, our joint venture partners or controlling shareholders in an investment may have competing interests in their markets that could create conflicts of interest. If the objectives of our joint venture partners or controlling shareholder in an investment are inconsistent with our own objectives, we will not be able to act exclusively in our interests.

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If one or more of the investors in any of our jointly owned properties were to experience financial difficulties, including bankruptcy, insolvency or a general downturn of business, there could be an adverse effect on the relevant property or properties and in turn, on our financial performance. Should a joint venture partner or controlling shareholder in an investment declare bankruptcy, we could be liable for our partner's common share of joint venture liabilities or liabilities of the investment vehicle.

***We are dependent on our Board of Directors, senior management and other key personnel.***

Our success, to a significant extent, depends on the continued employment of Eduardo S. Elsztain and certain other members of our Board of Directors and senior management, who have significant expertise and knowledge of our business and industry. The loss or interruption of their services for any reason could have a material adverse effect on our business and results of operations. Our future success also depends in part upon our ability to attract and retain other highly qualified personnel. We cannot assure you that we will be successful in hiring or retaining qualified personnel, or that any of our personnel will remain employed by us, which may have a material adverse effect on our financial condition and results of operations.

***We may face potential conflicts of interest relating to our principal shareholders.***

Our largest beneficial owner is Mr. Eduardo S. Elsztain, according to his indirect shareholding through CRESUD. As of June 30, 2025, such beneficial ownership consisted of 412,158,780 common shares held by CRESUD. Conflicts of interest between our management and that of our related companies may arise in connection with the performance of their respective business activities. As of June 30, 2025, Mr. Eduardo S. Elsztain also beneficially owned approximately 57.4% of our common shares. We cannot assure you that our principal shareholders and our affiliates will not limit or cause us to forego business opportunities that our affiliates may pursue or that the pursuit of other opportunities will be in our interest.

**Risks Relating to our Investment in Banco Hipotecario**

***The stability of the financial system depends upon the ability of financial institutions, including Banco Hipotecario, to maintain and increase the confidence of depositors.***

As of June 30, 2025, IRSA owned approximately 29.12% of the outstanding capital stock of Banco Hipotecario. Banco Hipotecario's assets as of such date were ARS 3,533,572 million. All of Banco Hipotecario's operations, properties and customers are located in Argentina. Accordingly, the quality of Banco Hipotecario's loan portfolio, financial condition and results of operations depend on economic, regulatory and political conditions prevailing in Argentina. These conditions include growth rates, inflation rates, exchange rates, changes to interest rates, changes to government policies, social instability and other political, economic or international developments either taking place in, or otherwise affecting, Argentina.

In the event that depositors are unable to freely withdraw their money from banks in the future, there may be a substantial negative impact on the manner in which financial institutions, including Banco Hipotecario, conduct their business, and on their ability to operate as financial intermediaries. Loss of confidence in the international financial markets may also adversely affect the confidence of Argentine depositors in local banks.

In the case of an adverse economic situation, even if it is not related to the financial system, could trigger a massive withdrawal of capital from local banks by depositors, as an alternative to protect their assets from potential crises. Any massive withdrawal of deposits could cause liquidity issues in the financial sector and, consequently, a contraction in credit supply.

The occurrence of any of the above could have a material and adverse effect on Banco Hipotecario's expenses and business, results of operations and financial condition.

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***The asset quality of financial institutions is exposed to the non-financial public sector and Central Bank's indebtedness.***

Financial institutions carry significant portfolios of bonds issued by the Argentine Government and by provincial governments as well as loans granted to these governments. According to the Banks Report published by the Central Bank, loans to the public sector represent 27.5% of the financial sector's assets as of June 2025.

In addition, financial institutions currently carry securities issued by the Central Bank in their portfolios, which generally are short-term. As of June 30, 2025, Banco Hipotecario's total exposure to the public sector was ARS 1,426,663 million, which represented 40% of its assets as of that date, and the total exposure to securities issued by the Central Bank was USD 255,883, which represented less than 0.001% of its total assets as of June 30, 2025.

***Banco Hipotecario could suffer losses in its investment portfolios due to volatility in the capital markets and in the exchange rate, which could significantly affect Banco Hipotecario's financial condition and results of operations.***

Banco Hipotecario could suffer losses related to its U.S. dollar investments due to changes in market prices, defaults, fluctuations in market interest rates and exchange rates, changes in the market perception of the credit quality of both public sector instruments and private issues, or other reasons. A decline in the performance of the capital markets may cause Banco Hipotecario to record net losses due to a decrease in the value of its investment portfolios, in addition to losses from trading positions caused by volatility in financial market prices, even in the absence of a general economic downturn. Any of these losses could have a material adverse effect on Banco Hipotecario's financial condition and results of operations.

***Potential Adverse Effects of Consumer Protection Law and Class Actions on Banco Hipotecario.***

The Consumer Protection Law and its amendments, along with the Credit Card Law and Central Bank regulations, establish rules aimed at protecting consumers, including Banco Hipotecario's customers. The Argentine Civil and Commercial Code also includes provisions that favor consumers. The increasing enforcement of these laws by authorities and courts could negatively affect Banco Hipotecario's ability to collect payments, thereby impacting its operating results.

Additionally, class actions against financial institutions, supported by the Argentine Constitution and the Consumer Protection Law, have increased in Argentina. Despite the lack of clear procedural rules, courts have admitted class actions in several cases involving financial institutions, such as claims over interest rates or product charges. If these claims succeed, they could negatively impact the profitability of Banco Hipotecario and the financial system as a whole.

***Banco Hipotecario operates in a highly regulated environment and its operations are subject to capital controls regulations adopted by several regulatory agencies.***

Financial institutions are subject to a major number of regulations concerning functions historically determined by the Central Bank and other regulatory authorities. The Central Bank may penalize Banco Hipotecario and its directors, members of the Executive Committee and members of its Supervisory Committee, in the event of any breach of the applicable regulation. Potential sanctions, for any breach of the applicable regulations, may vary from administrative and/or disciplinary penalties to criminal sanctions. Similarly, the CNV, which authorizes securities offerings and regulates the capital markets in Argentina, has the authority to impose sanctions on us and Banco Hipotecario's Board of Directors for breaches of corporate governance established in the capital markets laws and the CNV Rules. The UIF regulates matters relating to the prevention of asset laundering and has the ability to monitor compliance with any such regulations by financial institutions and, eventually, impose sanctions.

We cannot assure you whether such regulatory authorities will commence proceedings against Banco Hipotecario, its shareholders, directors or its Supervisory Committee, or penalize Banco Hipotecario. Banco Hipotecario has adopted "Know Your Customer" and other policies and procedures to comply with its duties under currently applicable rules and regulations.

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In addition to regulations specific to the banking industry, Banco Hipotecario is subject to a wide range of federal, provincial and municipal regulations and supervision generally applicable to businesses operating in Argentina, including laws and regulations pertaining to labor, social security, public health, consumer protection, the environment, competition and price controls. We cannot assure you that existing or future legislation and regulation will not require material expenditures by Banco Hipotecario or otherwise have a material adverse effect on Banco Hipotecario's consolidated operations.

***Increased competition and M&A activities in the banking industry may adversely affect Banco Hipotecario.***

Banco Hipotecario foresees increased competition in the banking sector. If the trend towards decreasing spreads is not offset by an increase in lending volumes, the ensuing losses could lead to mergers in the industry. These mergers could lead to the establishment of larger, stronger banks with more resources than us. Therefore, although the demand for financial products and services in the market continues to grow, competition may adversely affect Banco Hipotecario's results of operations, resulting in shrinking spreads and commissions.

***Future governmental measures may adversely affect the economy and the operations of financial institutions.***

We cannot assure you that the laws and regulations currently governing the economy or the banking sector will remain unaltered in the future or that any such changes will not adversely affect Banco Hipotecario's business, financial condition or results of operations and Banco Hipotecario's ability to honor its debt obligations in foreign currency.

If the law currently in force were to be comprehensively modified, the financial system as a whole could be substantially and adversely affected. If any of these legislative bills were to be enacted or if the Financial Institutions Law were amended in any other way, the impact of the subsequent amendments to the regulations on the financial institutions in general, Banco Hipotecario's business, its financial condition and the results of operations is uncertain.

The option to discharge in Pesos a foreign currency obligation may be waived by the debtor is still under discussion. In recent years some court decisions have established the obligation to pay in foreign currency when it was so freely agreed by the parties. We are not able to ensure that any current or future laws and regulations (including, in particular, the amendment to the Financial Institutions Law and the amendment to the Central Bank's charter) will not result in significant costs to Banco Hipotecario, or will otherwise have an adverse effect on Banco Hipotecario's operations.

***The exposure of Banco Hipotecario to individual borrowers could lead to higher levels of past due loans, allowances for loan losses and charge-offs.***

A substantial portion of Banco Hipotecario's loan portfolio consists of loans to individual customers in the lower-middle to middle income segments of the Argentine population. The quality of Banco Hipotecario's portfolio of loans to individuals is dependent to a significant extent on economic conditions prevailing from time to time in Argentina. Lower-middle to middle income individuals are more likely to be exposed to and adversely affected by adverse developments in the Argentine economy than corporations and high-income individuals. As a result, lending to these segments represents higher risk than lending to such other market segments. Consequently, Banco Hipotecario may experience higher levels of past due amounts, which could result in higher provisions for loan losses. Therefore, there can be no assurance that the levels of past due amounts and subsequent charge-offs will not be materially higher in the future.

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***An increase in fraud or transaction errors may adversely affect Banco Hipotecario.***

As with other financial institutions, Banco Hipotecario is susceptible to, among other things, fraud by employees or outsiders, unauthorized transactions by employees and other operational errors (including clerical or record keeping errors and errors resulting from faulty computer or telecommunications systems). Given the high volume of transactions that may occur at a financial institution, errors could be repeated or compounded before they are discovered and remedied. In addition, some of our transactions are not fully automated, which may further increase the risk that human error or employee tampering will result in losses that may be difficult to detect quickly or at all. Losses from fraud by employees or outsiders, unauthorized transactions by employees and other operational errors might adversely affect Banco Hipotecario's reputation, business, the results of operations and financial condition.

**Risks Relating to our GDSs and the Common Shares**

***Shares eligible for sale could adversely affect the price of our common shares and GDSs.***

The market prices of our common shares and GDS could decline as a result of sales by our existing shareholders of common shares or GDSs in the market, or the perception that these sales could occur. These sales also might make it difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

The GDSs are freely transferable under U.S. securities laws, including common shares sold to our affiliates. CRESUD, which as of June 30, 2025, owned approximately 54.1% (without considering treasury shares) of our common shares (or approximately 412,158,780 common shares which may be exchanged for an aggregate of 41,215,878 GDSs), is free to dispose of any or all of its common shares or GDSs at any time in its discretion. Sales of a large number of our common shares and/or GDSs would likely have an adverse effect on the market price of our common shares and GDSs.

***If we issue additional equity securities in the future, you may suffer dilution, and trading prices for our equity securities may decline.***

We may issue additional shares of our common stock for financing future acquisitions or new projects or for other general corporate purposes. Any such issuance could result in a dilution of your ownership stake and/or the perception of any such issuances could have an adverse impact on the market price of the GDSs.

***We are subject to certain different corporate disclosure requirements and accounting standards than domestic issuers of listed securities in the United States.***

There is less publicly available information about the issuers of securities listed on the Argentine stock exchanges than information publicly available about domestic issuers of listed securities in the United States and certain other countries.

Although the GDSs are listed on the NYSE, as a foreign private issuer we are able to rely on home country governance requirements rather than relying on the NYSE corporate governance requirements. See "*Item 16.G. Corporate Governance—Compliance with NYSE listing standards on corporate governance."* Additionally, as a foreign private issuer, we are exempt from certain rules under the Exchange Act including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events. In addition, foreign private issuers are not required to file their Annual Report on Form 20-F until four months after the end of each fiscal year, while United States domestic issuers that are accelerated filers are required to file their Annual Report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers are also exempt from the Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result of the above, you may not have the same protections afforded to shareholders companies that are not foreign private issuers.

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***Investors may not be able to effect service of process within the United States, limiting their recovery of any foreign judgment.***

We are a publicly held corporation (*sociedad anónima*) organized under the laws of Argentina. Most of our directors and our senior managers are located in Argentina. As a result, it may not be possible for investors to effect service of process within the United States upon us or such persons or to enforce against us or them in United States courts judgments obtained in such courts predicated upon the civil liability provisions of the United States federal securities laws. We have been advised by our Argentine counsel, Zang, Bergel & Viñes, that there is doubt whether the Argentine courts will enforce, to the same extent and in as timely a manner as a United States or foreign court, an action predicated solely upon the civil liability provisions of the United States federal securities laws or other foreign regulations brought against such persons or against us.

***If we are considered to be a passive foreign investment company for United States federal income tax purposes, United States holders of our common shares or GDSs would suffer negative consequences.***

Based on the past and projected composition of our income and assets and the valuation of our assets, including goodwill, we do not believe we were a passive foreign investment company (a "PFIC") for United States federal income tax purposes for the taxable year ending June 30, 2025, and do not currently expect to become a PFIC, although there can be no assurance in this regard. The determination of whether we are a PFIC is made annually. Accordingly, it is possible that we may be a PFIC in the current or any future taxable year due to changes in our asset or income composition or if our projections are not accurate. The volatility and instability of Argentina's economic and financial system may substantially affect the composition of our income and assets and the accuracy of our projections. In addition, this determination is based on the interpretation of certain United States Treasury regulations relating to rental income, which regulations are potentially subject to different interpretations. If we become a PFIC, U.S. Holders (as defined in *"Item 10. Additional Information—E. Taxation—United States Taxation"*) of our common shares or GDSs will be subject to certain United States federal income tax rules that have negative consequences for them, as well as reporting requirements. See "*Item 10. Additional Information—E. Taxation—United States Taxation—Passive Foreign Investment Company*" for a more detailed discussion of the consequences if we are deemed a PFIC. You should consult your own tax advisors regarding the application of the PFIC rules to your particular circumstances.

***Changes in Argentine tax laws may affect the tax treatment of our common shares or GDSs.***

Law No. 26,893, which amended Law No. 20,628 (the "Income Tax Law"), was enacted on September 12, 2013, and published in the Official Gazette on September 23, 2013. According to the amendments, the distribution of dividends by an Argentine corporation was subject to income tax at a rate of 10.0%, unless such dividends were distributed to Argentine corporate entities.

The dividend tax was repealed by Law No. 27,260, published in the Official Gazette on July 22, 2016, and consequently no income tax withholding was applicable on the distribution of dividends in respect of both Argentine and non-Argentine resident shareholders, except when dividends distributed were greater than the income determined according to the application of the Income Tax Law, accumulated at the fiscal year immediately preceding the year in which the distribution is made. In such case, the excess was subject to a rate of 35%, for both Argentine and non-Argentine resident shareholders. This treatment still applies to dividends to be distributed at any time out of retained earnings accumulated until the end of the last fiscal year starting before January 1, 2018.

However, pursuant to Law No. 27,430, as amended by Law No. 27,541 and Law No. 27,630, dividends distributed out of earnings accrued in fiscal years starting on or after January 1, 2018, and other profits paid in cash or in kind —except for stock dividends or quota dividends— by companies and other entities incorporated in Argentina referred to in the Income Tax Law, to Argentine estates, resident individuals, resident undivided estates and foreign beneficiaries are subject to income tax at a 7% rate on profits accrued in fiscal years starting on January 1, 2018 and onwards. If dividends are distributed to Argentine corporate taxpayers (in general, entities organized or incorporated under Argentine law, certain traders and intermediaries, local branches of foreign entities, sole proprietorships and individuals carrying on certain commercial activities in Argentina), no dividend tax would apply.

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In addition, capital gains originated from the disposal of shares and other securities, including securities representing shares and deposit certificates, are subject to capital gains tax. Law No. 27,430 effective as of January 1, 2018, provides that capital gains obtained by Argentine resident individuals from the disposal of shares and GDSs are exempt from capital gains tax in the following cases: (i) when the shares are placed through a public offering authorized by the CNV, (ii) when the shares are traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, and/or (iii) when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV.

In addition, Decree No. 824/2019, published in the Official Gazette on December 6, 2019 and which introduced the new consolidated text of the Income Tax Law, maintains the 15% capital gains tax (calculated on the actual net gain or a presumed net gain equal to 90% of the sale price) on the disposal of shares or securities by non-residents. However, non-residents are exempt from the capital gains tax on gains obtained from the sale of (a) Argentine shares in the following cases: (i) when the shares are placed through a public offering authorized by the CNV, (ii) when the shares were traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, and/or (iii) when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV; and (b) depositary shares or depositary receipts issued abroad, when the underlying securities are shares (i) issued by Argentine companies, and (ii) with authorization of public offering. The exemptions will only apply to the extent the foreign beneficiaries reside in, and the funds used for the investment proceed from jurisdictions not considered as not cooperating for purposes of fiscal transparency.

In case the exemption is not applicable and, to the extent foreign beneficiaries neither reside in, nor the funds arise from, jurisdictions considered as not cooperating for purposes of fiscal transparency, the gain realized from the disposition of shares would be subject to Argentine income tax at a 13.5% effective rate on the gross price. In case such foreign beneficiaries reside in, or the funds arise from, jurisdictions considered as not cooperating for purposes of fiscal transparency, a 31.5% effective rate on the gross price should apply.

Therefore, holders of our common shares, including in the form of GDSs, are encouraged to consult their tax advisors as to the particular Argentine income tax consequences under their specific facts.

***Holders of the GDS may be unable to exercise voting rights with respect to the common shares underlying their GDSs.***

As a holder of GDS, we will not treat you as one of our shareholders and you will not have shareholder rights. The depositary will be the holder of the common shares underlying your GDSs and holders may exercise voting rights with respect to the common shares represented by the GDSs only in accordance with the deposit agreement relating to the GDSs. There are no provisions under Argentine law or under our bylaws that limit the exercise by GDS holders of their voting rights through the depositary with respect to the underlying common shares. However, there are practical limitations on the ability of GDS holders to exercise their voting rights due to the additional procedural steps involved in communicating with these holders. For example, holders of our common shares will receive notice of shareholders' meetings through publication of a notice in the CNV's website, an Official Gazette in Argentina, an Argentine newspaper of general circulation and the bulletin of BASE, and will be able to exercise their voting rights by either attending the meeting in person or voting by proxy. GDS holders, by comparison, will not receive notice directly from us. Instead, in accordance with the deposit agreement, we will provide the notice to the GDS Depositary. If we ask the GDS Depositary to do so, the GDS Depositary will mail to holders of GDSs the notice of the meeting and a statement as to the manner in which instructions may be given by holders. To exercise their voting rights, GDS holders must then instruct the GDS Depositary as to voting the common shares represented by their GDSs. Under the deposit agreement, the GDS Depositary is not required to carry out any voting instructions unless it receives a legal opinion from us that the matters to be voted on would not violate our by-laws or Argentine law. We are not required to instruct our legal counsel to give that opinion. Due to these procedural steps involving the GDS Depositary, the process for exercising voting rights may take longer for GDS holders than for holders of common shares and common shares represented by GDSs may not be voted as you desire.

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***We are traded on more than one market and this may result in price variations; in addition, investors may not be able to easily move shares for trading between such markets.***

In addition to the trading of our GDSs in the United States, our common shares are traded in Argentina. Trading the GDSs or our common shares on these markets will take place in different currencies (U.S. dollars on the NYSE and Pesos on ByMA), and at different times (resulting from different time zones, different trading days and different public holidays in the United States and Argentina). The trading prices of these securities on these two markets may differ due to these and other factors. Any decrease in the price of our common shares on ByMA could cause a decrease in the trading price of the GDSs on the NYSE. Investors could seek to sell or buy our shares to take advantage of any price differences between the markets through a practice referred to as arbitrage. Any arbitrage activity could create unexpected volatility in both our share prices on one exchange, and the GDSs available for trading on the other exchange. In addition, holders of GDSs will not be immediately able to surrender their GDSs and withdraw the underlying common shares for trading on the other market without effecting necessary procedures with the GDS Depositary. This could result in time delays and additional cost for holders of GDSs.

***Under Argentine law, shareholder rights may be fewer or less well defined than in other jurisdictions.***

Our corporate affairs are governed by our by-laws and by Argentine corporate law, which differ from the legal principles that would apply if we were incorporated in a jurisdiction in the United States, such as the States of Delaware or New York, or in other jurisdictions outside Argentina. In addition, your rights or the rights of holders of our common shares to protect your or their interests in connection with actions by our Board of Directors may be fewer and less well defined under Argentine corporate law than under the laws of those other jurisdictions. Although insider trading and price manipulation are illegal under Argentine law, the Argentine securities markets are not as highly regulated or supervised as the United States securities markets or markets in some other jurisdictions. In addition, rules and policies against self-dealing and regarding the preservation of shareholder interests may be less well defined and enforced in Argentina than in the United States, putting holders of our common shares and GDSs at a potential disadvantage.

***Restrictions on the movement of capital out of Argentina may impair your ability to receive dividends and distributions on, and the proceeds of any sale of, the common shares underlying the GDSs.***

Over the last twenty years in Argentina exchange controls and transfer restrictions have been periodically imposed, substantially limiting the ability of companies to retain foreign currency or make payments abroad. Since 2019, new regulations have significantly curtailed access to the foreign exchange market by individuals and private sector entities.

In this regard, the Argentine Government imposed restrictions on the conversion of Argentine currency into foreign currencies and on the remittance to foreign investors of proceeds from their investments in Argentina. Argentine law currently permits the Argentine Government to impose these kind of restrictions temporarily in circumstances where a serious imbalance develops in Argentina's balance of payments or where there are reasons to foresee such an imbalance. We cannot assure you that GDS Depositary for the GDSs may hold the Pesos it cannot convert for the account of the GDS holders who have not been paid. No assurance can be given that payments to non-resident investors will not suffer delays under the current foreign exchange market regulations or be subject to any additional restrictions, such as a different exchange rate to convert the Pesos into U.S dollars, that may be higher than the current official exchange rate. In this regard, we suggest consulting with the corresponding custodian banks about the exchange regulations applicable. For more information, please see "Item 10. Additional Information—D Exchange Controls" and "Item 3. Key Information – D. Risk Factors".

***The protections afforded to minority shareholders in Argentina are different from and more limited than those in the United States and may be more difficult to enforce.***

Under Argentine law, the protections afforded to minority shareholders are different from, and much more limited than, those in the United States and some other Latin American countries. For example, the legal framework with respect to shareholder disputes, such as derivative lawsuits and class actions, is less developed under Argentine law than under United States law as a result of Argentina's short history with these types of claims and few successful cases. In addition, there are different procedural requirements for bringing these types of shareholder lawsuits. As a result, it may be more difficult for our minority shareholders to enforce their rights against us or our directors or controlling shareholder than it would be for shareholders of a United States company.

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***We may not pay any dividends.***

In accordance with Argentine corporate law, we may pay dividends to shareholders out of net and realized profits, if any, as set forth in our Audited Consolidated Financial Statements prepared in accordance with IFRS Accounting Standards. The approval, amount and payment of dividends are subject to the approval by our shareholders at our annual ordinary shareholders meeting. The approval of dividends requires the affirmative vote of a majority of the shareholders entitled to vote present at the meeting. As a result, we cannot assure you that we will be able to generate enough net and realized profits so as to pay dividends or that our shareholders will decide that dividends will be paid.

***Our ability to pay dividends is limited by law and our by-laws.***

In accordance with Argentine corporate law, we may pay dividends in Pesos out of retained earnings and/or Other Reserves, if any, to the extent set forth in our Audited Consolidated Financial Statements prepared in accordance with IFRS Accounting Standards. Our shareholders' ability to receive cash dividends may be limited by the ability of the GDS Depositary to convert cash dividends paid in Pesos into U.S. dollars. Under the terms of our deposit agreement with the depositary for the GDSs, to the extent that the depositary can in its judgment convert Pesos (or any other foreign currency) into U.S. dollars on a reasonable basis and transfer the resulting U.S. dollars to the United States, the depositary will promptly as practicable convert or cause to be converted all cash dividends received by it on the deposited securities into U.S. dollars. If in the judgment of the depositary this conversion is not possible on a reasonable basis (including as a result of applicable Argentine laws, regulations and approval requirements), the depositary may distribute the foreign currency received by it or in its discretion hold such currency uninvested for the respective accounts of the owners entitled to receive the same. As a result, if the exchange rate fluctuates significantly during a time when the depositary cannot convert the foreign currency, you may lose some or all of the value of the dividend distribution.

***You might be unable to exercise preemptive or accretion rights with respect to the common shares underlying your GDSs.***

Under Argentine corporate law, if we issue new common shares as part of a capital increase, our shareholders will generally have the right to subscribe for a proportional number of common shares of the class held by them to maintain their existing ownership percentage, which is known as preemptive rights. In addition, shareholders are entitled to the right to subscribe for the unsubscribed common shares of either the class held by them or other classes which remain unsubscribed at the end of a preemptive rights offering, on a pro rata basis, which is known as accretion rights. Under the deposit agreement, the GDS Depositary will not exercise rights on your behalf or make rights available to you unless we instruct it to do so, and we are not required to give that instruction. In addition, you may not be able to exercise the preemptive or accretion rights relating to the common shares underlying your GDSs unless a registration statement under the Securities Act, is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available. We are not obligated to file a registration statement with respect to the common shares relating to these preemptive rights, and we cannot assure you that we will file any such registration statement. Unless we file a registration statement or an exemption from registration is available, you may receive only the net proceeds from the sale of your preemptive rights by the GDS Depositary or, if the preemptive rights cannot be sold, they will be allowed to lapse. As a result, U.S. holders of common shares or GDSs may suffer dilution of their interest in our company upon future capital increases.

***Our shareholders may be subject to liability for certain votes of their securities.***

Our shareholders are not liable for our obligations. Instead, shareholders are generally liable only for the payment of the shares they subscribe to. However, shareholders who have a conflict of interest with us and do not abstain from voting may be held liable for damages to us, but only if the transaction would not have been approved without such shareholders' votes. Furthermore, shareholders who willfully or negligently vote in favor of a resolution that is subsequently declared void by a court as contrary to LGS or our bylaws may be held jointly and severally liable for damages to us or to other third parties, including other shareholders.

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***Our warrants are exercisable under limited circumstances and will expire.***

On May 12, 2021, we issued an aggregate of 80,000,000 warrants to purchase 80,000,000 of our common shares, and will expire on May 12, 2026. Each warrant will be exercisable only if the common share rights or GDS rights to which such warrant relates have been exercised, and such warrant will be exercisable after 90 days following its issuance during the nine-day period from and including the 17th through the 25th day of each February, May, September and November, on the day prior to their expiration and on their expiration date (to the extent such dates are business days in New York City and Buenos Aires, Argentina). As of the date of this Annual Report, there are 53,853,144 warrants outstanding.

On September 25, 2025, we informed that our Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders' Meeting to be held on October 30, 2025, and as an item on the agenda, it was decided to consider the subscription of an addendum to the warrant agreement dated April 29, 2021, as amended on September 17, 2021, to incorporate the option of the warrant holders to exercise the warrants on a cashless basis. For more information, see "*Item 4. Information on the Company —A. History and Development of the Company— Recent Developments— General Ordinary and Extraordinary Shareholders' Meeting."*

**ITEM 4. Information on the Company**

**A. History and Development of the Company**

***General Information***

Our legal and commercial name is IRSA Inversiones y Representaciones Sociedad Anónima. We were incorporated and organized on April 30, 1943, under Argentine law as a stock corporation (*sociedad anónima*), and we were registered with the IGJ on June 23, 1943, under number 284, on page 291, book 46 of volume A. Pursuant to our bylaws, our term of duration expires on April 5, 2043.

Our common shares are listed and traded on the ByMA and our GDSs representing our common shares are listed on the NYSE. Our headquarters are located at Carlos M. Della Paolera 261, 9<sup>th</sup> Floor, City of Buenos Aires (C1001ADA), Argentina. Our telephone is +54 (11) 4323-7400. Our website is www.irsa.com.ar. Information contained in or accessible through our website is not a part of this Annual Report. We assume no responsibility for the information contained on these sites.

Our depositary agent for the GDSs in the United States is The Bank of New York Mellon whose address is 240 Greenwich Street, New York, NY 10286, and whose telephone numbers are +1-888-BNY-ADRS (+1-888-269-2377) for U.S. calls and +1-201-680-6825 for calls outside U.S.

***History***

IRSA Inversiones y Representaciones Sociedad Anónima, which was founded in 1943, is one of Argentina's leading real estate companies and the only Argentine real estate company whose shares are listed both on ByMA and on the NYSE.

*Shopping Malls*

We are engaged in the acquisition, development and management of shopping malls. Since 1994, we have expanded our real estate activities in the shopping mall segment, through the acquisition and development of shopping malls.

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As of June 30, 2025, we own 16 shopping malls in Argentina: Alto Palermo, Abasto Shopping, Alto Avellaneda, Alcorta Shopping, Patio Bullrich, Dot Baires Shopping, Soleil Premium Outlet, Distrito Arcos, Terrazas de Mayo (acquired in December 2024), Alto NOA Shopping, Alto Rosario Shopping, Mendoza Plaza Shopping, Córdoba Shopping Villa Cabrera, La Ribera Shopping (through a joint venture), Alto Comahue Shopping and Patio Olmos (operated by a third party), totaling 371,242 sqm of GLA.

*Offices*

We own, develop and manage office buildings throughout Argentina.

During 2005, attractive prospects in office business led us to initiate the investment in this segment, through the acquisition of premium buildings.

In 2007, through Pamsa, we started the construction of one of our most important projects called "Polo Dot," a shopping mall, an office building and different plots of land to develop three additional buildings. This project is located in the Saavedra neighborhood, at the intersection of General Paz Avenue and the Panamerican Highway. First, the shopping mall Dot Baires was developed and opened in May 2009 and then the office building was opened in July 2010, which marked the beginning of our operations in the growing corridor of rental offices located in the North Zone of Buenos Aires. In addition, on June 5, 2017, we reported the acquisition of the historic Philips Building, adjacent to the Dot Baires Shopping Mall, located in the Saavedra neighborhood in the City of Buenos Aires. It has 4 office floors, a total GLA of approximately 8,017 sqm which has a remaining construction capacity of approximately 20,000 sqm. Likewise, through Pamsa, we developed the Zetta building, A+, which was inaugurated in May 2019, it has 11 office floors with a profitable area of 32,173 sqm, fully leased at the opening date, and obtained the LEED Gold Core & Shell certification.

On April 29, 2021, we concluded the construction and inaugurated a new office development in Buenos Aires, named "261 Della Paolera", a AAA-rated office building located in Catalinas, a premium corporate area in Argentina. This 30-story building has a total GLA of 35,000 sqm, 318 parking spaces, services and amenities and obtained the LEED Gold Core & Shell certification. As of June 30, 2025, we own 3,740 sqm. The building is equipped with the latest technology and designed to promote an agile and collaborative working environment.

As of June 30, 2025, we own a participation in five office buildings of rental office property totaling 58,074 sqm of GLA.

*Hotels*

In 1997, we entered the hotel market through the acquisition of a 50% interest in the Llao Llao Hotel in Bariloche Province of Rio Negro and 76.3% in the Intercontinental Hotel in the City of Buenos Aires. In 1998, we also acquired Libertador Hotel in the City of Buenos Aires and subsequently sold a 20% interest in it to an affiliate of Sheraton Hotels, and during the fiscal year 2019, we re-acquired the 20% interest to obtain 100% of the capital of Hoteles Argentinos S.A.U and began to operate the hotel directly under the name "Libertador".

*Sales and developments*

Since 1996, we have also expanded our operations to the residential real estate market through the development and construction of apartment tower complexes in the City of Buenos Aires and through the development of private residential communities in the greater Buenos Aires area.

We own an important 70-hectare property facing the Río de la Plata in the south of Puerto Madero, 10 minutes from the central area of Buenos Aires, previously known as "Costa Urbana" or "Solares de Santa María." After more than 20 years since we acquired the property on December 21, 2021, a law was passed by the City of Buenos Aires approving the regulations for the development of the property named "Ramblas del Plata." The Company will have a construction capacity of approximately 866,806 sqm, which is expected to drive growth for the coming years through the development of mixed-use projects. IRSA will destinate 50.8 hectares for public use, which represents approximately 71% of the total area of the property and will contribute with three additional lots of the property, two for the Sustainable Urban Development Fund and one for the Innovation Trust, Science and Technology of the government of the Autonomous City of Buenos Aires. During the fiscal year ended June 30, 2025, we signed 2 sale agreements and 11 barter contracts with various developers for 13 lots of the extended first phase of "Ramblas del Plata" project, on July 17, 2025, IRSA executed an addendum to the purchase agreement dated January 27, 2025, which consisted of the substitution of one of the plots. The plots have an estimated saleable area of 110,585 square meters, and the transactions amount to approximately USD 81,1 million. "Phase I" extended consists of 20 lots totaling approximately 163,800 square meters, which represents 23.4% of the project's total saleable area, and currently, seven lots remain available for commercialization.

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We are currently developing the project called "Polo Dot," through Pamsa, located in the commercial complex adjoining to Dot Baires Shopping Mall. The project will consist of three office buildings (one of them may include a hotel and the recently opened Zetta building) on land reserves we own and the expansion of Dot Baires Shopping by approximately 15,000 sqm of GLA. In the first phase, we developed the Zetta building which was inaugurated in May 2019. The second stage of the project consists of two office and hotel buildings that will add 38,400 sqm of GLA to the complex. We have noticed an important demand for premium office spaces in this new commercial center and we are confident that we will be able to generate a quality enterprise similar to the ones we have done in the past with attractive income levels and high occupancy. Additionally, on the plot where the Zetta Building is located, we have a surplus buildable surface of 15,940 sqm, where alternatives are being analyzed to develop a mixed-use project.

On March 22, 2018, we acquired, directly and indirectly, 100% of a land of approximately 78,000 sqm of surface located, in La Plata, Province of Buenos Aires. The objective of this acquisition is to develop a mixed-use project given that the land offers location and scale adequate characteristics for the commercial development in a place of great potential.

In February 2022, we acquired from the GCBA by public auction a property located at the corner of the intersections of Beruti street and Coronel Díaz Avenue. Such property is located in front of Alto Palermo Shopping, a shopping center owned by the Company, located in the neighborhood of Palermo, one of the main commercial corridors of the City of Buenos Aires. The property has an area of approximately 2,387 sqm. Furthermore, it has a total covered area of approximately 8,136.85 sqm with future expansion potential.

In April 2022, as part of the payment for the sale of the Republica Building, we acquired a property, which is made up of four plots and has a frontage of 851 meters on the Buenos Aires - La Plata Highway, on the side of the urbanized area the property has a frontage of 695 meters on Río Gualeguay street between Tupungato and La Guarda streets. It has a total area of 465,642 sqm, with a usable area of 242,151 sqm and a buildable area of 521,399 sqm. On December 11, 2023, we signed a barter agreement pursuant to which we transferred the land for a real estate project to be developed on the property, for more information see "*Item 4. Information on the Company – Business Overview – Sale and Development of Properties and Land Reserves – Intangibles – Units to be received under barter agreements – Ezpeleta Plot – Quilmes, Buenos Aires."*

In December 2022, we acquired from the GCBA by public auction a property located at Paseo Colón 245 and 12 parking spaces located at Paseo Colón 275, which is close to "Casa Rosada", the Argentine Government headquarters. The property, with mixed-use potential, has 13 stories in a covered area of approximately 13,700 sqm and a basement with parking lots.

*Others*

Over the years, we have acquired equity interests in Banco Hipotecario. As of June 30, 2025, our equity interest in Banco Hipotecario was 29.1%. Banco Hipotecario has historically been Argentina's leading mortgage lender, provider of mortgage-related insurance and mortgage loan services.

In 2008, we decided to expand internationally into the United States, taking advantage of certain investment opportunities generated after the global financial crisis. We acquired a 49% interest in Metropolitan 885 3rd Ave, whose main asset is a 34-story building with 59,000 sqm of GLA named Lipstick Building, located at 885 Third Avenue, New York, and in a hotel real estate investment trust. As of June 30, 2025, we no longer have any interest in these assets.

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In 2014, we invested in the Israeli market through our acquisition of a controlling equity stake in IDBD. We carried out the acquisition in the context of a debt restructuring transaction related to IDBD's holding company. We managed our business and operations in Israel through our subsidiaries IDBD and DIC. On September 25, 2020, the District Court in Tel Aviv-Jaffa, in response to a petition from IDBD's creditors, declared the insolvency of IDBD and initiated liquidation proceedings. As of June 30, 2025, we no longer own any capital stock of IDBD while we have an investment in DIC that amounts to 1.2 million of shares, representing 0.8% of its capital stock.

Also, as of June 30, 2025, we own, indirectly, 27.28% of GCDI (previously TGLT) capital stock, a construction and real estate company listed on the ByMA.

In order to expand our business to digitalization, on October 8, 2018, we incorporated We are Appa S.A. (former Pareto S.A.), with the social purpose of design, programming and development of software, mobile and web applications. As of June 30, 2025, IRSA's interest in We are Appa S.A. was 93.63%. Also, as of June 30, 2025, we indirectly have a participation of 2.71% in Avenida Inc., a company dedicated to the e-commerce business.

***Significant acquisitions, dispositions and development of business***

*<u>Purchase of property adjacent to Alto Avellaneda shopping mall</u>*

On August 1, 2024, IRSA acquired a property adjacent to its Alto Avellaneda shopping mall, located at Gral. Güemes 861, Avellaneda, Province of Buenos Aires.

The property has a total area of 86,861 square meters and a built-up area of 32,660 square meters, with potential for future expansion.

The purchase price was USD 12.2 million (ARS 14,636 million), of which USD 9.2 million has already been paid, and the remaining USD 3 million will be settled upon the transfer of the title deed, which will be granted within 3 years from the signing of the preliminary sale agreement. The transaction includes the assignment to IRSA of the existing lease agreements until their original expiration and the signing of a new lease agreement with the seller for a term of 3 years.

This transaction has been recognized as an addition in the line item "Investment Properties" of our Audited Consolidated Financial Statements.

*<u>"261 Della Paolera" floor sale</u>*

On October 15, 2024, a deed was signed for the sale of a floor of the "261 Della Paolera" tower located in the Catalinas district of the Autonomous City of Buenos Aires for a total leasable area of approximately 1,197 square meters and 8 parking units in the same building.

The transaction price was approximately USD 7.1 million (MEP) (USD/sqm 6,000), equivalent to ARS 8,558 million, of which USD 6.0 million has already been collected, and the remaining USD 1.1 million, guaranteed with a mortgage, will be collected in 24 monthly installments at an annual interest rate of 8%. See Note 9 to our Audited Consolidated Financial Statements.

After this transaction, IRSA retains ownership of 3 floors of the building with an approximate leasable area of 3,740 sqm in addition to parking lots and other complementary spaces.

This transaction has been recognized as a disposal in the line item "Investment Properties" of our Audited Consolidated Financial Statements and generated a gain of ARS 5,340 million, which has been recognized in the line item "Net gain from fair value changes of investment properties" of our Audited Consolidated Financial Statements.

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*<u>Purchase of Shopping Mall "Terrazas de Mayo"</u>*

On December 3, 2024, IRSA signed an agreement to acquire the business assets of the "Terrazas de Mayo" shopping mall located at the intersection of routes 8 and 202, in front of Campo de Mayo, in the Malvinas Argentinas district, in the northwest of Greater Buenos Aires. The shopping mall has 85 stores, 20 stands and a built-up area of 33,703 square meters, which includes 15 gastronomic stores and 10 movie theaters.

The amount of the transaction was USD 27.75 million (ARS 34,335 million), of which 60% was paid at the time of signing the bill with possession, 20% will be paid at the time of signing the final deed, and the remaining 20% will be paid 36 months after signing the deed. Implicit interest has been segregated for a total of USD 1.5 million.

This transaction has been recognized as an addition in the line items "Investment Properties" (ARS 33,530 million), "Intangible Assets" (ARS 796 million), and "Property, Plant and Equipment" (ARS 9 million) of our Audited Consolidated Financial Statements.

*<u>Sale of lots and barter agreements – "Ramblas del Plata"</u>*

On January 27, 2025, IRSA signed two sales agreements for two lots. The total price of both transactions was approximately USD 23.4 million (ARS 28,138 million), of which 30% was paid at the time of signing the bill. The remaining balance of approximately USD 16.4 million will be paid upon signing the deeds and transferring possessions.

Additionally, during February and March 2025, IRSA signed two barter agreements for eight lots, for a total amount of approximately USD 38.5 million (ARS 45,197 million), which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.

During May 2025, IRSA signed three barter agreements for three lots. The transaction price was approximately USD 12.2 million (ARS 14,554 million), with a 5% down payment to IRSA upon signing. The balance will be paid upon signing the deeds and delivery of possession.

These barter transactions have been recognized as a transfer between the line items "Investment Properties" and "Properties Held for Sale" of our Audited Consolidated Financial Statements.

For information of significant acquisitions, dispositions and development of business after June 30, 2025, please see "*Item 4. Information on the Company —A. History and Development of the Company —*Recent Developments".

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**Recent Developments**

*<u>Acquisition of "Al Oeste Shopping"</u>*

On September 17, 2025, we informed that the Company has acquired "Al Oeste" shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires.

The shopping mall is currently underutilized in terms of occupancy and commercial activity, and within the framework of the Company's development plan to create opportunities in different districts of the Province of Buenos Aires, and it is planned to be converted into an outlet center to be relaunched during next year.

"Al Oeste Shopping" has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm.

The purchase price was USD 9 million, of which USD 4.5 million has been paid to date. The remaining balance will be paid in four annual installments.

With this acquisition, the Company's shopping mall portfolio now includes 17 assets, 16 of which are operated by IRSA, totaling approximately 390,000 GLA sqm.

*<u>General Ordinary and Extraordinary Shareholders' Meeting</u>*

On September 25, 2025, we informed that our Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders' Meeting to be held on October 30, 2025, at 12:30 p.m. at first call, and at 01:30 p.m. at second call, from the corporate premises located at Carlos María Della Paolera 261, 9th Floor, City of Buenos Aires, according to the following agenda:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appointment of two shareholders to sign the meeting's minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Consideration of documents contemplated in section 234, paragraph 1, of law no. 19,550 for the fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Consideration of the financial results for the fiscal year ended June 30, 2025, amounting to a profit of ARS 195,677,675,452.86. Consideration of the distribution of dividends payable in cash and/or in kind for up to ARS 164,000,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consideration of Board of Directors' performance for the fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Consideration of Supervisory Committee's performance for the fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Consideration of compensation payable to the Board of Directors ARS 18,192,594,071.06 (total compensation) in excess of ARS 7,988,274,783.50 over the five percent (5%) limit of accrued profits pursuant to section 261 of law no. 19,550 and related regulations, in view of the proposed dividend distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Consideration of compensation payable to the Supervisory Committee for ARS 31,559,086 for the fiscal year ended June 30, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Determination of the number and appointment of regular Directors and alternate Directors, and determination of their terms of office for up to three fiscal years, as per section twelve of the bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Appointment of regular and alternate members of the Supervisory Committee for a term of one fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Appointment of certifying accountants for the fiscal year ending June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Approval of compensation payable to Certifying Accountants for the fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Treatment of the amounts paid as personal assets tax by the Company acting as substitute responsible party on behalf of the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Consideration of the subscription of an addendum to the warrant agreement dated April 29, 2021, as amended on September 17, 2021, to incorporate the option of the warrant holders to exercise the warrants on a cashless basis. Delegation to the Board of Directors for its implementation with the broadest powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Consideration of the annual budget for the implementation of the Audit Committee's annual plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Authorization to carry out registration proceedings relating to this shareholders' meeting before the CNV, BYMA, Caja de Valores S.A. and the IGJ.

*<u>Exercise of Warrants</u>*

On September 30, 2025, we informed that between September 17, 2025, and September 25, 2025, certain holders of warrants had exercised their right to acquire additional shares. Therefore, a total of 10,536,907 common shares of the Company were issued with a face value of ARS 10.00. As a result of the exercise, USD 3,073,616 were collected by the Company.

After the exercise of these warrants, the number of shares of the Company increased from 762,520,793 to 773,057,700 with a face value of ARS 10.00, and the new number of outstanding warrants decreased from 60,964,074 to 53,853,144.

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**B. Business Overview**

Our business strategy is based on three fundamental pillars:

<u>Operating profitability</u>:

· We maximize the return to our shareholders by generating sustainable cash flow growth and increasing the long-term value through the development and operations of mixed-use properties.

· Our privileged locations and our leadership position in Argentina, together with our knowledge of the shopping center and office industry, allow us to maintain high occupancy levels and an optimal tenant mix.

· We seek to strengthen and consolidate the relationship with our tenants through attractive rental conditions, offering a wide range of products and services, as well as administrative and commercial advice to optimize and simplify their operations.

<u>Growth and Innovation</u>:

· We grow through the acquisition and development of real estate properties, and we have a land reserve with premium locations in Argentina to continue expanding our portfolio with mixed-use projects.

· We are pioneers in innovative real estate developments due to their format and scale, due to their concept, due to the appreciation of the area where they are located and due to the search for future synergies.

· We quickly adapt to changes in context and consumption habits, always focusing on the customer to provide the best service through technology and thus enhance their purchasing experience within our shopping centers.

· We maintain our investment in Banco Hipotecario, the main mortgage loan bank in Argentina, since we believe we can achieve good synergies in the long term with a developed mortgage market.

· We seek investments outside of Argentina that represent an opportunity for long-term capital appreciation and thus diversify our portfolio.

<u>Sustainability</u>:

· We are part of the communities where our business units operate. Through Corporate Social Responsibility actions in our properties, we spread and make visible issues of social interest such as inclusion and assistance to the neediest.

· We plan for the long term and work towards continuous improvement, environmental protection, and sustainable Development, seeking to achieve environmental certification standards in our real estate projects.

· We continuously work to achieve the highest standards of corporate Governance, with total transparency and responsibility. We take care of our human capital, and we promote inclusion and diversity both in the governing bodies and in the work teams.

*Operations and principal activities*

Founded in 1943, IRSA Inversiones y Representaciones Sociedad Anónima is one of Argentina's leading real estate companies and the only Argentine real estate company whose shares are listed both on ByMA and on the NYSE.

We are engaged, directly and indirectly through subsidiaries and joint ventures, in a range of diversified activities, primarily in real estate, including:

· the acquisition, development and operation of shopping malls,

· the acquisition and development of office buildings and other non-shopping mall properties primarily for rental purposes,

· the development and sale of residential properties,

· the acquisition and operation of luxury hotels,

· the acquisition of land reserves for future development or sale, and

· selective investments outside Argentina.

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<u>Segments</u>

We operate our business through the following five segments: (i) Shopping Malls; (ii) Offices; (iii) Hotels; (iv) Sales and Developments; and (v) Others.

Our "Shopping Malls" segment includes the operating results from our portfolio of shopping malls principally comprising lease and service revenue from tenants. Our Shopping Malls segment had assets of ARS 1,463,412 million and ARS 965,833 million as of June 30, 2025 and 2024, respectively, representing 53.4% and 35.6% of our operating assets at such dates, respectively. Our Shopping Malls segment generated revenues of ARS 270,531 million and ARS 250,468 million for the fiscal years ended June 30, 2025, and 2024, respectively.

Our "Offices" segment includes the operating results from lease revenue of offices. Our Offices segment had assets of ARS 253,379 million and ARS 423,691 million as of June 30, 2025 and 2024, respectively, representing 9.2% and 15.6% of our operating assets at such dates, respectively. Our Offices segment generated revenues of ARS 20,065 million and ARS 22,646 million for the fiscal years ended June 30, 2025 and 2024, respectively.

Our "Hotels" segment includes the operating results of our hotels mainly comprised of room, catering and restaurant revenue. Our Hotels segment had assets of ARS 45,233 million and ARS 44,158 million as of June 30, 2025 and 2024, respectively, representing 1.6% and 1.6% of our operating assets, respectively. Our Hotels segment generated revenues of ARS 64,596 million and revenues ARS 85,840 million for the fiscal years ended June 30, 2025, and 2024, respectively.

Our "Sales and Developments" segment includes the results generated by other rental properties, the development, maintenance and sales of undeveloped parcels of land and/or trading properties. Real estate sales results are also included. Our Sales and Developments segment had assets of ARS 800,685 million and ARS 1,094,535 million as of June 30, 2025 and 2024, respectively, representing 29.2% and 40.4% of our operating assets, respectively. Our Sales and Developments segment generated revenues of ARS 12,761 million and ARS 12,891 million for the fiscal years ended June 30, 2025 and 2024, respectively.

Our "Others" Segment includes the entertainment activities through La Arena S.A., La Rural S.A. y Centro de Convenciones Buenos Aires, We Are Appa and the financial activities carried out by Banco Hipotecario and BACS, as well as other investments in associates. Our "Others" segment had assets of ARS 178,912 million and ARS 183,698 million as of June 30, 2025 and 2024, respectively, representing 6.5% and 6.8% of our operating assets, respectively. Our Others segment generated revenues of ARS 6,709 million and ARS 5,357 million for the fiscal years ended June 30, 2025 and 2024, respectively.

***Overview***

**Shopping Malls**

As of June 30, 2025, we operated and owned a majority interest in a portfolio of, 16 shopping malls in Argentina, six of which are located in the City of Buenos Aires (Abasto Shopping, Alcorta Shopping, Alto Palermo Shopping, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), three of which are located in the greater Buenos Aires area (Alto Avellaneda, Soleil Premium Outlet and Terrazas de Mayo), and the rest of which are located in different provinces of Argentina (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera and Patio Olmos (operated by a third party) in the City of Córdoba, La Ribera Shopping in Santa Fe (through a joint venture) and Alto Comahue in the City of Neuquén.

As of June 30, 2025, our portfolio's leasable area totaled 371,242 sqm of GLA (excluding certain spaces occupied by hypermarkets, which are not our tenants). Real tenants' sales of our shopping centers reached ARS 3,062,900 million in the fiscal year 2025, 2.8% lower than 2024, and ARS 3,151,757 million in the fiscal year 2024. The tenants' sales of our shopping centers are relevant to our income and profitability because they are one of the factors that determine the amount of rent that we can collect from them. They also affect the overall occupancy costs of tenants as a percentage of their sales.

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As a subsequent event, on September 17, 2025, we informed that the Company acquired "Al Oeste" shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires. The shopping mall is currently underutilized in terms of occupancy and commercial activity, and within the framework of the Company's development plan to create opportunities in different districts of the Province of Buenos Aires, and it is planned to be converted into an outlet center to be relaunched during next year. "Al Oeste Shopping" has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm.

With this acquisition, the Company's shopping mall portfolio now includes 17 assets, 16 of which are operated by IRSA, totaling approximately 390,000 GLA sqm. See "*Item 4. Information on the Company —A. History and Development of the Company —*Recent Developments— Acquisition of "Al Oeste Shopping."

The following table shows certain information about our shopping malls as of June 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shopping malls** | **Date of** <br>**acquisition/**<br>**development** | **Location** | **GLA (1)** | **Number** <br>**of stores** | **Occupancy** <br>**rate** <br>**(2)** |  | **Our** <br>**ownership**<br>**interest** <br>**(3)** | **Rental revenue** |
|  |  |  | (sqm) |  | (%) |  | (%) | (in millions of ARS) |
| Alto Palermo | Dec-97 | City of Buenos Aires | 20715 | 139 | 98.9 |  | 100 | 38730 |
| Abasto Shopping <sup>(4)</sup> | Nov-99 | City of Buenos Aires | 37253 | 153 | 98.9 |  | 100 | 37854 |
| Alto Avellaneda | Dec-97 | Buenos Aires Province | 39849 | 121 | 93.0 |  | 100 | 28201 |
| Alcorta Shopping | Jun-97 | City of Buenos Aires | 15845 | 106 | 98.4 |  | 100 | 23514 |
| Patio Bullrich | Oct-98 | City of Buenos Aires | 11472 | 89 | 91.0 |  | 100 | 11763 |
| Dot Baires Shopping | May-09 | City of Buenos Aires | 48373 | 159 | 99.3 |  | 80 | 26648 |
| Soleil Premium Outlet | Jul-10 | Buenos Aires Province | 15673 | 72 | 100.0 |  | 100 | 13647 |
| Distrito Arcos | Dec-14 | City of Buenos Aires | 14502 | 62 | 100.0 |  | 90.0 | 18310 |
| Terrazas de Mayo | Dec-24 | Buenos Aires Province | 33703 | 85 | 88.6 |  | 100 | 2783 |
| Alto Noa Shopping | Mar-95 | Salta | 19428 | 83 | 96.4 |  | 100 | 8080 |
| Alto Rosario Shopping | Nov-04 | Santa Fe | 35039 | 128 | 100.0 |  | 100 | 26433 |
| Mendoza Plaza Shopping | Dec-94 | Mendoza | 41511 | 117 | 97.8 |  | 100 | 12240 |
| Córdoba Shopping | Dec-06 | Córdoba | 15604 | 98 | 99.3 |  | 100 | 9113 |
| La Ribera Shopping | Aug-11 | Santa Fe | 10572 | 67 | 92.0 |  | 50 | 2460 |
| Alto Comahue | Mar-15 | Neuquén | 11703 | 82 | 99.1 |  | 99.95 | 9079 |
| Patio Olmos <sup>(5)</sup> | Sep-07 | Córdoba |  |  |  |  |  |  |
| **Total** |  |  | **371242** | **1.561** | **97.7** | **(6)** |  | **268855** |

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(1) Corresponds to GLA at each property. Excludes common areas and parking spaces.

(2) Calculated dividing occupied square meters by leasable area as of the last day of the fiscal year.

(3) Company's effective ownership interest in each of its business units.

(4) Excludes Museo de los Niños which represents 3,732 square meters in Abasto.

(5) Does not include the rental revenues of Patio Olmos. We own the historic building where the Patio Olmos shopping mall is located in the province of Cordoba. The property is managed by a third party.

(6) Excluding Terrazas de Mayo.

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*Tenant retail sales*

During the fiscal year 2025, the sales of our shopping malls tenants reached ARS 3,062,900 million, decreasing by 2.8% compared to the previous fiscal year.

Tenants' sales of shopping malls located in the City of Buenos Aires and Greater Buenos Aires decreased a 4.3% compared to previous fiscal year, from ARS 2,237,794 million to ARS 2,142,254 million during the fiscal year 2025, while those in the interior of the country increased by 0.7% compared to previous fiscal year, from ARS 913,963 million to ARS 920,646 million during the fiscal year 2025.

The following table sets forth the total retail sales of IRSA's shopping mall tenants for the fiscal years indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Alto Palermo | 354725 | 409246 | 432597 | 356542 | 132501 |
| Abasto Shopping | 399402 | 427034 | 471889 | 364252 | 117099 |
| Alto Avellaneda | 343522 | 325486 | 323055 | 255450 | 96446 |
| Alcorta Shopping | 207171 | 237152 | 254672 | 243710 | 101472 |
| Patio Bullrich | 107006 | 131228 | 141045 | 129068 | 65590 |
| Dot Baires Shopping | 276459 | 266262 | 265300 | 226122 | 89549 |
| Soleil Premium Outlet | 193646 | 196182 | 175632 | 161575 | 77231 |
| Distrito Arcos | 209493 | 245204 | 246426 | 209681 | 113671 |
| Terrazas de Mayo | 50830 |  |  |  |  |
| Alto Noa Shopping | 113330 | 125855 | 135030 | 128811 | 95644 |
| Alto Rosario Shopping | 338666 | 330115 | 373557 | 337113 | 202512 |
| Mendoza Plaza Shopping | 193527 | 192827 | 202127 | 191229 | 164907 |
| Córdoba Shopping Villa Cabrera | 101243 | 105782 | 117459 | 107425 | 67111 |
| La Ribera Shopping <sup>(2)</sup> | 51428 | 51290 | 59246 | 51254 | 24952 |
| Alto Comahue | 122452 | 108094 | 100730 | 81193 | 36879 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **3062900** | **3151757** | **3298765** | **2843425** | **1385564** |

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(1) Retail sales based upon information provided to us by retailers and prior owners. The amounts shown reflect 100% of the retail sales of each shopping mall, although in certain cases we own less than 100% of such shopping malls. Includes sales from stands and excludes spaces used for special exhibitions.

(2) Owned by Nuevo Puerto Santa Fe S.A., in which we are a joint venture partner with a 50% ownership stake.

*Total tenant retail sales by type of business*

The following table sets forth the retail sales of IRSA's shopping mall tenants by type of business for the fiscal years indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(in millions of ARS)** | **(in millions of ARS)** | **(in millions of ARS)** | **(in millions of ARS)** | **(in millions of ARS)** |
| Clothes and footwear | 1676386 | 1825399 | 1928404 | 1700925 | 770864 |
| Entertainment | 89913 | 83808 | 94307 | 67880 | 10482 |
| Home and decoration | 80016 | 76655 | 81119 | 76937 | 39799 |
| Home Appliances | 371064 | 364942 | 365464 | 268891 | 105739 |
| Restaurants | 414795 | 406805 | 382356 | 427579 | 219408 |
| Miscellaneous | 76741 | 71769 | 57412 | 45810 | 19353 |
| Services | 342241 | 321269 | 389703 | 255403 | 160845 |
| Department Store <sup>(2)</sup> | 11744 | 1110 |  |  | 59074 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **3062900** | **3151757** | **3298765** | **2843425** | **1385564** |

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(1) Sales based on information provided by tenants. The figures reflect 100% of the retail sales of each shopping mall, although in certain cases we own a percentage of less than 100% of said shopping centers. Includes sales from stands and excludes spaces used for special exhibitions.

(2) Currently includes "Ronda", a multipurpose store located in Dot Baires, composed of 70% gastronomy, 25% entertainment and 5% clothing.

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*Occupancy rate*

The following table sets forth the occupancy rate of IRSA's shopping malls expressed as a percentage of GLA of each shopping mall for the fiscal years indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (%) | (%) | (%) | (%) | (%) |
| Alto Palermo | 98.9 | 99.4 | 100.0 | 98.0 | 98 |
| Abasto Shopping | 98.9 | 99.5 | 99.5 | 98.9 | 100 |
| Alto Avellaneda | 93.0 | 93.7 | 92.5 | 81.4 | 65 |
| Alcorta Shopping | 98.4 | 99.9 | 96.1 | 99.7 | 91 |
| Patio Bullrich | 91.0 | 91.2 | 92.7 | 92.4 | 88 |
| Dot Baires Shopping | 99.3 | 99.3 | 98.6 | 83.5 | 81 |
| Soleil Premium Outlet | 100.0 | 100.0 | 100.0 | 100.0 | 90 |
| Distrito Arcos | 100.0 | 100.0 | 100.0 | 100.0 | 100 |
| Terrazas de Mayo | 88.6 |  |  |  |  |
| Alto Noa Shopping | 96.4 | 99.4 | 100.0 | 96.7 | 98 |
| Alto Rosario Shopping | 100.0 | 93.7 | 93.8 | 96.3 | 95 |
| Mendoza Plaza Shopping | 97.8 | 98.6 | 99.1 | 91.1 | 97 |
| Córdoba Shopping Villa Cabrera | 99.3 | 99.5 | 97.7 | 100.0 | 91 |
| La Ribera Shopping | 92.0 | 91.7 | 96.8 | 97.1 | 96 |
| Alto Comahue | 99.1 | 99.4 | 96.7 | 97.4 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **97.7** **<sup>(1)</sup>** | **97.6** | **97.4** | **93.1** | **89.9** |

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(1) Excluding Terrazas de Mayo.

*Rental price*

The following table shows the annual average rental price per square meter of our shopping malls for the fiscal years indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in ARS) | (in ARS) | (in ARS) | (in ARS) | (in ARS) |
| Alto Palermo | 1316422 | 1367639 | 1424708 | 1136992 | 484504 |
| Abasto Shopping | 737605 | 737952 | 770568 | 564617 | 189656 |
| Alto Avellaneda | 581345 | 518586 | 530761 | 368740 | 132081 |
| Alcorta Shopping | 1023667 | 1036662 | 1081811 | 968942 | 426257 |
| Patio Bullrich | 697847 | 773999 | 807697 | 556231 | 235932 |
| Dot Baires Shopping | 375561 | 334193 | 346363 | 272223 | 85002 |
| Soleil Premium Outlet | 722424 | 691097 | 606776 | 520939 | 238424 |
| Distrito Arcos | 942908 | 1011920 | 1014587 | 810261 | 468467 |
| Terrazas de Mayo | 74245 |  |  |  |  |
| Alto Noa Shopping | 336250 | 336799 | 336764 | 298355 | 194851 |
| Alto Rosario Shopping | 628738 | 581031 | 648623 | 589304 | 322773 |
| Mendoza Plaza Shopping | 249765 | 223886 | 234591 | 195789 | 137697 |
| Córdoba Shopping Villa Cabrera | 472892 | 451338 | 476927 | 402553 | 235430 |
| La Ribera Shopping | 183977 | 171927 | 179540 | 130429 | 39988 |
| Alto Comahue | 650688 | 552748 | 490554 | 362778 | 93621 |

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(1) Corresponds to consolidated annual accumulated rental prices divided by gross leasable square meters. Does not include revenue from Patio Olmos.

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**Revenues from the Shopping Malls segment**

When analyzing the composition of the income of the shopping malls segment between 2025 and 2024, we can observe a recovery in rental income, which represented approximately 56% of the segment's income, while percentage rent, which depends on the sales of our tenants, represented approximately 20% of the segment's income.

The following table sets forth IRSA's revenue from cumulative leases by revenue category for the fiscal years presented:

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|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended June 30,** | **For the fiscal years ended June 30,** | **For the fiscal years ended June 30,** | **For the fiscal years ended June 30,** | **For the fiscal years ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 150216 | 107689 | 98811 | 65919 | 45070 |
| Percentage rent | 52998 | 86850 | 101091 | 93523 | 26423 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **203214** | **194539** | **199902** | **159442** | **71493** |
| Non-traditional advertising | 11277 | 8438 | 5372 | 4445 | 2010 |
| Revenue from admission rights | 26946 | 24182 | 20740 | 15669 | 14426 |
| Fees | 2487 | 2224 | 2155 | 2337 | 2465 |
| Parking | 14830 | 11665 | 10847 | 6433 | 683 |
| Commissions | 9869 | 7855 | 5941 | 4590 | 3294 |
| Other. | 232 | 275 | 427 | 471 | 3282 |
| **Subtotal** | **268855** | **249178** | **245384** | **193387** | **97653** |
| Other revenues <sup>(1)</sup> | 1676 | 1290 | 339 | 181 | 166 |
| Adjustments and eliminations |  |  |  |  | (368) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **270531** | **250468** | **245723** | **193568** | **97451** |

---

____________

(1) As of June 30, 2025, includes ARS 243.2 million attributable to Patio Olmos, ARS 411.7 million attributable to production sponsorship income (BAF), and ARS 1,022.6 million from Re! Outlet stands revenue.

*Rental revenue*

The following table sets forth total rental income for each of IRSA's shopping malls for the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** | **For the fiscal years ended June 30, <sup>(1)</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Alto Palermo | 38730 | 38299 | 38745 | 30877 | 14452 |
| Abasto Shopping | 37854 | 36320 | 35990 | 25517 | 10376 |
| Alto Avellaneda | 28201 | 24721 | 24102 | 17388 | 8453 |
| Alcorta Shopping | 23514 | 23025 | 22274 | 18949 | 8832 |
| Patio Bullrich | 11763 | 12005 | 12276 | 8579 | 3874 |
| Dot Baires Shopping | 26648 | 22360 | 21093 | 16135 | 8163 |
| Soleil Premium Outlet | 13647 | 12650 | 11158 | 9525 | 4542 |
| Distrito Arcos | 18310 | 18699 | 18125 | 14529 | 7604 |
| Alto Noa Shopping | 8080 | 7527 | 7320 | 6444 | 4413 |
| Alto Rosario Shopping | 26433 | 24443 | 26215 | 22879 | 13457 |
| Mendoza Plaza Shopping | 12240 | 11024 | 11007 | 9449 | 7055 |
| Córdoba Shopping Villa Cabrera | 9113 | 8443 | 8428 | 6858 | 4309 |
| La Ribera Shopping <sup>(2)</sup> | 2460 | 2263 | 2228 | 1555 | 580 |
| Alto Comahue | 9079 | 7399 | 6423 | 4703 | 1543 |
| Terrazas de Mayo | 2783 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** | **268855** | **249178** | **245384** | **193387** | **97653** |
| Other revenues <sup>(3)</sup> | 1677 | 1290 | 339 | 181 | 166 |
| Reconciliation adjustments |  |  |  |  | (368) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **270532** | **250468** | **245723** | **193568** | **97451** |

---

____________

(1) Includes base rent, percentage rent, admission rights, fees, parking, commissions, revenue from non-traditional advertising and others. Does not include Patio Olmos.

(2) Through our joint venture Nuevo Puerto Santa Fe S.A.

(3) As of June 30, 2025, includes ARS 243.2 million attributable to Patio Olmos, ARS 411.7 million attributable to production sponsorship income (BAF), and ARS 1,022.6 million from Re! Outlet stands revenue.

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*Lease expirations*

The following table sets forth the schedule of estimated lease expirations for our shopping malls for leases in effect as of June 30, 2025, assuming that none of our tenants exercises its option to renew or terminate its lease prior to expiration:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| <br>**Agreements' Expiration (as of end of fiscal year)** | **Number of** <br>**agreements** <br><sup>**(1)**</sup> | **Square meters to expire** | **Due to** <br>**expire** | **Total lease** <br>**payments**<br><sup>**(2)**</sup> | **Agreements** |
|  |  |  | (%) | (in millions of ARS) | (%) |
| Vacant Stores | 54 | 12719 |  |  |  |
| Expired in-force | 30 | 11697 | 3.0 | 1610 | 1.1 |
| 2026 | 450 | 80906 | 20.8 | 44676 | 30.2 |
| 2027 | 500 | 77529 | 19.9 | 35710 | 24.1 |
| 2028 | 351 | 72362 | 18.6 | 41174 | 27.9 |
| 2029 and subsequent years | 181 | 148174 | 37.7 | 24752 | 16.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** <sup>(3)</sup> | **1512** | **390668** | **100.0** | **147922** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. A lease may be associated with one or more stores.

(2) The amount expresses the annual base rent as of June 30, 2025, of agreements due to expire.

(3) Does not include unoccupied stores.

*New leases and renewals*

The following table shows certain information about IRSA's leases agreement as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Average annual base** <br>**rent per sqm** | **Average annual base** <br>**rent per sqm** | | |
| <br>**Type of business** |<br>**Number of** <br>**agreements renewed** |<br>**Annual** <br>**base rent** |<br>**Annual** <br>**admission**<br>**rights** | <br>**New and** <br>**renewed** | <br>**Former** <br>**agreements** |<br>**Number of non-renewed** <br>**agreements** <br><sup>**(1)**</sup> |<br>**Annual** <br>**base rent amount per sqm**<br>**Non-renewed** <br>**agreements** <br><sup>**(1)**</sup> |
|  |  | (in millions of ARS) | (in millions of ARS) | (ARS/sqm) | (ARS/sqm) |  | (ARS/sqm) |
| Clothing and footwear | 321 | 30949 | 6297 | 770002 | 458002 | 518 | 550354 |
| Miscellaneous <sup>(2)</sup> | 75 | 6662 | 1505 | 814633 | 464646 | 164 | 478511 |
| Restaurant | 57 | 4512 | 818 | 611865 | 385582 | 179 | 585929 |
| Services | 18 | 814 | 99 | 167309 | 94480 | 40 | 149783 |
| Home appliances | 45 | 5443 | 788 | 612296 | 348077 | 51 | 460220 |
| Home and decoration | 30 | 1995 | 361 | 375559 | 211167 | 37 | 127172 |
| Supermarket | 1 | 283 |  | 45949 | 20076 | 3 | 14705 |
| Entertainment | 12 | 2072 | 123 | 134883 | 64902 | 24 | 58754 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** <sup>(3)</sup> | **559** | **52730** | **9991** | **547380** | **318082** | **1016** | **335776** |

---

__________________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

(2) Miscellaneous includes anchor stores.

(3) Weighted average for Average annual base rent per sqm related to Number of agreements renewed.

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*Five largest tenants of the portfolio*

The five largest tenants in our portfolio (in terms of sales) as of June 30, 2025 represents approximately 9.3% of our gross leasable, 10.6% of the annual basic rent of the shopping mall for the fiscal year ending on that date.

The following table describes our portfolio's five largest tenants:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tenant** | **Type of Business** | **Sales** | **GLA** | **GLA** |
|  |  | **(%)** | **(sqm)** | **(%)** |
| Zara | Clothes and footwear | 6.1 | 10771 | 2.9 |
| Nike | Clothes and footwear | 3.4 | 6994 | 1.9 |
| Adidas | Clothes and footwear | 2.9 | 6150 | 1.7 |
| McDonald's | Restaurant | 2.8 | 5145 | 1.4 |
| Puma | Clothes and footwear | 2.6 | 5242 | 1.4 |
| **Total** |  | **17.8** | **34302** | **9.3** |

---

**Detailed information regarding our shopping malls**

Set forth below is certain information regarding our shopping mall portfolio, including certain key lease provisions.

***Alto Palermo, City of Buenos Aires***

Alto Palermo is a 139-store shopping mall that opened in 1990 in Palermo, a well-known middle class and densely populated neighborhood in the City of Buenos Aires. Alto Palermo is located at the intersection of Santa Fe and Coronel Díaz avenues, only a few minutes from downtown Buenos Aires with nearby access from the Bulnes subway station, which we believe makes it very attractive for visitor. Alto Palermo has a total constructed area of 69,457 square meters (including parking) that consists of 20,715 square meters of GLA spread out over six levels and has a 642-car pay parking space of approximately 30,000 square meters. Alto Palermo's targeted clientele consists of middle-income individuals between the ages of 28 and 45. The shopping center was reconverted in 2021, after a 5,000 sqm expansion work, the renovation of most of its premises, and the entry of a differential gastronomy with proposals such as Il Quotidiano, Mooi and Base.

During the fiscal year ended June 30, 2025, the public that visited the Alto Palermo shopping mall generated real retail sales totaling approximately ARS 354,725 million, 13.3% lower than the turnover in real terms during the same period of fiscal year 2024. Sales per square meter reached ARS 17,124,065. Total rental income decreased from ARS 28,355 million in real terms for fiscal year ended June 30, 2024, to ARS 27,271 million for fiscal year ended June 30, 2025, which represents an annual revenue per gross leasable square meter of ARS 1,367,639 in fiscal year 2024 and ARS 1,316,422 in fiscal year 2025.

As of June 30, 2025, Alto Palermo's occupancy rate was 98.9%.

*Alto Palermo's tenant mix*

The following table sets forth the tenant mix by type of business at Alto Palermo as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 225219 | 63.5 | 12672 | 61.2 |
| Home | 6335 | 1.8 | 500 | 2.4 |
| Restaurant | 37963 | 10.7 | 3391 | 16.4 |
| Miscellaneous | 57460 | 16.2 | 1548 | 7.5 |
| Services | 10758 | 3.0 | 1807 | 8.7 |
| Home appliances | 16990 | 4.8 | 797 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **354725** | **100.0** | **20715** | **100.0** |

---

_____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

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*Alto Palermo's revenue*

The following table sets forth selected information relating to the revenue sources at Alto Palermo for the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2023** | **2022** | **2021** | **2020** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 20990 | 16266 | 15292 | 11883 | 7003 |
| Percentage rent <sup>(1)</sup> | 6281 | 12089 | 14100 | 11437 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **27271** | **28355** | **29392** | **23320** | **9706** |
| Non-traditional advertising | 2902 | 1996 | 1595 | 1818 | 502 |
| Revenue from admission rights <sup>(2)</sup> | 4596 | 4429 | 3957 | 3025 | 3035 |
| Fees | 376 | 346 | 336 | 368 | 378 |
| Parking | 2269 | 2030 | 2549 | 1555 | 124 |
| Commissions | 1312 | 1133 | 901 | 772 | 694 |
| Other | 4 | 10 | 16 | 23 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **38730** | **38299** | **38746** | **30881** | **14453** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Abasto Shopping, City of Buenos Aires***

Abasto is a 153-store shopping mall located in downtown Buenos Aires with direct access from the Carlos Gardel subway station, six blocks from the Once railway terminal and near the highway to Ezeiza International Airport. Abasto opened on November 10, 1998. The main building is a landmark building that, between 1889 and 1984 was the primary fresh produce market for the City of Buenos Aires. Our Company converted the property into a 114,312 sqm shopping mall (including parking and common areas) with 37,253 square meters of GLA (40,986 square meters if we consider Museo de los Niños). Abasto is the fourth largest shopping mall in Argentina in terms of GLA.

Abasto has a 28-restaurant food court, a 12-screen movie theatre complex with seating capacity of approximately 3,000 people, covering a surface area of 8,021 sqm, entertainment area and Museo de los Niños with a surface area of 3,732 sqm (the latter is not included within the GLA). The shopping mall is distributed over five stories and includes a parking space for 1,180 vehicles with a surface area of approximately 39,690 sqm.

During the fiscal year ended June 30, 2025, the public visiting the Abasto shopping mall generated real retail sales that totaled approximately ARS 399,402 million, 6.5% lower than sales in real terms recorded in fiscal year 2024, representing sales per square meter of approximately ARS 10,721,338. Total rental income increased from ARS 27,427 million in real terms for the fiscal year ended June 30, 2024, to ARS 27,478 million for fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 737,952 in fiscal year 2024 and ARS 737,605 in fiscal year 2025.

As of June 30, 2025, Abasto Shopping's occupancy rate was 98.9%.

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*Abasto Shopping's tenant mix*

The following table sets forth the mix of tenants by type of business at Abasto Shopping as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business<sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 193182 | 48.4 | 14765 | 39.6 |
| Entertainment | 19284 | 4.8 | 12649 | 34 |
| Home | 3304 | 0.8 | 372 | 1 |
| Restaurant | 55660 | 13.9 | 3294 | 8.8 |
| Miscellaneous | 48263 | 12.1 | 2439 | 6.5 |
| Services | 4211 | 1.1 | 806 | 2.2 |
| Home appliances | 75498 | 18.9 | 2928 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **399402** | **100.0** | **37253** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*Abasto Shopping's revenue*

The following table sets forth selected information relating to the revenue of Abasto Shopping during the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 20992 | 15377 | 14292 | 8878 | 5237 |
| Percentage rent <sup>(1)</sup> | 6486 | 12050 | 14348 | 12106 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **27478** | **27427** | **28640** | **20984** | **6977** |
| Non-traditional advertising | 1755 | 1216 | 740 | 482 | 244 |
| Revenue from admission rights <sup>(2)</sup> | 3545 | 3378 | 2875 | 1808 | 2030 |
| Fees | 410 | 381 | 368 | 404 | 425 |
| Parking | 3456 | 2823 | 2413 | 1284 | 88 |
| Commissions | 1180 | 1089 | 896 | 534 | 336 |
| Other | 30 | 6 | 57 | 20 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **37854** | **36320** | **35989** | **25516** | **10376** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Alto Avellaneda, Greater Buenos Aires Area***

Alto Avellaneda is a 121-store suburban shopping mall that opened in October 1995 and is located in the City of Avellaneda, which is on the southern border of the City of Buenos Aires. This shopping mall is next to a railway terminal and is close to downtown Buenos Aires. Alto Avellaneda has a total constructed area of 108,598.8 square meters (including parking) which consists of 39,849 square meters of GLA. The shopping mall has a multiplex cinema with eight screens, including the largest XD room in the country, an entertainment center (Neverland Sports & Play), and a food court with 18 restaurants. The shopping mall has 2,400-car free parking spaces consisting of 53,203 square meters.

On August 1, 2024, we acquired a property adjacent to the Alto Avellaneda shopping mall, which has a total area of 86,861 sqm and a constructed area of 32,660 sqm, with potential for future expansion.

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During the fiscal year ended June 30, 2025, the public that visited the Alto Avellaneda shopping mall generated real retail sales of approximately ARS 343,522 million, which represents a year-on-year increase of 5.5% in real terms. Sales per square meter was ARS 8,620,593. Total rental income decreased from ARS 20,631 million in real terms for fiscal year ended June 30, 2024, to ARS 23,166 million for fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 518,586 in fiscal year 2024 and ARS 581,345 in fiscal year 2025.

As of June 30, 2025, Alto Avellaneda's occupancy rate was 93.0%.

*Alto Avellaneda's tenant mix*

The following table sets forth the mix of tenants by type of business at Alto Avellaneda as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 173203 | 50 | 16607 | 41.7 |
| Entertainment | 9643 | 3 | 10275 | 25.8 |
| Home | 11825 | 3 | 902 | 2.3 |
| Restaurant | 44824 | 13 | 4658 | 11.7 |
| Miscellaneous | 38393 | 11 | 2420 | 6.1 |
| Services | 1906 | 1 | 2805 | 7.0 |
| Home appliances | 63728 | 19 | 2182 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **343522** | **100.0** | **39849** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*Alto Avellaneda's revenue*

The following table sets forth selected information relating to revenue for Alto Avellaneda for the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  |  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 16639 | 11460 | 10872 | 6133 | 3615 |
| Percentage rent <sup>(1)</sup> | 6527 | 9171 | 10070 | 8598 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **23166** | **20631** | **20942** | **14731** | **5267** |
| Non-traditional advertising | 628 | 577 | 368 | 368 | 99 |
| Revenue from admission rights <sup>(2)</sup> | 2717 | 2361 | 1782 | 1564 | 1896 |
| Fees | 332 | 301 | 290 | 311 | 336 |
| Parking | 194 |  |  |  |  |
| Commissions | 1134 | 846 | 694 | 389 | 357 |
| Other | 30 | 5 | 25 | 25 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **28201** | **24721** | **24101** | **17388** | **8453** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Alcorta Shopping, City of Buenos Aires***

Alcorta Shopping is a 106-store shopping mall which opened in 1992, located in the residential area of Palermo Chico, one of the most exclusive areas in the City of Buenos Aires, and a short drive from downtown Buenos Aires. Alcorta Shopping has a total constructed area of approximately 87,553.8 square meters (including parking) that consists of 15,845 square meters of GLA. Alcorta Shopping has a cinema with two screens, a food court with 14 restaurants, 2 exclusive restaurants, a Carrefour hypermarket on the ground floor and a Santander bank. The shopping mall is spread out over three levels and has a free for two hours parking spaces for 1,137 cars and an additional parking space in front of the main building with space for 435 vehicles.

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Over the past years, Alcorta Shopping has become a symbol of fashion and avant-garde style in Argentina. It is the place of choice for emerging designers for promoting and selling their new brands.

During the fiscal year ended June 30, 2025, the public that visited the Alcorta Shopping mall generated real retail sales that totaled approximately ARS 207,171 million, which represents fiscal year sales of approximately ARS 13,074,850 per square meter and a year-on-year decrease of 12.6% in real terms. Total rental income increased from approximately ARS 16,440 million in real terms for fiscal year ended June 30, 2024, to ARS 16,220 million for fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 1,036,662 in fiscal year 2024 and ARS 1,023,667 in fiscal year 2025.

As of June 30, 2025, Alcorta Shopping's occupancy rate was 98.4%.

*Alcorta Shopping's tenant mix*

The following table sets forth the mix of tenants by type of business at Alcorta Shopping as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business<sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 131836 | 63.6 | 7618 | 48.1 |
| Entertainment | 1281 | 0.6 | 1435 | 9.1 |
| Home | 12946 | 6.2 | 1236 | 7.8 |
| Restaurant | 15047 | 7.3 | 1249 | 7.9 |
| Miscellaneous | 33668 | 16.3 | 1724 | 10.9 |
| Services | 7646 | 3.7 | 2504 | 15.8 |
| Home appliances | 4747 | 2.3 | 79 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **207171** | **100.0** | **15845** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*Alcorta Shopping's revenue*

The following table sets forth selected information relating to the revenue of Alcorta Shopping during the following fiscal years:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 13197 | 9493 | 8754 | 6164 | 4031 |
| Percentage rent <sup>(1)</sup> | 3023 | 6947 | 8381 | 9159 | 2715 |
| **Total rent** | **16220** | **16440** | **17135** | **15323** | **6746** |
| Non-traditional advertising | 1307 | 1117 | 538 | 404 | 145 |
| Revenue from admission rights <sup>(2)</sup> | 2780 | 2553 | 2295 | 1709 | 1341 |
| Fees | 202 | 184 | 176 | 191 | 202 |
| Parking | 2142 | 1960 | 1585 | 860 | 124 |
| Commissions | 849 | 711 | 461 | 446 | 269 |
| Other | 14 | 60 | 84 | 15 | 6 |
| **Total <sup>(3)</sup>** | **23514** | **23025** | **22274** | **18948** | **8833** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

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***Patio Bullrich, City of Buenos Aires***

Patio Bullrich is the oldest shopping mall of the City of Buenos Aires and opened in 1988 and it is located in the neighborhood of Recoleta, one of the most prosperous areas of the City of Buenos Aires. This district is a residential, cultural and tourist center that includes distinguished private homes, historical sites, museums, theatres and embassies. The shopping mall has 89 stores and is located within walking distance of the most prestigious hotels of the City of Buenos Aires and the subway, bus and train systems.

Patio Bullrich has a total constructed area of 28,984 square meters (including parking) that consist of 11,472 square meters of GLA and common areas covering 12,472 square meters. The shopping mall is spread out over four levels and has paid parking spaces for 206 cars in an area consisting of approximately 4,600 square meters. The shopping mall has a four-screen multiplex cinema with 1,381 seats and soon a fifth luxury screen will be incorporated. In addition, it has the first Food Hall in Argentina that offers French and Italian gastronomy, patisserie, seafood and grill cuisine, and a "gourmet" market with specially selected premium brand products. From the point of view of its tenant mix, it concentrates the most important international and national luxury brands such as Salvatore Ferragamo, Hugo Boss, Bally, Omega, Etiqueta Negra, Jazmin Chebar, among others.

During the fiscal year ended June 30, 2025, the public visiting the Patio Bullrich shopping mall generated real retail sales that totaled approximately ARS 107,006 million, which represents annual sales of approximately ARS 9,327,580 per square meter and a year-on-year decrease of 18.5% in real terms. Total rental income decreased from ARS 8,819 million in real terms for fiscal year ended June 30, 2024, to ARS 8,005 million for fiscal year ended June 30, 2025, which represents a monthly revenue per gross leasable square meter of ARS 773,999 in fiscal year 2024 and ARS 697,847 in fiscal year 2025.

As of June 30, 2025, Patio Bullrich's occupancy rate was 91.0%.

*Patio Bullrich's tenant mix*

The following table sets forth the tenant mix by type of business at Patio Bullrich as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 69778 | 65.2 | 5645 | 49.3 |
| Entertainment | 391 | 0.4 | 1485 | 12.9 |
| Home | 2620 | 2.4 | 173 | 1.5 |
| Restaurant | 3172 | 3.0 | 1556 | 13.6 |
| Miscellaneous | 26634 | 24.9 | 1586 | 13.8 |
| Services | 3484 | 3.3 | 977 | 8.5 |
| Home appliances | 927 | 0.9 | 50 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **107006** | **100.0** | **11472** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

---

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*Patio Bullrich's revenue*

The following table sets forth selected information relating to the revenue of Patio Bullrich during the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 6548 | 4885 | 4485 | 1963 | 1518 |
| Percentage rent <sup>(1)</sup> | 1457 | 3934 | 4719 | 4521 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **8005** | **8819** | **9204** | **6484** | **2689** |
| Non-traditional advertising | 498 | 259 | 124 | 166 | 88 |
| Revenue from admission rights <sup>(2)</sup> | 1370 | 1308 | 1166 | 881 | 647 |
| Fees | 163 | 156 | 151 | 166 | 176 |
| Parking | 1220 | 1065 | 1404 | 683 | 99 |
| Commissions | 506 | 395 | 217 | 176 | 155 |
| Other | 1 | 3 | 10 | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **11763** | **12005** | **12276** | **8578** | **3875** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Dot Baires Shopping, City of Buenos Aires***

Dot Baires Shopping is a shopping mall that opened in May 2009. It has 4 floors and 3 underground levels, a covered surface area of 173,000 square meters, of which 48,373 sqm constitute GLA, comprising 159 retail stores, a 10-screen multiplex cinema and parking space for 2,100 vehicles in a surface of approximately 75,000 square meters.

Dot Baires Shopping is located at the spot where Avenida General Paz meets the Panamerican Highway in the neighborhood of Saavedra, City of Buenos Aires, and is the largest shopping mall in the city in terms of square meters. As of June 30, 2025, our equity interest in Panamerican Mall S.A. was 80%.

Dot Baires Shopping is a meeting point in the City of Buenos Aires where daily services, the best brands and differential proposals are offered.

During the fiscal year ended June 30, 2025, the public visiting the Dot Baires shopping mall generated real retail sales that totaled approximately ARS 276,459 million, which represents a year-on-year increase of 3.8% in real terms and annual sales of approximately ARS 5,715,151 per square meter. Total rental income increased from ARS 16,048 million in real terms in the fiscal year ended June 30, 2024, to ARS 18,167 million in the fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 334,193 in fiscal year 2024 and ARS 375,561 in fiscal year 2025.

As of June 30, 2025, Dot Baires Shopping's occupancy rate was 99.3%.

*Dot Baires Shopping's tenant mix*

The following table sets forth the tenant mix in terms of types of business in Dot Baires Shopping as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business<sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 107541 | 38.9 | 11999 | 24.8 |
| Department store | 11776 | 4.3 | 4476 | 9.3 |
| Entertainment | 10602 | 3.8 | 8519 | 17.6 |
| Home | 7163 | 2.6 | 3634 | 7.5 |
| Restaurant | 44840 | 16.2 | 2155 | 4.5 |
| Miscellaneous | 41059 | 14.8 | 6904 | 14.2 |
| Services | 23955 | 8.7 | 8409 | 17.4 |
| Home appliances | 29523 | 10.7 | 2277 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **276459** | **100.0** | **48373** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

---

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*Dot Baires Shopping's revenue*

The following table sets forth selected information relating to the revenue of Dot Baires Shopping for the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 13276 | 9343 | 9122 | 5273 | 2880 |
| Percentage rent <sup>(1)</sup> | 4891 | 6705 | 7438 | 7604 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **18167** | **16048** | **16560** | **12877** | **4040** |
| Non-traditional advertising | 1674 | 995 | 652 | 326 | 166 |
| Revenue from admission rights <sup>(2)</sup> | 1926 | 1824 | 1456 | 1160 | 1274 |
| Fees | 276 | 268 | 259 | 280 | 300 |
| Parking | 3709 | 2455 | 1601 | 1036 | 67 |
| Commissions | 892 | 760 | 538 | 435 | 347 |
| Other | 4 | 10 | 26 | 21 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **26648** | **22360** | **21092** | **16135** | **8163** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Soleil Premium Outlet, greater Buenos Aires, province of Buenos Aires***

Soleil Premium Outlet is located in San Isidro, Province of Buenos Aires. It opened in Argentina in 1986, but in 2010 it began a process of change becoming the first Premium Outlet in the country. It has a surface area of 47,525 square meters, 15,673 square meters of which are GLA, with a strong presence in the sports and leisure sector. It comprises 72 stores and 2,599 parking spaces. In addition, it has 6-screen multiplex cinemas, a supermarket and a food court.

During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales that totaled approximately ARS 193,646 million, which represents annual average sales of approximately ARS 12,355,388 per square meter and a year-on-year turnover decrease of 1.3% in real terms. Total rental income increased from ARS 10,833 million in real terms for the fiscal year ended June 30, 2024, to ARS 11,324 million for the fiscal year ended June 30, 2025, representing annual income per gross leasable square meter of ARS 691,097 in fiscal year 2024 and ARS 722,424 in fiscal year 2025.

As of June 30, 2025, Soleil Premium Outlet's occupancy rate was 100.0%.

*Soleil Premium Outlet's tenant mix*

The following table sets forth the tenant mix in terms of types of business in Soleil Premium Outlet as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 160544 | 82.9 | 11036 | 70.5 |
| Entertainment | 4039 | 2.1 | 3262 | 20.8 |
| Home | 992 | 0.5 | 100 | 0.6 |
| Restaurant | 16087 | 8.3 | 711 | 4.5 |
| Miscellaneous | 8081 | 4.2 | 502 | 3.2 |
| Services | 791 | 0.4 |  |  |
| Home appliances | 3112 | 1.6 | 62 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **193646** | **100.0** | **15673** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

---

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*Soleil Premium Outlet's revenue*

The following table sets forth selected information relating to the revenue of Soleil Premium Outlet during the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 7164 | 5362 | 4739 | 3486 | 2549 |
| Percentage rent <sup>(1)</sup> | 4160 | 5471 | 4771 | 4714 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **11324** | **10833** | **9510** | **8200** | **3621** |
| Non-traditional advertising | 216 | 255 | 217 | 88 | 57 |
| Revenue from admission rights <sup>(2)</sup> | 1528 | 1145 | 1036 | 881 | 704 |
| Fees | 108 | 96 | 93 | 99 | 114 |
| Parking |  |  |  |  |  |
| Commissions | 471 | 318 | 290 | 244 | 46 |
| Other |  | 3 | 11 | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **13647** | **12650** | **11157** | **9526** | **4542** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Distrito Arcos, City of Buenos Aires***

We opened Distrito Arcos on December 18, 2014. Distrito Arcos is a premium outlet located in the neighborhood of Palermo, City of Buenos Aires. It has 14,502 square meters of GLA and it consists of 62 stores, 427 parking spaces and 34 outdoor selling stands. In an open urban space, Arcos was consolidated in all its business units with sustained year-on-year growth.

During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales of approximately ARS 209,493 million, which represents a year-on-year decrease of 14.6% in real terms and sales per square were approximately ARS 14,445,801. Total rental income increased from ARS 14,681 million in real terms for the fiscal year ended June 30, 2024, to ARS 13,675 million in fiscal year ended June 30, 2025, representing annual income per gross leasable square meter of ARS 1,011,920 in fiscal year 2024 and ARS 942,908 in fiscal year 2025. The shopping mall concession is undergoing legal proceedings. For more information, see "Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings—Arcos del Gourmet".

As of June 30, 2025, Distrito Arcos' occupancy rate was 100%.

*Distrito Arcos' tenant mix*

The following table sets forth the mix of tenants by type of business at Distrito Arcos as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 176159 | 84.1 | 11147 | 76.8 |
| Home | 1484 | 0.7 |  |  |
| Restaurant | 1549 | 0.7 |  |  |
| Miscellaneous | 11555 | 5.5 | 694 | 4.8 |
| Services | 9781 | 4.7 | 1463 | 10.1 |
| Home appliances | 8965 | 4.3 | 1198 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **209493** | **100.0** | **14502** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

---

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*Distrito Arcos' revenue*

The following table sets forth selected information relating to the revenue from Distrito Arcos during the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 9979 | 6656 | 5502 | 4176 | 3594 |
| Percentage rent <sup>(1)</sup> | 3696 | 8025 | 9168 | 7537 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **13675** | **14681** | **14670** | **11713** | **6707** |
| Non-traditional advertising | 432 | 591 | 264 | 290 | 191 |
| Revenue from admission rights <sup>(2)</sup> | 1886 | 1566 | 1429 | 1026 | 114 |
| Fees | 82 | 72 | 67 | 78 | 78 |
| Parking | 1474 | 1281 | 1290 | 1015 | 166 |
| Commissions | 761 | 505 | 393 | 378 | 336 |
| Other |  | 3 | 13 | 29 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **18310** | **18699** | **18126** | **14529** | **7603** |

---

_____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Terrazas de Mayo***

Terrazas de Mayo is located in the district of Malvinas Argentinas, in the Province of Buenos Aires. It was inaugurated in 2014 and acquired by IRSA in December 2024. It has a gross leasable area (GLA) of 33,703 square meters within a total surface area of 124,000 square meters. The property comprises 85 retail stores and parking capacity for 1,600 vehicles. In addition, it includes 10-screen cinemas, a supermarket and a food court.

During the fiscal year ended June 30, 2025, mainly in the second half, visitors to the shopping mall generated total retail sales of approximately ARS 50,830 million, representing average sales during the fiscal year of approximately ARS 1,508,174 per square meter. Total rental income amounted to ARS 2,580 million in real terms for the fiscal year ended June 30, 2025, which represents rental income per square meter of GLA of ARS 76,551 for the period.

As of June 30, 2025, Terrazas de Mayo's occupancy rate was 88.6%.

*Terrazas de Mayo's tenant mix*

The following table sets forth the mix of tenants by type of business at Terrazas de Mayo as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 16592 | 32.6 | 11082 | 32.9 |
| Home appliances | 6590 | 13.0 | 1001 | 3.0 |
| Entertainment | 5332 | 10.5 | 8239 | 24.5 |
| Restaurant | 12145 | 24.0 | 2367 | 7.0 |
| Home appliances | 1287 | 2.5 | 886 | 2.6 |
| Miscellaneous | 8406 | 16.5 | 2408 | 7.1 |
| Services | 478 | 0.9 | 7720 | 22.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **50830** | **100.0** | **33703** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

---

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*Terrazas de Mayo's revenue*

The following table sets forth selected information relating to the revenue of Terrazas de Mayo during the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 1536 |  |  |  |  |
| Percentage rent <sup>(1)</sup> | 1044 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **2580** |  |  |  |  |
| Non-traditional advertising | 15 |  |  |  |  |
| Revenue from admission rights <sup>(2)</sup> | 63 |  |  |  |  |
| Fees | 82 |  |  |  |  |
| Parking | 0 |  |  |  |  |
| Commissions | 40 |  |  |  |  |
| Other | 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **2783** |  |  |  |  |

---

***Alto NOA, City of Salta, Province of Salta***

Alto Noa is an 83-store shopping mall that opened in 1994. Alto Noa is located in the City of Salta, the capital of the Province of Salta, in the northwest region of Argentina. The province of Salta has a population of approximately 1.3 million inhabitants with approximately 0.8 million inhabitants in the City of Salta. The shopping mall has a total constructed area of approximately 31,046 square meters (including parking) which consists of 19,428 square meters of GLA. Alto Noa has a food court with 12 restaurants, a large entertainment center, a supermarket and a multiplex cinema with eight screens. The shopping mall occupies one floor and has free parking spaces for 520 cars. Alto Noa's targeted clientele consists of middle-income individuals between the ages of 28 and 40.

During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales that totaled approximately ARS 113,330 million, which represents fiscal period sales of approximately ARS 5,833,333 per square meter and a year-on-year decrease of 10.0% in real terms. Total rental income increased from ARS 6,543 million in real terms in fiscal year ended June 30, 2024, to ARS 6,533 million in fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 336,799 in fiscal year 2024 and ARS 336,250 in fiscal year 2025.

As of June 30, 2025, Alto Noa's occupancy rate was 96.4%.

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*Alto NOA's tenant mix*

The following table sets forth the mix of tenants by type of business at Alto NOA as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 34352 | 30.3 | 4707 | 24.2 |
| Entertainment. | 10391 | 9.2 | 6507 | 33.5 |
| Home | 1821 | 1.6 | 245 | 1.3 |
| Restaurant | 16205 | 14.3 | 1417 | 7.3 |
| Services | 5378 | 4.7 | 302 | 1.6 |
| Miscellaneous | 29910 | 26.4 | 5528 | 28.4 |
| Home appliances | 15273 | 13.5 | 722 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **113330** | **100.0** | **19428** | **100.0** |

---

______________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*Alto NOA's revenue*

The following table sets forth selected information relating to the revenue of Alto NOA during the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 5006 | 3813 | 3300 | 2522 | 2337 |
| Percentage rent <sup>(1)</sup> | 1527 | 2730 | 3243 | 3258 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **6533** | **6543** | **6543** | **5780** | **3766** |
| Non-traditional advertising | 216 | 123 | 78 | 124 | 78 |
| Revenue from admission rights <sup>(2)</sup> | 637 | 553 | 420 | 326 | 347 |
| Fees | 47 | 43 | 42 | 46 | 46 |
| Parking | 367 | 50 |  |  |  |
| Commissions | 280 | 211 | 227 | 155 | 114 |
| Other | 0 | 4 | 10 | 13 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **8080** | **7527** | **7320** | **6444** | **4412** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Alto Rosario, City of Rosario, Province of Santa Fe***

Alto Rosario is a 128-store shopping mall located in the City of Rosario, Province of Santa Fe, the third largest city in Argentina in terms of population. It has a total constructed area of approximately 100,750 square meters which consists of 35,039 square meters of GLA. Alto Rosario has a food court with 20 restaurants, a large entertainment center, a supermarket, and a Showcase cinema with 14 state-of-the-art screens. The shopping mall occupies one floor and has free parking spaces that can accommodate 1,700 cars. Alto Rosario's targeted clientele consists of middle-income individuals between the ages of 28 and 40.

During the fiscal year ended June 30, 2025, the public visitors to the shopping mall generated real retail sales of approximately ARS 338,666 million, which represents a year-on-year increase of 2.6% in real terms. Sales per square meter were approximately ARS 9,665,401. Total rental income increased from ARS 20,254 million in real terms in fiscal year ended June 30, 2024, to ARS 21,489 million in fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 581,043 in fiscal year 2024 and ARS 613,288 in fiscal year 2025.

As of June 30, 2025, Alto Rosario's occupancy rate was 100%.

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*Alto Rosario's tenant mix*

The following table sets forth the tenant mix by type of business at Alto Rosario as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 177306 | 52.4 | 16965 | 48.2 |
| Entertainment | 7169 | 2.1 | 9586 | 27.4 |
| Home | 9862 | 2.9 | 654 | 1.9 |
| Restaurant | 43877 | 13.0 | 2366 | 6.8 |
| Miscellaneous | 36349 | 10.7 | 2410 | 6.9 |
| Services | 4198 | 1.2 | 1218 | 3.5 |
| Home appliances | 59905 | 17.7 | 1840 | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **338666** | **100.0** | **35039** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*Alto Rosario's revenue*

The following table sets forth selected information relating to the revenue of Alto Rosario during the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 15264 | 11137 | 10370 | 7614 | 5469 |
| Percentage rent <sup>(1)</sup> | 6225 | 9117 | 12240 | 12396 | 5418 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **21489** | **20254** | **22610** | **20010** | **10887** |
| Non-traditional advertising | 687 | 569 | 353 | 166 | 166 |
| Revenue from admission rights <sup>(2)</sup> | 3027 | 2670 | 2518 | 2047 | 1797 |
| Fees | 172 | 156 | 151 | 166 | 176 |
| Parking |  |  |  |  |  |
| Commissions | 1039 | 791 | 565 | 456 | 347 |
| Other | 19 | 3 | 20 | 35 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **26433** | **24443** | **26217** | **22880** | **13457** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Mendoza Plaza, City of Mendoza, Province of Mendoza***

Mendoza Plaza is a 117-store shopping mall, opened in 1992 and is located in the district of Guaymallén, in the Province of Mendoza. The city of Mendoza has a population of approximately 1.5 million inhabitants, making it the fourth largest City in Argentina. Mendoza Plaza Shopping consists of 41,511 square meters of GLA and has a multiplex cinema covering an area of approximately 3,659 square meters with ten screens, one of them a 4D being the first in the province, a food court with 10 restaurants, 5 restaurants on the street in the new sector called "Shopping District Food", an entertainment center and a supermarket, which is also a tenant. The shopping mall has two levels and has free parking spaces for 1,817 cars, 358 of which are underground. Mendoza Plaza's targeted clientele consists of middle-income individuals between the ages of 28 and 40.

During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales that totaled approximately ARS 193,527 million, which represents annual sales for approximately ARS 4,662,065 per square meter and a year-on-year increase of 0.4% in real terms. Total rental income decreased from ARS 9,293 million in real terms in fiscal year ended June 30, 2024 to ARS 10,368 million in fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 223,886 in fiscal year 2024 and ARS 249,765 in fiscal year 2025.

As of June 30, 2025, Mendoza Plaza's occupancy rate was 97.8%.

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*Mendoza Plaza's tenant mix*

The following table sets forth the mix of tenants by type of business at Mendoza Plaza as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 62733 | 32.4 | 10503 | 25.4 |
| Entertainment | 8502 | 4.4 | 7351 | 17.7 |
| Home | 11071 | 5.7 | 6776 | 16.3 |
| Restaurant | 26066 | 13.5 | 4166 | 10 |
| Miscellaneous | 37031 | 19.1 | 7689 | 18.5 |
| Services | 1996 | 1 | 2384 | 5.7 |
| Home appliances | 46128 | 23.8 | 2642 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **193527** | **100.0** | **41511** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*Mendoza Plaza's revenue*

The table sets forth selected information relating to the revenue of Mendoza Plaza during the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 7875 | 5702 | 5133 | 3554 | 3796 |
| Percentage rent <sup>(1)</sup> | 2493 | 3591 | 4605 | 4703 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **10368** | **9293** | **9738** | **8257** | **5961** |
| Non-traditional advertising | 293 | 282 | 151 | 114 | 145 |
| Revenue from admission rights <sup>(2)</sup> | 930 | 857 | 647 | 570 | 534 |
| Fees | 95 | 91 | 88 | 99 | 99 |
| Parking |  |  |  |  |  |
| Commissions | 451 | 402 | 280 | 259 | 124 |
| Other | 103 | 99 | 103 | 149 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **12240** | **11024** | **11007** | **9448** | **7054** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***Córdoba Shopping—Villa Cabrera, City of Córdoba***

Córdoba Shopping Villa Cabrera is a shopping mall covering 35,000 square meters of surface area, with 15,604 square meters being GLA. Córdoba Shopping has 98 commercial stores, a 12-screen multiplex cinema and parking spaces for 1,500 vehicles, located in Villa Cabrera, City of Córdoba, Province of Córdoba, the second largest City in Argentina in terms of population.

During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales of approximately ARS 101,243 million, which represents a year-on-year decrease of 4.3% in real terms. Sales per square meter were approximately ARS 6,488,272. Total rental income decreased from ARS 6,936 million in real terms in fiscal year ended June 30, 2024, to ARS 7,379 million in fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 451,338 in fiscal year 2024 and ARS 472,892 in fiscal year 2025.

As of June 30, 2025, Córdoba Shopping's occupancy rate was 99.3%.

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*Córdoba Shopping—Villa Cabrera's tenant mix*

The following table sets forth the tenant mix in terms of types of business in Córdoba Shopping as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 65145 | 64.3 | 6334 | 40.7 |
| Entertainment | 2731 | 2.7 | 5842 | 37.4 |
| Home | 2724 | 2.7 | 226 | 1.4 |
| Restaurant | 10204 | 10.1 | 722 | 4.6 |
| Miscellaneous | 12154 | 12.0 | 1253 | 8.0 |
| Services | 1078 | 1.1 | 730 | 4.7 |
| Home appliances | 7207 | 7.1 | 497 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **101243** | **100.0** | **15604** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*Revenue from Córdoba Shopping—Villa Cabrera*

The following table sets forth selected information relating to the revenue of Córdoba Shopping during the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 5328 | 3757 | 3434 | 2232 | 2010 |
| Percentage rent <sup>(1)</sup> | 2051 | 3179 | 3895 | 3953 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **7379** | **6936** | **7329** | **6185** | **3616** |
| Non-traditional advertising | 405 | 266 | 181 | 67 | 99 |
| Revenue from admission rights <sup>(2)</sup> | 920 | 833 | 627 | 357 | 368 |
| Fees | 57 | 56 | 52 | 57 | 67 |
| Parking |  |  |  |  |  |
| Commissions | 342 | 286 | 171 | 166 | 114 |
| Other | 10 | 66 | 67 | 26 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **9113** | **8443** | **8427** | **6858** | **4309** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

***La Ribera Shopping, City of Santa Fé, Province of Santa Fé***

We hold 50% of Nuevo Puerto Santa Fe S.A.'s shares, a corporation that is tenant of a building in which it built and currently operates "La Ribera" shopping mall, which has a surface area of 47,506 square meters, comprising 67 retail stores and seven 2D, 3D and XD-screen multiplex cinema with the latest sound and image technology. It also comprises a 510-square meter cultural center and 24,553 square meters in outdoor areas and free parking space. Its GLA is 10,572 square meters. The shopping mall is strategically located in Dock I of the port of the City of Santa Fe in the Province of Santa Fe, just 3 blocks away from its commercial and banking center, the place with the largest development in terms of real estate in the City of Santa Fe, 27 kilometers away from the City of Paraná and 96 kilometers away from the City of Rafaela, its range of influence represents a potential market of over one million people.

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During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales of approximately ARS 51,428 million, which represents a year-on-year increase of 0.3% and sales per square meter were approximately ARS 4,864,548. Total rental income decreased from ARS 1,812 million in real terms in fiscal year ended June 30, 2024 to ARS 1,945 million in fiscal year ended June 30, 2025, representing annual income per gross leasable square meter of ARS 171,927 in fiscal year 2024 and ARS 183,977 in fiscal year 2025.

As of June 30, 2025, La Ribera Shopping's occupancy rate was 92.0%.

*La Ribera Shopping's tenant mix*

The following table sets forth the mix of tenants by type of business at La Ribera Shopping as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business<sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 23465 | 45.6 | 3910 | 37 |
| Entertainment | 5064 | 9.8 | 3323 | 31.4 |
| Home | 1690 | 3.3 | 381 | 3.6 |
| Restaurant | 11296 | 22 | 2031 | 19.2 |
| Miscellaneous | 7102 | 13.8 | 776 | 7.3 |
| Services | 6 | 0 | 48 | 0.5 |
| Home appliances | 2805 | 5.5 | 103 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **51428** | **100.0** | **10572** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*La Ribera Shopping's revenue*

The following table sets forth selected information relating to the revenue of La Ribera Shopping during the fiscal years indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30, <sup>(4)</sup>** | **For the fiscal year ended June 30, <sup>(4)</sup>** | **For the fiscal year ended June 30, <sup>(4)</sup>** | **For the fiscal year ended June 30, <sup>(4)</sup>** | **For the fiscal year ended June 30, <sup>(4)</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 1528 | 1192 | 901 | 482 | 311 |
| Percentage rent <sup>(1)</sup> | 417 | 620 | 990 | 891 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **1945** | **1812** | **1891** | **1373** | **425** |
| Non-traditional advertising | 74 | 74 | 52 | 21 | 21 |
| Revenue from admission rights <sup>(2)</sup> | 183 | 165 | 103 | 67 | 78 |
| Fees | 35 | 26 | 31 | 21 | 21 |
| Parking |  |  |  |  |  |
| Commissions | 221 | 185 | 152 | 72 | 35 |
| Other | 2 | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **2460** | **2263** | **2229** | **1554** | **580** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

(4) Corresponds to 50% of the shopping mall's revenues as Nuevo Puerto Santa Fe is a joint venture.

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***Alto Comahue, City of Neuquén, Province of Neuquén***

Alto Comahue, was inaugurated on March 17, 2015, and is located in the City of Neuquén, in the Patagonian region of Argentina. It has a total surface of 35,000 square meters and 11,703 square meters of GLA, approximately 1,066 roof-covered and open-air parking spaces and a large entertainment and leisure area. Alto Comahue offers 82 retail stores that house the most prestigious brands in Argentina and has a 6-screen multiplex cinema and a theme restaurant. It is a three-story building consisting of a basement where the parking space and a 1,000 square meters Food Hall are located; the ground floor consisting of 5,000 square meters for retail stores, and the first floor consisting of 1,000 square meters for restaurants with unique views of the city, 2,600 square meters of retail stores and 2,100 square meters of cinemas.

During the fiscal year ended June 30, 2025, visitors to the shopping mall generated real retail sales that totaled approximately ARS 122,452 million, which represents a year-on-year increase of 13.3% and sales per square meter of approximately ARS 10,463,300. Total rental income increased from ARS 6,468 million in real terms in fiscal year ended June 30, 2024 to ARS 7,615 million in fiscal year ended June 30, 2025, which represents total revenue for the period per GLA of ARS 552,748 in fiscal year 2024 and ARS 650,688 in fiscal year 2025.

As of June 30, 2025, Alto Comahue's occupancy rate was 99.1%.

*Alto Comahue's tenant mix*

The following table sets forth the mix of tenants by type of business at Alto Comahue as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of business <sup>(1)</sup>** | **Tenant Sales** | **Tenant Sales** | **GLA** | **GLA** |
|  | (in millions of ARS) | (%) | (sqm) | (% of total) |
| Clothes and footwear | 54817 | 44.8 | 5853 | 50.0 |
| Entertainment | 4974 | 4.1 | 2199 | 18.8 |
| Home | 8162 | 6.7 | 292 | 2.5 |
| Restaurant | 23304 | 19.0 | 1679 | 14.3 |
| Miscellaneous | 20944 | 17.0 | 772 | 6.6 |
| Services | 2823 | 2.3 | 186 | 1.6 |
| Home appliances | 7428 | 6.1 | 722 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **122452** | **100.0** | **11703** | **100.0** |

---

____________

(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.

*Alto Comahue's revenue*

The following table sets forth selected information relating to the revenue derived from Alto Comahue during the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** | **For the fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) | (in millions of ARS) |
| Base rent | 4895 | 3247 | 2611 | 1574 | 725 |
| Percentage rent <sup>(1)</sup> | 2720 | 3221 | 3129 | 2667 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total rent** | **7615** | **6468** | **5740** | **4241** | **1093** |
| Non-traditional advertising | 176 | 114 | 57 | 31 | 31 |
| Revenue from admission rights <sup>(2)</sup> | 838 | 541 | 420 | 259 | 259 |
| Fees | 49 | 47 | 46 | 57 | 57 |
| Parking |  |  |  |  |  |
| Commissions | 390 | 226 | 145 | 99 | 57 |
| Other | 11 | 3 | 15 | 15 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(3)</sup>** | **9079** | **7399** | **6423** | **4702** | **1543** |

---

____________

(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.

(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.

(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.

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*Principal Terms of our Leases*

Under the Argentine Civil and Commercial Code, the term of the leases cannot exceed twenty years for residential leases and fifty years for the other leases.

Leasable space in our shopping malls is marketed through an exclusive arrangement with our wholly owned subsidiary and real estate broker Fibesa S.A., or "Fibesa." We use a standard lease agreement for most tenants at our shopping malls, the terms and conditions of which are described below. However, our largest or "anchor" tenants generally negotiate better terms for their respective leases. No assurance can be given that lease terms will be as set forth in the standard lease agreement.

Rent amount specified in our leases generally is the higher of (i) a monthly Base Rent and (ii) a specified percentage of the tenant's monthly gross sales in the store, which percentage generally ranges between 2% and 12% of tenant's gross sales. Additionally, under the rent adjustment clause included in most of our rental contracts, the tenant's basic rent is generally updated monthly or quarterly and cumulatively by the CPI index.

In addition to rent, we charge most of our tenants an admission right, which must be paid upon execution of the lease agreement and upon its renewal. The admission right is normally paid as a lump sum or in a small number of monthly installments. If the tenants pay this fee in installments, the tenants are responsible for paying the balance of any such unpaid amount if they terminate the lease prior to its expiration. In the event of unilateral termination and/or resolution for breach by the tenants, tenants will not be refunded their admission payment without our consent.

We lease our stores, kiosks and spaces in our shopping malls through our wholly-owned subsidiary Fibesa. We charge our tenants a fee for the brokerage services, which usually amounts to approximately three months of the Base Rent plus the admission right.

The tenants of the shopping centers have electricity, gas and water services and, if applicable, depending on the tenant's commercial activity, telephone switchboard, central air conditioning connection, connection to the general fire detection and extinguishing system, and provision of emergency energy through generator sets in common sectors. Each tenant is responsible for completing all necessary installations within their unit, and must also pay the direct expenses generated by these services within each unit. Direct expenses generally include electricity, water, gas, telephone and air conditioning. The tenants must also pay a percentage of the total costs and general taxes related to the maintenance of the common areas. We determine that percentage or "coupe" based on different factors. Common area expenses include, among other things, administration, security, operations, maintenance, cleaning and taxes.

We carry out promotional and marketing activities to draw consumer traffic to our shopping malls. These activities are paid for with the tenants' contributions to the Collective Promotion Fund, or "CPF," which is administered by us. Tenants are required to contribute 15% of their rent (Base Rent plus Percentage Rent) to the CPF. We may increase the percentage tenants must contribute to the CPF with up to 25% of the original amount set forth in the corresponding lease agreement for the contributions to the CPF. We may also require tenants to make extraordinary contributions to the CPF to fund special promotional and marketing campaigns or to cover the costs of special promotional events that benefit all tenants. We may require tenants to make these extraordinary contributions up to four times a year provided that each extraordinary contribution may not exceed 25% of the tenant's preceding monthly lease payment.

Each tenant leases its rental unit as a shell without any fixtures and is responsible for the interior design of its rental unit. Any modifications and additions to the rental units must be pre-approved by us. We have the option to charge the tenant for all costs incurred in remodeling the rental units and for removing any additions made to the rental unit when the lease expires. Furthermore, tenants are responsible for obtaining adequate insurance for their rental units, which must cover, among other things, damage caused by fire, glass breakage, theft, flood, civil liability and workers' compensation.

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*Control Systems*

IRSA has computer systems equipped to monitor tenants' sales in all of its shopping malls. IRSA also conducts regular revenues audits of our tenants' accounting sales records in all of our shopping malls. IRSA uses the information generated from the computer monitoring system to prepare statistical data regarding, among other things, total sales, average sales and peak sale hours for marketing purposes and as a reference for the revenues audit. Most of its shopping mall lease agreements require the tenant to have its point of sale system linked to our server.

*Competition*

IRSA is the largest owner and operator of shopping malls, offices and other commercial properties in Argentina in terms of GLA and number of rental properties. Given that most of our shopping malls are located in highly populated areas, there are competing shopping malls within, or in close proximity to, areas targeted by our real estate portfolio, as well as stores located on avenues or streets. The number of shopping malls in a particular area could have a material effect on the ability to lease space in shopping malls and on the amount of rent that we are able to charge. We believe that due to the limited availability of large plots of land and zoning restrictions in the City of Buenos Aires, it is difficult for other companies to compete in areas through the development of new shopping malls. The principal competitor is Cencosud S.A. which owns and operates Unicenter Shopping and the Jumbo hypermarket chain, among others.

The following table shows certain information concerning the most significant owners and operators of shopping malls in Argentina, as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Shopping malls** | **Location** | **GLA** | **Market** <br>**share (1)** |
|  |  |  | sqm | (%) |
| IRSA | Alto Palermo | City of Buenos Aires | 20715 | 1.63 |
|  | Abasto Shopping <sup>(2)</sup> | City of Buenos Aires | 37253 | 2.93 |
|  | Alto Avellaneda | Province of Buenos Aires | 39849 | 3.13 |
|  | Alcorta Shopping | City of Buenos Aires | 15845 | 1.25 |
|  | Patio Bullrich | City of Buenos Aires | 11472 | 0.90 |
|  | Dot Baires Shopping <sup>(3)</sup> | City of Buenos Aires | 48373 | 3.81 |
|  | Soleil Premium Outlet | Province of Buenos Aires | 15673 | 1.23 |
|  | Distrito Arcos | City of Buenos Aires | 14502 | 1.14 |
|  | Terrazas de Mayo | Gran Buenos Aires, Provincia de Buenos Aires | 33703 | 2.73 |
|  | Alto Noa | City of Salta | 19428 | 1.53 |
|  | Alto Rosario | City of Rosario | 35039 | 2.69 |
|  | Mendoza Plaza | City of Mendoza | 41511 | 3.27 |
|  | Córdoba Shopping | City of Córdoba | 15604 | 1.23 |
|  | La Ribera Shopping <sup>(4)</sup> | City of Santa Fe | 10572 | 0.83 |
|  | Alto Comahue | City of Neuquén | 11703 | 0.92 |
| **Subtotal** |  |  | **371242** | **29.22** |
| Cencosud S.A. |  |  | 279505 | 21.99 |
| Other operators |  |  | 620317 | 48.79 |
| **Total** |  |  | **1271064** | **100.0** |

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____________

(1) Corresponding to GLA in respect of total GLA. Market share is calculated dividing sqm over total reported square meters, including inactive stores.

(2) Does not include Museo de los Niños (3,732 square meters in Abasto).

(3) Our interest in PAMSA is 80%.

(4) Owned by Nuevo Puerto Santa Fe S.A., in which we are a joint venture partner.

Source: INDEC – National survey of shopping malls.

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*Seasonality*

Our business is directly affected by seasonality, influencing the level of our tenants' sales. During Argentine summer holidays (January and February) our tenants' sales typically reach their lowest level, whereas during winter holidays (July) and in Christmas (December) they reach their maximum level. Clothing retailers generally change their collections in spring and autumn, positively affecting our shopping malls' sales. Discount sales at the end of each season are also one of the main seasonal factors affecting our business.

*Information technology*

We keep investing in technological innovation. The advances of society and changes in consumer habits constantly challenge us and motivate us to apply the latest technological trends to serve the visitor's experience in the shopping malls and learn more about our clients. We continued with the Company digital transformation, extending the use of cloud-based purchases and auctions platform for cost optimization, Robotic Process Automation or RPA automation in different areas. We continue renewing our CCTV system, to improve security and enable future capabilities, such as the use of artificial intelligence. In our shopping malls, with a large flow of vehicles, we have implemented new guided parking systems and digital payment systems. We started using artificial intelligence to improve the work efficiency of our employees.

This year we continued the development of APPA, the application that facilitates the experience of consumers in shopping malls, through which they can pay for parking, book a place for events and shows, redeem gift cards, obtain discounts, benefits and participate in promotions. During the year, users of ¡appa! carried out more than 5.3 million transactions on the platform, including consumption in shopping malls, use of parking spaces, and redemption of Corporate benefits.

**Offices**

*Properties*

The following table sets forth certain information regarding our office buildings, all of which are located in the Autonomous City of Buenos Aires, as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offices** | **Date of** <br>**acquisition/**<br>**development** | **GLA <sup>(1)</sup>** | **Occupancy** <br>**rate <sup>(2)</sup>** | **Ownership** <br>**interest** | **Total rental income for the fiscal year ended June 30, 2025 <sup>(4)</sup>** |
|  |  | (sqm) | (%) | (%) | (in million of ARS) |
| **AAA & A offices** |  |  |  |  |  |
| Intercontinental Plaza <sup>(3)</sup> | Dec-14 | 2979 | 100.0 | 100 | 1120 |
| Dot Building | Nov-06 | 11242 | 100.0 | 80 | 3256 |
| Zetta Building | May-19 | 32173 | 99.3 | 80 | 11958 |
| 261 Della Paolera <sup>(5)</sup> | Dec-20 | 3740 | 100.0 | 100 | 1959 |
| **Total AAA & A offices** |  | **50134** | **99.6** |  | **18293** |
| **B offices** |  |  |  |  |  |
| Philips Building<sup>(6)</sup> | Jun-17 | 7940 | 75.3 | 100 | 1772 |
| **Total B offices** |  | 7940 | 75.3 |  | 1772 |
| **Total Offices** |  | **58074** | **96.2** |  | **20065** |

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____________

(1) Corresponds to the total leasable surface area of each property as of June 30, 2025. Excludes common areas and parking spaces.

(2) Calculated by dividing occupied square meters by total GLA of the relevant property as of June 30, 2025.

(3) We own 13.2% of the building which covers an area of 22,535 square meters of GLA, meaning we own 2,979 square meters of GLA.

(4) Corresponds to the accumulated income of the period.

(5) We own 10.4% of the building that has 35,872 square meters of GLA. The GLA includes sqm corresponding to other common spaces.

(6) The building is fully allocated to the workplace business.

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*Occupancy rate*

The following table shows our offices occupancy percentage as of the end of fiscal years ended June 30:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Occupancy rate <sup>(1)</sup>** | **Occupancy rate <sup>(1)</sup>** | **Occupancy rate <sup>(1)</sup>** | **Occupancy rate <sup>(1)</sup>** | **Occupancy rate <sup>(1)</sup>** |
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (%) | (%) | (%) | (%) | (%) |
| República Building <sup>(2)</sup> |  |  |  |  | 66.9 |
| Intercontinental Plaza | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| DOT Building | 100.0 | 79.4 | 51.6 | 92.6 | 84.9 |
| Zetta Building <sup>(3)</sup> | 99.3 | 100.0 | 94.6 | 92.2 | 84.7 |
| 261 Della Paolera | 100.0 | 100.0 | 100.0 | 67.1 | 80.2 |
| Philips Building | 75.3 | 50.6 | 41.9 | 81.4 | 93.1 |
| Suipacha 652/664 <sup>(2)</sup> |  |  |  |  | 17.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **96.2** | **89.4** | **68.7** | **73.3** | **74.7** |

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____________

(1) Leased square meters pursuant to lease agreements in effect as of the end of fiscal year over GLA of offices for the same fiscal year.

(2) The office buildings were sold.

(3) In fiscal year 2022, excludes 815 sqm from the occupancy calculation because they were under construction for the development of the "Workplace Offices" project.

Annual average income per surface area as of the end of fiscal years ended June 30:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income per square meter <sup>(1)</sup>** | **Income per square meter <sup>(1)</sup>** | **Income per square meter <sup>(1)</sup>** | **Income per square meter <sup>(1)</sup>** | **Income per square meter <sup>(1)</sup>** |
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | (ARS/sqm) | (ARS/sqm) | (ARS/sqm) | (ARS/sqm) | (ARS/sqm) |
| República Building <sup>(2)</sup> |  |  |  |  | 697270 |
| Intercontinental Plaza  | 376041 | 352758 | 339283 | 549358 | 870914 |
| DOT Building | 289586 | 362465 | 488185 | 348481 | 532003 |
| Zetta Building | 374305 | 431541 | 449949 | 465486 | 609413 |
| 261 Della Paolera <sup>(3)</sup> | 523817 | 765119 | 610374 | 674410 | 410202 |
| Philips Building | 296208 | 167556 | 293100 | 299652 | 341680 |
| Suipacha 652/664 <sup>(2)</sup> |  |  |  |  | 525061 |

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____________

(1) Calculated by dividing annual rental income by the GLA of offices based on our interest in each building as of June 30 for each fiscal period.

(2) The office buildings were sold.

(3) The building became operational in December 2020, due to which the contracts and related revenues are not comparable to previous years.

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*New agreements and renewals*

The following table sets forth certain Information on lease agreements as of June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Number of lease agreement <sup>(1) (5)</sup>** | **Annual** <br>**rental**<br>**price** <br><sup>**(2)**</sup> | **Rental** <br>**income per sqm (new and renewed)**<br><sup>**(3)**</sup> | **Previous** <br>**rental income per sqm** <br><sup>**(3)**</sup> | **Number of** <br>**non-**<br>**renewed**<br>**leases** | **Non-** <br>**renewed leases annual base rent**<br>**amount** <br><sup>**(4)**</sup> |
|  |  | (in millions of ARS) | (ARS) | (ARS) |  | (in millions of ARS) |
| Dot Building | 4 | 1083.8 | 18904 | 24931 |  |  |
| Philips Building |  |  |  |  | 3 | 133.6 |
| Intercontinental Plaza |  |  |  |  |  |  |
| 261 Della Paolera |  |  |  |  | 1 | 488.5 |
| Zetta Building | 1 | 771.9 | 22966 | 22009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total <sup>(6)</sup>** | **5** | **1855.7** | **20405** | **23851** | **4** | **622.1** |

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____________

(1) Includes new and renewed leases executed in fiscal 2025.

(2) Leases in U.S. dollars converted to Pesos at the exchange rate prevailing on the first month of the agreement, multiplied by 12 months.

(3) Monthly value.

(4) Leases in U.S. dollars converted to Pesos at the exchange rate prevailing in the last month of the agreement, multiplied by 12 months.

(5) It does not include leases over parking spaces, antennas, terrace area and Workplace (Zetta y Philips).

(6) Weighted average for total rental income per sqm (new and renewed) and previous rental income per sqm.

The following table sets forth the schedule of estimated lease expirations for our offices and other properties for leases in effect as of June 30, 2025. This data is presented assuming that none of our tenants exercises its option to renew or terminate its lease prior to expiration (most leases have renewal clauses):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal year of lease expiration <sup>(1) (2)</sup>** | **Number of** <br>**leases due**<br>**to expire** | **Square meters of** <br>**leases due to**<br>**expire** | **Square meter of** <br>**leases due to**<br>**expire** | **Annual rental** <br>**income amount**<br>**of leases due to**<br>**expire** | **Annual rental** <br>**income amount**<br>**of leases to**<br>**expire** |
|  |  | (sqm) | (%) | (in millions of <br>ARS) | (%) |
| 2026 | 13 | 11434 | 23 | 326.6 | 22 |
| 2027 | 8 | 8506 | 17 | 273.3 | 18 |
| 2028 and thereafter | 6 | 29379 | 60 | 898.7 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **27** | **49319** | **100** | **1498.6** | **100** |

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____________

(1) Includes offices with leases that have not been renewed as of June 30, 2025.

(2) It does not include vacant square meters and contracts from: parking spaces, terraces, antennas and Workplace (Zetta y Philips).

*Intercontinental Plaza*

Intercontinental Plaza is a modern 24-story building located next to the Intercontinental Hotel in the historic neighborhood of Monserrat in downtown City of Buenos Aires. We own a 13.2% interest in the building which has footage averaging 22,535 square meters of GLA; meaning we own 2,979 square meters of GLA in this building. The principal tenant currently is Total Austral, and as an added value Banco Supervielle (Bank Branch) and Starbucks Coffee providing different services to the building.

*Dot Building*

Our subsidiary Panamerican Mall S.A. developed an office building of 11,242 square meters of GLA next to Dot Baires Shopping. This building was inaugurated in July 2010, which meant our arrival at the growing corridor of the Northern Area with respect to offices for rent. The building's principal tenants include Farmanet, Astrazeneca S.A., Carrier, Salentain, Distrinando and HP, among others.

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*Zetta Building*

Our subsidiary Panamerican Mall S.A. built an office building of 32,173 square meters of GLA and 11 floors located in the commercial complex "Polo Dot" in Buenos Aires City. This A+, certified with LEED Gold of Core & Shell standards of the US Green Building Council, was inaugurated in May 2019, continuing to consolidate our position in the North Zone corridor of offices for rent.

As of June 30, 2025, the building was occupied approximately 91% by Mercado Libre, and has other tenants such as Vacunar, MMS Publicis and DreamCo. On the ground floor, it is currently operating the first Workplace office space with 815 sqm sectors. The space offers private offices, fully equipped, furnished and fully operational, ready to use.

*261 Della Paolera Building*

261 Della Paolera is a 126-meters high triangular-shaped tower of AAA offices and 55,000 square meters of surface, plus 70 linear meters of Curtain Wall on the Río de la Plata, developed on the last vacant land plot of Catalinas Norte. Located in the most prestigious corporate area in Argentina, with approximately 35,000 square meters of GLA, 318 parking spaces, changing rooms, security, gastronomy services, 261 Della Paolera has become an icon of the city, built sustainability in mind and high quality design. This new A+ building was recently certified to LEED Gold of Core & Shell standards by the US Green Building Council.

The Company has 3,740 square meters of property, which are 100% leased to the tenant Globant. It is currently a highly valued asset for large corporations for the acquisition of floors, due to its characteristics and current contracts.

*Phillips Building, City of Buenos Aires*

The historic Philips Building adjoins our Dot Baires shopping mall, and faces Avenida General Paz, in the City of Buenos Aires. It has 4 office floors, a total GLA of approximately 7,940 sqm, and a remaining construction capacity of approximately 20,000 sqm. IRSA owns 100% of the building and the headquarters of Workplace operate in the building, with an occupancy rate of 75% at the end of the fiscal year ended June 30, 2025. As of the date of this Annual Report, the building is undergoing expansion to achieve full occupancy.

*Leases*

We generally lease our office spaces and other properties under lease agreements with an average initial term of three years, and a limited number of contracts have been executed with five-year terms. These agreements typically include renewal options for additional periods of two or three years, at the discretion of the tenant. In addition, we have two spaces named "Workplace by IRSA", which we lease as a co-working place, that are fully equipped and all inclusive by using services contracts with semi-annually and annually average term.

Contracts for the rental of office buildings and other commercial properties are generally stated in U.S. dollars. Rental rates for renewed periods are negotiated at market value.

*Competition*

Virtually all our office's properties and other commercial properties other than shopping malls are in developed urban areas. There are a great number of office buildings, shopping malls, retail stores and residential houses in the zones where our properties are located. It is a highly fragmented market and the abundant number of comparable properties in the vicinity may have an adverse impact on the ability to lease or sell office space and other properties and may have an adverse impact on the sale and rental price of properties.

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In the future, both domestic and foreign companies are likely to participate in the real estate market in Argentina, hence competing with us when it comes to business opportunities. In addition, in the future we may participate in the development of a market for foreign real property, and we are likely to find well-established competitors.

In the premium office segment, the Company competes with other relevant market players, such as RAGHSA S.A., who together with IRSA represent the 2 most important players.

***Hotels***

Hotel activity recorded a decline in revenues and occupancy during this year as a result of the appreciation of the Argentine peso against the U.S. dollar. Nevertheless, the exclusive Llao Llao resort, which the Company owns in the city of Bariloche, in southern Argentina, continues to be a major attraction for the high-income segment, while the Libertador and Intercontinental hotels in the city of Buenos Aires target the corporate segment. We are working on new proposals for product improvement and differentiation in anticipation of the full recovery of conventions and corporate events. During the fiscal year 2025, we kept our 76.34% interest in Intercontinental hotel, 100% interest in Libertador hotel and 50.00% interest in Llao Llao.

The following chart shows certain information regarding our luxury hotels:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hotels** | **Date of Acquisition** | **IRSA's** <br>**Interest** | **Number of rooms** | **Occupancy <sup>(1)</sup>** | **Average Price per Room<sup>(2)</sup>** | **Fiscal Year Sales as of June 30**<br>**(in millions of ARS)** | **Fiscal Year Sales as of June 30**<br>**(in millions of ARS)** | **Fiscal Year Sales as of June 30**<br>**(in millions of ARS)** | **Fiscal Year Sales as of June 30**<br>**(in millions of ARS)** | **Fiscal Year Sales as of June 30**<br>**(in millions of ARS)** |
|  |  | (%) |  | (%) | ARS | **2025** | **2024** | **2023** | **2022** | **2021** |
| Intercontinental <sup>(3)</sup>  | 11/01/1997 | 76.34 | 313 | 67.8 | 172607 | 20914 | 24018 | 21331 | 8924 | 2398 |
| Libertador <sup>(4)</sup>  | 03/01/1998 | 100 | 200 | 54.6 | 117736 | 7388 | 9592 | 8464 | 3300 | 788 |
| Llao Llao <sup>(5)</sup>  | 06/01/1997 | 50 | 205 | 56.5 | 464561 | 36294 | 52230 | 47717 | 35794 | 13680 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  |  |  | **718** | **60.9** | **236245** | **64596** | **85840** | **77512** | **48018** | **16866** |

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____________

(1) Accumulated average in the twelve-month period.

(2) Accumulated average in the twelve-month period.

(3) Through Nuevas Fronteras S.A.

(4) Through Hoteles Argentinos S.A.U.

(5) Through Llao Llao Resorts S.A. and IRSA – Galerías Pacífico S.A. UT (until March 31, 2023).

*Hotel Intercontinental, City of Buenos Aires*

In November 1997, we acquired 76.34% of the Hotel Intercontinental. The Hotel Intercontinental is located in the downtown City of Buenos Aires neighborhood of Montserrat, near the Intercontinental Plaza office building. Intercontinental Hotels Corporation, a United States corporation, currently owns 23.66% of the Hotel Intercontinental. The hotel's meeting facilities include eight meeting rooms, a convention center and a divisible 588 sqm ballroom. Other amenities include a restaurant, a business center, a sauna and a fitness facility with a swimming pool. The hotel was completed in December 1994 and has 313 rooms.

*Hotel Libertador, City of Buenos Aires*

In March 1998 we acquired 100% of the Sheraton Libertador Hotel from Citicorp Equity Investment for an aggregate purchase price of USD 23 million. In March 1999, we sold a 20% interest in the Sheraton Libertador Hotel for USD 4.7 million to Hoteles Sheraton de Argentina.

During the fiscal year 2019, we reacquired 20% of the shares of HASAU, reaching 100% of the capital stock of HASAU and beginning to operate the hotel directly under the name "Libertador." The hotel is in downtown Buenos Aires. The hotel contains 193 rooms and 7 suites, eight meeting rooms, a restaurant, a business center, a spa and fitness facilities with a swimming pool.

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*Hotel Llao Llao, San Carlos de Bariloche, Province of Rio Negro*

In June 1997 we acquired the Hotel Llao Llao from Llao Llao Holding S.A. 50% is currently owned by the Sutton Group. The Hotel Llao Llao is located on the Llao Llao peninsula, 25 kilometers from the City of San Carlos de Bariloche, and it is one of the most important tourist hotels in Argentina. Surrounded by mountains and lakes, this hotel was designed and built by the famous architect Bustillo in a traditional alpine style and first opened in 1938. The hotel was renovated between 1990 and 1993 and has a total constructed surface area of 15,000 sqm and 158 original rooms. The hotel-resort also includes an 18-hole golf course, tennis courts, fitness facility, spa, game room and swimming pool. The hotel is a member of The Leading Hotels of the World, Ltd., a prestigious luxury hospitality organization representing 430 of the world's finest hotels, resorts, and spas. During 2007, the hotel was subject to an expansion and the number of suites in the hotel rose to 205 rooms. Throughout the year 2025, renovation works continued in the rooms of the Bustillo wing, where 47 rooms are currently undergoing upgrades and refurbishment. This phase of the renovation is expected to be completed during the first quarter of 2026.

*Bariloche Plot, "El Rancho," San Carlos de Bariloche, Province of Río Negro (land reserve)*

On December 14, 2006, through our hotel operator subsidiary, Llao Llao Resorts S.A., we acquired a land covering 129,533 sqm of surface area in the City of San Carlos de Bariloche in the Province of Río Negro. The total price of the transaction was USD 7 million. The land is on the border of the Lago Gutiérrez, close to the Llao Llao Hotel in an outstanding natural environment and it has a large cottage covering 1,000 sqm of surface area designed by the architect Ezequiel Bustillo.

**Sale and Development of Properties and Land Reserves**

*Residential Development Properties*

The acquisition and development of residential apartment complexes and residential communities for sale is one of our core activities. Our development of residential apartment complexes consists of the new construction of high-rise towers or the conversion and renovation of existing structures such as factories or warehouses. In connection with our development of residential communities, we frequently acquire vacant land, develop infrastructure such as roads, utilities, and common areas, and sell plots of land for construction of single-family homes. We may also develop or sell portions of land for others to develop complementary facilities such as shopping areas within residential developments.

In the fiscal year ended June 30, 2025, revenues from the sale and development of properties amounted to ARS 12,761 million, compared to ARS 12,891 million posted in the fiscal year ended June 30, 2024.

Construction and renovation works on our residential development properties are performed, under our supervision, by independent Argentine construction companies that are selected through a bidding process. We enter into turnkey contracts with the selected company for the construction of residential development properties pursuant to which the selected company agrees to build and deliver the development for a fixed price and at a fixed date. We are generally not responsible for any additional costs based upon the turnkey contract. All other aspects of the construction, including architectural design, are performed by third parties.

Another modality for the development of residential undertakings is the exchange of land for constructed square meters. In this way, we deliver undeveloped pieces of land and another firm is in charge of building the project. In this case, we receive finished square meters for commercialization, without taking part in the construction works.

This segment is expected to increase its activity in the coming years, both through own developments and land swap transactions, given the recent launch of several residential projects, most notably Ramblas del Plata, which has a development potential of approximately 866,000 sqm, of which 693,000 sqm are salable.

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The following table shows information about IRSA's land reserves as of June 30, 2025:

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ownership Interest** | **Date of acquisition** | **Land Surface** | **Buildable surface** | **GLA**  | **Salable Surface** | **Book Value** |
|  | (%) |  | (sqm) | (sqm) | (sqm) | (sqm) | (in millions of ARS) |
| **RESIDENTIAL - BARTER AGREEMENTS** |  |  |  |  |  |  |  |
| Coto Abasto air space – Tower 1 - City of Buenos Aires | 100 | Sep-97 |  |  |  | 1610 | 4820 |
| Coto Abasto air space – Tower 2 - City of Buenos Aires | 100 | Sep-97 |  |  |  | 1694 | 3987 |
| Ancón (Luis M. Campos) Trust | 100 | Feb-21 |  |  |  | 608 | 1332 |
| Av. Figueroa Alcorta 6464 Trust | 100 | Feb-21 |  |  |  | 1339 | 8115 |
| Córdoba Shopping Adjoining plots – Residential | 100 | May-15 |  |  |  | 2515 | 2600 |
| Ramblas del Plata – First stage swaps | 100 | Jul-97 |  |  |  | 16885 | 87890 |
| Caballito Ferro Plot 1 – City of Buenos Aires.  | 100 | Jan-99 |  |  |  | 2908 | 6278 |
| Ezpeleta plot (Quilmes II) | 100 | Apr-22 |  |  |  | 56491 | 17048 |
| **Total Barter Agreements (Residential)** |  |  | **—** | **—** | **—** | **84050** | **132070** |
| **LAND RESERVES:** |  |  |  |  |  |  |  |
| Ramblas del Plata – City of Buenos Aires (formerly Costa Urbana) | 100 | Jul-97 | 184813 | 734175 |  | 587341 | 419278 |
| La Plata - Greater Buenos Aires | 100 | Mar-18 | 47834 | 81341 |  |  | 8657 |
| Polo Dot mixed uses expansion – City of Buenos Aires <sup>(6)</sup>  | 80 | Nov-06 | 12800 |  |  | 38395 | 37867 |
| Caballito Ferro Plots 2, 3 and 4 – City of Buenos Aires | 100 | Jan-99 | 20462 | 86387 |  | 75277 | 37311 |
| Luján Plot – Buenos Aires <sup>(5)</sup>  | 100 | May-08 | 1152106 | 464000 |  |  | 9890 |
| La Adela – Buenos Aires | 100 | Aug-14 | 9868500 | 3951227 |  |  | 14557 |
| Puerto Retiro – City of Buenos Aires <sup>(4)</sup>  | 50 | May-97 | 82051 | 246153 |  |  |  |
| **Subtotal Mixed-uses** |  |  | **11368566** | **5563283** |  | **701013** | **527560** |
| Caballito Block 35 – City of Buenos Aires <sup>(3)</sup>.  | 100 | Oct-98 | 9767 | 57192 |  | 31257 | 13376 |
| Zetol – Uruguay | 90 | Jun-09 |  |  |  | 65450 | 6535 |
| Vista al Muelle – Uruguay | 90 | Jun-09 |  |  |  | 58494 | 4936 |
| Parcelas Rosario – Santa Fe | 100 | Nov-24 | 13750 | 48126 |  | 41390 | 14835 |
| Neuquén - Residential plot – Neuquén <sup>(2)</sup> | 100 | Jul-99 | 13000 | 57000 |  | 42800 | 5852 |
| **Subtotal residential** |  |  | **36517** | **162318** | **—** | **239391** | **45534** |
| La Plata - Greater Buenos Aires | 100 | Mar-18 | 30780 | 35212 | 22844 |  | 6142 |
| Beruti y Coronel Diaz Building – City of Buenos Aires | 100 | Jun-22 | 2387 | 8900 | 7800 |  | 10627 |
| **Subtotal retail** |  |  | **33167** | **44112** | **30644** | **—** | **16769** |
| Polo Dot – Zetta – City of Buenos Aires | 80 | Nov-06 |  |  | 15940 |  | 46 |
| Paseo Colón 245 Building – City of Buenos Aires | 100 | May-23 | 1579 | 13690 | 9500 |  | 5931 |
| Intercontinental Plaza II – City of Buenos Aires | 100 | Feb-98 | 6135 | 9400 | 7500 |  | 2176 |
| Córdoba Shopping adjoining plots – Córdoba <sup>(2)</sup>  | 100 | May-15 | 5365 | 5000 | 4823 |  | 2412 |
| **Subtotal offices** |  |  | **13079** | **28090** | **37763** | **—** | **10565** |
| **Total future developments** |  |  | **11451329** | **5797803** | **68407** | **940404** | **600428** |
| **Other land reserves <sup>(1)</sup>** |  |  | **3305974** |  |  |  | **19514** |
| **Total land reserves** |  |  | **14757303** | **5797803** | **68407** | **940404** | **619942** |

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____________

(1) Includes Zelaya 3102-3103, Chanta IV, Anchorena 665, Ocampo parking spaces, DOT adjoining plot. adjoining plot Mendoza Shopping, Pilar R8 Km 53, Conil land (Plot II), Pontevedra, San Luis Land and Llao Llao Land.

(2) These lands are classified as Property for sale; therefore, their value is maintained at historical cost basis adjusted by inflation. The rest of the land is classified as Investment Properties, valued at market value.

(3) "Caballito Manzana 35" consists of 3 residential buildings of 27, 22 and 18 floors.

(4) This land is in judicial litigation.

(5) Estimated maximum buildable area according to the projects, still pending final approvals.

(6) Applicable to the expansion of the Zetta Building.

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The following table shows information about IRSA's expansions on its current assets as of June 30, 2025:

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|:---|:---|:---|:---|
| **Expansions** | **Ownership interest** | **Surface** | **Locations** |
|  | (%) | (sqm) |  |
| Alto Palermo | 100 | 4336 | City of Buenos Aires |
| Paseo Alcorta | 100 | 1337 | City of Buenos Aires |
| Alto Avellaneda | 100 | 23737 | Buenos Aires |
| Alto Noa | 100 | 3068 | Salta |
| Soleil Premium Outlet | 100 | 17718 | Buenos Aires |
| Alto Comahue | 100 | 3325 | Neuquén |
| **Total in Shopping Malls** |  | **53521** |  |
| Patio Bullrich | 100 | 20000 | City of Buenos Aires |
| Alto Palermo | 100 | 14119 | City of Buenos Aires |
| Córdoba Shopping | 100 | 7000 | Cordoba |
| **Total in offices + residential** |  | **41119** |  |
| **Total expansions** |  | **94640** |  |

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**<u>Intangibles – Units to be received under barter agreements</u>**

*Coto Abasto air space – Towers 1 & 2 – City of Buenos Aires* 

The Company owns an airspace, known as "Human Abasto," to construct approximately 23,000 square meters above the premises of the Coto hypermarket that is close to Abasto Shopping in the heart of the City of Buenos Aires. On September 24, 1997, the Company and Coto Centro Integral de Comercialización S.A. (Coto) granted a deed through which the Company acquired the rights to receive functional parking units and the rights to raise the property located between Agüero, Lavalle, Guardia Vieja and Gallo streets, in the Abasto neighborhood.

On October 25, 2019, IRSA transferred to a non-related third party the rights to develop a residential building ("Tower 1") on Coto Supermarket airspace located in the Abasto neighborhood in the City of Buenos Aires. Tower 1 will have 22 floors of 1 to 3 rooms apartments, totaling an area of 8,400 sqm. The operation was set for the total of USD 4.5 million: USD 1 million was paid in cash and the balance in at least 35 functional units of departments, with a guaranteed minimum of 1,982 sqm.

On June 30, 2023, in compliance with the agreement into with Abasto Twins S.A. in June 2016, we signed the assignment of a parking unit and the right to build the Tower 2 of Abasto for USD 3 million. As of the date of this Annual Report, we received the sum of USD 15,250 in cash as monetary consideration, and the right to receive at least 29 functional units that are part of the future tower as non-cash consideration. This non-cash consideration represents the equivalent of 20% of the square meters of the plans approved by the GCBA for the construction of the tower, with a guaranteed minimum of 1,639 sqm.

In addition, as of June 30, 2025, the construction work of Tower 1 had been completed and has begun commercialization, while the construction of Tower II, already underway, was 18% complete.

*Trusts: Ancón (Luis M. Campos 100 and Ancón) and Figueroa Alcorta 6464* 

On February 9, 2021, as a result of the reorganization of Manibil S.A., we received a participation in three trusts:

· Ancón Trust: The original project, which consisted in an office building, was changed to a residential building, of which 608 sqm and 6 garages units would correspond to us. As of the date of this Annual Report, there is a protection action (*amparo*) in relation to this project, thus the work is suspended; and

· Figueroa Alcorta 6464 Trust: corresponds to 1,786 sqm of apartments and 11 garage units. As of June 30, 2025, the work has started and has been completed by more than 50%.

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*Córdoba Shopping Adjoining Plots – Residential*

On August 18, 2022, the plot 1 of 3,240 sqm was bartered with Proaco, where two residential towers is expected to be built. We expect to receive as consideration, within a period of between 36 and 44 months, functional units that represent 16% of the square meters, with a minimum of 2,160 square meters, together with garage units and, if built, also storage units. The value of the swap is USD 2 million.

On July 11, 2024, the General Direction of Environmental Impact of the Secretary of Sustainable Development, under the Ministry of Environment and Circular Economy, indicated that the project is not subject to the Environmental Impact Assessment Procedure requested from the Developer by the Municipality of Córdoba. As of June 30, 2025, construction had already commenced with a progress of 10%.

*Ramblas del Plata – Permutas Etapa 1*

For more information see *"Item 4. Information on the Company. - B. Business Overview –Sale and Development of Properties and Land Reserves—Mixed uses – Ramblas del Plata – formerly Costa Urbana – Costanera Sur, City of Buenos Aires".*

*Caballito Ferro Plot 1 – City of Buenos Aires*

For more information see "*Item 4. Information on the Company. - B. Business Overview –Sale and Development of Properties and Land Reserves—Mixed uses – Caballito Ferro Plots 2, 3 and 4 – City of Buenos Aires".*

*Ezpeleta Plot – Quilmes, Buenos Aires*

Acquired in April 2022 as part of the payment for the sale of the Republica Building. The property is made up of four plots and has a frontage of 851 meters on the Bs As - La Plata Highway, on the side of the urbanized area the property has a frontage of 695 meters on Río Gualeguay Street between Tupungato and La Guarda streets. It has a total area of 465,642 sqm, with a usable area of 242,151 sqm and a buildable area of 521,399 sqm.

On December 7, 2023, the exchange of the property took place with the Fiduciary of the Nuevo Quilmes II Trust for the development of a private neighborhood. As of June 30, 2025, the works are at an advanced stage and IRSA had sold 41 single-family lots received in exchange transactions for approximately USD 6.3 million.

**<u>Mixed uses</u>**

*Ramblas del Plata – formerly Costa Urbana – Costanera Sur, City of Buenos Aires*

On December 21, 2021, the law from Buenos Aires City congress approving a New Zoning Regulations for the development of the property, was passed, and published. The Plot of approximately 70 hectares, owned by the Company since 1997, previously known as "Costa Urbana" or "Solares de Santa María", is in the riverfront of the Río de la Plata, in the South Coast of the Autonomous City of Buenos Aires, southeast of Puerto Madero. The published law grants a New Zoning Area, designated: "U73 - Public Park and Costa Urbana Urbanization", which enables a mixed-use development, combining, residential, office buildings, retail, services, public spaces, education, and entertainment.

IRSA will have a construction capacity of approximately 866,806 sqm, which will drive growth for the coming years through the development of mixed-use projects.

IRSA promised to give to the City of Buenos Aires 50.8 hectares designated for public use, which represent approximately 71% of the total area of the property and contribute with three additional lots of the property, two for the Sustainable Urban Development Fund and one for the Innovation Trust, Science and Technology of the GCBA, in addition to the sum of USD 2,6 million in cash and the amount of 3,000,000 sovereign bonds (AL35) which was also contributed.

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Likewise, the Company will oversee putting in place the infrastructure and road works on the property serving the new city blocks generated and will carry out the public space works contributing up to USD 40 million, together with the maintenance of the public spaces assigned for 10 years or until the sum of USD 10 million is completed.

In March 2023, measurement was approved with a proposal for subdivision, division, transfer of streets and public space. On November 15, 2023, the 3 parcels and the public park lot were registered on public record in favor of the GCBA, and the 61 lots of IRSA were created. On May 22, 2024, we received the parcel certificates corresponding to the 61 lots.

With the issuance of the Environmental Aptitude Certificate in December 2024, Phase A of the project's infrastructure works began, starting with earthmoving tasks, followed by sheet piling installation, as well as road and stormwater networks, buffer planting, and bay remediation. In January 2025, commercialization of the project began.

During the fiscal year 2025, the Company signed 2 sales agreements and 11 barter contracts with various developers for 13 lots of the extended first phase of "Ramblas del Plata" project.

After the end of the fiscal year, on July 17, 2025, IRSA executed an addendum to the purchase agreement dated January 27, 2025, which consisted of the substitution of one of the plots. As part of this modification, an additional USD 3.5 million was paid in cash and the price was increased by the delivery of saleable square meters valued at USD 3.6 million. This transaction added USD 7.1 million in value to the original agreement, corresponding to 5,000 additional saleable square meters because of the change in the lot in question.

The plots have an estimated saleable area of 110,585 square meters, and the transactions amount to approximately USD 81,1 million.

"Phase I" extended consists of 20 lots totaling approximately 163,800 square meters, which represents 23.4% of the project's total saleable area, and currently, seven lots remain available for commercialization.

"Ramblas del Plata" will change the landscape of the City of Buenos Aires, bringing life to an undeveloped area and will be an exceptional project due to its size, location and connectivity, providing the City the possibility of expanding and recovering its access to the Río de la Plata coast with walkable areas, recreation, green spaces, public parks and mixed-use.

*La Plata Plot of land*

On March 22, 2018, we acquired 100% of a plot of land of 78,614 sqm of surface in the town of La Plata, province of Buenos Aires. The transaction was consummated through the purchase of 100% of the shares of CELAP that owns 61.85% of the property and the direct purchase of the remaining 38.15% from unrelated third parties.

The price of the acquisition was USD 7.5 million which has been fully paid. The Company intends to use the property to develop a mixed-use project, given the property's characteristics for a commercial development in a district with high potential.

On January 21, 2019, Ordinance No. 11,767 approved by the "Honorable Consejo Deliberante de La Plata" on December 26, 2018, was enacted. With this enactment, the uses and indicators requested to develop a project of 116,553 square meters were formally confirmed.

As of the date of this Annual Report, the plans and construction permissions for the "Shopping La Plata" project have been approved, and a hydraulic project has been submitted to the provincial hydraulic authority.

As of June 30, 2025, construction of the Distrito Diagonal Shopping Mall had commenced, with preliminary tasks, earthworks and stormwater drainage. During the fiscal year ended June 30, 2025, several bids were awarded, including the concrete structure, the steel structure, and the external gas works.

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*Polo Dot mix uses expansion* – City of Buenos Aires

On the plot where the Zetta Building is located, we have a surplus buildable surface of 15,940 sqm, where alternatives are being analyzed to develop a mixed-use project.

*Caballito Ferro Plots 2, 3 and 4 – City of Buenos Aires*

Caballito is a property of approximately 20,462 sqm in the City of Buenos Aires, neighborhood of Caballito, one of the most densely populated of the city, which the Company purchased in November 1997. This plot will be used for the development of residential with retail and public spaces, with more than 85,000 sqm. This Project is approved by the GCBA authorities.

On December 23, 2019, the Company transferred Parcel 1 of the land reserve located at Av. Avellaneda and Olegario Andrade 367 in the Caballito neighborhood of the City of Buenos Aires to an unrelated third party.

As of June 30, 2025, the development is awaiting the resolution of an appeal filed with the GCBA.

*Luján Plot of Land – Luján, Province of Buenos Aires*

This 115-hectare plot of land is located in the 62 Km of the West Highway, in the intersection with Route 5 and was originally purchased by CRESUD from Birafriends S.A. for USD 3 million. In May 2012, the Company acquired the property through a purchase and sale agreement entered into between related parties, thus becoming the current owner. Our intention is to carry out a mixed-use project, taking advantage of the environment consolidation and the strategic location of the plot. As of the date of this Annual Report, the change of the zoning parameters is completed.

*La Adela – Buenos Aires*

During 2015 the Company acquired the "La Adela" land reserve with an area of approximately 987 hectares, located in the District of Luján, Province of Buenos Aires, that was previously owned by CRESUD. Given its degree of development and closeness to the City of Buenos Aires, we intend to develop a new real estate project.

*Puerto Retiro – City of Buenos Aires*

At present, Puerto Retiro S.A. has an 8.2 hectares plot of land, which is affected by a zoning regulation defined as U.P. which prevents the property from being used for any purposes other than strictly port activities.

Puerto Retiro S.A. was involved in a bankruptcy extension judicial action initiated by the Argentine Government, to which the Board of Directors is totally unrelated. Management and the Company's legal advisors consider that there are sufficient legal technical arguments to consider that the request for the extension of bankruptcy will be rejected by the court. However, given the current state of the case, the resolution is uncertain.

In turn, Tandanor filed a civil action against Puerto Retiro S.A. and the other defendants in the criminal case for violation of Section 174 (5) based on Section 173 (7) of the Criminal Code. Such action seeks -on the basis of the nullity of the decree that approved the bidding process involving the Dársena Norte property- the restitution of the property and a reimbursement in favor of Tandanor for all such amounts it has allegedly lost as a result of a suspected fraudulent transaction involving the sale of the property. Puerto Retiro has presented the allegation on the merit of the evidence, highlighting that the current shareholders of Puerto Retiro did not participate in any of the suspected acts in the criminal case since they acquired the shares for consideration and in good faith several years after the facts told in the process. Likewise, it was emphasized that the company Puerto Retiro is foreign - beyond its founders - to the bidding / privatization carried out for the sale of Tandanor shares.

On September 7, 2018, the Oral Federal Criminal Court No. 5 released the operative part of the Sentence, from which it follows that the prescription exception filed by Puerto Retiro was allowed. However, in the criminal case, where Puerto Retiro is not a party, it was ordered, among other issues, the confiscation (decomiso) of the property owned by Puerto Retiro known as Planta I. The reasons for the Court's sentence were read on November 11, 2018. From that moment, all the parties might file the appeals. Faced with this fact, an extraordinary appeal was filed, which was rejected, and as a result, a complaint was filed for a rejected appeal, which was granted.

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On July 26, 2024, the CSJN ruled on the various complaints filed by the parties. With respect to the civil action, it upheld the extraordinary appeals filed by Tandanor and the Ministry of Defense and resolved unanimously to: (i) overturn the appealed cassation judgment regarding the statute of limitations of the civil action (ordering a new ruling based on the doctrine of arbitrariness of judgments); and (ii) confirm the forfeiture of Plant I, although ordering its restitution to Tandanor instead of to the Argentine Government, clarifying that the forfeiture itself was upheld. While the CSJN clarified that its decision does not imply addressing the merits of the civil action claim, it did order that the competent Court issue a new resolution taking into account the defenses raised by Tandanor and the Ministry of Defense in their responses to the statute of limitations objection, particularly regarding the date on which the limitation period began to run. As a result, the case was assigned to Chamber IV of the Federal Criminal Cassation Court, which reconstituted its members in order to issue a new judgment in compliance with the CSJN's decision. Judges Carvallo and Borinsky recused themselves, being replaced by Judges Yacobucci and Barroetaveña. Judge Gustavo Hornos did not recuse himself from continuing to intervene in the case, despite having participated in the ruling that the CSJN overturned. In light of this, Puerto Retiro S.A. challenged Judge Hornos for objective cause. Chamber IV of the Court rejected the recusal motion. Consequently, an extraordinary federal appeal was filed against such decision, which was rejected by judgment rendered and notified on March 28, 2025. Against such ruling, within the legal term, a complaint appeal was filed for denial of the extraordinary appeal, which as of the date hereof remains pending.

In parallel, on May 26, 2025, a hearing was held under Articles 465 (last paragraph) and 468 of the Argentine Criminal Procedure Code, where the parties presented their arguments. Finally, on June 24, 2025, Chamber IV of the Federal Criminal Cassation Court – composed of Judges Gustavo M. Hornos, Diego G. Barroetaveña and Guillermo J. Yacobucci – notified Puerto Retiro S.A. of its judgment unanimously resolving to annul operative items "II" (upholding the statute of limitations defense of the civil action) and "XVIII" (granting the forfeited property to the Argentine Government rather than to Tandanor) of the appealed decision rendered by TOCF No. 5, and remand the case to the lower court for a new ruling on the statute of limitations defense of the civil action and the destination of the forfeited property. In summary, the Cassation Court issued a new ruling following the CSJN's guidelines and ordered TOCF No. 5 to issue a new decision on the statute of limitations defense of the civil action, taking into account both the CSJN's decision and the present ruling by the Cassation Court, as well as regarding the destination of the forfeited property (in favor of Tandanor). The case was remanded to TOCF No. 5.

In the framework of the criminal case, the complainant denounced the non-compliance by Puerto Retiro S.A. of the precautionary measure decreed in the criminal court consisting of the prohibition to innovate and contract with respect to the property that is the object of the civil action. As a result of this complaint, the Oral Federal Criminal Court No. 5 filed an incident and ordered and executed the closure of the property where the lease contracts with Los Cipreses S.A. and Flight Express S.A. were being fulfilled, in order to enforce compliance with the aforementioned measure. As a result of this circumstance, it was learned that the proceedings were turned to the Criminal Chamber for the assignment of a court to investigate the possible commission of a disobedience crime. As of the date of issuance of this Annual Report, there has been no news regarding the progress of this case.

In the face of the evolution of the legal cases affecting it and based on the reports of its legal advisors, the Management of Puerto Retiro has decided to record, during the fiscal year 2019, an impairment equivalent to 100% of the book value of its investment property, without prejudice to the reversal of the same in the event that a favorable judgment is obtained in the actions brought.

**<u>Residential</u>**

*Caballito Block 35 – City of Buenos Aires*

In October 2011, we acquired a plot of land located at Méndez de Andes street in the neighborhood of Caballito in the City of Buenos Aires. A neighborhood association named *Asociación Civil y Vecinal SOS Caballito* secured a preliminary injunction which suspended the works to be carried out in the above mentioned property. In July 2018, the CSJN issued a favorable final decision allowing the construction of 57,192 sqm of apartments on the plot.

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As of June 30, 2025, the work for the concrete structure of the first tower ("Tower 3") was completed and the completion of the internal masonry works of Tower 1 was at an advanced stage.

*Zetol S.A. and Vista al Muelle S.A. – District of Canelones – Uruguay*

In the course of fiscal year 2009 we acquired a 100% ownership interest in Liveck S.A., a company organized under the laws of Uruguay. In June 2009, Liveck had acquired a 90% stake in the capital stock of VAM and Zetol S.A., for USD 7.8 million. The remaining 10% ownership interest in both companies is in the hands of Banzey S.A. These companies have undeveloped lands in Canelones, Uruguay, close to the capital city of Uruguay, Montevideo.

We intend to develop in these 13 plots, with a construction capacity of 182,000 sqm, an urban project that consists of the development and commercialization of 1,860 apartments. Such a project has the "urban feasibility" status for the construction of approximately 180,000 sqm for a term of 10 years, which was granted by the Mayor's Office of the Canelones department and by its Local Legislature. Zetol S.A. and VAM agreed to carry out the infrastructure works for USD 8 million as well as a minimum amount of square meters of properties. The satisfaction of this commitment under the terms and conditions agreed upon will grant an additional 10-year effective term to the urban feasibility status.

The total purchase price for Zetol S.A. was USD 7 million; of which USD 2 million were paid. Sellers may opt to receive the balance in cash or through the delivery of units in the buildings to be constructed in the land owned by Zetol S.A. equivalent to 12% of the total marketable meters to be constructed.

Besides, VAM owned since September 2008 a plot of land purchased for USD 0.83 million. Then, in February 2010, plots of land were acquired for USD 1 million. In December 2010, VAM executed the title deed of other plots for a total amount of USD 2.66 million, of which USD 0.3 million were paid.

As a result of the plot barter agreements executed in due time between the IMC, Zetol S.A. and VAM in March 2014, the parcel redistribution dealing was concluded. This milestone, as set forth in the amendment to the Master Agreement executed in 2013, initiates the 10-year term for the investment in infrastructure and construction of the buildings mentioned above. Construction capacity of the 13 plots is 180,000 sqm.

On November 15, 2018, the translation deed of sale of the first plot where the first Tower of Departments, Villas and single and double parking spaces is currently being built has been signed, the total exchange price was USD 7.3 million equivalent to 16% of all of the marketable built meters in the first Tower. 12% of it has been used to cancel part of the price balance maintained to date with the sellers of the plots acquired by Zetol S.A in June 2009.

On June 18, 2025, two lots belonging to the 'Distrito Boating' were exchanged, on which three residential buildings of identical characteristics will be developed under construction-related tax benefits, denominated Promoted Housing regime.

On July 3, 2025, we entered into an agreement with the Municipality of Canelones which certified the infrastructure works carried out to date by Vista al Muelle and Zetol for a total amount of USD 4.5 million.

*Neuquén Residential Plot– Neuquén, Province of Neuquén*

Through Shopping Neuquén S.A., IRSA owns a plot of 13,000 square meters with an estimated construction capacity of 57,000 square meters of residential properties in an area with significant growth potential. This area is located close to the shopping mall Alto Comahue and the hypermarket currently in operation.

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*Rosario Lots adjacent to Alto Rosario – Rosario, Province of Santa Fe*

On the land where the Alto Rosario Shopping Mall is located, there is a section identified as Lot 1B with a surface area of 84,189 sqm. On December 27, 2024, a subdivision was carried out, generating four lots totaling 48,126 sqm with a maximum floor area ratio (FAR) of 3.5.

**<u>Retail</u>**

*Coronel Diaz and Beruti Building – City of Buenos Aires*

In February 2022, the Company purchased by means of public auction from the GCBA, a property located at the corner of the intersections of Beruti Street and Coronel Díaz Avenue. Such property is located in front of Alto Palermo Shopping, a shopping center owned by the Company, located in the neighborhood of Palermo, one of the main commercial corridors of the City of Buenos Aires.

The property has an area of approximately 2,387 sqm, consisting of a first floor, six upper levels and a basement area. Furthermore, it has a total covered area of approximately 8,137 sqm with future expansion potential.

The purchase price was ARS 2,158.6 million, which was paid in full by the Company.

On June 14, 2022, the transfer deed of ownership was signed. Simultaneously with the deed, the Company is required to sign a bailment agreement with the GCBA, with the latter holding the property free of charge for a period of up to 30 months, in accordance with the conditions agreed upon in the auction.

**<u>Offices</u>**

*Polo Dot offices 2 and 3 – City of Buenos Aires*

These two parcels of 6,400 square meters with a construction capacity of 38,400 square meters each, are located adjoining to where the extension of Dot Baires Shopping is planned. As a result of important developments, the intersection of Av. General Paz and Panamericana have experienced great growth in recent years. In April 2018, both plots were unified into a single one of 12,800 square meters.

*Paseo Colón 245 Building and Paseo Colón 275 Parking spaces – City of Buenos Aires*

On December 28, 2022, the Company was awarded two Public Auctions (2901 and 2902) carried out by the GCBA, for a property located at Paseo Colón 245 and 12 parking spaces at Paseo Colón 275. The property, with mixed-use potential, has 13 office floors in a covered area of approximately 13,690 sqm and a basement with parking spaces. The purchase price was ARS 1,434.8 million, which was fully paid.

On May 29, 2023, the deed was signed and simultaneously was signed a bailment agreement contract with the GCBA, that will hold the property free of charge for a period of 18 months (with the option to extend it for 6 additional months under rental agreement), in accordance with the conditions agreed upon in the auction.

*Intercontinental Plaza II Plot - City of Buenos Aires*

In the heart of the neighborhood of Monserrat, just a few meters from the most trafficked avenue in the city and the financial center, is the Intercontinental Plaza complex consisting of an office tower and the exclusive Intercontinental Hotel. In the current plot of 6,135 square meters a second office tower of 19,597 square meters and 25 stories could be built to supplement the tower currently located in the intersection of Moreno and Tacuarí streets.

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As of June 30, 2025, as a result of the entry into force of the new Urban Planning Code of the Autonomous City of Buenos Aires on January 1, 2025, which introduced new urban codifications, the buildable area was adjusted to 7,500 sqm.

*Córdoba Shopping Adjoining Plots – Residential*

On the parking lot of the Córdoba Shopping mall, we have land on which we can build an office tower of up to 4,823 sqm, in accordance with Ordinance 12,860 of the Municipality of Córdoba.

**<u>Other Land Reserves</u>**

*Other Land Reserves – Includes Zelaya 3102 and 3103, Chanta IV, Anchorena 665, Mendoza Shopping Adjoining Plots, Pilar Route 8 km 53, Conil Plot II, Pontevedra Plot, San Luis Plot and Llao Llao Plot.*

We grouped here those plots of land with a significant surface area the development of which is not feasible in the short term either due to their current urban and zoning parameters, their legal status or the lack of consolidation of their immediate environment. This group totals around 3.3 million square meters.

***Del Plata Building Trust***

On November 10, 2023, the Company entered into a trust agreement at cost for a project development of 35,120 sqm salable area consisting on the construction of a residential building, stores (gastronomic use), and complementary parking spaces, and under which the Company acts as the money trustor and beneficiary of the trust. Under this agreement, IRSA will receive approximately 5,128 salable square meters and 32 parking spaces, and will perform functions as a developer based on its expertise in residential real estate development. TMF Trust Company (Argentina) S.A., a company with a fiduciary purpose that is not a related party, acts as trustee. Other non-related companies also participate as money trustors in the trust.

The aforementioned trust agreement involved the contribution of a building owned by Banco Hipotecario. The building is located in the block embraced by the streets Carlos Pellegrini, Presidente Perón, Sarmiento and Pasaje Carabelas, in the City of Buenos Aires. On December 28, 2023, Banco Hipotecario transferred the fiduciary ownership of the aforementioned property in favor of the trustee as a contribution to the trust.

The project underlying the trust has approval for the Microcenter reconversion regime pursuant to Law No. 6508 issued by the GCBA. On June 14, 2024, the GCBA issued Joint Resolution No. 1078/MHFGC/24 that suspended the effects of the tax benefits granted to the trust, which are rights acquired by it. In order to preserve its rights, on July 17, 2024, the trust filed an administrative appeal against this measure in order for it to be revoked and the validity of the suspended tax benefits to be restored.

By Resolution No. 7/MDECGC/24 dated November 1, 2024, the GCBA resolved to lift the suspension imposed by Resolution No. 1078/MHFGC/24, for the purpose of continuing with the proceedings related to the adjustment of the downtown area transformation projects as agreed under the respective agreements. Furthermore, on October 29, 2024, the GCBA, on the one hand, and Banco Hipotecario together with the trustee of the trust, on the other, entered into an agreement pursuant to which the latter adjusted the project so that the maximum investment amount to be considered per square meter would not exceed the maximum amount established therein, and agreed to defer the collection of the benefits corresponding to the investments to be made, thereby rescheduling the construction and investment timeline of the project originally submitted.

As of the date of this Annual Report, construction works have begun. Any modification to the reimbursement regime established by the GCBA could affect the scope or timing of the project.

**<u>Others</u>**

***Banco Hipotecario***

As of June 30, 2025, we held a 29.12% of the equity of in Banco Hipotecario. Established in 1886 by the Argentine Government and privatized in 1999, Banco Hipotecario has historically been Argentina's leading mortgage lender, provider of mortgage-related insurance and mortgage loan services. All its operations are located in Argentina where it operates a nationwide network of 52 branches in the 23 Argentine provinces and the City of Buenos Aires.

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Banco Hipotecario is an inclusive commercial bank that provides universal banking services, offering a wide variety of banking products and activities, including a wide range of individual and corporate loans, deposits, credit and debit cards and related financial services to individuals, small-and medium-sized companies, and large corporations. As of June 30, 2025, Banco Hipotecario's shareholders' equity was ARS 520,633 million, its consolidated assets were ARS 3,533,572.8 million, and its net income for the three-month period ended June 30, 2025, was ARS 19,436 million. Since 1999, Banco Hipotecario's shares have been listed on the BASE in Argentina, and since 2006 it has had a Level I ADR program.

Banco Hipotecario's business strategy is to continue diversifying its loan portfolio. Banco Hipotecario's non-mortgage loans to the non-financial private sector, in nominal terms, were ARS 40,522.8 million as of December 31, 2020, ARS 48,760.9 million as of December 31, 2021, ARS 61,353.5 million as of December 31, 2022, ARS 163,728.3 million as of December 31, 2023, ARS 528,543 million as of December 31, 2024 and ARS 808,788 million as of June 30, 2025.

Also, Banco Hipotecario has diversified its funding sources by developing its presence in the local and international capital markets, as well as increasing its deposit base. As of June 30, 2025, its capital markets debt representing 7% of its total funding.

Banco Hipotecario's subsidiaries include BACS Banco de Crédito y Securitización S.A., a bank specialized in investment banking, asset securitization and asset management, from which Banco Hipotecario owns directly 62.3% and IRSA owns directly 37.7%; BHN Vida S.A., a life insurance company; and BHN Seguros Generales S.A., a property insurance company.

***La Rural (convention centers and fairs activities) and La Arena (stadium concession)***

In relation to the investment in La Rural S.A., its main activity includes the organization of congresses, fairs, exhibitions and events and is carried out by IRSA, both at the Palermo Fairgrounds and at the "Centro de Exposiciones y Convenciones de la Ciudad Autónoma de Buenos Aires" through a Transitory Union of Companies that obtained, by public tender, the concession of this property for a period of 15 years and the "Punta del Este Convention and Exhibition Center". IRSA has an indirect participation of 35%.

Ogden Argentina S.A., indirectly controlled by IRSA by 70%, owns an 82.85% stake in "La Arena S.A.", a company that developed and operates the stadium previously known as "DirecTV Arena", located in the kilometer 35.5 of the Pilar branch, Tortuguitas, in the province of Buenos Aires.

During fiscal year ended June 30, 2025, La Rural S.A. consolidated its leadership in the trade fair and events business in Argentina. The fiscal year began with a successful edition of the 2024 Rural Exhibition, which achieved a remarkable public turnout, full occupancy and solid commercial results, in a context of high political and economic expectations. Throughout the fiscal year, numerous events were held, most notably a new edition of "Celebration," which brought together more than 50 year-end celebrations and reached its highest operating level since its launch in 2004, reaffirming La Rural as a benchmark venue for this type of corporate events. The upcoming fiscal year presents challenges given the electoral context and the tight operating margins in the sector.

As for the Buenos Aires Convention Center, it maintained stable occupancy in 2025, consolidating its position as a venue for congresses, conventions and institutional events. Throughout the fiscal year, its activity increased progressively, with a diverse and growing agenda that reflects its potential as a benchmark space in the segment. In addition, the Buenos Aires Convention Center strengthened its internationalization strategy, participating in global fairs in search of new congresses, in line with a more globally integrated Argentina.

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***We are appa S.A. (formerly Pareto S.A.)***

On October 8, 2018, the Company We are appa S.A. was incorporated, with the social purpose of design, programming and development of software, mobile and web applications. As of June 30, 2025, We are appa S.A. had 42 employees and IRSA's share of "We are appa" reached 93.63%.

The mission of "We are appa's" is to transform the physical in-store shopping experience through the use of artificial intelligence and data science, connecting brands and consumers. Through its proprietary technology, ¡appa! reduces frictions in the purchasing process, enhances decision-making and boosts conversion at the point of sale.

Through its application, ¡appa!, "We are appa" provides shopping malls and tenants a 100% digital customer loyalty system through which they can communicate with visitors, enhancing their visiting and shopping experience.

During the fiscal year ended June 30, 2025, users of ¡appa! carried out more than 5.3 million transactions on the platform, including consumption in shopping malls, use of parking spaces, and redemption of corporate benefits. Of these, approximately 5.2 million visitor transactions were identified in IRSA shopping malls, corresponding to consumption of more than ARS 46,800 million by 970,000 users. This information allows the teams of the shopping malls to manage their communications and actions in a more efficient and segmented way that results in greater loyalty and attractiveness of the shopping malls' proposal towards its visitors.

***Avenida Inc.***

As of June 30, 2025, IRSA indirectly owned 2.71% of Avenida Inc., a company dedicated to the e-commerce business.

***Compara en casa***

Compara en casa is a digital insurance broker that compares the policies of the main insurers in one place. They operate in Argentina, Brazil, Mexico, Paraguay and Uruguay.

As of June 30, 2025, the Company indirectly owned 14.82% of Comparaencasa Ltd.

***Shefa Holding LLC ("Shefa")***

Shefa, our wholly owned subsidiary, identifies selective investment opportunities in retail projects, prioritizing sectors with high growth potential. Its mission is to create an ecosystem of complementary companies in the retail and technology industries, capitalizing on opportunities that enhance the consumer experience, optimize processes, and generate long-term sustainable value. Shefa invests in businesses that integrate physical retail with digital solutions, promoting omnichannel strategies and providing retailers of all scales with the technological capabilities of major platforms.

Shefa's current portfolio includes solutions in payments, last-mile logistics, e-commerce, audiences, and data, generating cross-sector synergies that accelerate the validation, distribution, and monetization of new business models. One of its main investments is Turismo City, which is described below.

***Turismo City***

As of June 30, 2025, the Company owns indirectly 9.28% of Rundel Global Ltd., commercially known as Turismo City, which is a company that holds interest in different business related with tourism and travel assistance in Argentina, Brazil and Chile.

**Legal Framework**

***Regulation and Argentine Government Supervision***

The laws and regulations governing the acquisition and transfer of real estate, as well as municipal zoning ordinances, apply to the development and operation of our properties. Currently, Argentine law does not specifically regulate shopping mall leases. Since our shopping mall leases generally differ from ordinary commercial leases, we have developed contractual provisions which govern the commercial relationship with our shopping mall tenants.

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***Leases***

On December 20, 2023, President Milei enacted Emergency Decree No. 70/2023, which introduced amendments to certain provisions applicable to lease agreements, including the repeal of Law No. 27,551 and the amendment of specific articles of the Argentine Civil and Commercial Code. The Decree 70/2023 became effective on December 29, 2023. The principal changes introduced with respect to real estate lease agreements include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Elimination of statutory minimum lease terms. The statutory minimum terms previously applicable to real estate lease agreements have been eliminated. Accordingly, as from the effective date of the Decree No. 70/2023, lease agreements for real estate, regardless of their intended use (residential or otherwise), may be entered into for such term as may be agreed by the parties. In the absence of an express contractual term, the default terms under the Civil and Commercial Code shall apply: two years for permanent housing with or without furniture, three years for all other purposes, and, in the case of temporary leases, the term established by the customs and practices prevailing at the location of the leased property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Currency and adjustment mechanisms. The Decree No. 70/2023 expressly authorizes the rent to be denominated either in legal tender (Argentine pesos) or in foreign currency (U.S. dollars, euros, etc.). Where rent is denominated in foreign currency, the tenant may not compel the landlord to accept payment in any other currency (e.g., pesos). The parties may freely determine the index applicable to rent adjustments. In the event the index selected by the parties ceases to be published, the official index of similar characteristics published by INDEC shall apply. In the case of leases denominated in foreign currency, if the selected index ceases to be published, the applicable index shall be the official index of similar characteristics performing the same function in the jurisdiction of the currency of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Payment frequency and guarantees. The parties may freely determine the frequency of rent payments, provided that such frequency is not less than one month. Accordingly, advance payments covering future periods of the lease term may be agreed (e.g., six months, one year, etc.). The parties may also freely agree upon the amount and currency of security deposits and guarantees.

Limitations on lease terms. Pursuant to the Civil and Commercial Code, the maximum duration of lease agreements cannot exceed fifty years for any purpose (with a maximum of twenty years for residential leases). In practice, lease agreements in Argentina generally range between three and ten years.

Right of early termination. The Decree No. 70/2023 further provides that tenants may unilaterally terminate the agreement at any time, without prior notice or minimum elapsed term, subject to the payment of an early termination penalty equal to ten percent (10%) of the rent outstanding for the remainder of the contractual term, calculated from the date of notification of termination through the contractually agreed expiration date.

***Other***

Most of our leases provide that the tenants pay all costs and taxes related to the property in proportion to their respective leasable areas. Notwithstanding the foregoing, in accordance with the latest amendment to Section 1209 of the Argentine Civil and Commercial Code, the tenant is not responsible for the payment of charges and contributions levied on the property or extraordinary common expenses. In the event of a significant increase in the amount of such costs and taxes, the Argentine Government may respond to political pressure to intervene by regulating this practice, thereby adversely affecting our rental income. Considering that the Decree No. 70/2023 repealed Section 1209 of the Argentine Civil and Commercial Code, we may freely agree with the tenants on the method of payment for expenses and taxes related to the property in proportion to the corresponding lease areas, without legal restrictions. Although the Argentine Code of Civil and Commercial Procedure allows the landlord, in the event of non-payment of rents, to proceed to collect the rents through an executory proceeding, there is a large amount of jurisprudence that holds that shopping center lease agreements do not fulfill the requirements of the law in force to be collected through the executory proceeding. In those cases, in which executory proceedings are granted, debtors have fewer defenses available to prevent foreclosure, making these proceedings substantially shorter than ordinary ones. In executory proceedings the origin of debt is not under discussion; the trial focuses on the formalities of the debt instrument itself. The Code also permits special eviction proceedings, which are carried out in the same way as ordinary proceedings. The Argentine Civil and Commercial Code requires that a notice be given to the tenant demanding payment of the amounts due in the event of breach prior to eviction, of no less than ten days for leases for residential purposes and establishes no limitation or minimum notice for leases for other purposes. However, historically, large court dockets and numerous procedural hurdles have resulted in significant delays to eviction proceedings, which generally last from six months to two years from the date of filing of the suit to the time of actual eviction.

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***Development and use of the land***

*Buenos Aires Urban Code*. Our real estate activities are subject to several municipal zoning, building, occupation, and environmental regulations. In the City of Buenos Aires, where the vast majority of the real estate properties are located, there are the following regulations:

***Buenos Aires Urban Planning Code***

The Buenos Aires Urban Code (*Código Urbanístico de la Ciudad de Buenos Aires*) generally restricts the density and use of property and regulates physical features of improvements to property, such as height, design, set back and overhang, consistent with the city's urban planning policy. The administrative agency in charge of the Urban Code is the Secretary of Urban Planning of the City of Buenos Aires (*Secretaría de Planeamiento Urbano*) is responsible for implementing and enforcing the Buenos Aires Urban Code.

***Buenos Aires Building Code.***

The Buenos Aires Building Code (*Código de Edificación de la Ciudad de Buenos Aires*) complements the Buenos Aires Urban Planning Code and regulates the structural use and development of property in the City of Buenos Aires. The Buenos Aires Building Code requires builders and developers to file applications for building permits, including the submission to the Secretary of Work and Public Services (*Secretaría de Obras y Servicios Públicos*) of architectural plans for review, to assure compliance therewith.

***Sales and ownership***

*Protection for the Disabled Law*. The Protection for the Disabled Law No. 22,431, enacted on March 20, 1981, as amended, provides that in connection with the construction and renovation of buildings, obstructions to access must be eliminated in order to enable access by handicapped individuals. In the construction of public buildings, entrances, transit pathways and adequate facilities for mobility impaired individuals must be provided for.

Buildings constructed before the enforcement of the Protection for the Disabled Law must be adapted to provide accesses, transit pathways and adequate facilities for mobility-impaired individuals.

Those pre-existing buildings, which due to their architectural design may not be adapted to the use by mobility-impaired individuals, are exempted from the fulfillment of these requirements.

The Protection for the Disabled Law provides that residential buildings must ensure access by mobility impaired individuals to elevators and aisles. Architectural requirements refer to pathways, stairs, ramps and parking.

*Real Estate Installment Sales Law. The Real Estate Installment Sales Law No. 14,005*, as amended by Law No. 23,266 and Decree No. 2015/85, imposes a series of requirements on contracts for the sale of subdivided real estate property regarding, for example, the sale price which is paid in installments and the deed, which is not conveyed until final payment of such price. The provisions of this law require, among other things:

The registration of the intention to sell the property in subdivided plots with the Real Estate Registry corresponding to the jurisdiction of the property. Registration will only be possible with regard to unencumbered property. Mortgaged property may only be registered where creditors agree to divide the debt in accordance with the subdivided plots. However, creditors may be judicially compelled to agree to the division.

The preliminary registration with the Real Estate Registry of the purchase instrument within 30 days of execution of the agreements.

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Once the property is registered, the installment sale may not occur in a manner inconsistent with the Real Estate Installment Sales Act, unless the seller registers its decision to desist from the sale in installments with the Real Estate Registry. In the event of a dispute over the title between the purchaser and third-party creditors of the seller, the installment purchaser who has duly registered the purchase instrument with the Real Estate Registry will obtain the deed to the plot. Further, the purchaser can demand conveyance of title after at least 25% of the purchase price has been paid, although the seller may demand a mortgage to secure payment of the balance of the purchase price.

After payment of 25% of the purchase price or the construction of improvements on the property equal to at least 50% of the property value, the Real Estate Installment Sales Act prohibits the rescission of the sales contract for failure by the purchaser to pay the balance of the purchase price. However, in such an event the seller may take action under any mortgage on the property.

***Other Regulations***

*Consumer Relations. Consumer or End User Protection.* The Argentine Constitution expressly states in Article 42 that consumers and users of goods and services have the right to protection of their health, safety, and economic interests in consumer relationships. Law No. 24,240 on Consumer Protection, along with its amendments, regulates various issues concerning the protection of consumers and end users within a consumer relationship, both in arrangements and contract formation. The purpose of the Consumer Protection Law, as well as the relevant parts of the Argentine Civil and Commercial Code, is to regulate the constitutional right granted to the weaker party in a consumer relationship. It aims to prevent potential abuses arising from the stronger bargaining position of products and service providers in a market economy where standardized contracts or adhesion to pre-established general clauses are common.

For this reason, the Consumer Protection Law and the Argentine Civil and Commercial Code consider certain contractual provisions in agreements with consumers or end users to be null and void. These include clauses that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) disort obligations or limit liability for damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) imply a waiver or restriction of consumer rights and an expansion of the seller's rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) impose a reversal of the burden of proof to the detriment of the consumer.

Additionally, the Consumer Protection Law imposes penalties that can be applied independently or joinly ranging from warnings and fines of 0.5 to 2,100 times the basic food basket for a household (as published by the INDEC), to the seizure of goods, closure of an establishment for up to 30 days, suspension of up to 5 years from state supplier registries, and even the loss of concessions, privileges or special tax or credit regimes enjoyed by the sanctioned party.

The Consumer Protection Law and the Argentine Civil and Commercial Code define consumers or end users as individuals or legal entities who acquire or use goods or services, for a fee or for free, for final use or for their own benefit, or the benefit of their family or social group. Both laws also consider anyone who, without being a party to a consumer relationship, acquires or uses goods or services as a consequence of or on the occasion of such a relationship, for a fee or for free, for their own final use or for the benefit of their family or social group, to be equivalent to consumers.

Furthermore, the Consumer Protection Law defines providers of goods and services as individuals or legal entities, both public and private, who, professionally, even if occasionally, produce, import, distribute or market goods or provide services to consumers or users.

The Argentine Civil and Commercial Code defines a consumer contract as one entered into between a consumer or end user and an individual or legal entity acting professionally or occasionally, or with a private or public company that produces goods or provides services, whose purpose is the acquisition, use or enjoyment of goods or services by consumers or users for their private, family or social use.

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It is important to note that the legal protection granted to consumers and end users covers the entire consumer relationship, from the product or service offer itself, and not just the contractual stage or its consequences.

The Consumer Protection Law establishes a system of joint liability, meaning that for damages caused to a consumer resulting from a defect or risk in the product or service provided, the producer, manufacturer, importer, distributor, provider, seller and anyone who has put their brand on the product or service will be held liable.

The Consumer Protection Law excludes services provided by liberal professionals who require a university degree and a license granted by officially recognized professional organizations or government authorities. However, the law does regulate the advertising fot the services of these professionals.

The Consumer Protection Law stipulates that the information included in an offer directed at an undetermined number of potential consumers, is binding on the offeror during the offer period and until its public revocation. It also determines that the specifications included in advertisements, announcements, brochures, circulars or other media are binding on the offeror and are considered part of the contract concluded with the consumer.

Through Resolution No. 104/05 of the Technical Coordination Secretariat of the Ministry of Economy, Mercosur Common Market Group Resolution No. 21/2004 was incorporated into the Consumer Protection Law. This resolution requires all those engaged in commercial activities on the internet (e-business) to clearly and precisely disclose the characteristics of the products and/or services offered and the terms and conditions of sale. Failure to comply with the terms of the offer is considered an unjustified refusal to sell and is subject to penalties.

In 2014, through Law No. 26,993, the "System for Conflict Resolution in Consumer Relationships" was established, which included the Pre-litigation Conciliation Service in Consumer Relationships ("COPREC" and in Spanish "*Servicio de Conciliación Previa en las Relaciones de Consumo*"). This service allowed consumers and end users to file claims for amounts not exceeding a fixed sum equivalent to 55 times the minimum vital and mobile wage. However, the Argentine Government dissolved the COPREC through Decree 55/2025, which was in effect until February 2025. Consumers can still file their claims for free through administrative channels, such as the Single Window for Consumer Protection or various municipal and provincial offices.

Specifically, in the City of Buenos Aires, claims can be filed for free either through the City's Consumer Protection office or via the "Mi Reclamo" portal of the City's Council of the Judiciary. These prior instances must be exhausted before a judicial claim can be filed. The jurisdiction of the former National Consumer Court was transferred to the Court of Administrative, Tax, and Consumer Relations of the City of Buenos Aires, which is governed by Law 6407. This law created the Procedural Code for Justice in Consumer Relations in the City of Buenos Aires, giving this court jurisdiction over all consumer disputes within the city.

Additionally, in the City of Buenos Aires, consumers can seek a pre-litigation mediation under Law 26,589. If the claim is not resolved, they can initiate a judicial process with the ordinary National Justice system. It is expected that a considerable portion of the claims filed against us will likely be resolved within these systems. We also must not forget the full validity of the existing administrative complaint channels in the provinces, where potential claims can also be filed.

***Antitrust Law***

Argentina's Antitrust Law (Law No. 27,442) aims to prevent and punish anticompetitive practices by requiring administrative authorization for transactions that constitute an economic concentration, such as mergers, acquisitions of control, or transfers of goodwill.

A transaction must be filed with the CNDC for analysis and authorization if the total business volume of the involved companies in Argentina exceeds 100 million Mobile Units (UM), a value that has been updated to ARS 1,102.28 by Resolution 21/2025 from the Secretariat of Industry and Commerce. The "total business volume" is defined as revenue from the sale of products, provision of services, and direct subsidies, excluding discounts and taxes.

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While the filing can currently be made either before or within a week after the transaction, it's important to note that upon the establishment of the new CNDC, filings will only be accepted in advance. The CNDC has the power to authorize the transaction, subject it to certain conditions, or reject it. There are specific exemptions to the notification obligation, including when the transaction value and the value of assets in Argentina do not exceed 20 million UM (ARS 22,045,600,000).

However, the transaction must still be notified if the aggregate value of all transactions by the companies in the previous 12 months exceeds this same threshold, or 60 million UM (ARS 66,136,800,000) in the previous 36 months. As our consolidated annual sales volume and our parent's consolidated annual sales volume exceeds the relevant thresholds, we must provide notice to the CNDC of any concentration unless an exception under Section 11 of the Antitrust Law applies.

***Money laundering***

For more information about money laundering see, "Item 10. Additional Information—D. Exchange Controls—Money Laundering."

***Environmental Law***

Our activities are subject to several national, provincial, and municipal environmental provisions.

Section 41 of the Argentine Constitution, as amended in 1994, provides that all Argentine inhabitants have the right to a healthy and balanced environment fit for human development and have the duty to preserve it. Environmental damage shall bring about primarily the obligation to restore it as provided by applicable law. The authorities shall control the protection of this right, the rational use of natural resources, the preservation of the natural and cultural heritage and of biodiversity and shall also provide for environmental information and education. The Argentine Government has the authority to establish minimum standards for environmental protection whereas provincial and municipal Argentine governments have the authority to fix specific standards and regulatory provisions.

On November 6, 2002, the Argentine Congress passed Law No. 25,675, which regulates the minimum standards for the achievement of a sustainable environment and the preservation and protection of biodiversity and fixes environmental policy goals.

Law No. 25,675 establishes the activities that will be subject to an environmental impact assessment procedure and certain requirements applicable thereto. In addition, this law sets forth the duties and obligations that will be triggered by any damage to the environment and mainly provides for restoration of the environment to its former condition or, if that is not technically feasible, for payment of compensation in lieu thereof. This law also fosters environmental education and provides for certain minimum reporting obligations to be fulfilled by natural and legal entities.

On August 4, 2004, the Argentine Congress passed Law No. 25,916 by means of which the minimum environmental protection guidelines for the integral management of residential, commercial and industrial waste were established. This law denotes integral management as a set of interdependent and complementary activities, which make up a process of actions for the management of household waste (that includes residence, urban, commercial and/or industrial, among others) in order to protect the environment and the population's quality of life. This law establishes that the integral management of household waste consists of the following stages: generation, initial disposal, collection, transfer, transportation, treatment and final disposal. Competent authorities are determined by local jurisdictions.

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In addition, the CNV Rules require the obligation to report to the CNV any events of any nature and fortuitous acts that seriously hinder or could potentially hinder performance of our activities, including any events that generate or may generate significant impacts on the environment, providing details on the consequences thereof.

The Argentine Civil and Commercial Code introduced the acknowledgement of collective rights, including the right to a healthy and balanced environment. Accordingly, the Argentine Civil and Commercial Code expressly sets forth that the law does not protect an abusive exercise of individual rights if such exercise could have an adverse impact on the environment and the rights with a collective impact in general.

**Insurance**

We carry all-risk insurance for our shopping malls and other buildings covering damages to the property caused by fire, acts of terrorism, explosion, gas leak, hail, storm and winds, earthquakes, vandalism, theft and business interruption. We also have civil liability insurance covering all potential damages to third parties or goods arising from the development of our businesses throughout the whole Argentine territory. We are in compliance with all the legal requirements relating to mandatory insurance, including statutory coverage under the Occupational Risk Law, life insurance required under collective bargaining agreements and other insurance required by the laws and decrees. Our history of material damages is limited to only one claim made as a result of a fire in Alto Avellaneda Shopping in March 2006, in which the loss was substantially recovered from our insurers. These insurance policies have all the specifications, limits and deductibles that we believe are adequate for the risks to which we are exposed in our daily operations. We also purchased civil liability insurance to cover our Directors' and officers' liability.

**Sustainability**

Sustainability is a central pillar of our organization. Our policy is based on the United Nations Sustainable Development Goals, and we work towards this direction internally within our teams and externally through our value chain, operating as social and environmental change agents. We aim to achieve high quality standards in our real estate operations through the responsible use of resources and sustainable technologies and we seek to develop new projects in harmony with the environment.

Our sixteen shopping malls are an ideal space for the dissemination of topics of societal interest and the organization of corporate social responsibility given that more than 100 million people visit them annually. Regarding the office buildings, they are occupied by national and international organizations, committed to the triple impact of their actions.

We agree on the agenda of topics with social organizations in each community, the public sector and specialists in each field. In this way, we strengthen ties and generate long-term alliances, incorporating actors in the value chain and collaborating with the communities where our business units operate.

**Environmental Management** 

Environmental management constitutes a fundamental pillar of our corporate strategy. This commitment is reflected in our environmental policy, which reaffirms our vision of sustainable development and respect for the environment.

Our environmental policy is structured around the following key pillars:

· Strict compliance with applicable environmental regulations and voluntary commitments undertaken.

· Rational use of natural resources, promoting efficiency across all our operations.

· Proactive management of environmental impacts, with a preventive and corrective approach

· Promotion of the circular economy as a strategic model to reduce waste and maximize material utilization.

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· Continuous innovation in sustainable practices, seeking solutions that enhance our environmental performance.

· Sustainable real estate development, managing associated environmental impacts to ensure care of the surroundings.

· Long-term planning of our projects and operational improvements in each business unit.

· Ongoing improvement, aimed at environmental protection and compliance with international standards; and

· Cultural transformation, involving all our employees and stakeholders, fostering a shared environmental awareness.

Accordingly, we are implementing a positive environmental impact strategy through our Environmental Sustainability Strategic Plan, which prioritizes the incorporation of circular economy principles and the reduction of greenhouse gas emissions to address the challenge of reducing our carbon footprint.

Our Environmental Strategy is aligned with the United Nations Sustainable Development Goals, in order to protect the planet and ensure the sustainability of our operations.

We continue to move forward with a responsible, forward-looking vision, committed to creating sustainable value for our shareholders, communities and the environment.

*Environmental Certifications*

As part of our strategy, we aim to achieve high environmental certification standards in our real estate projects with the goal of having a modern and sustainable portfolio. Our shopping malls in Buenos Aires City are already part of the Circular Economy Network, an initiative of the GCBA that creates a collaborative workspace among various societal actors (companies, NGOs, and universities) to build a more sustainable city.

It reaffirms our commitment and effort to work on various actions that strengthen recycling and promote the circular economy. This seeks to redefine what growth means, with an emphasis on benefits for the entire society. It involves decoupling economic activity from the use of non-renewable resources and reducing (or eliminating) waste generation. It is composed of seven principles: rethink, refuse, reduce, redistribute, reclaim, reuse, and recycle.

All of our shopping malls are implementing a Comprehensive Waste Management Plan from the Circular Economy Paradigm. They are implementing new practices and habits to reduce waste generation, increasing reuse and recycling. The Circular Economy helps transform the economy towards a sustainable future.

The Ministry of Public Space and Urban Hygiene of the city of Buenos Aires awarded the Green Seal to the shopping malls Alto Palermo, Patio Bullrich, and Alcorta:

The office buildings developed by the Company, "261 Della Paolera" and "Zetta," have LEED Gold Core & Shell certification (Leadership in Energy and Environmental Design). This certification, renowned in the sector and valued by the market, recognizes the company's commitment to sustainable real estate development, incorporating aspects related to energy efficiency, improvement of indoor environmental quality, water consumption efficiency, sustainable development of open spaces on the plot, and the selection and recycling of materials in the construction.

As of the date of presentation of the Financial Statements, 72% of the premium office portfolio has LEED certification and several tenants are in the process of certifying their interiors, promoting energy and environmental design, quality of life and healthy work spaces.

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*Energy, water and waste management*

The efficient use of resources, as well as the proper management of the waste generated in our activities, are extremely important in our daily operations. For this reason, we carry out various tasks to ensure proper environmental management:

**Energy**: We continuously carry out actions to consume energy more efficiently and reduce consumption to a minimum, which include:

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| ·  | Improvements in climate control, lighting, installation systems and constant monitoring. |
| ·  | Enhancements to the building management systems of our shopping malls to operate more efficiently, adjusting mall temperatures and optimizing climate control and lighting schedules. |
| ·  | Implementation of a software to monitor electrical variables, which currently has approximately 500 online meters, with more being incorporated. |
| ·  | Awareness campaigns on resource conservation for our staff, tenants, and customers. |
| ·  | Automation of lighting in our offices and technical areas through motion sensors that turn lights on and off in meeting rooms, avoiding unnecessary energy use. |
| ·  | We automate the speed of escalators, reducing their speed when not in use. |
| ·  | Replacement of lighting with LED technology in more than 90% of our shopping malls and buildings. |
| ·  | Installation of ONGRID photovoltaic systems in the following shopping malls: |
|  | • MENDOZA SHOPPING, Power 12 kW, estimated annual energy 13,140 kWh<br>• DOT, Power 26 kW, annual energy 37,011 kWh<br>• ARCOS, Power 65 kW, estimated annual energy 92,527 kWh<br>• ALTO PALERMO, Power 196 kW, annual energy 279,006 kWh. |

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**Water:** The primary use of water is for sanitary supply, and it is also used in the food court sector, in shopping malls, in climate control systems, for cleaning facilities, and for irrigation.

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| In the restrooms of our facilities, we use low-consumption sanitary fixtures and fittings through the installation of timers, infrared sensors and aerators, ensuring efficient use of the resource. In establishments where possible, thanks to the facilities and availability of the location, rainwater is collected for other uses, primarily for irrigation. |
| Distrito Arcos is an open-air shopping mall with plant beds that are watered with rainwater. On rainy days, the rainwater is collected in underground tanks and used to water the plant beds on sunny days. The chosen irrigation system is drip irrigation, due to its high efficiency. |
| In the office buildings: 261 Della Paolera and the "Zetta Building," rainwater is also used for watering their plant beds. The chosen irrigation system is drip irrigation, due to its high efficiency. |
| At Mendoza Shopping, a reverse osmosis filtration system was installed for the treatment of condensate water from the chiller units. |
| At Mendoza Shopping and Alto Noa shopping malls, the recovery of greywater for use in toilets is being evaluated. |

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**Waste**: We promote waste reduction and are pioneers in recycling management. In all our shopping malls, waste is separated at the source into two fractions: Wet (non-recyclable) and Dry (recyclable). In four of them, Alto Rosario, Alcorta, Patio Bullrich, Alto Palermo, and Distrito Arcos, a third fraction called Organic is separated, generated from food preparation in gastronomic establishments. This waste is collected by the municipalities for composting. The resulting material is used for landscaping boulevards and public plant beds.

We continue working to add more establishments and reduce the waste sent to landfills. We operate a waste management system that allows us to recycle a significant portion of the material produced in our establishments. Additionally, we develop new ways and opportunities to integrate with social organizations and cooperatives to add value to the recovered materials.

We continuously reinforce proper waste management with our tenants, communicating through circulars, site visits, and training sessions. We remind them of the materials to separate into each of the three fractions (recyclable, wet, and organic), the corresponding bag color (according to current regulations), and the storage areas for these materials.

In this regard, the waste management program seeks to reduce the fraction of waste while increasing recycled materials. This achievement will help demonstrate how waste can be transformed into resources, avoiding its disposal as garbage in a landfill. Based on the improvement of indicators year after year, innovative solutions are expected to be incorporated to position us as a benchmark in commercial waste management.

In the kitchens of gastronomic establishments, used vegetable oils (UVOs) are generated from frying and cooking food. The company promotes proper environmental management by transforming the vegetable oil used by food court tenants in our shopping malls into biodiesel. This prevents water contamination by not draining the oils through regular kitchen pipes and gives a second use to the resources.

*Education and training program*

Training sessions and actions are directed at shopping mall staff, tenants of the establishments, and related suppliers, involving urban recycler cooperatives to share their experiences, understand their work, and highlight the importance of proper waste management.

**Fundación IRSA**

Fundación IRSA was created in 1996 with the aim of fostering initiatives that promote the integral development of individuals, with a special focus on education, human well-being, and social inclusion and support to vulnerable communities. We support civil society organizations because we believe in the power of networking, which enhances individualities and promotes sustainable relationships.

The work of Fundación IRSA is organized around three action areas that chart innovative towards a more equitable and integrated community. These pillars are:

· **Education**: We promote education, access to culture and educational research as key tools for personal and collective development. Through programs and partnerships, we foster opportunities in both formal and non-formal settings, with an approach based on diversity and identity. Since our inception, we have financed the Education Observatory, which generates reliable data to improve public education policies. Since 2024, we have been part of the governance body of the Literacy and Secondary Education Advocacy Table of the Group of Foundations and Companies (GDFE). In addition, for the tenth consecutive year, we will support more than 60 tertiary students in their Nursing studies, contributing to their entry into the healthcare system.

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· **Human well-being**: We understand well-being as a comprehensive right that encompasses the physical, emotional and social dimensions. Since 2014, we have contributed state-of-the-art equipment and technology to hospitals and healthcare centers throughout the country. In addition, we work alongside specialized organizations addressing specific diseases, and promote the ongoing training of healthcare professionals, understanding that access to quality medical care requires not only resources, but also continuous training and updating. Through the Nutrir Program, we provide sustained support to 10 community kitchens with the supply of fresh food, including meat, fruits, vegetables and dairy products. In 2025, the program expanded with new partners and kitchens, and strengthened its coordination with organizations dedicated to food recovery.

· **Insertion / inclusion**: We address two core challenges: employability and the prevention of violence. We support Asociación Civil Diagonal, which provides training and assistance to people over 45 years of age, and finance the +45 Observatory, which produces knowledge on the labor challenges faced by this age group. With respect to violence, we are the main funder of the Observatory on Initial Practices for Addressing Child Abuse, and we work together with "Red por la Infancia" in the development of certifications, prevention guidelines and protocols for educational, community and tourism environments, in order to guarantee childhoods free of violence.

**New Lines of Action** 

In 2025, we began to explore emerging topics such as mental health and active longevity, with the objective of identifying opportunities for innovative intervention in response to growing challenges that affect people's well-being. These lines pave the way for new partnerships and proposals that reinforce our vision of comprehensive human development.

We explore new emerging topics such as mental health and active longevity, recognizing their increasing social relevance.

**Our Commitment**

In 2025, we worked with more than 79 social organizations and made a direct social investment of ARS 828,894,598.

We evaluate our projects through qualitative and quantitative indicators that allow us to continuously improve. Looking ahead, we renew our commitment to active listening, knowledge generation and on-the-ground engagement to build collective solutions with real and sustainable impact.

**"Puerta 18" Foundation**

"Puerta 18" Foundation is a free space for artistic and technological creation for young people aged 13 to 24. Through a non-formal education approach, it encourages the development of skills, vocations, and talents in young people through the multiple resources offered by technology.

Over its 17 years, more than 5,500 young people have received free training, and today more than 350 have found employment in areas related to their training at the institution. This sustained growth reaffirms the "Puerta 18" Foundation's commitment to building real opportunities for youth. Thanks to the recognition from the IGJ (General Inspection of Justice) so that, under Section 81c, donations continue to be deductible from income tax, which has allowed us to strengthen partnerships with companies and expand the impact of our actions.

"Puerta 18" Foundation's educational approach continues to be centered on the interests and needs of each young person. Educators act as facilitators, promoting meaningful learning in disciplines such as Graphic Design, Photography, UX, Programming, Video Production, 3D Modeling and Animation, Video Games, Robotics, among others. In addition, the Foundation has a Child and Youth Protection Policy, designed in line with the guidelines of international organizations, which ensures a safe, respectful and caring environment for all participants.

Currently, the Foundation offers activities for an average of over 70 young people per day, both in the 13-18 age group and those over 18, focusing all its actions at the Zelaya Street headquarters. Additionally, together with #Digtar and #programarte, they have awarded scholarships to 80 young people to continue their educational studies at other institutions, expanding their social capital, deepening their knowledge, and significantly improving their job prospects.

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During 2025, "Puerta 18" Foundation consolidated significant institutional progress that strengthened its mission of supporting young people in the development of their educational, personal and professional paths. A new specific role focused on job intermediation was incorporated, with the objective of enhancing support in the transition to the labor market, providing concrete tools for professional integration.

The space for young people between 13 and 18 years of age was selected as a venue for ACAP (Workplace Orientation Activities) of the Government of the City of Buenos Aires. These pedagogical experiences in the field, aimed at fifth-year high school students, seek to bring them closer to the labor market, cultural activities and higher education, promoting meaningful learning in real contexts and strengthening their life projects. With the expectation of receiving more than 100 students during the year, this initiative expands the Foundation's reach and its articulation with the formal education system. In line with its commitment to the third sector, diversity and inclusion, the Foundation established new partnerships with entities such as Contratá Trans, promoting equity in recruitment and hiring processes, and Fundación Navarro Viola, which works with elderly people, generating intergenerational exchange and mutual learning opportunities. In addition, "Puerta 18" Foundation became a member of RACI (Argentine Network for International Cooperation), a network that connects organizations to strengthen institutional capacities and foster international cooperation. Through this membership, it participates in training, coordination and institutional strengthening spaces, sharing experiences and best practices with other institutions in the country. Strategic alliances were also maintained with Asociación Civil Minu, with whom the educational video game *C35: Misión Derechos* was developed, an interactive initiative aimed at adolescents to promote knowledge and exercise of their rights. Along the same lines, together with Fundación Encontrarse —which works for a more just, inclusive and diverse society—, spaces for exchange were promoted that enriched the institutional proposal. On the communications front, the Foundation began a new stage with the agency Alurralde, Jasper y Asociados, professionalizing its external communications strategy and strengthening its institutional positioning. Within this framework, a comprehensive renewal of the website (puerta18.org.ar) was carried out, improving the browsing experience and access to information for young people, families, donors and partners.

The relationship with IRSA was also deepened. In this context, new job placements of graduates were achieved in the technology area, reaffirming the impact of "Puerta 18" Foundation's training model and its capacity to generate real employment opportunities. This strategic partnership was further strengthened through the participation of employees as volunteers, who offered career coaching sessions, talks on personal finance and guidance on human resources, thereby enhancing participants' soft skills and preparedness for the labor market. Likewise, an employee carried out her professional practice as a Social Work student at the Foundation, reflecting the virtuous circle promoted by this partnership and the potential to continue building shared spaces for learning, inclusion and professional development.

**"Museo de los Niños" Foundation**

The Museo de los Niños Abasto is an interactive museum that recreates the spaces of a city and enhances the activities of children within it. Here, children and adults have fun and learn by playing the daily activities carried out in a community.

The Museum offers an enriching and alternative meeting space that integrates play, movement, perception, understanding, and expression, encouraging curiosity, interest in learning, and imagination from a transformative perspective.

Based on the Declaration of the Rights of the Child, it has been designed to foster in each child the development of their own potential: "learning by doing" and "playing and having fun while learning."

The Museum is dedicated to children up to 12 years old, their families, educators, and through them, the community. For the youngest children, up to 3 years old, it has two soft rooms specially built to stimulate their activity. In addition, it has an Exhibition Hall and an Auditorium where shows, film screenings, conferences, book presentations and various events are held.

Additionally, it has an Exhibition Hall and an Auditorium where shows, training sessions, conferences, book presentations, and various events are held.

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Through the scheduled activities, we aim to offer children a series of learning experiences that foster actions of solidarity and commitment to society as a whole, through play, imagination, and participation.

Taking these points into account, we received approximately 850,000 visitors, and the number of companies providing support through sponsorship increased.

As every year, the source of income from the Annual Winter Vacation event, as well as family days celebrated by different companies and institutions, and advance ticket sales, proved to be a fundamental and regular economic support for the Foundation.

School visits and birthday celebrations also increased.

Museo de los Niños has been declared:

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| of Educational Interest by the Ministry of Education of Argentina pursuant to Resolution No. 123; |
| of Cultural Interest by the Secretariat of Culture and Communication of the Presidency of Argentina pursuant to Resolution No. 1895; |
| of Cultural Interest by the Secretariat of Culture of the GCBA; |
| of Tourist Interest by the Secretariat of Tourism of the Presidency of Argentina pursuant to Resolution No. 281; and |
| sponsored by the Secretariat of Education of the GCBA pursuant to Resolution No. 537. |

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**C. Organizational Structure**

The following table presents information relating to our ownership interest represented by our subsidiaries as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **% of ownership interest held by the Company** | **% of ownership interest held by the Company** | **% of ownership interest held by the Company** |
| <br>**Name of the entity** | <br>**Country** | <br>**Main activity** | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| **IRSA's direct interest:** |  |  |  |  |  |
| E-Commerce Latina S.A.  | Argentina | Investment | 100.00 | 100.00 | 100.00 |
| Hoteles Argentinos S.A.U. | Argentina | Hotel | 100.00 | 100.00 | 100.00 |
| Inversora Bolívar S.A. | Argentina | Investment | 100.00 | 100.00 | 100.00 |
| Llao Llao Resorts S.A. (1)  | Argentina | Hotel | 50.00 | 50.00 | 50.00 |
| Nuevas Fronteras S.A. | Argentina | Hotel | 76.34 | 76.34 | 76.34 |
| Palermo Invest S.A. | Argentina | Investment | 100.00 | 100.00 | 100.00 |
| Ritelco S.A.U. | Argentina | Investment | 100.00 | 100.00 | 100.00 |
| Tyrus S.A. | Uruguay | Investment | 100.00 | 100.00 | 100.00 |
| U.T. IRSA y Galerías Pacifico (1) (2) | Argentina | Investment |  |  | 50.00 |
| Arcos del Gourmet S.A. | Argentina | Real estate | 90.00 | 90.00 | 90.00 |
| Emprendimiento Recoleta S.A. (in liquidation) | Argentina | Real estate | 53.68 | 53.68 | 53.68 |
| Fibesa S.A.U. | Argentina | Real estate | 100.00 | 100.00 | 100.00 |
| Panamerican Mall S.A. | Argentina | Real estate | 80.00 | 80.00 | 80.00 |
| Shopping Neuquén S.A. | Argentina | Real estate | 99.95 | 99.95 | 99.95 |
| Torodur S.A. | Uruguay | Investment | 100.00 | 100.00 | 100.00 |
| EHSA | Argentina | Investment | 70.00 | 70.00 | 70.00 |
| Centro de Entretenimiento La Plata (4) | Argentina | Real estate |  | 100.00 | 100.00 |
| We Are Appa S.A. | Argentina | Design and software development | 93.63 | 98.67 | 98.67 |
| Shefa Fiduciaria S.A.U. | Argentina | Trustee company | 100.00 | 100.00 |  |
| Fideicomiso Shefa V.C. | Argentina | Investment | 100.00 | 100.00 |  |
| **Tyrus S.A.'s direct interest:** |  |  |  |  |  |
| DFL and DN BV | Bermuda's / Netherlands | Investment | 99.65 | 99.63 | 99.59 |
| Shefa Holding LLC | USA | Investment | 100.00 | 100.00 |  |
| IRSA International LLC | USA | Investment | 100.00 | 100.00 | 100.00 |
| Liveck Ltd. (3) | British Virgin Islands | Investment | 100.00 | 100.00 | 100.00 |
| Real Estate Strategies LLC | USA | Investment | 100.00 | 100.00 | 100.00 |
| **DFL's and DN BV's direct interest:** |  |  |  |  |  |
| Dolphin IL Investment Ltd. | Israel | Investment | 100.00 | 100.00 | 100.00 |

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

(2) Liquidated in September 2023.

(3) Includes Tyrus' and IRSA S.A.'s equity interests.

(4) Merged into IRSA as of July 1, 2024.

We have a significant interest in Banco Hipotecario, an Argentine company incorporated under Argentine law and engaged in the banking business. As of June 30, 2025, we held, directly and indirectly, 29.12% of the equity of Banco Hipotecario.

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**D. Property, Plant and Equipment**

The Company owns and operates properties for administrative, commercial, and rental use in Argentina. These assets are measured at fair value or at cost less accumulated depreciation, depending on the asset type, and there are no significant environmental issues affecting their utilization.

The following table sets forth certain information about our properties as of June 30, 2025

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| **Property <sup>(6)</sup>** | **Date of Acquisition** | **Leasable/ Sale m2 / Rooms (1)** | **Location** | **Net Book Value ARS <sup>(2)</sup>** | **Use** | **Occupancy rate (%)** |
| Bouchard Plaza 551 | Mar-07 |  | City of Buenos Aires, Argentina | 3670 | Office Rental | N/A  |
| Intercontinental Plaza building | Dec-14 | 2979 | City of Buenos Aires, Argentina | 8817 | Office Rental | 100.00 |
| Dot building | Nov-06 | 11242 | City of Buenos Aires, Argentina | 44174 | Office Rental | 100.00 |
| Zetta building | May-19 | 32173 | City of Buenos Aires, Argentina | 151697 | Office Rental | 99.30 |
| Phillips building  | Jun-17 | 7940 | City of Buenos Aires, Argentina | 22465 | Office Rental | 75.30 |
| Other Properties<sup>(5)</sup> | N/A | N/A | City of Buenos Aires, Argentina / Detroit U.S | 34793 | Other Rentals | N/A  |
| Abasto Shopping | Nov-99 | 37253 | City of Buenos Aires, Argentina | 202861 | Shopping Mall | 98.90 |
| Alto Palermo | Dec-97 | 20715 | City of Buenos Aires, Argentina | 221508 | Shopping Mall | 98.90 |
| Alto Avellaneda | Dec-97 | 39849 | Province of Buenos Aires, Argentina | 154425 | Shopping Mall | 93.00 |
| Alcorta shopping <sup>(15)</sup> | Jun-97 | 15845 | City of Buenos Aires, Argentina | 136903 | Shopping Mall | 98.40 |
| Patio Bullrich | Oct-98 | 11472 | City of Buenos Aires, Argentina | 63883 | Shopping Mall | 91.00 |
| Alto Noa Shopping | Mar-95 | 19428 | City of Salta, Argentina | 42708 | Shopping Mall | 96.40 |
| Mendoza Plaza Shopping | Dec-94 | 41511 | City of Mendoza, Argentina | 56133 | Shopping Mall | 97.80 |
| Alto Rosario Shopping | Nov-04 | 35039 | City of Santa Fe, Argentina | 151347 | Shopping Mall | 100.00 |
| Córdoba shopping <sup>(11)</sup> | Dec-06 | 15604 | City of Córdoba, Argentina | 44615 | Shopping Mall | 99.30 |
| Dot Baires Shopping | May-09 | 48373 | City of Buenos Aires, Argentina | 143385 | Shopping Mall | 99.30 |
| Terrazas de Mayo | Dec-24 | 33703 | Province of Buenos Aires, Argentina | 36139 | Shopping Mall | 88.60 |
| Soleil Premium Outlet | Jul-10 | 15673 | Province of Buenos Aires, Argentina | 76716 | Shopping Mall | 100.00 |
| Distrito Arcos | Dec-14 | 14502 | City of Buenos Aires, Argentina | 32604 | Shopping Mall | 100.00 |
| Alto Comahue | Mar-15 | 11703 | City of Neuquén, Argentina | 61731 | Shopping Mall | 99.10 |
| Patio Olmos | Sep-07 |  | City of Córdoba, Argentina | 10023 | Shopping Mall | N/A  |
| Beruti Parking Space  | N/A |  | City of Buenos Aires, Argentina | 4755 | Shopping Mall | N/A  |
| Caballito –Ferro plot of land | Jan-99 |  | City of Buenos Aires, Argentina | 37311 | Land Reserve | N/A  |
| Luján plot of land | May-08 | 1152106 | Province of Buenos Aires, Argentina | 9890 | Mixed uses | N/A  |
| Ramblas del Plata | Jul-97 | 693446 | City of Buenos Aires, Argentina | 419278 | Other Rentals | N/A  |
| Beruti and Coronel Diaz building | Jun-22 |  | City of Buenos Aires, Argentina | 10627 | Other Rentals | N/A  |
| Paseo Colon 245 Building | May-23 |  | City of Buenos Aires, Argentina | 5931 | Other Rentals | N/A  |
| 261 Della Paolera | Dec-20 | 3740 | City of Buenos Aires, Argentina | 25716 | Offices and Other Rentals | 100.00 |
| Other Land Reserves <sup>(4)</sup> | N/A | N/A | City and Province of Buenos Aires | 96475 | Land Reserve | N/A  |
| Other Developments <sup>(14)</sup> | N/A | N/A | City of Buenos Aires, Argentina | 650 | Properties under development | N/A  |
| Buildable potentials <sup>(13)</sup> | N/A | N/A | City of Buenos Aires, Córdoba and Santa Fé | 43945 | Other Rentals | N/A  |
| Intercontinental Hotel <sup>(7) (12)</sup> | Nov-97 | 313 | City of Buenos Aires, Argentina | 12157 | Hotel | 67.80 |
| Libertador Hotel <sup>(8) (12)</sup> | Mar-98 | 200 | City of Buenos Aires, Argentina | 6127 | Hotel | 54.60 |
| Llao Llao Hotel <sup>(9)(10) (12)</sup> | Jun-97 | 205 | City of Bariloche | 26365 | Hotel | 56.50 |
| Others <sup>(3)</sup> | N/A | N/A | City and Province of Buenos Aires | 1958 | Others | N/A  |

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(1) Total leasable area for each property. Excludes common areas and parking spaces.

(2) Shopping Malls, Offices and Land Reserves are valued at fair value. Our Hotels are valued at cost of acquisition or development plus improvements, less accumulated depreciation, less allowances.

(3) Includes EH UT.

(4) Includes the following land reserves: Pontevedra plot, San Luis Plot, Pilar plot and Intercontinental Plot, Annexed to Dot Plot, Mendoza Plot, Casona Husdon Plot, Mendoza 2.992 East Av. Plot, Mendoza Bandera de los Andes 3027 plot, Güemes 902 plot (Conil), Córdoba plot, Neuquén plot, La Plata plot, Varela plot, Annexed to Alto Avellaneda Plot, Manzana 35 Caballito plot.

(5) Includes the following properties: Anchorena 665, Anchorena 545 (Chanta IV), Zelaya 3102 y 3103, Abasto Offices, Av Córdoba 633/637 building, La Adela, Libertador 498, Beruti 3330/3336/3358 Paseo del sol, Bankboston Tower.

(6) Percentage of occupation of each property. Land reserves are assets that the company keeps in the portfolio for future developments.

(7) Through Nuevas Fronteras S.A.

(8) Through Hoteles Argentinos S.A.U.

(9) Through Llao Llao Resorts S.A.

(10) Includes "Terreno Bariloche."

(11) The cinema building located at Córdoba Shopping – Villa Cabrera is included in Investment Properties, which is encumbered by a right of antichresis as a result of loan due to Empalme by NAI INTERNACIONAL II Inc.

(12) Express in number of rooms.

(13) Includes buildable potentials related to the following shopping malls: Patio Bullrich, Alto Palermo, Córdoba Shopping and Alto Rosario.

(14) Includes PH Office Park.

(15) Includes "Ocampo parking spaces".

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**ITEM 4A. Unresolved staff comments**

This item is not applicable.

**ITEM 5. Operating and Financial Review and Prospects**

**A. Operating Results**

The following management's discussion and analysis of our financial condition and results of operations should be read together with our Audited Consolidated Financial Statements and related notes appearing elsewhere in this Annual Report. This discussion and analysis of our financial condition and results of operations contains forward-looking statements that involve risks, uncertainties and assumptions. These forward-looking statements include such words as, "expects," "anticipates," "intends," "believes" and similar language. Our actual results may differ materially and adversely from those anticipated in these forward-looking statements as a result of many factors, including without limitation those set forth elsewhere in this Annual Report. See Item 3 "Key Information – D. Risk Factors" for a more complete discussion of the economic and industry-wide factors relevant to us.

The objective of this Management's Discussion and Analysis section is to provide a description of our economic and financial condition as of June 30, 2025 and for the fiscal year then ended. In this sense, the purpose of this management's discussion and analysis is to describe the impact of the macroeconomic or operational drivers over our business segments in order to explain the reasons or causes that originate our results of operations.

**General**

We prepare our Audited Consolidated Financial Statements in Pesos and in accordance with IFRS Accounting Standards, as issued by the IASB, and with CNV Rules.

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We have determined that, as of July 1, 2018, the Argentine economy qualifies as a hyperinflationary economy according to the guidelines of IAS 29 since the total cumulative inflation in Argentina in the 36 months prior to July 1, 2018, exceeded 100%. IAS 29 requires that the financial information recorded in a hyperinflationary currency be adjusted by applying a general price index and expressed in the measuring unit (the hyperinflationary currency) at the end of the reporting period. Therefore, our Audited Consolidated Financial Statements included in this Annual Report have been adjusted by applying a general price index and expressed in the measuring unit (the hyperinflationary currency) currently at the end of the reporting period (June 30, 2025). See "*Item 3. Key Information —D.Risk Factors—Risks Relating to Argentina—Continuing high rates of inflation may have an adverse effect on the economy and our business, financial condition and results of operations.*"

***Overview***

We are engaged, directly and indirectly through subsidiaries and joint ventures, in a range of diversified activities, primarily in real estate, including:

i. the acquisition, development and operation of shopping malls,

ii. the acquisition and development of office buildings and other non-shopping mall properties primarily for rental purposes,

iii. the development and sale of residential properties,

iv. the acquisition and operation of luxury hotels,

v. the acquisition of land reserves for future development or sale, and

vi. selective investments outside Argentina.

***Effects of the global macroeconomic factors***

Most of our assets are located in Argentina, where we conduct our operations. Therefore, our financial condition and the results of our operations are significantly dependent upon economic conditions prevailing in such country.

The table below shows Argentina's GDP, inflation rates, dollar exchange rates, the appreciation (depreciation) of the Peso against the U.S. dollar for the indicated periods (inter-annual information—which is the 12 month period preceding the dates presented—is presented to conform to our fiscal year periods).

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|  | **Fiscal year ended June 30,** | **Fiscal year ended June 30,** | **Fiscal year ended June 30,** |
|  | **2025** | **2024** | **2023** |
|  | **(inter-annual data)** | **(inter-annual data)** | **(inter-annual data)** |
| GDP <sup>(1)</sup> | 6.3% | (1.7)% | (4.9)% |
| Inflation (IPIM) <sup>(2)</sup> | 21.2% | 284.4% | 112.8% |
| Inflation (CPI) | 39.4% | 271.5% | 115.6% |
| Depreciation of the Peso against the U.S. dollar | (29.6%) | (255.0%) | (105.0%) |
| Average exchange rate per USD 1.00 <sup>(3)</sup> | ARS 1,200.5 | ARS 910.5 | ARS 256.5 |

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(1) Represents inter annual growth of the second quarter GDP at constant prices (2004). Historical data is maintained, as exposed originally by us in previous 20-Fs.

(2) IPIM (Índice de Precios Internos al por Mayor) is the wholesale price index as measured by the Argentine Ministry of Treasury.

(3) Represents average of the selling and buying exchange rate quoted by Banco de la Nación Argentina as of June 30. As of October 22, 2025, the exchange rate was ARS 1,484.50 per U.S. dollar.

Sources: INDEC and Banco de la Nación Argentina.

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Argentine GDP increased 6.3% interannually during the second quarter of 2025, compared to a decrease of 1.7% in the same period of 2024. Nationally, shopping mall sales at current prices in the month of June 2025 relevant to the survey reached a total of ARS 592,710 million, which represents an increase of 27.8% compared to June 2024. Accumulated sales for the first six months of 2025 represent a 205.8% increase in current terms and a 1.7% decrease in real terms as compared to the same period of 2024. The monthly EMAE as of June 30, 2025, decreased by 0.7% compared to the previous month and 4.5% compared to the same month in 2024. As of June 30, 2025, the unemployment rate was at 7.6% of the country's economically active population, compared to 7.6% as of June 30, 2024. On the other hand, in the second quarter of 2025, the activity rate stood at 48.1% compared to 48.5% in the same quarter of the previous year, while the employment rate was 44.5% compared to 44.8% in the second quarter of 2024.

Changes in short- and long-term interest rates, persistently high inflation and the recent increase in unemployment may reduce the availability of consumer credit and the purchasing power of individuals who frequent shopping malls. Although GDP showed a rebound in the first half of 2025, the decline in real sales at shopping malls indicates a weakening of consumption in this sector. Since most of the lease agreements at our shopping malls, our main source of revenue, require tenants to pay a percentage of their total sales as rent, a contraction in real consumption may adversely affect our revenues. In addition, a lower number of visitors to our shopping malls and, consequently, reduced demand for parking and other services, may also negatively impact our service income.

***Effects of inflation***

The following are annual inflation rates during the fiscal years indicated, based on information published by the INDEC, an entity dependent of the Argentine Ministry of Treasury.

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|  | **Consumer** <br>**price index** | **Wholesale** <br>**price index** |
| **Fiscal year ended June 30,** | **(inter-annual data)** | **(inter-annual data)** |
| 2023 | 115.6% | 112.8% |
| 2024 | 271.5% | 284.4% |
| 2025 | 39.4% | 21.2% |

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The current structure of IRSA lease contracts for shopping mall tenants generally includes provisions that provide for payment of variable rent, which is a percentage of IRSA's shopping mall tenants' sales. Therefore, the projected cash flows for these shopping malls generally are highly correlated with GDP growth and consumption power.

For the leases of spaces at our shopping malls we use for most tenants a standard lease agreement, the terms and conditions of which are described elsewhere in this Annual Report. However, our largest tenants generally negotiate better terms for their respective leases. No assurance can be given that lease terms will be as set forth in the standard lease agreement.

The rent specified in our leases generally is the higher of (i) a monthly Base Rent and (ii) a specified percentage of the store's monthly gross sales, which generally ranges between 2% and 12% of such sales. In addition, pursuant to the rent escalation clause in most of our leases, a tenant's Base Rent generally increases on a monthly or quarterly and cumulative basis following the IPC index. In the event of litigation regarding these adjustment provisions, there can be no assurance that we may be able to enforce such clauses contained in our lease agreements. See "Item 4. Information of the Company—Business Overview—Our Shopping Malls—Principal Terms of our Leases."

Continuing increases in the rate of inflation are likely to have an adverse effect on our operations. Although higher inflation rates in Argentina may increase minimum lease payments, given that tenants tend to pass on any increases in their expenses to consumers, higher inflation may lead to an increase in the prices our tenants charge consumers for their products and services, which may ultimately reduce their sales volumes and consequently the portion of rent we receive based on our tenants' gross sales. In addition, we measure the fair market value of our shopping malls based upon the estimated cash flows generated by such assets which, as discussed in previous paragraphs, is directly related to consumer spending since a significant component of the rent payment received from our tenants is tied to the sales realized by such tenants (i.e., is a percentage of the sales of our tenants). Therefore, macroeconomic conditions in Argentina have an impact on the fair market value of our shopping malls as measured in Pesos. Specifically, since our tenant's products have been adjusted (increased) to account for inflation of the Argentine Peso, our expected cash flows from our shopping malls have similarly increased in nominal terms since rent is largely dependent on sales of our tenants in Pesos.

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***Seasonality***

Our urban business is directly affected by seasonality, influencing the level of our tenants' sales. During Argentine summer holidays (January and February) our tenants' sales typically reach their lowest level, whereas during winter holidays (July) and in Christmas (December) they reach their maximum level. Clothing retailers generally change their collections in spring and autumn, positively affecting our shopping malls' sales. Discount sales at the end of each season are also one of the main seasonal factors affecting our business.

***Effects of interest rate fluctuations***

Most of our U.S. dollar-denominated debt accrues interest at a fixed rate. An increase in interest rates will result in a significant increase in our financing costs and may materially affect our financial condition or our results of operations.

In addition, a significant increase of interest rates could deteriorate the terms and conditions in which our tenants obtain financing from banks and financial institutions in the market. As a consequence of that, if they suffer liquidity problems the collection of our lease contracts could be affected by an increase in the level of delinquency.

***Effects of foreign currency fluctuations***

A significant portion of our financial debt is denominated in U.S. dollars. Therefore, a devaluation or depreciation of the Peso against the U.S. dollar would increase our indebtedness measured in Pesos and materially affect our results of operations. Foreign currency exchange restrictions imposed by the Argentine Government could prevent or restrict our access to U.S. dollars, affecting our ability to service our U.S. dollar denominated- liabilities.

In addition, contracts for the rental of office buildings are generally stated in U.S. dollars, so a devaluation or depreciation of the Peso against the U.S. dollar would increase the risk of delinquency on our lease receivables.

As discussed above, we calculate the fair market value of our office properties based on comparable sales transactions. Typically, real estate transactions in Argentina are transacted in U.S. dollars. Therefore, a devaluation or depreciation of the Peso against the U.S. dollar would increase the value of our real estate properties measured in Pesos and an appreciation of the Peso would have the opposite effect. In addition, foreign currency exchange restrictions imposed by Argentine Government could prevent or restrict the access to U.S. dollars for the acquisition of real estate properties, which are denominated and transacted in U.S dollars in Argentina, that could affect our ability to sell or acquire real estate properties and could have an adverse impact in real estate prices.

For more information about the evolution of the U.S. dollar / Peso exchange rate, see "*Item 3. Key Information - A1. Local Exchange Market and Exchange Rates.*"

***Fluctuations in the market value of our investment properties as a result of revaluations***

Currently, our interests in investment properties are revalued quarterly. Any increase or decrease in the fair value of our investment properties, based on appraisal reports prepared by appraisers, is recorded in our consolidated statement of income and other comprehensive income for the fiscal year during which the revaluation occurs. The revaluation of our properties may therefore result in significant fluctuations in the results of our operations.

Property values are affected by, among other factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) shopping malls, which are mainly impacted by the discount rate used (WACC), the projected GDP growth and the projected inflation and devaluation of the Argentine Peso for future periods.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) office buildings, other rental properties, land reserves and buildable potentials, which are mostly impacted by the supply and demand of comparable properties and the U.S. dollar / Peso exchange rate at the reporting period, as office buildings fair value is generally established in U.S. dollars.

The value of the Company investment properties is determined in U.S. dollar pursuant to the methodologies further described in "Critical Accounting Policies and estimates" and then determined in Pesos (the Company functional and presentation currency).

In the past, purchases and sales of office buildings were usually settled in U.S. dollars, However, as a consequence of the restrictions imposed by the Central Bank on foreign exchange transactions, purchase and sales of office buildings and other properties are now usually settled in Argentine Pesos, using an implicit exchange rate that is higher than the official one (as it was the case in the operations carried out by IRSA in the last two years).

**Factors Affecting Comparability of our Results**

**Comparability of information**

***Office buildings***

During the year ended June 30, 2020, we have incorporated as an investment property the building "Della Paolera" located in Catalinas District in Buenos Aires. It consists of 35,208 square meters of GLA over 30 office floors and includes 316 parking spaces in 4 basements. During the fiscal years 2025, 2024 and 2023, we sold and transferred floors of the building for a total area of approximately 1,197 sqm, 3,579 sqm and 9,500 sqm respectively. As of June 30, 2025, IRSA retains its rights for 3 floors of the building with an approximate leasable area of 3,740 sqm.

On April 19, 2022, we sold 100% of the "República" building, located next to the "Catalinas Norte" area in the City of Buenos Aires. The tower has 19,885 sqm of GLA on 20 office floors and 178 parking spaces.

On July 24, 2023, we sold the "Suipacha 652/64" office building, located in the Microcentro district of the Autonomous City of Buenos Aires. The class B building, with 7 office floors and 62 parking lots, acquired by IRSA in 1991, has a GLA of 11,465 sqm, which was vacant at the moment of the transaction.

***Shopping malls***

During the fiscal years ended June 30, 2024 and 2023, we maintained the same portfolio of operating shopping malls.

During fiscal year ended June 30, 2025, we incorporated "Terrazas de Mayo" to our portfolio after we completed the acquisition on December 3, 2024. This property is located in the Malvinas Argentina's district, northwest of Greater Buenos Aires. The shopping mall has approximately 33,720 GLA sqm.

**Business Segment Information** 

IFRS Accounting Standards 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the CODM. According to IFRS Accounting Standards 8, the CODM represents a function whereby strategic decisions are made and resources are assigned. The CODM function is carried out by the President of the Company, Mr. Eduardo S. Elsztain.

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Segment information is reported from the perspective of products and services, considering separately the various activities being developed, which represent reporting operating segments given the nature of its products, services, operations and risks.

Below is the segment information which was prepared as follows:

The Company operates in the following segments:

· The "**Shopping Malls**" segment includes results principally comprised of lease and service revenues related to rental of commercial space and other spaces in the shopping malls of the Company.

· The **"Offices"** segment includes the operating results from lease revenues of offices and other service revenues related to the office activities.

· The **"Sales and Developments"** segment includes the operating results of the development, maintenance and sales of undeveloped parcels of land and/or trading properties. Real estate sales results and other rental spaces are also included.

· The "**Hotels"** segment includes the operating results mainly comprised of room, catering and restaurant revenues.

· The **"Others"** segment includes the entertainment activities through La Arena S.A., La Rural S.A. and Centro de Convenciones Buenos Aires (concession), We Are Appa and the financial activities carried out through BHSA / BACS, as well as other investments in associates.

The CODM periodically reviews the operating results and certain asset categories and assesses performance of operating segments based on a measure of profit or loss of the segment composed by the operating income plus the share of profit / (loss) of joint ventures and associates. The valuation criteria used in preparing this information are consistent with IFRS Accounting Standards used for the preparation of our Audited Consolidated Financial Statements, except for the following:

· Operating results from joint ventures are evaluated by the CODM applying proportional consolidation method. Under this method the profit/loss generated and assets are reported in the Statement of Income line-by-line based on the percentage held in joint ventures rather than in a single item as required by IFRS Accounting Standards. Management believes that the proportional consolidation method provides more useful information to understand the business return. On the other hand, the investment in the joint venture La Rural S.A. is accounted for under the equity method since this method is considered to provide more accurate information in this case.

· Operating results from Shopping Malls and Offices segments do not include the amounts pertaining to building administration expenses and CPF as well as total recovered costs, whether by way of expenses or other concepts included under financial results (for example default interest and other concepts). The CODM examines the net amount from these items (total surplus or deficit between building administration expenses and CPF and recoverable expenses).

The assets' categories examined by the CODM are: investment properties, property, plant and equipment, trading properties, inventories, right to receive future units under barter agreements, investment in associates and goodwill. The sum of these assets, classified by business segment, is reported under "assets by segment". Assets are allocated to each segment based on the operations and/or their physical location.

Most revenue from its operating segments is derived from, and their assets are located in, Argentina, except for some share of profit / (loss) of associates included in the "Others" segment located in the United States.

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Revenues for each reporting segment derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment.

Below is a summary of the Company's lines of business and a reconciliation between the results from operations as per segment information and the results from operations as per the Consolidated Statements of Income and Other Comprehensive Income for the years ended June 30, 2025, 2024 and 2023:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** |
|  | **Total**  | **Joint ventures (1)** | **Expenses** <br>**and collective**<br>**promotion funds** | **Elimination of inter-segment transactions and non-reportable assets / liabilities (2)** | **Total as per statement of income / statement of financial position** |
|  | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) |
| Revenues  | 374662 | (2172) | 96036 |  | 468526 |
| Costs  | (87365) | 204 | (96575) |  | (183736) |
| **Gross profit / (loss)** | **287297** | **(1968)** | **(539)** | **—** | **284790** |
| Net loss from fair value adjustment of investment properties | 27 | (2527) |  |  | (2500) |
| General and administrative expenses  | (69135) | 299 |  | 197 | (68639) |
| Selling expenses  | (24108) | 126 |  |  | (23982) |
| Other operating results, net  | (17199) | (2) | 344 | (197) | (17054) |
| **Profit / (loss) from operations** | **176882** | **(4072)** | **(195)** | **—** | **172615** |
| Share of profit of associates and joint ventures | 25332 | 2592 |  |  | 27924 |
| **Segment profit / (loss)** | **202214** | **(1480)** | **(195)** | **—** | **200539** |
| Reportable assets  | 2741621 | (617) |  | 621065 | 3362069 |
| Reportable liabilities (i) |  |  |  | (1690102) | (1690102) |
| **Net reportable assets**  | **2741621** | **(617)** | **—** | **(1069037)** | **1671967** |

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|:---|:---|:---|:---|:---|:---|
|  | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** |
|  | **Total**  | **Joint ventures (1)** | **Expenses** <br>**and collective**<br>**promotion funds** | **Elimination of inter-segment transactions and non-reportable assets / liabilities (2)** | **Total as per statement of income / statement of financial position** |
|  | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) |
| Revenues  | 377202 | (2027) | 82884 |  | 458059 |
| Costs  | (67990) | 225 | (84539) |  | (152304) |
| **Gross profit / (loss)** | **309212** | **(1802)** | **(1655)** | **—** | **305755** |
| Net loss from fair value adjustment of investment properties | (489302) | 508 |  |  | (488794) |
| General and administrative expenses  | (71355) | 242 |  | (36) | (71149) |
| Selling expenses  | (24387) | 187 |  |  | (24200) |
| Other operating results, net  | (7240) | (28) | 584 | 36 | (6648) |
| **(Loss) / profit from operations** | **(283072)** | **(893)** | **(1071)** | **—** | **(285036)** |
| Share of profit of associates and joint ventures | 47068 | 386 |  |  | 47454 |
| **Segment (loss) / profit** | **(236004)** | **(507)** | **(1071)** | **—** | **(237582)** |
| Reportable assets  | 2711915 | 601 |  | 412955 | 3125471 |
| Reportable liabilities (i) |  |  |  | (1518742) | (1518742) |
| **Net reportable assets**  | **2711915** | **601** | **—** | **(1105787)** | **1606729** |

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|:---|:---|:---|:---|:---|:---|
|  | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** |
|  | **Total**  | **Joint ventures (1)** | **Expenses** <br>**and collective**<br>**promotion funds** | **Elimination of inter-segment transactions and non-reportable assets / liabilities (2)** | **Total as per statement of income / statement of financial position** |
|  | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) |
| Revenues  | 374521 | (2352) | 90317 |  | 462486 |
| Costs  | (68638) | 1026 | (91947) |  | (159559) |
| **Gross profit / (loss)** | **305883** | **(1326)** | **(1630)** | **—** | **302927** |
| Net loss from fair value adjustment of investment properties | (265106) | 10539 |  |  | (254567) |
| General and administrative expenses  | (100686) | 347 |  | 269 | (100070) |
| Selling expenses  | (23507) | 142 |  |  | (23365) |
| Other operating results, net  | (37730) | (129) | 857 | (269) | (37271) |
| **Loss from operations** | **(121146)** | **9573** | **(773)** | **—** | **(112346)** |
| Share of profit / (loss) of associates and joint ventures | 20145 | (6565) |  |  | 13580 |
| **Segment loss** | **(101001)** | **3008** | **(773)** | **—** | **(98766)** |
| Reportable assets | 3289229 | (18585) |  | 415415 | 3686059 |
| Reportable liabilities (i) |  |  |  | (1680019) | (1680019) |
| **Net reportable assets** | **3289229** | **(18585)** | **—** | **(1264604)** | **2006040** |

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______________

(1) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes.

(2) Includes deferred income tax assets, income tax, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of ARS 80, ARS 22 and ARS 7, as of June 30, 2025, 2024 and 2023, respectively.

(i) The CODM centers the review on reportable assets.

Below is a summarized analysis of the lines business for the fiscal years ended June 30, 2025, 2024 and 2023:

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|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** |
|  | **Shopping Malls** | **Offices** | **Sales and developments** | **Hotels** | **Others (i)** | **Total**  |
|  | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) |
| Revenues  | 270531 | 20065 | 12761 | 64596 | 6709 | 374662 |
| Costs  | (20705) | (1742) | (17929) | (42908) | (4081) | (87365) |
| **Gross profit / (loss)** | **249826** | **18323** | **(5168)** | **21688** | **2628** | **287297** |
| Net gain **/ (**loss) from fair value adjustment of investment properties | 443974 | (148941) | (294436) |  | (570) | 27 |
| General and administrative expenses  | (28999) | (2397) | (11605) | (11972) | (14162) | (69135) |
| Selling expenses  | (13536) | (891) | (3116) | (5052) | (1513) | (24108) |
| Other operating results, net  | (500) | 182 | (19070) | (474) | 2663 | (17199) |
| **Profit / (loss) from operations** | **650765** | **(133724)** | **(333395)** | **4190** | **(10954)** | **176882** |
| Share of profit of associates and joint ventures |  |  |  |  | 25332 | 25332 |
| **Segment profit / (loss)** | **650765** | **(133724)** | **(333395)** | **4190** | **14378** | **202214** |
| Investment properties and trading properties | 1458243 | 252868 | 800571 |  | 2106 | 2513788 |
| Investment in associates and joint ventures |  |  |  |  | 169700 | 169700 |
| Other operating assets | 5169 | 511 | 114 | 45233 | 7106 | 58133 |
| **Reportable assets**  | **1463412** | **253379** | **800685** | **45233** | **178912** | **2741621** |

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(i) Includes the result for the investment in GCDI and BHSA for ARS 519 million and ARS 13,639 million respectively, in the line "Share of profit of associates and joint ventures".

From all the revenues corresponding to the segments, ARS 374,042 million originated in Argentina, and ARS 620 million in other countries, principally in Uruguay for ARS 547 million and USA for ARS 73 million. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the segments, ARS 2,728,390 million are located in Argentina and ARS 13,231 million in other countries, principally in the USA for ARS 1,620 million and Uruguay for ARS 11,427 million.

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|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** |
|  | **Shopping Malls** | **Offices** | **Sales and developments** | **Hotels** | **Others (i)** | **Total**  |
|  | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) |
| Revenues  | 250468 | 22646 | 12891 | 85840 | 5357 | 377202 |
| Costs  | (14937) | (1648) | (7451) | (40173) | (3781) | (67990) |
| **Gross profit** | **235531** | **20998** | **5440** | **45667** | **1576** | **309212** |
| Net loss from fair value adjustment of investment properties | (20824) | (97015) | (371060) |  | (403) | (489302) |
| General and administrative expenses  | (30126) | (2493) | (12283) | (13025) | (13428) | (71355) |
| Selling expenses  | (12558) | (251) | (4512) | (5863) | (1203) | (24387) |
| Other operating results, net  | (3960) | (88) | (2765) | (1577) | 1150 | (7240) |
| **Profit / (loss) from operations** | **168063** | **(78849)** | **(385180)** | **25202** | **(12308)** | (283072) |
| Share of profit of associates and joint ventures |  |  |  |  | 47068 | 47068 |
| **Segment profit / (loss)** | **168063** | **(78849)** | **(385180)** | **25202** | **34760** | **(236004)** |
| Investment properties and trading properties | 962417 | 423239 | 1019001 |  | 3152 | 2407809 |
| Investment in associates and joint ventures |  |  |  |  | 173401 | 173401 |
| Other operating assets | 3416 | 452 | 75534 | 44158 | 7145 | 130705 |
| **Reportable assets**  | **965833** | **423691** | **1094535** | **44158** | **183698** | **2711915** |

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(i) Includes the result for the investment in GCDI and BHSA for ARS (7918) million and ARS 40,782 million respectively, in the line "Share of profit of associates and joint ventures".

From all the revenues included in the segments ARS 367,827 million originated in Argentina and ARS 9,375 million in other countries, principally in Uruguay for ARS 9,273 million and USA for ARS 102 million. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets included in the segments, ARS 2,697,289 million are located in Argentina and ARS 14,626 million in other countries, principally in the USA for ARS 2,446 million and Uruguay for ARS 12,086 million.

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|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** |
|  | **Shopping Malls** | **Offices** | **Sales and developments** | **Hotels** | **Others (i)** | **Total**  |
|  | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) | (in million of ARS) |
| Revenues  | 245723 | 23745 | 22698 | 77512 | 4843 | 374521 |
| Costs  | (16643) | (1963) | (6905) | (39263) | (3864) | (68638) |
| **Gross profit**  | **229080** | **21782** | **15793** | **38249** | **979** | **305883** |
| Net loss from fair value adjustment of investment properties | (57854) | (23548) | (183119) |  | (585) | (265106) |
| General and administrative expenses  | (34612) | (3859) | (13260) | (16964) | (31991) | (100686) |
| Selling expenses  | (11230) | (534) | (5817) | (5325) | (601) | (23507) |
| Other operating results, net  | (3030) | (357) | (4579) | (741) | (29023) | (37730) |
| **Profit / (loss) from operations** | **122354** | **(6516)** | **(190982)** | **15219** | **(61221)** | **(121146)** |
| Share of profit of associates and joint ventures |  |  |  |  | 20145 | 20145 |
| **Segment profit / (loss)** | **122354** | **(6516)** | **(190982)** | **15219** | **(41076)** | **(101001)** |
| Investment properties and trading properties | 967683 | 624081 | 1449437 |  | 4165 | 3045366 |
| Investment in associates and joint ventures |  |  |  |  | 148652 | 148652 |
| Other operating assets | 3429 | 554 | 38119 | 45495 | 7614 | 95211 |
| **Reportable assets**  | **971112** | **624635** | **1487556** | **45495** | **160431** | **3289229** |

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(i) Includes the result for the investment in GCDI and BHSA for ARS 841 million and ARS 15,969 million respectively, in the line "Share of loss of associates and joint ventures".

From all the revenues corresponding included in the segments ARS 361,377 million are originated in Argentina and ARS 13,144 in other countries, principally in Uruguay for ARS 13,031 million and USA for ARS 113 million. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets included in the segments, ARS 3,269,593 million are located in Argentina and ARS 19,636 million in other countries, principally in the USA for ARS 2,735 million and Uruguay for ARS 16,801 million.

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**Results of Operations for the fiscal years ended June 30, 2025 and 2024**

Below is a summary of the operating segments and a reconciliation between the total of the operating result according to the information by segments and the operating result according to the income statement for the years ended June 30, 2025 and 2024.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Segment Information** | **Total Segment Information** | **Total Segment Information** | **Joint Ventures** | **Joint Ventures** | **Joint Ventures** | **Expenses and Collective Promotion Fund** | **Expenses and Collective Promotion Fund** | **Expenses and Collective Promotion Fund** | **Inter-segment eliminations and non-reportable assets / liabilities** | **Inter-segment eliminations and non-reportable assets / liabilities** | **Inter-segment eliminations and non-reportable assets / liabilities** | **Total income statement / statement of financial position** | **Total income statement / statement of financial position** | **Total income statement / statement of financial position** |
|  | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** |
|  | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) |
| Revenues  | 374662 | 377202 | (2540) | (2172) | (2027) | (145) | 96036 | 82884 | 13152 |  |  |  | 468526 | 458059 | 10467 |
| Costs | (87365) | (67990) | (19375) | 204 | 225 | (21) | (96575) | (84539) | (12036) |  |  |  | (183736) | (152304) | (31432) |
| **Gross profit / (loss)** | **287297** | **309212** | **(21915)** | **(1968)** | **(1802)** | **(166)** | **(539)** | **(1655)** | **1116** | **—** | **—** | **—** | **284790** | **305755** | **(20965)** |
| Net gain / (loss) from fair value adjustment of investment properties | 27 | (489302) | 489329 | (2527) | 508 | (3035) |  |  |  |  |  |  | (2500) | (488794) | 486294 |
| General and administrative expenses | (69135) | (71355) | 2220 | 299 | 242 | 57 |  |  |  | 197 | (36) | 233 | (68639) | (71149) | 2510 |
| Selling expenses | (24108) | (24387) | 279 | 126 | 187 | (61) |  |  |  |  |  |  | (23982) | (24200) | 218 |
| Other operating results, net  | (17199) | (7240) | (9959) | (2) | (28) | 26 | 344 | 584 | (240) | (197) | 36 | (233) | (17054) | (6648) | (10406) |
| **Profit / (loss) from operations** | **176882** | **(283072)** | **459954** | **(4072)** | **(893)** | **(3179)** | **(195)** | **(1071)** | **876** | **—** | **—** | **—** | **172615** | **(285036)** | **457651** |
| Share of profit / (loss) of associates and joint ventures | 25332 | 47068 | (21736) | 2592 | 386 | 2206 |  |  |  |  |  |  | 27924 | 47454 | (19530) |
| **Segment profit / (loss)** | **202214** | **(236004)** | **438218** | **(1480)** | **(507)** | **(973)** | **(195)** | **(1071)** | **876** | **—** | **—** | **—** | **200539** | **(237582)** | **438121** |
| Reportable assets | 2741621 | 2711915 | 29706 | (617) | 601 | (1218) |  |  |  | 621065 | 412955 | 208110 | 3362069 | 3125471 | 236598 |
| Reportable liabilities |  |  |  |  |  |  |  |  |  | (1690102) | (1518742) | (171360) | (1690102) | (1518742) | (171360) |
| **Net reportable assets** | **2741621** | **2711915** | **29706** | **(617)** | **601** | **(1218)** | **—** | **—** | **—** | **(1069037)** | **(1105787)** | **36750** | **1671967** | **1606729** | **65238** |

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Below is a summary analysis of the operating segments by products and services for the years ended June 30, 2025 and 2024.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shopping Malls** | **Shopping Malls** | **Shopping Malls** | **Offices** | **Offices** | **Offices** | **Sales and Developments** | **Sales and Developments** | **Sales and Developments** | **Hotels** | **Hotels** | **Hotels** | **Others** | **Others** | **Others** | **Total**  | **Total**  | **Total**  |
|  | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** | **06.30.25** | **06.30.24** | **Var.** |
|  | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) |
| Revenues  | 270531 | 250468 | 20063 | 20065 | 22646 | (2581) | 12761 | 12891 | (130) | 64596 | 85840 | (21244) | 6709 | 5357 | 1352 | 374662 | 377202 | (2540) |
| Costs | (20705) | (14937) | (5768) | (1742) | (1648) | (94) | (17929) | (7451) | (10478) | (42908) | (40173) | (2735) | (4081) | (3781) | (300) | (87365) | (67990) | (19375) |
| **Gross profit / (loss)** | **249826** | **235531** | **14295** | **18323** | **20998** | **(2675)** | **(5168)** | **5440** | **(10608)** | **21688** | **45667** | **(23979)** | **2628** | **1576** | **1052** | **287297** | **309212** | **(21915)** |
| Net gain / (loss) from fair value adjustment of investment properties | 443974 | (20824) | 464798 | (148941) | (97015) | (51926) | (294436) | (371060) | 76624 |  |  |  | (570) | (403) | (167) | 27 | (489302) | 489329 |
| General and administrative expenses | (28999) | (30126) | 1127 | (2397) | (2493) | 96 | (11605) | (12283) | 678 | (11972) | (13025) | 1053 | (14162) | (13428) | (734) | (69135) | (71355) | 2220 |
| Selling expenses | (13536) | (12558) | (978) | (891) | (251) | (640) | (3116) | (4512) | 1396 | (5052) | (5863) | 811 | (1513) | (1203) | (310) | (24108) | (24387) | 279 |
| Other operating results, net  | (500) | (3960) | 3460 | 182 | (88) | 270 | (19070) | (2765) | (16305) | (474) | (1577) | 1103 | 2663 | 1150 | 1513 | (17199) | (7240) | (9959) |
| **Profit / (loss) from operations** | **650765** | **168063** | **482702** | **(133724)** | **(78849)** | **(54875)** | **(333395)** | **(385180)** | **51785** | **4190** | **25202** | **(21012)** | **(10954)** | **(12308)** | **1354** | **176882** | **(283072)** | **459954** |
| Share of profit / (loss) of associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |  | 25332 | 47068 | (21736) | 25332 | 47068 | (21736) |
| **Segment profit / (loss)** | **650765** | **168063** | **482702** | **(133724)** | **(78849)** | **(54875)** | **(333395)** | **(385180)** | **51785** | **4190** | **25202** | **(21012)** | **14378** | **34760** | **(20382)** | **202214** | **(236004)** | **438218** |
| Reportable assets | 1463412 | 965833 | 497579 | 253379 | 423691 | (170312) | 800685 | 1094535 | (293850) | 45233 | 44158 | 1075 | 178912 | 183698 | (4786) | 2741621 | 2711915 | 29706 |
| Reportable liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Net reportable assets** | **1463412** | **965833** | **497579** | **253379** | **423691** | **(170312)** | **800685** | **1094535** | **(293850)** | **45233** | **44158** | **1075** | **178912** | **183698** | **(4786)** | **2741621** | **2711915** | **29706** |

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***<u>Revenues 2025 vs 2024</u>***

**Shopping Malls.** Revenues from the Shopping Malls segment increased by 8.0% from ARS 250,468 million during the fiscal year ended June 30, 2024, to ARS 270,531 million during the fiscal year ended June 30, 2025. Rental income increased by 5.8% compared to the prior year, mainly due to changes in lease negotiations with tenants and to a higher quantity and amount of income from retail stands. During the fiscal year ended June 30, 2025, the increase in revenues was mainly due to: (i) an increase of ARS 44,813 million in base rental revenues, mainly explained by contract renegotiations under more favorable terms; (ii) an increase of ARS 3,164 million in parking revenues, mainly explained by rate adjustments above inflation; (iii) an increase of ARS 2,764 million in admission rights mainly due to contract renegotiations; (iv) an increase of ARS 2,037 million in commissions; (v) an increase of ARS 263 million in revenues from management and administrative services; partially offset by (vi) a decrease of ARS 32,943 million in contingent rental revenues.

**Offices.** Revenues from the Offices segment decreased by 11.4% from ARS 22,646 million during the fiscal year ended June 30, 2024, to ARS 20,065 million during the fiscal year ended June 30, 2025. This variation is mainly explained by a decrease in revenue from leases by 12.1% from ARS 22,555 million during the fiscal year ended June 30, 2024, to ARS 19,830 million during the fiscal year ended June 30, 2025. The decrease is primarily attributable to the stability of lease rates expressed in U.S. dollars and to a foreign exchange variation that was lower than inflation rate.

**Sales and Developments.** Revenues from the Sales and Developments segment recorded a 1.0% decrease from ARS 12,891 million during the fiscal year ended June 30, 2024, to ARS 12,761 million during the fiscal year ended June 30, 2025. The decrease was mainly attributable to: (i) a decrease of ARS 1,562 million in rental income, due to lower occupancy of units during the fiscal year ended June 30, 2025, and because in the fiscal year ended June 30, 2024, spaces had been leased for events and filming; partially offset by (ii) an increase of ARS 1,212 million in revenues from the sale of trading properties, as during the current fiscal year 37 lots in the "Nuevo Quilmes 2" neighborhood and a plot of land located in Tigre, the assignment of rights for a unit in the "Human Abasto Towers" and the payment in kind of units from Towers 1 and 2 located in Canelones (Uruguay) by VAM, while in the fiscal year ended June 30, 2024, two plots of land in Canelones (Uruguay) had been sold by VAM.

**Hotels.** Revenues from our Hotels segment decreased by 24.7% from ARS 85,840 million during the fiscal year ended June 30, 2024, to ARS 64,596 million during the fiscal year ended June 30, 2025.This decrease is mainly explained by a drop in international tourism arrivals as a result of reduced currency competitiveness in the country.

**Others.** Revenues from the Others segment increased by 25.2% from ARS 5,357 million during the fiscal year ended June 30, 2024, to ARS 6,709 million during the fiscal year ended June 30, 2025, mainly due to the greater number of congresses and fairs held at the Buenos Aires Convention Centre (LA RURAL S.A. - OFC S.R.L. - OGDEN S.A - ENTRETENIMIENTO UNIVERSAL S.A. - Unión transitoria - (administrator of the Convention and Exhibition Centre of the City of Buenos Aires)) and the fee charged by We are appa for the services of the APPA application for promotions and actions of the Shopping Malls.

***<u>Costs 2025 vs 2024</u>***

**Shopping Malls.** Costs associated with the Shopping Malls segment increased by 38.6%, from ARS 14,937 million during the fiscal year ended June 30, 2024, to ARS 20,705 million during the fiscal year ended June 30, 2025, primarily due to higher activity levels at the shopping malls, which led to higher operating costs, mainly explained by: (i) an increase of ARS 1,406 million in amortization and depreciation charges, partially due to the recognition of the Terrazas de Mayo brand acquired during the fiscal year ended June 30, 2025, as well as the capitalization of construction works in progress; (ii) an increase of ARS 1,293 million in rents and expenses; (iii) an increase of ARS 1,141 million in fees and compensations for services; (iv) an increase of ARS 961 million in salaries, social security charges and other personnel administrative expenses; (v) an increase of ARS 598 million in maintenance, security, cleaning, repairs and related expenses; (vi) an increase of ARS 547 million in taxes; partially offset by (vii) a decrease of ARS 96 million in bank expenses; and (viii) a decrease of ARS 91 million in travel, transportation and stationery. Costs associated with the Shopping Malls segment, measured as a percentage of the revenues from this segment, increased from 6.0% during the fiscal year ended June 30, 2024, to 7.7% during the fiscal year ended June 30, 2025.

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**Offices**. Costs associated with the Offices segment increased by 5.7%, from ARS 1,648 million during the fiscal year ended June 30, 2024, to ARS 1,742 million during the fiscal year ended June 30, 2025. Office costs were influenced by higher occupancy in Class A+ and A buildings, as well as by the costs associated with the Coworking Philips space. The variation was mainly due to: (i) an increase of ARS 148 million in rents and expenses, partially explained by higher expenses from the Coworking Philips space; (ii) an increase of ARS 188 million in maintenance, security, cleaning, repairs and related expenses; (iii) an increase of ARS 74 million in travel, transportation and stationery; (iv) an increase of ARS 37 million in amortization and depreciation charges; partially offset by (v) a decrease of ARS 356 million in fees and compensations for services. Costs associated with the Offices segment, measured as a percentage of the revenues from this segment, increased from 7.3% during the fiscal year ended June 30, 2024, to 8.7% during the fiscal year ended June 30, 2025.

**Sales and Developments**. Costs associated with our Sales and Developments segment recorded a 140.6% increase from ARS 7,451 million during the fiscal year ended June 30, 2024, to ARS 17,929 million during the fiscal year ended June 30, 2025 (a rise aligned with sales growth, thus justifying the higher costs), mainly due to: (i) an increase of ARS 9,563 million in cost of goods sold and services, mainly explained by the sale of 37 lots in the "Nuevo Quilmes 2" neighborhood and a plot of land located in Tigre, the assignment of rights for a unit in the "Human Abasto Towers", and the payment in kind of units from Towers 1 and 2 located in Canelones (Uruguay) by VAM; (ii) an increase of ARS 534 million in rents and expenses; (iii) an increase of ARS 303 million in salaries, social security charges and other personnel administrative expenses; (iv) an increase of ARS 117 million in taxes; (v) an increase of ARS 61 million in maintenance, security, cleaning, repairs and related expenses; partially offset by (vi) a decrease of ARS 74 million in fees and compensations for services. Costs in the Sales and Developments segment, measured as a percentage of revenues from this segment, increased from 57.8% during the fiscal year ended June 30, 2024, to 140.5% during the fiscal year ended June 30, 2025.

**Hotels.** Costs in the Hotels segment increased by 6.8%, from ARS 40,173 million during the fiscal year ended June 30, 2024, to ARS 42,908 million during the fiscal year ended June 30, 2025, mainly as a result of: (i) an increase of ARS 4,347 million in salaries, social security charges and other personnel administrative expenses; partially offset by (ii) a decrease of ARS 721 million in food, beverages and other hotel expenses; (iii) a decrease of ARS 526 million in fees and compensations for services; (iv) a decrease of ARS 217 million in maintenance, security, cleaning, repairs and related expenses; and (v) a decrease of ARS 153 million in amortization and depreciation charges. Costs in the Hotels segment, measured as a percentage of revenues from this segment, increased from 46.8% during the fiscal year ended June 30, 2024, to 66.4% during the fiscal year ended June 30, 2025.

**Others.** Costs in the Others segment increased by 7.9%, from ARS 3,781 million during the fiscal year ended June 30, 2024, to ARS 4,081 million during the fiscal year ended June 30, 2025, mainly as a result of (i) an increase of ARS 204 million in taxes; (ii) an increase of ARS 150 million in fees and compensations for services; (iii) an increase of ARS 72 million in amortization and depreciation charges; (iv) an increase of ARS 43 million in travel, transportation and stationery; partially offset by (v) a decrease of ARS 116 million in other charges; (vi) a decrease of ARS 29 million in salaries, social security charges and other personnel administrative expenses; (vii) a decrease of ARS 23 million in maintenance, security, cleaning, repairs and related expenses. Costs in the Others segment, measured as a percentage of revenues from this segment, decreased from 70.6% during the fiscal year ended June 30, 2024, to 60.8% during the fiscal year ended June 30, 2025.

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**<u>Gross profit 2025 vs 2024</u>**

**Shopping Malls**. Gross profit from the Shopping Malls segment increased by 6.1%, from a profit of ARS 235,531 million during the fiscal year ended June 30, 2024, to an ARS 249,826 million profit during the fiscal year ended June 30, 2025, mainly as a result of the previously mentioned increase in revenue. Gross profit from the Shopping Malls segment, measured as a percentage of revenues from this segment, decreased from 94.0% positive during the fiscal year ended June 30, 2024, to 92.4% positive during the fiscal year ended June 30, 2025.

**Offices**. Gross profit from the Offices segment decreased by 12.7%, from a profit of ARS 20,998 million during the fiscal year ended June 30, 2024, to an ARS 18,323 million profit during the fiscal year ended June 30, 2025. Gross profit from the Offices segment, measured as a percentage of revenues from this segment, decreased from 92.7% positive during the fiscal year ended June 30, 2024, to 91% positive during the fiscal year ended June 30, 2025.

**Sales and developments**. Gross profit / (loss) from the Sales and Developments segment decreased by 195.0%, from a profit of ARS 5,440 million during the fiscal year ended June 30, 2024, to an ARS 5,168 million loss during the fiscal year ended June 30, 2025. Gross profit / (loss) from the Sales and Developments segment, measured as a percentage of revenues from this segment, decreased from 42.2% positive during the fiscal year ended June 30, 2024, to 40.5% negative during the fiscal year ended June 30, 2025.

**Hotels**. Gross profit from the Hotels segment decreased by 52.5%, from a profit of ARS 45,667 million during the fiscal year ended June 30, 2024, to an ARS 21,688 million profit during the fiscal year ended June 30, 2025. Gross profit from the Hotels segment, measured as a percentage of revenues from this segment, decreased from 53.2% positive during the fiscal year ended June 30, 2024, to 33.6% positive during the fiscal year ended June 30, 2025.

**Others**. Gross profit from the Others segment increased by 66.8%, from a profit of ARS 1,576 million during the fiscal year ended June 30, 2024, to an ARS 2,628 million profit during the fiscal year ended June 30, 2025. Gross profit from the Others segment, measured as a percentage of revenues from this segment, increased from 29.4% positive during the fiscal year ended June 30, 2024, to 39.2% positive during the fiscal year ended June 30, 2025.

The variations described in this section relate to the previously mentioned effects on revenues and costs.

***<u>Net (loss) from fair value adjustment of investment properties</u><u>2025 vs 2024</u>***

Total consolidated net loss from fair value adjustment of investment properties, according to the income statement, varied by ARS 486,294 million, from a net loss of ARS 488,794 million during the fiscal year ended June 30, 2024, to a net loss of ARS 2,500 million during the fiscal year ended June 30, 2025.

According to information by segments, the net (loss) / gain from fair value adjustment of investment properties went from a loss of ARS 489,302 million (out of which an ARS 20,824 million loss derives from our Shopping Malls segment; an ARS 97,015 million loss from our Offices segment; an ARS 371,060 million loss from our Sales and Developments segment and an ARS 403 million loss from our Others segment) during the fiscal year ended June 30, 2024, to a gain of ARS 27 million during the fiscal year ended June 30, 2025 (out of which an ARS 443,974 million profit derives from our Shopping Malls segment; an ARS 148,941 million loss from our Offices segment; an ARS 294,436 million loss from our Sales and Developments segment and an ARS 570 million loss from our Others segment).

The net impact on the Argentine Peso values of our shopping malls was primarily attributable to: (i) more favorable macroeconomic projections related to the projected real exchange rate and inflation; the variation of the official exchange rate, which is used to measure these properties, was 27 percentage points below inflation, and (ii) the discount rate used to discount cash flows, mainly affected by a decrease of approximately 400 basis points in the country risk premium compared to the prior fiscal year.

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The Argentine market for offices, land reserves, and other properties is a liquid market, in which a great number of counterparties participate carrying out sale-purchase transactions. This situation results in significant and representative sale-purchase prices in the market. In this regard, the "Market Approach" technique (comparable market values) is employed to determine the fair value of the Offices and Other segment, with the price per square meter being the most representative metric. In our Office segment and Developments segment, the value was primarily impacted by the appreciation of the peso against the "MEP dollar" during the fiscal year ended June 30, 2025, as in real terms, the variation in the MEP exchange rate, which is used to measure these properties, was 77 points below inflation. Dollar-denominated valuations remained at levels similar to those of the fiscal year ended June 30, 2024.

**<u>General and administrative expenses 2025 vs 2024</u>**

**Shopping Malls.** General and administrative expenses of Shopping Malls decreased by 3.7%, from ARS 30,126 million during the fiscal year ended June 30, 2024, to ARS 28,999 million during the fiscal year ended June 30, 2025, mainly due to: (i) a decrease of ARS 980 million in directors' fees; (ii) a decrease of ARS 444 million in fees and compensations for services due to the discontinuation of some suppliers' services and lower charges for certifications; (iii) a decrease of ARS 119 million in maintenance, security, cleaning, repairs and related expenses; (iv) a decrease of ARS 92 million in amortization and depreciation charges; partially offset by (v) an increase of ARS 449 million in salaries, social security charges and other personnel administrative expenses; (vi) an increase of ARS 40 million in travel, transportation and stationery; and (vii) an increase of ARS 20 million in rents and expenses. General and administrative expenses of Shopping Malls, measured as a percentage of revenues from such segment, decreased from 12.0% during the fiscal year ended June 30, 2024, to 10.7% during the fiscal year ended June 30, 2025.

**Offices.** General and administrative expenses of our Offices segment decreased by 3.9%, from ARS 2,493 million during the fiscal year ended June 30, 2024, to ARS 2,397 million during the fiscal year ended June 30, 2025, mainly as a result of: (i) a decrease of ARS 86 million in directors' fees; (ii) a decrease of ARS 37 million in fees and compensations for services due to the discontinuation of some suppliers' services and lower charges for certifications; (iii) a decrease of ARS 10 million in maintenance, security, cleaning, repairs and related expenses; partially offset by (iv) an increase of ARS 39 million in salaries, social security charges and other personnel administrative expense. General and administrative expenses, measured as a percentage of revenues from the same segment, increased from 11.0% during the fiscal year ended June 30, 2024, to 11.9% during the fiscal year ended June 30, 2025.

**Sales and Developments**. General and administrative expenses associated with our Sales and Developments segment decreased by 5.5%, from ARS 12,283 million during the fiscal year ended June 30, 2024, to ARS 11,605 million during the fiscal year ended June 30, 2025. General and administrative expenses, measured as a percentage of revenues from the same segment, decreased from 95.3% during the fiscal year ended June 30, 2024, to 90.9% during the fiscal year ended June 30, 2025.

**Hotels**. General and administrative expenses associated with our Hotels segment decreased by 8.1%, from ARS 13,025 million during the fiscal year ended June 30, 2024, to ARS 11,972 million during the fiscal year ended June 30, 2025, mainly as a result of: (i) a decrease of ARS 1,103 million in fees and compensations for services; (ii) a decrease of ARS 154 million in bank expenses; (iii) a decrease of ARS 114 million in taxes; (iv) a decrease of ARS 85 million in other charges; partially offset by (v) an increase of ARS 214 million in maintenance, security, cleaning, repairs and related expenses; (vi) an increase of ARS 167 million in salaries, social security charges and other personnel administrative expenses; and (vii) an increase of ARS 37 million in amortization and depreciation charges. General and administrative expenses associated with the Hotels segment, measured as a percentage of revenues from this segment, increased from 15.2% during the fiscal year ended June 30, 2024, to 18.5% during the fiscal year ended June 30, 2025.

**Others**. General and administrative expenses associated with our Others segment increased by 5.5%, from ARS 13,428 million during the fiscal year ended June 30, 2024, to ARS 14,162 million during the fiscal year ended June 30, 2025, mainly due to: (i) an increase of ARS 1,087 million in directors' fees; (ii) an increase of ARS 42 million in fees and compensations for services; (iii) an increase of ARS 14 million in amortization and depreciation charges; partially offset by (iv) a decrease of ARS 174 million in salaries, social security charges and other personnel administrative expenses; (v) a decrease of ARS 143 million in other charges; (vi) a decrease of ARS 56 million in taxes; (vii) a decrease of ARS 18 million in maintenance, security, cleaning, repairs and related expenses; and (viii) a decrease of ARS 11 million in travel, transportation and stationery. General and administrative expenses associated with the Others segment, measured as a percentage of revenues from this segment, decreased from 250.7% during the fiscal year ended June 30, 2024, to 211.1% during the fiscal year ended June 30, 2025.

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**<u>Selling expenses 2025 vs 2024</u>**

**Shopping Malls.** Selling expenses of the Shopping Malls segment increased by 7.8%, from ARS 12,558 million during the fiscal year ended June 30, 2024, to ARS 13,536 million during the fiscal year ended June 30, 2025, mainly as a result of: (i) an increase of ARS 1,058 million in taxes due to higher real estate taxes, which increased above the inflation rate; (ii) an increase of ARS 47 million in amortization and depreciation charges; (iii) an increase of ARS 31 million in bad debts (charge and recovery, net); partially offset by (iv) a decrease of ARS 89 million in fees and compensations for services; (v) a decrease of ARS 59 million in advertising, promotions, and other marketing expenses; and (vi) a decrease of ARS 12 million in salaries, social security charges and other personnel administrative expenses. Selling expenses, measured as a percentage of revenues from the Shopping Malls segment, remained stable at 5.0% during the fiscal years presented.

**Offices.** Selling expenses associated with our Offices segment increased by 255.0%, from ARS 251 million during the fiscal year ended June 30, 2024, to ARS 891 million during the fiscal year ended June 30, 2025. Such variation was mainly generated as a result of: (i) an increase of ARS 334 million in fees and compensations for services; (ii) an increase of ARS 182 million in bad debts (charge and recovery, net), primarily due to higher provisions for uncollectible accounts at the Intercontinental Building; (iii) an increase of ARS 138 million in advertising, promotions, and other marketing expenses; partially offset by (iv) a decrease of ARS 19 million in taxes. Selling expenses associated with our Offices segment, measured as a percentage of revenues from this segment, increased from 1.1% during the fiscal year ended June 30, 2024, to 4.4% during the fiscal year ended June 30, 2025.

**Sales and Developments.** Selling expenses associated with our Sales and Developments segment decreased by 30.9%, from ARS 4,512 million during the fiscal year ended June 30, 2024, to ARS 3,116 million during the fiscal year ended June 30, 2025. The variation was mainly explained by lower expenses incurred in the sale of properties, caused by a decrease in sales compared to the prior year. Among the most significant variations were: (i) a decrease of ARS 1,091 million in fees and compensations for services due to lower notary fees; (ii) a decrease of ARS 667 million in taxes due to lower sealing expenses; (iii) a decrease of ARS 11 million in bad debts (charge and recovery, net); partially offset by (iv) an increase of ARS 384 million in advertising, promotions, and other marketing expenses. Selling expenses associated with our Sales and Developments segment, measured as a percentage of revenues from this segment, decreased from 35.0% during the fiscal year ended June 30, 2024, to 24.4% during the fiscal year ended June 30, 2025.

**Hotels.** Selling expenses associated with our Hotels segment decreased by 13.8%, from ARS 5,863 million during the fiscal year ended June 30, 2024, to ARS 5,052 million during the fiscal year ended June 30, 2025, mainly as a result of: (i) a decrease of ARS 1,769 million in taxes; (ii) a decrease of ARS 70 million in salaries, social security charges and other personnel administrative expenses; (iii) a decrease of ARS 64 million in fees and compensations for services; partially offset by (iv) an increase of ARS 44 million in advertising, promotions, and other marketing expenses; and (v) an increase of ARS 41 million in other charges. Selling expenses associated with our Hotels segment, measured as a percentage of revenues from this segment, increased from 6.8% during the fiscal year ended June 30, 2024, to 7.8% during the fiscal year ended June 30, 2025.

**Others.** Selling expenses associated with our Others segment increased by 25.8%, from ARS 1,203 million during the fiscal year ended June 30, 2024, to ARS 1,513 million during the fiscal year ended June 30, 2025. This increase is mainly due to higher commercial activities carried out by We are appa. Selling expenses associated with our Others segment, measured as a percentage of revenues from this segment, increased from 22.5% during the fiscal year ended June 30, 2024, to 22.6% during the fiscal year ended June 30, 2025.

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**<u>Other operating results, net 2025 vs 2024</u>**

**Shopping Malls.** Other operating results, net associated with our Shopping Malls segment varied by 87.4%, from a net loss of ARS 3,960 million during the fiscal year ended June 30, 2024, to a net loss of ARS 500 million during the fiscal year ended June 30, 2025, mainly as a result of: (i) a lower charge from lawsuits of ARS 4,172 million, primarily explained by a change in the interest rate applied to employment-related claims; partially offset by (ii) an ARS 795 million decrease in interest earned generated by operating assets due to improved collection periods, leading to lower interest earned. Other operating results, net, from this segment, as a percentage of revenues from this segment, decreased from 1.6% negative during the fiscal year ended June 30, 2024, to 0.2% negative during the fiscal year ended June 30, 2025.

Offices. Other operating results, net associated with our Offices segment varied by 306.8%, from a net loss of ARS 88 million during the fiscal year ended June 30, 2024, to a net profit of ARS 182 million during the fiscal year ended June 30, 2025, mainly as a result of: (i) a lower charge from lawsuits of ARS 179 million; (ii) an increase of ARS 131 million in interest income generated by operating assets; partially offset by (iii) a higher charge of ARS 32 million for donations. Other operating results, net from this segment, as a percentage of the revenues from this segment, increased from 0.4% negative during the fiscal year ended June 30, 2024, to 0.9% positive during the fiscal year ended June 30, 2025.

Sales and Developments. Other operating results, net associated with our Sales and Developments segment varied by 589.7%, from a net loss of ARS 2,765 million during the fiscal year ended June 30, 2024, to a net loss of ARS 19,070 million during the fiscal year ended June 30, 2025, mainly due to: (i) a loss of ARS 19,125 million due to the impairment of trading properties for the fiscal year ended June 30, 2025, which resulted from the Company's comparison between the inflation-adjusted cost (ARS 57,107 million) and the net realizable value (ARS 37,982 million) of these assets; (ii) a higher charge of ARS 151 million for donations; (iii) a lower negative result of ARS 2,181 million from the sale of a joint venture, which corresponds to the sale of Quality Invest S.A. during the fiscal year ended June 30, 2024; (iv) an increase of ARS 417 million in management fees; and (v) a lower charge for lawsuits of ARS 327 million. Other operating results, net from this segment, as a percentage of the revenues of this segment, increased from 21.4% negative during the fiscal year ended June 30, 2024, to 149.4% negative during the fiscal year ended June 30, 2025.

**Hotels**. Other operating results, net associated with the Hotels segment varied by 69.9%, from a net loss of ARS 1,577 million during the fiscal year ended June 30, 2024, to a net loss of ARS 474 million during the fiscal year ended June 30, 2025, mainly due to a decrease in lawsuit charges of ARS 1,224 million, primarily explained by lower labor contingencies related to Nuevas Fronteras S.A. Other operating results, net from this segment, as a percentage of the revenues from this segment, decreased from 1.8% negative during the fiscal year ended June 30, 2024, to 0.7% negative during the fiscal year ended June 30, 2025.

Others. Other operating results, net associated with the Others segment varied by 131.6%, from a net profit of ARS 1,150 million during the fiscal year ended June 30, 2024, to a net profit of ARS 2,663 million during the fiscal year ended June 30, 2025, mainly due to: (i) a positive result from the sale of associates of ARS 2,488 million during the fiscal year ended June 30, 2025; (ii) an increase of ARS 289 million in management fees; (iii) a lower charge of ARS 113 million for donations; partially offset by (iv) a lower gain of ARS 1,273 million generated from other operating results, mainly explained by a recovery of provisions recorded in the comparative year related to La Arena S.A.; (v) a lower charge of ARS 88 million for lawsuits and other contingencies; and (vi) a lower gain of ARS 16 million from interest earned from operating assets. Other operating results, net from this segment, as a percentage of the revenues from this segment, increased from 21.5% positive during the fiscal year ended June 30, 2024, to 39.7% positive during the fiscal year ended June 30, 2025.

**Operating results 2025 vs 2024**

**Shopping Malls.** Operating results from operations associated with the Shopping Malls segment increased by 287.2%, from a net profit of ARS 168,063 million during the fiscal year ended June 30, 2024, to a net profit of ARS 650,765 million during the fiscal year ended June 30, 2025. Operating results from the Shopping Malls segment, as a percentage of revenues from such segment, increased from 67.1% positive during the fiscal year ended June 30, 2024, to 240.6% positive during the fiscal year ended June 30, 2025.

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**Offices.** Operating results from operations associated with our Offices segment decreased by 69.6%, from a net loss of ARS 78,849 million during the fiscal year ended June 30, 2024, to a net loss of ARS 133,724 million during the fiscal year ended June 30, 2025. Such variation was mainly due to an ARS 51,926 million decrease in the loss from fair value adjustments of investment properties. Operating results from operations associated with the Offices segment, as a percentage of revenues from such segment, increased from 348.2% negative during the fiscal year ended June 30, 2024, to 666.5% negative during the fiscal year ended June 30, 2025.

**Sales and Developments.** Operating results from operations associated with our Sales and Developments segment varied by 13.4%, from a net loss of ARS 385,180 million during the fiscal year ended June 30, 2024, to a net loss of ARS 333,395 million during the fiscal year ended June 30, 2025. Such decrease is mainly due to the (loss) from fair value adjustments of investment properties. Operating results from operations associated with the Sales and Developments segment, as a percentage of revenues from this segment, decreased from 2,988.0% negative during the fiscal year ended June 30, 2024, to 2,612.6% negative during the fiscal year ended June 30, 2025.

**Hotels.** Operating results from operations associated with the Hotels segment decreased by 83.4%, from a net profit of ARS 25,202 million during the fiscal year ended June 30, 2024, to a net profit of ARS 4,190 million during the fiscal year ended June 30, 2025. This decrease is mainly due to a drop in international tourism arrivals as a result of reduced currency competitiveness in the country. Operating results from operations associated with the Hotels segment, as a percentage of revenues from such segment, decreased from 29.4% positive during the fiscal year ended June 30, 2024, to 6.5% positive during the fiscal year ended June 30, 2025.

**Others.** Operating results from operations associated with the Others segment varied by 11.0%, from a net loss of ARS 12,308 million during the fiscal year ended June 30, 2024, to a net loss of ARS 10,954 million during the fiscal year ended June 30, 2025. Such decrease is mainly due to the increase in administrative expenses and a positive result in other operating results, net. Operating results from operations associated with the Others segment, as a percentage of the revenues from this segment, varied from 229.8% negative during the fiscal year ended June 30, 2024, to 163.3% negative during the fiscal year ended June 30, 2025.

**<u>Share of profit / (loss) of associates and joint ventures 2025 vs 2024</u>**

The share of profit of associates and joint ventures, according to the income statement, decreased by 41.2%, from a net profit of ARS 47,454 million during the fiscal year ended June 30, 2024 to a net profit of ARS 27,924 million during the fiscal year ended June 30, 2025, mainly due to a decrease in positive results from the Others segment.

Also, the net share of profit of joint ventures, mainly from Nuevo Puerto Santa Fe S.A. (Shopping Malls segment), and Cyrsa S.A. and Puerto Retiro S.A. (Sales and Developments segment), showed a 571.5% increase, from a profit of ARS 386 million during the fiscal year ended June 30, 2024, to a profit of ARS 2,592 million during the fiscal year ended June 30, 2025. Mainly due to results from the joint venture Nuevo Puerto Santa Fe S.A., mainly attributable to the (loss) / gain from fair value adjustments of investment properties.

**Shopping Malls.** In the information by segments, the share of profit / (loss) of the joint venture Nuevo Puerto Santa Fe S.A. is recorded on a consolidated basis, line by line in this segment.

**Offices.** This segment does not show results from the share of profit / (loss) of associates and joint ventures.

**Sales and Developments.** The share of profit / (loss) of the joint ventures Puerto Retiro S.A and Cyrsa S.A. is recorded on a consolidated basis, line by line.

**Hotels.** This segment does not show results from the share of profit / (loss) of associates and joint ventures.

**Others.** The share of profit / (loss) of associates from the Others segment decreased by 46.2%, from a net profit of ARS 47,068 million during the fiscal year ended June 30, 2024, to a net profit of ARS 25,332 million during the fiscal year ended June 30, 2025, mainly as a result of the variation from our investments La Rural S.A. by ARS 632 million positive, GCDI by ARS 7,615 million positive, and Banco Hipotecario S.A. by ARS 27,143 million negative. This variation is mainly explained by the macroeconomic conditions in Argentina, which affected the operations of the associated companies.

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**Financial results, net**

The financial results decreased from a profit of ARS 125,854 million during the fiscal year ended June 30, 2024, to a profit of ARS 40,759 million during the fiscal year ended June 30, 2025, mainly due to a decrease in interest income and the gain generated by the fair value measurement of financial assets and liabilities through profit or loss, net, mainly caused by Argentina's macroeconomic conditions, which generated fluctuations in the values and returns of securities below inflation, partially offset by a lower charge in interest expense and other financial costs.

**Income Tax** 

The Company applies the deferred tax method to calculate the income tax for the reported years, thus recognizing temporary differences as tax assets and liabilities. The income tax charge changed from a profit of ARS 64,601 million during the fiscal year ended June 30, 2024, to a loss of ARS 45,180 million during the fiscal year ended June 30, 2025. During the fiscal year ended June 30, 2025, there was a lower positive impact from deferred tax due to the decrease in the fair value adjustment of investment properties, while at the same time a higher current income tax expense was recorded.

**Profit / (loss) for the year**

As a result of the factors described above, the profit / (loss) for the year increased from a loss of ARS 47,127 million during the fiscal year ended June 30, 2024, to a profit of ARS 196,118 million during the fiscal year ended June 30, 2025.

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**Results of Operations for the fiscal years ended June 30, 2024 and 2023**

Below is a summary of the operating segments and a reconciliation between the total of the operating result according to the information by segments and the operating result according to the income statement for the years ended June 30, 2024 and 2023.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Segment Information** | **Total Segment Information** | **Total Segment Information** | **Joint Ventures** | **Joint Ventures** | **Joint Ventures** | **Expenses and Collective Promotion Fund** | **Expenses and Collective Promotion Fund** | **Expenses and Collective Promotion Fund** | **Inter-segment eliminations and non-reportable assets / liabilities** | **Inter-segment eliminations and non-reportable assets / liabilities** | **Inter-segment eliminations and non-reportable assets / liabilities** | **Total income statement / statement of financial position** | **Total income statement / statement of financial position** | **Total income statement / statement of financial position** |
|  | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** |
|  | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) |
| Revenues  | 377202 | 374521 | 2681 | (2027) | (2352) | 325 | 82884 | 90317 | (7433) |  |  |  | 458059 | 462486 | (4427) |
| Costs | (67990) | (68638) | 648 | 225 | 1026 | (801) | (84539) | (91947) | 7408 |  |  |  | (152304) | (159559) | 7255 |
| **Gross profit / (loss)** | **309212** | **305883** | **3329** | **(1802)** | **(1326)** | **(476)** | **(1655)** | **(1630)** | **(25)** | **—** | **—** | **—** | **305755** | **302927** | **2828** |
| Net (loss) / gain from fair value adjustment of investment properties | (489302) | (265106) | (224196) | 508 | 10539 | (10031) |  |  |  |  |  |  | (488794) | (254567) | (234227) |
| General and administrative expenses | (71355) | (100686) | 29331 | 242 | 347 | (105) |  |  |  | (36) | 269 | (305) | (71149) | (100070) | 28921 |
| Selling expenses | (24387) | (23507) | (880) | 187 | 142 | 45 |  |  |  |  |  |  | (24200) | (23365) | (835) |
| Other operating results, net  | (7240) | (37730) | 30490 | (28) | (129) | 101 | 584 | 857 | (273) | 36 | (269) | 305 | (6648) | (37271) | 30623 |
| **(Loss) / profit from operations** | **(283072)** | **(121146)** | **(161926)** | **(893)** | **9573** | **(10466)** | **(1071)** | **(773)** | **(298)** | **—** | **—** | **—** | **(285036)** | **(112346)** | **(172690)** |
| Share of profit / (loss) of associates and joint ventures | 47068 | 20145 | 26923 | 386 | (6565) | 6951 |  |  |  |  |  |  | 47454 | 13580 | 33874 |
| **Segment (loss) / profit**  | **(236004)** | **(101001)** | **(135003)** | **(507)** | **3008** | **(3515)** | **(1071)** | **(773)** | **(298)** | **—** | **—** | **—** | **(237582)** | **(98766)** | **(138816)** |
| Reportable assets | 2711915 | 3289229 | (577314) | 601 | (18585) | 19186 |  |  |  | 412955 | 415415 | (2460) | 3125471 | 3686059 | (560588) |
| Reportable liabilities |  |  |  |  |  |  |  |  |  | (1518742) | (1680019) | 161277 | (1518742) | (1680019) | 161277 |
| **Net reportable assets** | **2711915** | **3289229** | **(577314)** | **601** | **(18585)** | **19186** | **—** | **—** | **—** | **(1105787)** | **(1264604)** | **158817** | **1606729** | **2006040** | **(399311)** |

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Below is a summary analysis of the operating segments by products and services for the years ended June 30, 2024 and 2023.

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|  | **Shopping Malls** | **Shopping Malls** | **Shopping Malls** | **Offices** | **Offices** | **Offices** | **Sales and Developments** | **Sales and Developments** | **Hotels** | **Hotels** | **Hotels** | **Others** | **Others** | **Others** | **Total** | **Total** | **Total** | **Total** |
|  | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** | **06.30.24** | **06.30.23** | **Var.** |
|  | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) | (in Million ARS) |
| Revenues | 250468 | 245723 | 4745 | 22646 | 23745 | (1099) | 12891 | 22698 | (9807) | 85840 | 77512 | 8328 | 5357 | 4843 | 514 | 377202 | 374521 | 2681 |
| Costs | (14937) | (16643) | 1706 | (1648) | (1963) | 315 | (7451) | (6905) | (546) | (40173) | (39263) | (910) | (3781) | (3864) | 83 | (67990) | (68638) | 648 |
| **Gross profit / (loss)** | **235531** | **229080** | **6451** | **20998** | **21782** | **(784)** | **5440** | **15793** | **(10353)** | **45667** | **38249** | **7418** | **1576** | **979** | **597** | **309212** | **305883** | **3329** |
| Net (loss) / gain from fair value adjustment of investment properties | (20824) | (57854) | 37030 | (97015) | (23548) | (73467) | (371060) | (183119) | (187941) |  |  |  | (403) | (585) | 182 | (489302) | (265106) | (224196) |
| General and administrative expenses | (30126) | (34612) | 4486 | (2493) | (3859) | 1366 | (12283) | (13260) | 977 | (13025) | (16964) | 3939 | (13428) | (31991) | 18563 | (71355) | (100686) | 29331 |
| Selling expenses | (12558) | (11230) | (1328) | (251) | (534) | 283 | (4512) | (5817) | 1305 | (5863) | (5325) | (538) | (1203) | (601) | (602) | (24387) | (23507) | (880) |
| Other operating results, net | (3960) | (3030) | (930) | (88) | (357) | 269 | (2765) | (4579) | 1814 | (1577) | (741) | (836) | 1150 | (29023) | 30173 | (7240) | (37730) | 30490 |
| **Profit / (loss) from operations** | **168063** | **122354** | **45709** | **(78849)** | **(6516)** | **(72333)** | **(385180)** | **(190982)** | **(194198)** | **25202** | **15219** | **9983** | **(12308)** | **(61221)** | **48913** | **(283072)** | **(121146)** | **(161926)** |
| Share of profit of associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |  | 47068 | 20145 | 26923 | 47068 | 20145 | 26923 |
| **Segment profit / (loss)** | **168063** | **122354** | **45709** | **(78849)** | **(6516)** | **(72333)** | **(385180)** | **(190982)** | **(194198)** | **25202** | **15219** | **9983** | **34760** | **(41076)** | **75836** | **(236004)** | **(101001)** | **(135003)** |
| Reportable assets | 965833 | 971112 | (5279) | 423691 | 624635 | (200944) | 1094535 | 1487556 | (393021) | 44158 | 45495 | (1337) | 183698 | 160431 | 23267 | 2711915 | 3289229 | (577314) |
| Reportable liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Net reportable assets** | **965833** | **971112** | **(5279)** | **423691** | **624635** | **(200944)** | **1094535** | **1487556** | **(393021)** | **44158** | **45495** | **(1337)** | **183698** | **160431** | **23267** | **2711915** | **3289229** | **(577314)** |

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***<u>Revenues 2024 vs 2023</u>***

**Shopping Malls.** Revenues from the Shopping Malls segment increased by 1.9% from ARS 245,723 million during the fiscal year ended June 30, 2023, to ARS 250,468 million during the fiscal year ended June 30, 2024. Although the number of new lease contracts in the fiscal year ended June 30, 2024, has been lower than the previous one, a 17% increase in admission rights has been observed. This increase is due to a change in negotiations, which includes a higher Minimum Insured Fixed Value in the total key money price, depending on the shopping mall. In the fiscal year ended June 30, 2024, the increase in revenues was mainly due to: (i) an increase of ARS 10,759 million in base rent revenue; (ii) an ARS 3,443 million increase in admission rights; (iii) an ARS 2,333 million increase in the revenue from averaging of scheduled rent escalation; (iv) an increase of ARS 1,814 million in commissions; and (v) an increase of ARS 821 million in revenue from parking; partially offset by: (vi) a decrease of ARS 14,325 million in contingent rent revenue caused by a lower billing in real terms from the tenants.

**Offices.** Revenues from the Offices segment decreased by 4.6% from ARS 23,745 million during the fiscal year ended June 30, 2023, to ARS 22,646 million during the fiscal year ended June 30, 2024. This variation is mainly explained by a decrease in revenue from leases by 4.6% from ARS 22,635 million during the fiscal year ended June 30, 2023, to ARS 22,555 million during the fiscal year ended June 30, 2024. The sale of floors in the "261 Della Paolera" Tower (located in the Catalinas neighborhood of the Autonomous City of Buenos Aires) results in a reduced leasable area.

**Sales and Developments.** Revenues from the Sales and Developments segment recorded a 43.2% decrease from ARS 22,698 million during the fiscal year ended June 30, 2023, to ARS 12,891 million during the fiscal year ended June 30, 2024. This segment often varies significantly from period to period due to the non-recurrence of different sales transactions carried out by the Company over time. During the fiscal year ended June 30, 2024, VAM. sold two of its properties in the Canelones department (Uruguay) to the Boating Trust for a price of USD 6.8 million.

**Hotels.** Revenues from our Hotels segment increased by 10.7% from ARS 77,512 million during the fiscal year ended June 30, 2023, to ARS 85,840 million during the fiscal year ended June 30, 2024, mainly due to an improvement in rates measured in terms of dollars, occupancy levels remained at good level; however, a decline in international tourism was noted in the last quarter.

**Others.** Revenues from the Others segment increased by 10.6% from ARS 4,843 million during the fiscal year ended June 30, 2023, to ARS 5,357 million during the fiscal year ended June 30, 2024, mainly due to the greater number of congresses and fairs held at the Buenos Aires Convention Centre (LA RURAL S.A. - OFC S.R.L. - OGDEN S.A - ENTRETENIMIENTO UNIVERSAL S.A. - Unión transitoria - (administrator of the Convention and Exhibition Centre of the City of Buenos Aires)) and the fee charged by We are appa for the services of the APPA application for promotions and actions of the Shopping Malls.

***<u>Costs 2024 vs 2023</u>***

**Shopping Malls.** Costs associated with the Shopping Malls segment decreased by 10.3%, from ARS 16,643 million during the fiscal year ended June 30, 2023, to ARS 14,937 million during the fiscal year ended June 30, 2024, mainly due to: (i) a decrease in leases and expenses of ARS 2,128 million which is explained by a decrease in the cost of available commercial spaces given higher occupancy during the fiscal year ended June 30, 2024; (ii) a decrease in taxes, rates and contributions of ARS 322 million; partially offset by: (iii) an increase in fees and compensation for services of ARS 674 million. Costs associated with the Shopping Malls segment, measured as a percentage of the revenues from this segment, decreased from 6.8% during the fiscal year ended June 30, 2023, to 6.0% during the fiscal year ended June 30, 2024.

**Offices**. Costs associated with the Offices segment decreased by 16.0%, from ARS 1,963 million during the fiscal year ended June 30, 2023, to ARS 1,648 million during the fiscal year ended June 30, 2024, mainly due to (i) a decrease in leases and expenses of ARS 346 million; (ii) a decrease in amortization and depreciation charges of ARS 208 million; (iii) a decrease in salaries, social security charges and other personnel administrative expenses of ARS 56 million; (iv) a decrease of ARS 35 million in maintenance, security, cleaning, repairs and other expenses; (v) a decrease in taxes, rates and contributions of ARS 34 million; partially offset by: (vi) an increase in fees and compensation for services of ARS 352 million. Costs associated with the Offices segment, measured as a percentage of the revenues from this segment, decreased from 8.3% during the fiscal year ended June 30, 2023, to 7.3% during the fiscal year ended June 30, 2024.

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**Sales and Developments**. Costs associated with our Sales and Developments segment recorded a 7.9% increase from ARS 6,905 million during the fiscal year ended June 30, 2023, to ARS 7,451 million during the fiscal year ended June 30, 2024 mainly due to: (i) an increase of ARS 761 million in the cost of sale of goods and services, explained by the sale of two plots of land by VAM. (Canelones, Uruguay); (ii) an increase of ARS 219 million in maintenance, security, cleaning, repairs and other expenses; (iii) an increase of ARS 152 million in fees and compensation services; (iv) an increase in leases and expenses of ARS 62 million; partially offset by: (v) an ARS 644 million decrease in taxes, rates and contributions. Costs in the Sales and Developments segment, measured as a percentage of revenues from this segment, increased from 30.4% during the fiscal year ended June 30, 2023, to 57.8% during the fiscal year ended June 30, 2024.

**Hotels.** Costs in the Hotels segment increased by 2.3%, from ARS 39,263 million during the fiscal year ended June 30, 2023, to ARS 40,173 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) an increase of ARS 896 million in maintenance, security, cleaning, repairs and other expenses; (ii) an increase of ARS 194 million in food, beverages and other hotel expenses; (iii) an increase of ARS 114 million in fees and compensation services; partially offset by: (iv) a decrease in the costs of salaries, social security and other personnel expenses of ARS 308 million. Costs in the Hotels segment, measured as a percentage of revenues from this segment, decreased from 50.7% during the fiscal year ended June 30, 2023, to 46.8% during the fiscal year ended June 30, 2024.

**Others.** Costs in the Others segment decreased by 2.1%, from ARS 3,864 million during the fiscal year ended June 30, 2023, to ARS 3,781 million during the fiscal year ended June 30, 2024, mainly as a result of (i) a decrease in the costs of salaries, social security and other personnel expenses of ARS 623 million; (ii) a decrease of ARS 47 million in fees and compensation services; (iii) a decrease in taxes, rates and contributions of ARS 46 million; partially offset by: (iv) an increase of ARS 457 million in maintenance, security, cleaning, repairs and other expenses; and (v) an increase of others charges of ARS 191 million. Costs in the Others segment, measured as a percentage of revenues from this segment, decreased from 79.8% during the fiscal year ended June 30, 2023, to 70.6% during the fiscal year ended June 30, 2024.

**<u>Gross profit 2024 vs 2023</u>**

**Shopping Malls**. Gross profit from the Shopping Malls segment increased by 2.8%, from a profit of ARS 229,080 million during the fiscal year ended June 30, 2023, to an ARS 235,531 million profit during the fiscal year ended June 30, 2024, mainly as a result of the previously mentioned increase in revenue. Gross profit from the Shopping Malls segment, measured as a percentage of revenues from this segment, increased from 93.2% positive during the fiscal year ended June 30, 2023, to 94.0% positive during the fiscal year ended June 30, 2024.

**Offices**. Gross profit from the Offices segment decreased by 3.6%, from a profit of ARS 21,782 million during the fiscal year ended June 30, 2023, to an ARS 20,998 million profit during the fiscal year ended June 30, 2024. Gross profit from the Offices segment, measured as a percentage of revenues from this segment, increased from 91.7% positive during the fiscal year ended June 30, 2023, to 92.7% positive during the fiscal year ended June 30, 2024.

**Sales and developments**. Gross profit from the Sales and Developments segment decreased by 65.6%, from a profit of ARS 15,793 million during the fiscal year ended June 30, 2023, to an ARS 5,440 million profit during the fiscal year ended June 30, 2024. Gross profit from the Sales and Developments segment, measured as a percentage of revenues from this segment, decreased from 69.6% positive during the fiscal year ended June 30, 2023, to 42.2% positive during the fiscal year ended June 30, 2024.

**Hotels**. Gross profit from the Hotels segment increased by 19.4%, from a profit of ARS 38,249 million during the fiscal year ended June 30, 2023, to an ARS 45,667 million profit during the fiscal year ended June 30, 2024. Gross profit from the Hotels segment, measured as a percentage of revenues from this segment, increased from 49.3% positive during the fiscal year ended June 30, 2023, to 53.2% positive during the fiscal year ended June 30, 2024.

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**Others**. Gross profit from the Others segment increased by 61.0%, from a profit of ARS 979 million during the fiscal year ended June 30, 2023, to an ARS 1,576 million profit during the fiscal year ended June 30, 2024. Gross profit from the Others segment, measured as a percentage of revenues from this segment, increased from 20.2% positive during the fiscal year ended June 30, 2023, to 29.4% positive during the fiscal year ended June 30, 2024.

The variations described in this section relate to the previously mentioned effects on revenues and costs.

***<u>Net (loss) from fair value adjustment of investment properties</u><u>2024 vs 2023</u>***

Total consolidated net loss from fair value adjustment of investment properties, according to the income statement, decreased by ARS 234,227 million, from a net loss of ARS 254,567 million during the fiscal year ended June 30, 2023, to a net loss of ARS 488,794 million during the fiscal year ended June 30, 2024.

According to information by segments, the net loss from fair value adjustment of investment properties went from a loss of ARS 265,106 million (out of which an ARS 57,854 million loss derives from our Shopping Malls segment; an ARS 23,548 million loss from our Offices segment; an ARS 183,119 million loss from our Sales and Developments segment and an ARS 585 million loss from our Others segment) during the fiscal year ended June 30, 2023, to a loss of ARS 489,302 million during the fiscal year ended June 30, 2024 (out of which an ARS 20,824 million loss derives from our Shopping Malls segment; an ARS 97,015 million loss from our Offices segment; an ARS 371,060 million loss from our Sales and Developments segment and an ARS 403 million loss from our Others segment).

The net impact on the Argentine Peso values of our shopping malls was primarily attributable to: (i) more favorable macroeconomic projections related to the projected real exchange rate and inflation; in real terms, the variation of the official exchange rate, which is used to measure these properties, was 17 percentage points below inflation, and (ii) this was partially offset by the moderation of the projected growth rate for some shopping malls.

The Argentine market for offices, land reserves, and other properties is a liquid market, in which a great number of counterparties participate carrying out sale-purchase transactions. This situation results in significant and representative sale-purchase prices. This situation allows for the observation of relevant and representative buy-sell prices in the market. In this regard, the "Market Approach" technique (comparable market values) is employed to determine the fair value of the Offices and Other segment, with the price per square meter being the most representative metric. In our Office segment and Developments segment, the value was primarily impacted by the appreciation of the peso against the "MEP dollar" during the fiscal year ended June 30, 2024, as in real terms, the variation in the MEP exchange rate, which is used to measure these properties, was 93 points below inflation. Additionally, in our Office segment during the fiscal year ended June 30, 2024, we sold three floors of the "261 Della Paolera" tower and completed the sale of the Maple Building. Additionally, in fiscal year 2024, we sold our interest in Quality Invest S.A.

**<u>General and administrative expenses 2024 vs 2023</u>**

**Shopping Malls.** General and administrative expenses of Shopping Malls decreased by 13.0%, from ARS 34,612 million during the fiscal year ended June 30, 2023, to ARS 30,126 million during the fiscal year ended June 30, 2024, mainly due to: (i) a decrease of ARS 3,129 million in fees payable to directors; (ii) a decrease of ARS 886 million in salaries, social security charges, and other personnel administrative expenses due to lower expenses related to bonuses paid to employees; (iii) a decrease of ARS 556 million in amortization and depreciation charges; (iv) a decrease of ARS 225 million in rents and expenses; partially offset by: (v) an increase in maintenance, security, cleaning, repairs, and related charges of ARS 301 million. General and administrative expenses of Shopping Malls, measured as a percentage of revenues from such segment, decreased from 14.1% during the fiscal year ended June 30, 2023, to 12.0% during the fiscal year ended June 30, 2024.

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**Offices.** General and administrative expenses of our Offices segment decreased by 35.4%, from ARS 3,859 million during the fiscal year ended June 30, 2023, to ARS 2,493 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) a decrease of ARS 551 million in fees payable to directors; (ii) a decrease in salaries, social security charges, and other personnel administrative expenses of ARS 447 million due to lower expenses related to bonuses paid to employees; (iii) a decrease in amortization and depreciation charges of ARS 199 million; and (iv) a decrease of ARS 92 million in fees and compensations for services. General and administrative expenses, measured as a percentage of revenues from the same segment, decreased from 16.3% during the fiscal year ended June 30, 2023, to 11.0% during the fiscal year ended June 30, 2024.

**Sales and Developments**. General and administrative expenses associated with our Sales and Developments segment decreased by 7.4%, from ARS 13,260 million during the fiscal year ended June 30, 2023, to ARS 12,283 million during the fiscal year ended June 30, 2024. General and administrative expenses, measured as a percentage of revenues from the same segment, increased from 58.4% during the fiscal year ended June 30, 2023, to 95.3% during the fiscal year ended June 30, 2024.

**Hotels**. General and administrative expenses associated with our Hotels segment decreased by 23.2%, from ARS 16,964 million during the fiscal year ended June 30, 2023, to ARS 13,025 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) a decrease of ARS 4,393 million in fees payable to directors; partially offset by (ii) an increase of ARS 261 million in taxes; (iii) an increase of ARS 50 million in salaries, social security charges, and other personnel administrative expenses; (iv) an increase of ARS 40 million in travel, transportation, and stationery; (v) an increase of ARS 28 million in amortization and depreciation charges; and (vi) an increase of ARS 21 million in maintenance, security, cleaning, repairs, and related expenses. General and administrative expenses associated with the Hotels segment, measured as a percentage of revenues from this segment, decreased from 21.9% during the fiscal year ended June 30, 2023, to 15.2% during the fiscal year ended June 30, 2024.

**Others**. General and administrative expenses associated with our Others segment decreased by 58.0%, from ARS 31,991 million during the fiscal year ended June 30, 2023, to ARS 13,428 million during the fiscal year ended June 30, 2024, mainly due to: (i) a decrease of ARS 19,290 million in fees payable to directors; (ii) a decrease of ARS 211 million in fees and compensations for services; (iii) a decrease of ARS 59 million in taxes; partially offset by: (iv) an increase of ARS 817 million in salaries, social security charges, and other personnel administrative expenses; (v) an increase of ARS 49 million in maintenance, repairs, and services; (vi) an increase of ARS 46 million in amortization and depreciation charges; (vii) an increase of ARS 36 million in travel, transportation, and stationery; and (viii) an increase of ARS 11 million in bank expenses. General and administrative expenses associated with the Others segment, measured as a percentage of revenues from this segment, decreased from 660.6% during the fiscal year ended June 30, 2023, to 250.7% during the fiscal year ended June 30, 2024.

**<u>Selling expenses 2024 vs 2023</u>**

**Shopping Malls.** Selling expenses of the Shopping Malls segment increased by 11.8%, from ARS 11,230 million during the fiscal year ended June 30, 2023, to ARS 12,558 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) an increase of ARS 824 million in publicity, advertising, and other commercial expenses due to higher expenses for event organization and commercial settlements; (ii) an increase of ARS 409 million in amortization and depreciation charges; (iii) an increase of ARS 271 million in doubtful accounts (charge and recovery, net); (iv) an increase of ARS 131 million in salaries, social security charges, and other personnel administrative expenses; partially offset by: (v) a decrease of ARS 288 million in taxes; and (vi) a decrease of ARS 19 million in fees and compensations for services. Selling expenses, measured as a percentage of revenues from the Shopping Malls segment, increased from 4.6% during the fiscal year ended June 30, 2023, to 5.0% during the fiscal year ended June 30, 2024.

**Offices.** Selling expenses associated with our Offices segment decreased by 53.0%, from ARS 534 million during the fiscal year ended June 30, 2023, to ARS 251 million during the fiscal year ended June 30, 2024. Such variation was mainly generated as a result of: (i) an ARS 338 million decrease in fees and compensation for services due to improved negotiation of rates; (ii) a decrease of ARS 69 million in taxes; (iii) a decrease of ARS 20 million in salaries, social security charges, and other personnel administrative expenses; (iv) a decrease of ARS 9 million in publicity, advertising, and other commercial expenses; partially offset by: (v) an ARS 156 million increase in doubtful accounts (charge and recovery, net). Selling expenses associated with our Offices segment, measured as a percentage of revenues from this segment, decreased from 2.2% during the fiscal year ended June 30, 2023, to 1.1% during the fiscal year ended June 30, 2024.

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**Sales and Developments.** Selling expenses associated with our Sales and Developments segment decreased by 22.4%, from ARS 5,817 million during the fiscal year ended June 30, 2023, to ARS 4,512 million during the fiscal year ended June 30, 2024. This variation is mainly explained by lower expenses related to property sales due to fewer sales compared to the previous fiscal year. Among the most significant variations were: (i) a decrease of ARS 2,351 million in fees and compensation for services; partially offset by (ii) an increase of ARS 930 million in taxes; (iii) an increase of ARS 92 million in salaries, social security charges, and other personnel administrative expenses; (iv) an increase of ARS 11 million in publicity, advertising, and other commercial expenses; and (v) an ARS 7 million increase in doubtful accounts (charge and recovery, net). Selling expenses associated with our Sales and Developments segment, measured as a percentage of revenues from this segment, increased from 25.6% during the fiscal year ended June 30, 2023, to 35.0% during the fiscal year ended June 30, 2024.

**Hotels.** Selling expenses associated with our Hotels segment increased by 10.1%, from ARS 5,325 million during the fiscal year ended June 30, 2023, to ARS 5,863 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) an ARS 326 million increase in fees and compensation for services; (ii) an ARS 122 million increase in publicity, advertising, and other commercial expenses; (iii) an ARS 98 million increase in taxes; (iv) an ARS 28 million increase in doubtful accounts (charge and recovery, net); partially offset by (v) an ARS 34 million decrease in salaries, social security charges, and other personnel administrative expenses. Selling expenses associated with our Hotels segment, measured as a percentage of revenues from this segment, decreased from 6.9% during the fiscal year ended June 30, 2023, to 6.8% during the fiscal year ended June 30, 2024.

**Others.** Selling expenses associated with our Others segment increased by 100.2%, from ARS 601 million during the fiscal year ended June 30, 2023, to ARS 1,203 million during the fiscal year ended June 30, 2024. This increase is mainly due to higher commercial activities carried out by We are appa. Selling expenses associated with our Others segment, measured as a percentage of revenues from this segment, increased from 12.4% during the fiscal year ended June 30, 2023, to 22.5% during the fiscal year ended June 30, 2024.

**<u>Other operating results, net 2024 vs 2023</u>**

**Shopping Malls.** Other operating results, net associated with our Shopping Malls segment decreased by 30.7%, from a net loss of ARS 3,030 million during the fiscal year ended June 30, 2023, to a net loss of ARS 3,960 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) an ARS 458 million increase in the loss for lawsuits; partially offset by (ii) an ARS 766 million decrease in interest earned generated by operating assets due to improved collection periods, leading to lower interest earned; (iii) an ARS 612 million decrease in donations; and (iv) an ARS 31 million decrease in management fees. Other operating results, net, from this segment, as a percentage of revenues from this segment, increased from 1.2% negative during the fiscal year ended June 30, 2023, to 1.6% negative during the fiscal year ended June 30, 2024.

**Offices.** Other operating results, net associated with our Offices segment increased by 75.4%, from a net loss of ARS 357 million during the fiscal year ended June 30, 2023, to a net loss of ARS 88 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) an ARS 217 million decrease in interest and allowances earned generated by operating credits; and (ii) a decrease of ARS 51 million in lawsuit charges. Other operating results, net from this segment, as a percentage of the revenues from this segment, decreased from 1.5% negative during the fiscal year ended June 30, 2023, to 0.4% negative during the fiscal year ended June 30, 2024.

**Sales and Developments.** Other operating results, net associated with our Sales and Developments segment increased by 39.6%, from a net loss of ARS 4,579 million during the fiscal year ended June 30, 2023, to a net loss of ARS 2,765 million during the fiscal year ended June 30, 2024, mainly due to the loss from sale of property, plant and equipment corresponding to the sale of the 9th floor of the "261 Della Paolera" tower (located in the Catalinas neighborhood of the Autonomous City of Buenos Aires). Other operating results, net from this segment, as a percentage of the revenues of this segment, increased from 20.2% negative during the fiscal year ended June 30, 2023, to 21.4% negative during the fiscal year ended June 30, 2024.

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**Hotels.** Other operating results, net associated with the Hotels segment decreased by 112.8%, from a net loss of ARS 741 million during the fiscal year ended June 30, 2023, to a net loss of ARS 1,577 million during the fiscal year ended June 30, 2024, mainly due to an increase in lawsuit charges of ARS 943 million. Other operating results, net from this segment, as a percentage of the revenues from this segment, increased from 1.0% negative during the fiscal year ended June 30, 2023, to 1.8% negative during the fiscal year ended June 30, 2024.

**Others.** Other operating results, net associated with the Others segment increased by 104.0%, from a net loss of ARS 29,023 million during the fiscal year ended June 30, 2023, to a net profit of ARS 1,150 million during the fiscal year ended June 30, 2024, mainly due to: (i) a decrease in lawsuit and other contingency charges of ARS 30,769 million as the prior fiscal year had recognized a provision for the IDBD lawsuit; (ii) an increase in profit generated by other operating results of ARS 1,735 million; partially offset by (iii) a decrease in profit of ARS 1,937 million, mainly due to the liquidation of Condor, Real Estate Investment Group VII LP, and Jiwin S.A. in the previous fiscal year; (iv) an increase of ARS 298 million in management fees; and (v) higher expenses of ARS 112 million in donations. Other operating results, net from this segment, as a percentage of the revenues from this segment, decreased from 599.3% negative during the fiscal year ended June 30, 2023, to 21.5% positive during the fiscal year ended June 30, 2024.

Operating results 2024 vs 2023

**Shopping Malls.** Operating results from operations associated with the Shopping Malls segment increased by 37.4%, from a net profit of ARS 122,354 million during the fiscal year ended June 30, 2023, to a net profit of ARS 168,063 million during the fiscal year ended June 30, 2024. Operating results from the Shopping Malls segment, as a percentage of revenues from such segment, increased from 49.8% positive during the fiscal year ended June 30, 2023, to 67.1% positive during the fiscal year ended June 30, 2024.

**Offices.** Operating results from operations associated with our Offices segment decreased by 1,110.1%, from a net loss of ARS 6,516 million during the fiscal year ended June 30, 2023, to a net loss of ARS 78,849 million during the fiscal year ended June 30, 2024. Such variation was mainly due to an ARS 73,467 million decrease in the loss from fair value adjustments of investment properties. Operating results from operations associated with the Offices segment, as a percentage of revenues from such segment, increased from 27.4% negative during the fiscal year ended June 30, 2023, to 348.2% negative during the fiscal year ended June 30, 2024.

**Sales and Developments.** Operating results from operations associated with our Sales and Developments segment decreased by 101.7%, from a net loss of ARS 190,982 million during the fiscal year ended June 30, 2023, to a net loss of ARS 385,180 million during the fiscal year ended June 30, 2024. Such decrease is mainly due to the (loss) from fair value adjustments of investment properties. Operating results from operations associated with the Sales and Developments segment, as a percentage of revenues from this segment, increased from 841.4% negative during the fiscal year ended June 30, 2023, to 2,988.0% negative during the fiscal year ended June 30, 2024.

**Hotels.** Operating results from operations associated with the Hotels segment increased by 65.6%, from a net profit of ARS 15,219 million during the fiscal year ended June 30, 2023, to a net profit of ARS 25,202 million during the fiscal year ended June 30, 2024. This increase is mainly due to higher occupancy levels resulting in increased revenues, reaching, for the most part, pre-pandemic occupancy levels. Operating results from operations associated with the Hotels segment, as a percentage of revenues from such segment, increased from 19.6% positive during the fiscal year ended June 30, 2023, to 29.4% positive during the fiscal year ended June 30, 2024.

**Others.** Operating results from operations associated with the Others segment increased from a net loss of ARS 61,221 million during the fiscal year ended June 30, 2023, to a net loss of ARS 12,308 million during the fiscal year ended June 30, 2024. Such decrease is mainly due to the decrease in administrative expenses and a positive result in other operating results, net. Operating results from operations associated with the Others segment, as a percentage of the revenues from this segment, varied from 1,264.1% negative during the fiscal year ended June 30, 2023, to 229.8% positive during the fiscal year ended June 30, 2024.

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**<u>Share of profit / (loss) of associates and joint ventures 2024 vs 2023</u>**

The share of profit of associates and joint ventures, according to the income statement, increased by 249.4%, from a net profit of ARS 13,580 million during the fiscal year ended June 30, 2023 to a net profit of ARS 47,454 million during the fiscal year ended June 30, 2024, mainly due to the positive results from the Others segment.

Also, the net share of profit / (loss) of joint ventures, mainly from Nuevo Puerto Santa Fe S.A. (Shopping Malls segment), Quality Invest S.A. (Offices segment) and Cyrsa S.A. and Puerto Retiro S.A. (Sales and Developments segment), showed a 105.9% increase, from a loss of ARS 6,565 million during the fiscal year ended June 30, 2023, to a profit of ARS 386 million during the fiscal year ended June 30, 2024, Mainly due to results from the investment in Nuevo Puerto Santa Fe, explained primarily by the impact of inflation on the fair value of its properties, and, in turn, as a consequence of the sale of Quality Invest S.A., an investment that, as of June 30, 2023, was generating losses of ARS 7,169 million.

**Shopping Malls.** In the information by segments, the share of profit / (loss) of the joint venture Nuevo Puerto Santa Fe S.A. is recorded on a consolidated basis, line by line in this segment.

**Offices.** This segment does not show results from the share of profit / (loss) of associates and joint ventures.

**Sales and Developments.** The share of profit / (loss) of the joint ventures Quality Invest S.A., Cyrsa S.A. and Puerto Retiro S.A is recorded on a consolidated basis, line by line. Given that we sold our interest in Quality Invest S.A. during the fiscal year ended June 30, 2024, it generated results only in the fiscal year ended June 30, 2023.

**Hotels.** This segment does not show results from the share of profit / (loss) of associates and joint ventures.

**Others.** The share of profit / (loss) of associates from the Others segment increased by 133.6%, from a net profit of ARS 20,145 million during the fiscal year ended June 30, 2023, to a net profit of ARS 47,068 million during the fiscal year ended June 30, 2024, mainly as a result of the variation from our investments in Banco Hipotecario by ARS 24,813 million and La Rural S.A. by ARS 6,891 million positive.

**Financial results, net**

The financial results increased from a profit of ARS 80,477 million during the fiscal year ended June 30, 2023, to a profit of ARS 125,854 million during the fiscal year ended June 30, 2024. This increase is mainly due to a positive result from earned interest and the gain generated by the fair value adjustments of financial assets and liabilities at fair value through profit or loss, net, primarily caused by macroeconomic conditions in Argentina, which led to fluctuations in the values of bonds, partially offset by a loss from exchange rate differences and a lower positive result generated by exposure to inflation.

**Income Tax** 

The Company applies the deferred tax method to calculate the income tax for the reported years, thus recognizing temporary differences as tax assets and liabilities. The income tax charge changed from a profit of ARS 334,192 million during the fiscal year ended June 30, 2023, to a profit of ARS 64,601 million during the fiscal year ended June 30, 2024. During the fiscal year ended June 30, 2024, a positive deferred tax result was observed, affected by the fair value changes of investment properties, which was partially offset by a negative result from current income tax. Additionally, during the fiscal year ended June 30, 2023, a reversal of the provision for income tax from prior fiscal years was made, see the Income Tax section for the fiscal year 2023.

**(Loss) / profit for the year**

As a result of the factors described above, the (loss) / profit for the year decreased from a profit of ARS 315,903 million during the fiscal year ended June 30, 2023, to a loss of ARS 47,127 million during the fiscal year ended June 30, 2024.

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**B. Liquidity and Capital Resources**

Our principal sources of liquidity have historically been:

· Cash generated by operations;

· Cash generated by issuance of debt securities;

· Cash from borrowing and financing arrangements; and

· Cash proceeds from the sale of real estate assets.

Our principal cash requirements or uses (other than in connection with our operating activities) have historically been:

· capital expenditures for acquisition or construction of investment properties and property, plant and equipment;

· interest payments and repayments of debt;

· acquisition of equity interests in companies;

· payments of dividends; and

· acquisition of real estate.

Our liquidity and capital resources include our cash and cash equivalents, proceeds from bank borrowings and long-term debt, capital financing and sales of real estate investments.

As of June 30, 2025 we had a positive working capital of ARS 224,005 million (calculated as current assets less current liabilities as of that date).

As of the same date, we had cash and cash equivalents for ARS 176,820 million, which represents the total of cash and cash equivalents at a consolidated level.

The following table shows our cash flow for the fiscal years ended June 30, 2025, 2024 and 2023:

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|:---|:---|:---|:---|
|  | **Year ended June 30,** | **Year ended June 30,** | **Year ended June 30,** |
|  | **2025** | **2024** | **2023** |
|  | (in million of ARS) | (in million of ARS) | (in million of ARS) |
| Net cash generated from operating activities | 260719 | 144309 | 189035 |
| Net cash **(**used in) **/** generated from investing activities | (82271) | 116065 | 136966 |
| Net cash generated from **/ (**used in) financing activities | 35515 | (266206) | (420214) |
| **Net increase / (decrease) in cash and cash equivalents** | 213963 | (5832) | (94213) |

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**Cash Flow Information**

***Operating activities***

*Fiscal year ended June 30, 2025*

Our operating activities for the fiscal year ended June 30, 2025 generated net cash inflows of ARS 260,719 million, mainly due to: (i) operating income of ARS 288,230 million; (ii) a decrease in trading properties of ARS 4,105 million; partially offset by (iii) a decrease in trade and other payables of ARS 18,054 million; (iv) an increase in trade receivables and other receivables of ARS 10,146; and (v) ARS 5,404 million related to Income Tax paid.

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*Fiscal year ended June 30, 2024*

Our operating activities for the fiscal year ended June 30, 2024 generated net cash inflows of ARS 144,309 million, mainly due to: (i) operating income of ARS 221,823 million; (ii) a decrease in trade receivables and other receivables of ARS 6,645 million; partially offset by (iii) a decrease in trade and other payables of ARS 68,950 million; (iv) ARS 10,798 million related to Income Tax paid; and (v) a decrease in salaries and social security liabilities of ARS 2,810 million.

*Fiscal year ended June 30, 2023*

Our operating activities for the fiscal year ended June 30, 2023 generated net cash inflows of ARS 189,035 million, mainly due to: (i) operating income of ARS 204,610 million; (ii) an increase in salaries and social security liabilities of ARS 4,764 million; partially offset by: (iii) ARS 14,990 million related to Income Tax paid; and (iv) an increase in trade receivables and other receivables of ARS 3,649 million.

***Investment activities***

*Fiscal year ended June 30, 2025*

Our investing activities resulted in net cash outflows of ARS 82,271 million for the year ended June 30, 2025, mainly due to: (i) ARS 346,373 used in the acquisition of investments in financial assets; (ii) ARS 39,301 million used in the acquisition and improvements of investment properties; partially offset by (iii) ARS 268,546 million in proceeds from the realization of investments in financial assets; (iv) ARS 25,815 million in interest received generated by financial assets; and (v) ARS 7,759 proceeds from sales of investment properties.

*Fiscal year ended June 30, 2024*

Our investing activities resulted in net cash inflows of ARS 116,065 million for the fiscal year ended June 30, 2024, mainly due to: (i) ARS 537,926 million from proceeds from disposal of investments in financial assets; (ii) ARS 64,743 million from proceeds from the sale of investment properties; (iii) ARS 33,155 million from proceeds from the sale of associates and joint ventures; (iv) ARS 15,748 million from dividends received from associates and joint ventures; (v) ARS 14,702 million from interest received; partially offset by: (vi) ARS 530,923 million used in the acquisition of investments in financial assets; and (vii) ARS 17,955 million used in the acquisition and improvements of investment properties.

*Fiscal year ended June 30, 2023*

Our investing activities resulted in net cash inflows of ARS 136,966 million for the fiscal year ended June 30, 2023, mainly due to: (i) ARS 226,997 million from proceeds from disposal of investments in financial assets; (ii) ARS 117,292 million from proceeds from the sale of investment properties; and (iii) ARS 12,571 million from proceeds from the sale of property, plant, and equipment; partially offset by: (iv) ARS 187,708 million used in the acquisition of investments in financial assets; and (v) ARS 30,582 million used in the acquisition and improvements of investment properties.

***Financing activities***

*Fiscal year ended June 30, 2025*

Our financing activities for the year ended June 30, 2025, generated net cash inflows of ARS 35,515 million, mainly due to: (i) the borrowings, issuance and new placement of non-convertible notes of ARS 373,323 million; partially offset by (ii) the payment of loans and principal on notes of ARS 122,268 million; (iii) Dividends paid for ARS 80,646 million; (iv) the repurchase of non-convertible notes for ARS 60,149 million; (v) the payment of interest on short term and long term debt of ARS 46,660 million; (vi) the repurchase of treasury shares for ARS 19,503 million; and (vii) the payment of short-term loans of ARS 13,297 million.

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*Fiscal year ended June 30, 2024*

Our financing activities for the fiscal year ended June 30, 2024 resulted in net cash outflows of ARS 266,206 million, mainly due to (i) the payment of dividends of ARS 212,502 million; (ii) the payment of loans and principal on notes of ARS 142,298 million; (iii) interest paid of ARS 85,502 million; (iv) the repurchase of treasury shares for ARS 37,240 million; partially offset by (v) borrowings, issuance, and new placement of non-convertible notes for ARS 157,478 million; and (vi) ARS 53,852 million from collections of short term loans.

*Fiscal year ended June 30, 2023*

Our financing activities for the fiscal year ended June 30, 2023 resulted in net cash outflows of ARS 420,214 million, mainly due to (i) the payment of loans and principal on notes of ARS 348,175 million, (ii) ARS 167,227 million from dividends paid, (iii) ARS 67,841 million from interest paid, (iv) ARS 19,400 million from the repurchase of non-convertible notes and (v) the repurchase of treasury shares for ARS 9,033 million, partially offset by (vi) an increase in borrowings, issuance and new placement of non-convertible notes for ARS 199,217 million.

***Capital expenditures***

*Fiscal year ended June 30, 2025*

During the fiscal year ended June 30, 2025, we invested ARS 82,733 million, as follows: (a) acquisitions and improvements of property, plant and equipment of ARS 8,040 million, primarily i) ARS 72 million in buildings and facilities, ii) ARS 2,384 million in machinery and equipment and others and iii) improvements in our hotels Libertador, Llao Llao and Intercontinental (ARS 2,596 million, ARS 2,327 million and ARS 661 million, respectively); (b) improvements in our rental properties for ARS 51,185 million and (c) the development of properties for ARS 23,508 million.

*Fiscal year ended June 30, 2024*

During the fiscal year ended June 30, 2024, we invested ARS 23,577 million, as follows: (a) acquisitions and improvements of property, plant and equipment of ARS 4,640 million, primarily (i) ARS 688 million in buildings and facilities, (ii) ARS 1,509 million in machinery and equipment and others and (iii) improvements in our hotels Libertador, Llao Llao and Intercontinental (ARS 89 million, ARS 1,026 million and ARS 1,328 million, respectively); (b) improvements in our rental properties for ARS 13,929 million and (c) the development of properties for ARS 5,008 million.

*Fiscal year ended June 30, 2023*

During the fiscal year ended June 30, 2023, we invested ARS 35,667 million, as follows: (a) acquisitions and improvements of property, plant and equipment of ARS 4,107 million, primarily (i) ARS 57 million in buildings and facilities, (ii) ARS 1,569 million in machinery and equipment and others and (iii) improvements in our hotels Libertador, Llao Llao and Intercontinental (ARS 67 million, ARS 2,238 million and ARS 176 million, respectively); (b) improvements in our rental properties for ARS 18,170 million and (c) the development of properties for ARS 13,390 million.

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***Indebtedness***

The following table sets forth the scheduled maturities of our outstanding debt as of June 30, 2025:

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|:---|:---|
|  | **Total** |
|  | (in million of ARS) |
| Less than 1 year | 137336 |
| More than 1 and up to 2 years | 49869 |
| More than 2 and up to 3 years | 58279 |
| More than 3 and up to 4 years |  |
| More than 4 and up to 5 years | 61464 |
| More than 5 years | 340180 |
| **Total** | 647128 |

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The following table sets forth the scheduled maturities of our outstanding debt as of June 30, 2025:

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|:---|:---|:---|:---|:---|
| **Description** | **Currency** | **Annual Average Interest Rate** | **Nominal value (in million)** | **Book value (in million of ARS)** |
| IRSA's 2028 Notes – Series XIV (1) | USD | 8.75% | 103 | 81873 |
| IRSA's 2025 Notes – Series XVI (2) | USD | 7.00% | 28 | 35020 |
| IRSA's 2025 Notes – Series XVII | USD | 5.00% | 25 | 30206 |
| IRSA's 2027 Notes – Series XVIII | USD | 7.00% | 21 | 26268 |
| IRSA's 2026 Notes – Series XX | USD | 6.00% | 21 | 25627 |
| IRSA's 2027 Notes – Series XXII | USD | 5.75% | 16 | 19635 |
| IRSA's 2029 Notes – Series XXIII | USD | 7.25% | 51 | 64544 |
| IRSA's 2035 Notes – Series XXIV | USD | 8.00% | 293 | 347257 |
| Loans with non-controlling interests | USD | 2.00% | 1 | 2204 |
| Loans with non-controlling interests | USD | 5.00% |  | 311 |
| Loans with non-controlling interests | USD | 5.00% |  | 339 |
| Related Party | USD | 1.00% |  | 855 |
| Bank loans | ARS | TAMAR -1% - +3 | 4500 | 4596 |
| Others  | USD | 3.50% | 1 | 1680 |
| Bank overdrafts  | ARS | Float |  | 6713 |
| **Total** |  |  |  | 647128 |

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(1) As of June 30, 2025, the amortization payment was made for 35% of the principal.

(2) As of July 25, 2025, the amortization payment was made for 100% of the principal.

***Series XIV Notes***

As a consequence of the regulations established by the Central Bank, on July 6, 2022, the company completed the exchange of its Series II Notes, originally issued by IRSA Commercial Properties S.A., in an aggregate principal amount of USD 360 million, maturing on March 23, 2023. On July 6, 2022, the expiration of the exchange was announced, USD 238,985,000 of Series II Notes were validly tendered and accepted, representing an acceptance of 66.38%. On July 8, the exchange offer was settled, the new Series XIV Notes were issued for an amount of USD 171.2 million and the Series II Notes were partially canceled, the outstanding principal amount is USD 121,015,000. On February 3, 2023, we announced the full redemption of the Series II notes, which was effective on February 8, 2023, and the Series II notes were fully canceled.

On March 31, 2025, the Company issued Class XXIV Notes in an aggregate principal amount of USD 300 million (see "Series XXIV Notes"), which could be subscribed in cash or through an exchange offer for Class XIV Notes. As a result of the exchange, a total principal amount of USD 67.9 million of Class XIV Notes was accepted (USD 67.4 million through an early exchange and an additional USD 0.5 million up to the expiration date). In connection with the exchange settlements, accrued interest on the Class XIV Notes up to the issuance and settlement date was paid, as applicable in each case, and partial cancellations of the Class XIV Notes were made, leaving outstanding a principal amount of USD 103.3 million (USD 85.2 million outstanding as of such date).

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Series XIV Notes were issued under New York Law, will mature on June 22, 2028 and will accrue interest at a fixed rate of 8.75%, with interest payable semi-annually on June 22 and December 22 of each year, until expiration. Amortization will be in annual installments payable on June 22 of each year, each for 17.5% from 2024 to 2027 and the remaining 30% on June 22, 2028. The issue price was 100%. On June 22, 2024, and on June 22, 2025; payments were made corresponding to the amortization of the first and second capital installments, each for 17.5% of the nominal value. As of the date of this Annual Report, the outstanding amount under these notes is USD 67.14 million.

Series XIV Notes due 2028 are subject to certain covenants, events of default and limitations, such as the limitation on incurrence of additional indebtedness, limitation on restricted payments, limitation on transactions with affiliates, and limitation on merger, consolidation and sale of all or substantially all assets.

***Series XV and XVI Notes***

On January 31, 2023, the company issued in the local market a total amount of USD 90 million through the following Notes:

· ·Series XV Notes denominated and payable in U.S. dollars for a total of USD 61.7 million at a fixed rate of 8.0%, with semi-annual payments. The principal payment was made in one installment at maturity on March 25, 2025. The issue price was 100.0% of the face value. On March 25, 2025, Series XV Notes were fully canceled at maturity.

· ·Series XVI Notes denominated and payable in U.S. dollars for a total of USD 28.2 million at a fixed rate of 7.0%, with semi-annual payments. The principal payment will be in one installment at maturity in July 25, 2025. The issue price was 100.0% of the face value. On July 25, 2025, Series XVI Notes were fully canceled at maturity.

The proceeds were used mainly to refinance short-term liabilities and working capital.

***Series XVII Notes***

On June 7, 2023, the Company issued in the local market a total amount of USD 25 million of Series XVII Notes denominated and payable in U.S. dollars at a fixed rate of 5.0%, with semi-annual payments (except for the first interest payment, which will be nine months from the settlement). The capital payment will be made in one installment at maturity on December 7, 2025. The issue price was 100.0% of the face value.

The proceeds were used mainly to refinance short-term liabilities and working capital.

***Series XVIII and XIX Notes***

On February 28, 2024, the Company issued in the local market a total amount of USD 52.6 million through the following Notes:

· Series XVIII Notes denominated and payable in U.S. dollars for a total of USD 21.4 million at a fixed rate of 7.0%, with semi-annual payments. The principal payment will be in one installment at maturity on February 28, 2027. The issue price was 100.0% of the face value.

· Series XIX Notes denominated and payable in Argentine Pesos for a total of ARS 26,203.8 million, matured on February 28, 2025. These notes have a variable rate (private Badlar plus a margin of 0.99%), payable quarterly and will amortize its capital at maturity. The issue price was 100%. On February 28, 2025, Series XIX Notes were fully canceled at maturity.

The proceeds were used mainly to refinance short-term liabilities and working capital.

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***Series XX and XXI Notes***

On June 10, 2024, the Company issued in the local market a total amount of USD 42.0 million through the following Notes:

· Series XX Notes denominated and payable in U.S. dollars for a total of USD 23.0 million at a fixed rate of 6.0%, with semi-annual payments. The principal payment will be in one installment at maturity on June 10, 2026. The issue price was 100.0% of the face value. The proceeds will mainly be used to refinance short-term liabilities and working capital.

· Series XXI Notes denominated and payable in Argentine Pesos for a total of ARS 17,012.7 million, matured on June 10, 2025. These notes have a variable rate (private Badlar plus a margin of 4.50%), payable quarterly and amortized its capital at maturity. The issue price was 100%. The proceeds were used mainly to refinance short-term liabilities and working capital. On June 10, 2025, Series XXI Notes were fully canceled at maturity.

***Series XXII and XXIII Notes***

On October 23, 2024, the Company issued in the local market a total amount of USD 67.3 million through the following Notes:

· Series XXII Notes denominated and payable in U.S. dollars for a total of USD 15.8 million at a fixed rate of 5.75%, with semi-annual payments. The principal payment will be in one installment at maturity on October 23, 2027. The issue price was 100.0% of the face value.

· Series XXIII Notes denominated and payable in U.S. dollars for a total of USD 51.5 million at a fixed rate of 7.25%, with semi-annual payments. The principal payment will be in one installment at maturity on October 23, 2029. The issue price was 100.0% of the face value.

The proceeds were used mainly to refinance short-term liabilities and working capital.

***Series XXIV Notes***

The Class XXIV Notes were issued under New York law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semi-annually on March 31 and September 30 of each year until maturity. Principal amortization will occur in three installments: (i) 33% of the principal amount on March 31, 2033, (ii) 33% of the principal amount on March 31, 2034, and (iii) 34% of the principal amount on March 31, 2035. The issue price for the cash subscription was 96.803% of face value.

Of the total amount issued, USD 242,205 million was subscribed in cash, at an issue price of 96.903% of face value.

In addition, USD 57.8 million resulted from the early exchange of Class XIV Notes, which carried an early exchange consideration of 1.04 times the amount exchanged. Subsequently, on April 11, 2025, as a result of the late exchange, USD 0.45 million was issued, which carried a consideration of 1.0 times the amount exchanged. In connection with the exchange settlements, accrued interest on the Class XIV Notes up to the issuance and settlement date was paid, as applicable in each case.

Upon the settlement dates (early and final) of the exchange, partial cancellations of the Class XIV Notes were made, resulting in an outstanding amount, as of such date, of USD 85.2 million. For further information, see ("– Class XIV Notes").

The Class XXIV Notes contain certain Covenants, Events of Default, and Limitations, such as Limitation on Incurrence of Additional Indebtedness, Limitation on Restricted Payments, Limitation on Transactions with Affiliates, and Limitation on Consolidation, Merger and Sale of All or Substantially All Assets.

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**C. Research and Development, Patents and Licenses, Etc.**

We have several trademarks registered with the Instituto Nacional de la Propiedad Industrial, the Argentine institute for industrial property. We do not own any patents nor benefit from licenses from third parties.

**D. Trend Information**

**International Macroeconomic Outlook**

As reported in the IMF's WEO, worldwide GDP is expected to grow 3.2% in 2025 and 3.1% 2026, according to the October 2025 WEO projections. The persistence of services inflation is slowing the pace of disinflation making monetary policy normalization more challenging. Upside risks have risen, with trade tensions and policy uncertainty raising the likelihood of interest rates staying higher for longer. Still, inflation in many emerging markets and developing economies is already close to pre-pandemic levels.

Global inflation is expected to decrease from 5.9% in 2024 to 4.2% in 2025 and to 3.7% in 2026, according to IMF's WEO. The momentum on global disinflation is slowing, signaling bumps along the path. In advanced economies, the pace of disinflation is expected to moderate in 2025 and 2026, as services inflation remains persistent and commodity prices elevated. However, the gradual cooling of labor markets and the expected decline in energy prices should help bring inflation closer to target over the medium term. Inflation is expected to remain higher, and to decline more slowly, in emerging markets and developing economies than in advanced economies.

The persistence of inflation in the United States has delayed monetary easing, while renewed tariff tensions add to price pressures. At the same time, many central banks in emerging markets remain cautious about lowering rates, concerned that wider interest rate differentials could trigger currency depreciation against the U.S. dollar.

The escalation of trade tensions could further raise near-term inflation by increasing the cost of imported goods along the supply chain.

Renewed trade tariffs and the expansion of industrial policies worldwide risk generating adverse cross-border spillovers and retaliation. Conversely, stronger multilateral cooperation and faster macrostructural reforms could boost supply capacity, productivity, and global growth, with positive spillovers across economies.

**Argentine macroeconomic context**

The accumulated CPI, as of June 30, 2025, inflation was recorded at 1.6%, bringing the cumulative inflation between July 1, 2024, and June 30, 2025, reached 39.4%.

Shopping malls sales reached a total of ARS 592,710 million in June 2025, which represents a 27.8% increase as compared to June 2024. Accumulated sales for the first six months represent a 205.8% in current terms and 1.7% decrease in real terms as compared to the same period of 2024.

The INDEC reported that, for the six months ended June 30, 2025, industrial activity in Argentina increased by 7.1% compared to the same period in 2024. The textile industry accumulated 7.5% increases during the first six months of 2025 as compared to the same period last year. Moreover, the EMAE as of July 31, 2025, increased by 6.4% compared to the same month in 2024.

Regarding the balance of payments, in the second quarter of 2025 the current account posted a deficit of USD 3,016 million, explained by a USD 185 million surplus in the goods and services balance and a USD 4,080 million deficit in the primary income account, partially offset by a USD 879 million surplus in secondary income.

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During the second quarter of 2025, the financial account recorded a net capital inflow of USD 2,835 million, which was the result of a net increase in external financial assets held by residents of USD 17,789 million and a net increase in external liabilities of USD 20,624 million. This represents a significant reversal compared to the outflows registered in the same quarter of the previous year.

As of June 30, 2025, international reserves reached USD 39,973 million, an increase of USD 14,987 million compared to the previous quarter. This variation was mainly explained by the disbursements received under the IMF program, including the initial disbursement and subsequent funds following the first program review, which were subject to the condition of easing foreign exchange restrictions.

In local financial markets, the Private Badlar rate in Pesos ranged from 42.5% to 27.5% in the period from July 2024 to June 2025, averaging 34.51% during Fiscal Year 2025 compared to 93.60% in Fiscal Year 2024. As of June 30, 2025, the seller exchange rate quoted by Banco de la Nación Argentina was ARS 1190 per USD 1.00. As of June 30, 2025, Argentina's country risk decreased by 754 basis points in year-on-year terms. The debt premium paid by Argentina was 701 basis points in June 2025, compared to 214 basis points paid by Brazil and 287 basis points paid by Mexico.

As of October 20, 2025, the Private Badlar rate in Pesos was at 49.38%. As of October 20, 2025, the seller exchange rate quoted by Banco de la Nación Argentina was ARS 1495.00 per USD 1.00. Additionally, as a result of small currency controls, there is a difference between the official exchange rate in Argentina (which is currently used for both commercial and financial transactions) and other informal exchange rates that emerged due to certain commonly performed operations in the foreign exchange market, leading to a positive gap of approximately 6.4% over the official exchange rate as of October, 20, 2025. As of October 20, 2025, Argentina's country risk decreased by 485 basis points in year-on-year terms. The debt premium paid by Argentina was at 1048 basis points as of October 20, 2025, compared to 195 basis points paid by Brazil and 226 basis points paid by Mexico as of that same date.

Likewise, in the national and international framework described above, the Company periodically analyzes alternatives to appreciate its shares value. In that sense, the Board of Directors of the Company will continue focusing on the evaluation of financial, economic and / or corporate tools that allow the Company to improve its position in the market in which it operates and have the necessary liquidity to meet its obligations. Within the framework of this analysis, the indicated tools may be linked to corporate reorganization processes (merger, spin-off or a combination of both), disposal of assets in public and / or private form that may include real estate as well as negotiable securities owned by the Company, incorporation of shareholders through capital increases through the public offering of shares to attract new capital, repurchase of shares and instruments similar to those described that are useful to the proposed objectives.

**Evolution of Shopping Malls in Argentina**

In August 2025, the CCI stood at 39.94, marking a 13.9% decrease compared to July 2025 (46.37) and a 3.6% decrease compared to August 2024. Shopping mall sales increased 27.8% in the fiscal year ended June 30, 2025, compared to fiscal year ended June 30, 2024. Accumulated sales for the first six months represent a 0.2% decrease in current terms and 13.3% decrease in real terms as compared to the same period of 2024.

**Evolution of Office Properties in Argentina**

The shift in corporate activity to remote or virtual work that resulted from the Covid-19 pandemic resulted in lower demand, increased vacancies, and a slight decrease in the rental prices of category A+ and A office buildings in Buenos Aires.

According to Colliers, the second quarter of 2025 closes with a vacancy in the order of 14.46% regarding the premium market of the City of Buenos Aires, stable when compared to the previous quarter.

Category "A+" properties have an average Rental price of 23.43 USD/sqm and class "A" properties of 19.94 USD/sqm during the second quarter of the year 2025. Regarding the average price per submarket, Plaza San Martín, Norte CABA, Plaza Roma, Puerto Madero, Microcentro Norte and Catalinas reflect the highest with 26.30 USD/sqm, 25.78 USD/sqm, 24.73 USD/sqm, 23.90 USD/sqm, 23.25 USD/sqm and 23.00 USD/sqm respectively.

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**Evolution of the Hotel industry in Argentina**

According to the EOH prepared by INDEC, in June 2025, overnight stays at hotel and para-hotel establishments were estimated at 2.6 million, representing a 7.1% decrease compared to the same month of the previous year. Overnight stays by resident and nonresident travelers decreased by 7.4% and 5.8%, respectively. Total travelers who stayed at hotels during June 2025 were 1.2 million, a 0.4% decrease compared to the same month the previous year. The number of resident travelers increased by 0.4%, whereas nonresident travelers dropped 3.9%. The Room Occupancy Rate was around 34.0%, compared to 35.5% in June 2024, and the Bed Occupancy Rate was about 26.0%, down from 27.2% in the same month of the previous year.

**Evolution of the Entertainment industry in Argentina**

The upcoming fiscal year presents challenges for Argentina's entertainment and events industry given the electoral context and the tight operating margins observed across the sector. Nevertheless, each fair or large gathering that is successfully organized continues to perform well, showing solid demand and positive reception from visitors and exhibitors. Looking ahead, the industry is expected to continue advancing toward a more comprehensive offering that combines venue rental with infrastructure, stand construction and associated services, adapting to new market requirements and enhancing its overall value proposition.

For fiscal year 2026, the outlook is positive, with expectations of attracting larger-scale and longer-term events that will expand the national agenda of shows and meetings and further strengthen Argentina's position as a key hub in the regional entertainment and meetings industry.

**E. Critical Accounting Estimates**

Not all of these significant accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide an understanding of the policies that management considers critical because of the level of complexity, judgment or estimations involved in their application and their impact on the Consolidated Financial Statements. These judgments involve assumptions or estimates in respect of future events. Actual results may differ from these estimates.

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| **Estimation** | **Main assumptions** | **Potential implications** | **Main references <sup>(1)</sup>** |
| Control, joint control or significant influence | Judgment relative to the determination that the Company holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees' bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof. | Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) | Note 2.3  |
| Recoverable amounts of cash-generating units (even those including goodwill), associates and assets. | The discount rate and the expected growth rate before taxes in connection with cash-generating units.<br>The discount rate and the expected growth rate after taxes in connection with associates.<br>Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Company's best factual assumption relative to the economic conditions expected to prevail.<br>Business continuity of cash-generating units.<br>Appraisals made by external appraisers and valuators with relation to the assets' fair value, net of realization costs (including real estate assets). | Should any of the assumptions made be inaccurate, this could lead to differences in the recoverable values of cash-generating units. | Note 8 – Investments in associates and joint ventures<br>Note 10 – Property, plant and equipment<br>Note 12 – Intangible assets |
| Estimated useful life of intangible assets and property, plant and equipment | Estimated useful life of assets based on their conditions. | Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses). | Note 10 – Property, plant and equipment<br>Note 12 – Intangible assets |
| Fair value valuation of investment properties | Fair value valuation made by external appraisers and valuators. See Note 10. | Incorrect valuation of investment property values  | Note 9 – Investment properties<br>|
| Income tax | The Company estimates the income tax payable for transactions involving uncertain tax positions, where the tax authority's interpretation cannot be clearly determined.<br>Additionally, the Company evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. | Upon the improper determination of the provision for income tax, the Company will be bound to pay additional taxes, including fines and compensatory and punitive interest.<br>| Note 21 – Taxes |
| Allowance for doubtful accounts | A periodic review is conducted of receivables risks in the Company's clients' portfolios. Bad debts based on the expiration of account receivables and account receivables' specific conditions. | Improper recognition of charges / reimbursements of the allowance for bad debt. | Note 15 – Trade and other receivables |
| Level 2 and 3 financial instruments | Main assumptions used by the Company are: <br>·&nbsp;&nbsp;&nbsp;&nbsp; Discounted projected income by interest rate<br>·&nbsp;&nbsp;&nbsp;&nbsp; Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments.<br>·&nbsp;&nbsp;&nbsp;&nbsp; Comparable market multiple (EV/GMV ratio).<br>·&nbsp;&nbsp;&nbsp;&nbsp; Underlying asset price (Market price); share price volatility (historical) and market interest-rate.<br>| Incorrect recognition of a charge to income / (loss). | Note 14 – Financial instruments by category |
| Probability estimate of contingent liabilities. | Whether more economic resources may be spent in relation to litigation against the Company; such estimate is based on legal advisors' opinions. | Charge / reversal of provision in relation to a claim. | Note 19 – Provisions |
| Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms | The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: <br>Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. | Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. | Note 14 – Financial instruments by category |

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(1) Reference to notes to our Audited Consolidated Financial Statements.

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**ITEM 6. Directors, Senior Management and Employees**

**A. Directors and Senior Management**

**Board of Directors**

Under the Argentine General Corporation Law, corporations are managed by a board of directors elected at a shareholders' meeting. Pursuant to section 59 of the Argentine General Corporation Law, directors have the obligation to perform their duties with the loyalty and the diligence of a prudent business person. Directors are jointly and severally liable to the company, the shareholders and third parties for the improper performance of their duties, for violating the law, the company's by-laws or regulations, if any, and for any damage caused to these parties by fraud, abuse of authority or negligence, as provided for in Section 274 of the Argentine General Corporation Law. The following concepts are considered an integral part of a director's duty of loyalty: (i) the prohibition to use the company's assets and confidential information for private purposes; (ii) the prohibition to take advantage of, or allow others to take advantage, by action or omission, of the company's business opportunities; (iii) the obligation to exercise their powers only for the purposes set forth by law, the bylaws of the company, or the resolutions of the shareholders or the board of directors; (iv) the obligation to act diligently in the preparation and disclosure of the information provided to the market and to ensure the independence of the company's external auditors; and (v) the obligation to look after the company's best interests, so that the actions of the board of directors are not contrary, directly or indirectly, to those interests. In accordance with the Argentine General Corporation Law, specific functions may be assigned to a director by statute or a resolution of the general shareholders' meeting. In such cases, the attribution of responsibility will be based on individual performance, provided that the assignment of specific functions had been registered in the Public Registry. Under the Argentine General Corporation Law, directors cannot perform activities in competition with the company without the express authorization of the shareholders' meeting. Directors must inform the board and the supervisory committee about any conflict of interest they may have regarding a proposed transaction and must abstain from voting on such matters.

A director shall not be responsible for the decisions taken in a board of directors' meeting as long as he or she states his or her opposition in writing and informs the supervisory committee before any claim arises. Except in the event of a mandatory liquidation or bankruptcy, a director's performance approved by the company's shareholders releases such director of any liability for his performance, unless shareholders representing 5% or more of the Company's capital stock object to that approval, or the decision is taken in violation of the applicable laws or the company's by-laws. The company is entitled to file judicial actions against a director if a majority of the company's shareholders at a shareholders' meeting requests that action. If the company does not initiate a legal claim within three (3) months since the shareholders resolution was approved, any shareholder will be entitled to file the claim on the company's behalf.

Under the Argentine General Corporation Law, the board of directors is in charge of the management of the company and, therefore, makes any and all decisions in connection therewith, as well as those decisions expressly provided for in the Argentine General Corporation Law, our by-laws and other applicable regulations. Furthermore, our board of directors is generally responsible for the execution of the resolutions passed by shareholders' meetings and for the performance of any particular task expressly delegated by the shareholders. Under the Argentine General Corporation Law, the duties and responsibilities of an alternate director, when acting in the place of a director on a temporary or permanent basis, are the same as those discussed above for directors, and they have no other duties or responsibilities as alternate directors.

Our bylaws provide that our board of directors will consist of a minimum of six and a maximum of fifteen regular directors and the same or fewer number of alternate directors. Our directors are elected for three-fiscal year terms by a majority vote of our shareholders at a general ordinary shareholders' meeting and may be re-elected indefinitely.

As of the date of this Annual Report, our board of directors is composed of twelve regular directors and three alternate directors. Alternate directors will be summoned to exercise their functions in case of absence, vacancy or death of a regular director or until a new director is appointed.

The table below shows the composition of our board or directors. For more information see "*Recent Developments – General Ordinary and Extraordinary Shareholders' Meeting*":

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| **Name** | **Date of Birth** | **Position** | **Year Last Appointed** | **Term Expiration** | **Position Held Since** |
| Eduardo S. Elsztain | 01/26/1960 | Chairman | 2024 | 2027 | 1991 |
| Saúl Zang | 12/30/1945 | Vice-Chairman I | 2024 | 2027 | 1994 |
| Alejandro G. Elsztain | 03/31/1966 | Vice-Chairman II | 2022 | 2025 | 2001 |
| Fernando Adrián Elsztain | 01/04/1961 | Director | 2023 | 2026 | 1999 |
| David Williams <sup>(\*)</sup> | 12/07/1955 | Director | 2022 | 2025 | 2022 |
| Mauricio E. Wior | 10/23/1956 | Director | 2024 | 2027 | 2006 |
| Daniel Ricardo Elsztain | 12/22/1972 | Director | 2023 | 2026 | 2007 |
| Maria Julia Bearzi <sup>(\*)</sup> | 11/15/1975 | Director | 2022 | 2025 | 2019 |
| Oscar Pedro Bergotto <sup>(\*)</sup> | 07/19/1943 | Director | 2023 | 2026 | 2019 |
| Liliana L. De Nadai <sup>(\*)</sup> | 01/11/1959 | Director | 2022 | 2025 | 2019 |
| Ben Iosef Elsztain | 01/16/1997 | Director | 2024 | 2027 | 2021 |
| Nicolas Bendersky | 04/21/1983 | Director | 2023 | 2026 | 2022 |
| Gabriel A. G. Reznik | 11/18/1958 | Alternate Director | 2022 | 2025 | 2019 |
| Iair Elsztain | 03/05/1995 | Alternate Director | 2023 | 2026 | 2020 |
| Marcos Oscar Barylka | 06/29/1945 | Alternate Director | 2024 | 2027 | 2022 |

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Our chairman Mr. Eduardo S. Elsztain is the father of the director Ben Elsztain and the alternate Director Iair Elsztain. Eduardo S. Elsztain is the brother of Vice-Chairman II Alejandro G. Elsztain and of director Daniel R. Elsztain, and a cousin of director Fernando A. Elsztain.

Set forth below are brief descriptions of the relevant background and experience of our directors:

*Eduardo S. Elsztain*. Mr. Eduardo S. Elsztain has been engaged in the real estate business for more than thirty years. He is the Chairman of the Board of Directors of CRESUD S.A.C.I.F. y A., Banco Hipotecario, BACS Banco de Crédito & Securitización S.A., Futuros y Opciones.Com S.A., BrasilAgro, Austral Gold Ltd. and Consultores Assets Management S.A., among other companies. He also Chairs Fundación IRSA, is a member of the World Economic Forum, the Council of the Americas, the Group of Fifty and the Argentine Business Association (AEA), among others. He is co-founder of Endeavor Argentina and served as Vice President of the World Jewish Congress.

*Saúl Zang*. Mr. Zang holds a law degree from the Universidad de Buenos Aires. He is a member of the International Bar Association and of the Interamerican Federation of Lawyers. He is a founding partner of Zang, Bergel & Viñes Law Firm and has retired more than a decade ago. Mr. Zang is Vice-Chairman of CRESUD, Consultores Assets Management S.A. and other companies such as Fibesa S.A. and Chairman at Puerto Retiro S.A. He is also director of Banco Hipotecario, BrasilAgro, BACS Banco de Crédito & Securitización S.A., Nuevas Fronteras S.A., and Palermo Invest S.A., among other companies.

*Alejandro Gustavo Elsztain*. Mr. Alejandro Gustavo Elsztain holds an agricultural engineer degree from the Universidad de Buenos Aires. He completed the Advanced Management Program at Harvard Business School. He is currently serving as Vice-President II and CEO of CRESUD, and Vice President of Futuros y Opciones.Com S.A., Agrofy SAU and Hoteles Argentinos S.A.U. He is also director of BrasilAgro, a Brazilian agricultural company, among other companies.

*Fernando Adrián Elsztain*. Mr. Fernando Adrián Elsztain holds an architecture degree from Universidad de Buenos Aires. He has been engaged in the real estate business as a consultant and as managing officer of a real estate company. He is Chairman of the Board of Directors of Hoteles Argentinos S.A.U. and Nuevas Fronteras S.A. He is also a director of CRESUD, Puerto Retiro S.A. and Llao Llao Resorts S.A.

*David Williams*. Mr. Williams holds a bachelor's degree in business administration from Tufts University and a law degree from Georgetown University School of Law. He has focused on cross-border corporate transactions in Latin America for more than 25 years. He specializes in mergers and acquisitions, corporate and project finance, restructuring, corporate governance, and other complex corporate matters.

*Mauricio Elías Wior*. Mr. Wior holds bachelor's degrees in economics and accounting, and a master's degree in finance from Tel Aviv University. Mr. Wior is currently a member of the board of directors of Banco Hipotecario and Chairman in BHN Vida Sociedad de Inversión S.A. He has held positions at Bellsouth where he was Vice President for Latin America from 1995 to 2004. Mr. Wior was also Chief Executive Officer of Movicom Bellsouth from 1991 to 2004. In addition, he led the operations of various cellular phone companies in Uruguay, Chile, Peru, Ecuador and Venezuela. He was president of the Asociación Latinoamericana de Celulares (ALCACEL), American Chamber of Commerce in Argentina, and the Israeli Argentine Chamber of Commerce. He was director of Instituto para el Desarrollo Empresarial de la Argentina (IDEA), Fundación de Investigaciones Económicas Latinoamericanas (FIEL) and Tzedaka. He was also Director of GCDI S.A. (formerly TGLT S.A.), Chairman of Shufersal Israel and Vice Chairman of Cellcom Israel.

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*Daniel Ricardo Elsztain*. Mr. Daniel Ricardo Elsztain holds a degree in economic sciences from Universidad Torcuato Di Tella and a master's degree in business administration from Universidad Austral IAE. He previously held the position of Commercial and Marketing Manager and has been in charge of the real estate investments in New York between 2008 and 2011. Mr. Elsztain has been the Company Executive Officer of IRSA Propiedades Comerciales S.A until its merger with the Company. He is also a director of Banco Hipotecario.

*Maria Julia Bearzi*. Ms. Bearzi holds a degree in administration from the Universidad Nacional de La Plata and has a specialization certificate in growth companies from Harvard University and a master's degree in business administration from Universidad de San Andrés. She has more than 20 years of experience working for entrepreneurial development at the Endeavor Foundation, and since 2016 she has been the Executive Director of this organization. She has extensive experience in entrepreneurship education. Ms. Bearzi currently leads the Ventures Academy program of Fundación Endeavor, a program offered in conjunction with the University of San Andrés and teaches the Business Development course in the MBA at the National University of La Plata (UNLP).

*Oscar Pedro Bergotto*. Mr. Bergotto has worked as auditor at the Banco de la Nación Argentina and CFO in Isaac Elsztain e Hijos SCA. Between 1987 and 2008 he worked as treasurer of IRSA Inversiones y Representaciones S.A.

*Liliana De Nadai*. Ms. De Nadai holds an accounting degree from the Universidad de Buenos Aires in 1983. Since 2003, she has advised various companies such as banks, consultants and accounting firms in financial and banking areas; and accounting, tax and money laundering prevention system and administrative, accounting, financial management consultants in financial and banking companies. Throughout her career, she has attended several professional practice courses at the Professional Council of Economic Sciences of the City of Buenos Aires and continues to carry out ongoing training at said Council.

*Ben Iosef Elsztain*. Mr. Ben Iosef Elsztain studied Media at the ORT Technical School. He currently serves as Director of ¡appa!, an innovative app for shopping centers. He is also the founder and Managing Partner of Shefa, IRSA's digital holding company. He also leads the development of Workplace by IRSA, a coworking unit for startups and entrepreneurs, an ecosystem he has been involved with throughout his career. Previously, he worked at Endeavor Argentina in the search and selection area for entrepreneurs, and was the founder and Commercial Manager of Toch Argentina.

*Nicolas Bendersky*. Mr. Bendersky has a degree in Economics and a master's degree in Finance from CEMA University. He began his career in 2001 in the corporate finance area of IRSA and CRESUD and between 2004 and 2014, he held various positions at Consultores Asset Management S.A. where he currently works as CIO. Between 2015 and 2021, he served on the boards of numerous leading public and private companies in Israel and is currently a regular member of the Board of Banco Hipotecario, Bacs Banco de Crédito y Securitización S.A. and CRESUD. He is also director of Argenta Silver, a Canadian company and acting CFO in Challenger Gold.

*Gabriel A. G. Reznik*. Mr. Reznik holds a civil engineering degree from Universidad de Buenos Aires. He worked for us from 1992 until May 2005, when he resigned. He had previously worked for an independent construction company in Argentina. He is an alternate director in CRESUD.

*Iair Elsztain*. Mr. Iair Elsztain is currently working independently on real estate projects. Over the past two years, he has worked at various startups. He is founder of Israel Startup Experience (ISE), a startup which provides leadership courses for young people during eight months in Israel. Mr. Elsztain is also alternate director in CRESUD.

*Marcos Oscar Barylka.* Mr. Barylka obtained a degree in commercial activities from the General San Martín School. Mr. Barylka has been involved in the retail and the gastronomy industries for over 35 years, having served as partner, manager and consultant for several companies. Since 2006, Mr. Barylka has served as Secretary of the Fundación Pele Ioetz, which provides support to families suffering economic and social problems in Argentina.

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**Employment Contracts with certain members of our Board of Directors**

Messrs. Eduardo S. Elsztain, Saúl Zang, Alejandro Gustavo Elsztain and Fernando A. Elsztain are employed by us pursuant to Labor Contract Law No. 20,744. Law No. 20,744 governs certain conditions of the labor relationship, including remuneration, protection of wages, hours of work, holidays, paid leave, maternity protection, and suspension and termination of the contract.

**Executive Committee**

Pursuant to our bylaws, our day-to-day business is managed by an executive committee, in which one is the Chairman, one is Vice-Chairman I and one is Vice-Chairman II of our board of directors. The current members of the executive committee are Messrs. Eduardo S. Elsztain, Saúl Zang, Alejandro Elsztain, Daniel R. Elsztain and Fernando Elsztain, as regular members. The executive committee meets as needed by our business, or at the request of one or more of its members.

The executive committee is responsible for the management of our business pursuant to the authority delegated by our board of directors in accordance with applicable law and our bylaws. Pursuant to Section 269 of the Argentine General Corporation Law, the executive committee is only responsible for the management of the day-to-day business. Our bylaws authorize the executive committee to: designate the managers of our Company and establish the duties and compensation of such managers; grant and revoke powers of attorney on behalf of our Company; hire, discipline and fire personnel and determine wages, salaries and compensation of personnel; enter into contracts related to our business; manage our assets; enter into loan agreements for our business and establish liens to secure our obligations; and perform any other acts necessary to manage our day-to-day business.

**Senior Management**

Our board of directors appoints and removes senior management. The following table shows information regarding our senior management appointed by our board of directors:

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|:---|:---|:---|:---|
| **Name** | **Date of Birth** | **Position** | **Position Held Since** |
| Eduardo S. Elsztain | 01/26/1960 | Chief Executive Officer | 1991 |
| Matías I. Gaivironsky | 02/23/1976 | Chief Administrative and Financial Officer | 2011 |
| Jorge Cruces | 11/07/1966 | Chief Investment Officer | 2020 |

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For the relevant background and experience of our senior management, see "*Item 6. Directors, Senior Management and Employees - A. Directors and Senior Management -*Board of Directors" in this section. The following is a brief biographical description of our senior managers who are not part of our boards of directors:

*Matías Iván Gaivironsky*. Mr. Matías Gaivironsky holds a degree in business administration from Universidad de Buenos Aires and a master's degree in finance from Universidad del CEMA. Since 1997 he has served in various positions at IRSA PC, IRSA, CRESUD and in 2009 he was appointed CFO of Tarshop. Since 2011, he serves as Chief Administrative and Financial Officer of IRSA and CRESUD. Mr. Gaivironsky is also director of Banco Hipotecario S.A. and BrasilAgro.

*Jorge Cruces*. Mr. Cruces has served as Chief Investment Officer since 2020. Previously, he held positions as Chief Real Estate Officer (2007-2013), Director of GCDI, and Urban Development Manager at Banco Hipotecario S.A. He is also a Board Member of the Chamber of Urban Developers (CEDU). Academically, he has been jointly coordinating for the last 20 years the Executive Program in Real Estate Management at Torcuato Di Tella University. Mr. Cruces Architect and holds master's degrees in Business Administration with specializations in Finance and Strategic Administration Management.

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**Supervisory Committee**

The Argentine General Corporation Law and the CML require any corporation that has made a public offering in Argentina, such as us, to have a supervisory committee (*comisión fiscalizadora*). Pursuant to the Argentine General Corporation Law, only lawyers and accountants admitted to practice in Argentina or civil partnerships composed of such persons may serve as statutory auditors in an Argentine *sociedad anónima*.

The primary responsibilities of the supervisory committee are to monitor the management's compliance with the Argentine General Corporation Law, the applicable bylaws, regulations, if any, and the shareholders' resolutions, and to perform other functions, including, but not limited to: (i) supervise and inspect the corporate books and records whenever necessary, but at least quarterly; (ii) attend meetings of the directors, executive committee, audit committee and shareholders; (iii) prepare an annual report concerning our financial condition and submit it to our shareholders at the ordinary annual meeting; (iv) provide certain information regarding the company, in response to the request of shareholders representing at least 2% of the capital stock; (v) call an extraordinary shareholders' meeting when necessary, on its own initiative or at the request of the shareholders, or an ordinary one when our boards of directors fails to do so; (vi) supervise and monitor compliance with laws and regulations, the applicable bylaws and the shareholders' resolutions; and (vii) investigate written complaints made by shareholders representing at least 2% of the capital stock.

In performing these functions, our supervisory committees do not control our operations or assess the merits of the decisions made by the directors. The duties and responsibilities of an alternate statutory auditor, when acting in the place of a statutory auditor on a temporary or permanent basis, are the same as those discussed above for statutory auditors. They have no other duties or responsibilities as alternate statutory auditors.

Our supervisory committee (*comisión fiscalizadora*) is responsible for reviewing and supervising our administration and affairs and verifying compliance with our bylaws and resolutions adopted at the shareholders' meetings. The members of our supervisory committee are appointed at our annual general ordinary shareholders' meeting for a one-fiscal year term. Our supervisory committee is composed of three regular members and three alternate members and pursuant to Section 294 of the Argentine General Corporation Law must meet at least every three months.

The following table shows information about the members of our supervisory committee, who were elected at the annual ordinary shareholders' meeting held on October 28, 2024.

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| **Name** | **Date of Birth** | **Position** | **Term Expiration** | **Position Held Since** |
| José D. Abelovich | 07/20/1956 | Member | 2025 | 1992 |
| Marcelo H. Fuxman | 11/30/1955 | Member | 2025 | 1992 |
| Noemí I. Cohn | 05/20/1959 | Member | 2025 | 2010 |
| Roberto D. Murmis | 04/07/1959 | Alternate Member | 2025 | 2005 |
| Paula Sotelo | 10/08/1971 | Alternate Member | 2025 | 2020 |
| Cynthia Deokmellian | 08/06/1976 | Alternate Member | 2025 | 2022 |

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Set forth below are brief descriptions of the relevant background and experience of the members of our supervisory committee:

*José Daniel Abelovich*. Mr. Abelovich holds an accounting degree from the Universidad de Buenos Aires. He was a founding member and partner until 2024 of NEXIA Abelovich, Polano & Asociados S.R.L., an Argentine accounting firm and member firm of Nexia International, a global network of accounting and consulting firms. He is currently a partner at Lisicki, Litvin & Abelovich. He serves on the Supervisory Committees of Pampa Energía S.A., Transportadora de Gas del Sur S.A., CRESUD S.A.C.I.F., and Banco Hipotecario, among others.

*Marcelo Héctor Fuxman*. Mr. Fuxman holds an accounting degree from the Universidad de Buenos Aires. He is a partner of NEXIA Abelovich, Polano & Asociados S.R.L., a member firm of Nexia International, a global network of accounting and consulting firms. He is also a member of the Supervisory Committees of CRESUD, Inversora Bolívar S.A. and Banco Hipotecario, among other companies.

*Noemí Ivonne Cohn*. Ms. Cohn holds an accounting degree from the Universidad de Buenos Aires. She is a partner at NEXIA Abelovich, Polano & Asociados S.R.L., a member firm of Nexia International, a global network of accounting and consulting firms. Ms. Cohn worked in the audit area of Harteneck, Lopez y Cía., Coopers & Lybrand in Argentina and Los Angeles, California. She is also a member of the Supervisory Committees of CRESUD, Futuros y Opciones.com S.A. and Panamerican Mall S.A., among other companies.

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*Roberto Daniel Murmis*. Mr. Murmis holds accounting and law degrees from the Universidad de Buenos Aires. He is a partner at NEXIA Abelovich, Polano & Asociados S.R.L., a member firm of Nexia International, a global network of accounting and consulting firms. He is a member of the Tax Affairs Commission and of the General Council of the Argentine Chamber of Commerce. He formerly served as an advisor to the Secretariat of Public Revenue (Secretaría de Ingresos Públicos) of the Argentine Ministry of Economy. Mr. Murmis also is a member of the supervisory committees of CRESUD, Futuros y Opciones.com S.A. and Arcos del Gourmet S.A., among other companies.

*Paula Sotelo*. Ms. Sotelo holds an accounting degree from Universidad de Buenos Aires. She is currently an audit partner at Lisicki Litvin & Abelovich. Until 2024, she was a partner at NEXIA Abelovich, Polano y Asociados S.R.L., an Argentine accounting firm and a member of Nexia International, a global network of accounting and consulting firms. Previously, she was Senior Manager in the audit area of KPMG Argentina and also worked in the professional practice department at KPMG New York. She is a member of the Supervisory Committees of CRESUD, Hoteles Argentinos S.A.U., Futuros y Opciones.Com and FyO S.A., among others.

*Cynthia Deokmellian*. Ms. Deokmellian holds an accounting degree from Universidad de Buenos Aires. She is currently a partner at Lisicki Litvin & Abelovich. Until 2024, she was a partner at NEXIA Abelovich, Polano y Asociados S.R.L., an Argentine accounting firm and a member of Nexia International, a global network of accounting and consulting firms. Previously, she was Senior Manager in the audit area of KPMG. She is a member of the Supervisory Committees of CRESUD, Futuros y Opciones.Com and FyO Acopio S.A., among others.

**Internal Control**

Management uses the 2013 COSO Report to assess the effectiveness of internal control over financial reporting.

The 2013 COSO Report sets forth that internal control is a process performed by the Board of Directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of the entity's objectives in the following categories:

· Effectiveness and efficiency of operations

· Reliability of financial reporting, and

· Compliance with applicable laws and regulations

Based on the above, the Company's internal control system involves all the levels actively involved in exercising control:

· the Board of Directors, by establishing the objectives, principles and values, setting the tone at the top and making the overall assessment of results;

· the management of each area is responsible for the internal control in relation to objectives and activities of the relevant area, i.e. the implementation of policies and procedures to achieve the results of the areas and, therefore, those of the entity as a whole;

· the rest of the personnel plays a role in exercising control, by generating information used in the control system or taking action to ensure control.

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**Audit Committee**

In accordance with the Capital Market Law No. 26,831 (the "Argentine Capital Market Law"), its regulatory decree 1,023 and the CNV Rules the Board of Directors has an Audit Committee. The main function of this committee is to assist the Board of Directors in: (i) exercising its duty of care, diligence and competence in issues relating to us, specifically as concerns the enforcement of accounting policies, and disclosure of accounting and financial information, (ii) management of our business risk, the management of our internal control systems, (iii) behavior and ethical conduct of the Company's businesses, (iv) monitoring the sufficiency of our financial statements, (v) our compliance with the laws, (vi) independence and competence of independent auditors, (vii) performance of our internal audit duties both by our Company and the external auditors and (viii) it may render, upon request of the Board of Directors, its opinion on whether the conditions of the related parties' transactions for relevant amounts may be considered reasonably sufficient under normal and habitual market conditions.

In accordance with the provisions of the Argentine Capital Market Law, the CNV Rules and the applicable rules of the SEC, most of the members of the Audit Committee have to qualify as independent directors.

Currently, we have a fully independent Audit Committee composed of Messrs. Oscar Pedro Bergotto, Liliana De Nadai and Maria Julia Bearzi, who is also designated as financial expert in compliance with the requirements of the SEC regulations.

*Aspects related to the decision-making processes and internal control system of the Company*

The decision-making process is led in the first place by the Executive Committee in exercise of the duties and responsibilities granted to it under the bylaws. As part of its duties, a material aspect of its role is to draft the Company's strategic plan and annual budget projections, which are submitted to the Board of Directors for review and approval.

The Executive Committee analyzes the objectives and strategies that will be later considered and resolved by the Board of Directors and outlines and defines the main duties and responsibilities of the various management departments.

The Company's internal control system also involves all levels that participate in active control: the Board of Directors establishes the objectives, principles and values, it provides general guidance and assesses global results; the Departments are responsible for compliance with internal policies, procedures and controls to achieve results within their sectors and –of course- achieve the results for the entire organization, and the other personnel members also have a role in exercising control upon generating information used by the control system, or by taking certain actions to ensure control.

In addition, the Company has an Internal Audit Department reporting to the CEO that is responsible for overseeing compliance with internal controls by the departments above mentioned issuing reports that are also presented to the Audit Committee.

**B. Compensation**

*Board of Directors*

Under the Argentine General Corporation Law, if the compensation of the members of the Board of Directors and the Supervisory Committee is not established in the bylaws of the Company, it should be determined by the shareholders' meeting. The maximum amount of total compensation to the members of the Board of Directors and the Supervisory Committee, including compensation for technical or administrative permanent activities, cannot exceed 25% of the earnings of the company. That amount should be limited to 5% when there is no distribution of dividends to shareholders and will be increased in proportion to the distribution up to such limit if all earnings are distributed. For purposes of applying this provision, the reduction in the distribution of dividends derived from reducing the Board of Directors' and Supervisory Committee's fees will not be considered.

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When one or more directors perform special commissions or technical or administrative activities, and there are no earnings to distribute, or they are reduced, the shareholders meeting may approve compensation in excess of the above mentioned limits. The compensation of our directors for each fiscal year is determined pursuant to the Argentine Corporation Law and taking into consideration whether the directors performed technical or administrative activities and our fiscal year's results. Once the amounts are determined, they are considered at the shareholders' meeting.

At our annual ordinary shareholders meeting held on October 28, 2024, the shareholders agreed to pay an aggregate compensation of ARS 10,665.5 million to all the members of the Board of Directors for the fiscal year ended June 30, 2024, for technical and administrative duties discharged by the directors, which compensation is commensurate with the reasonableness standards governing remunerations for the performance of executive tasks and has taken into account the Board members' technical and operating skills and capabilities and their business expertise together with the commitment with their duties and, in the particular year under consideration, the successful outcome of their performance in connection with the debt refinancing and repayment process and the Company's financial management, along with comparable market criteria for companies of similar standing, all the foregoing in accordance with the corporate governance practices set forth in the Corporate Governance Code

This compensation approved by the annual ordinary shareholders' meeting pertains to the Company's individual board and does not consider inflation adjustment. For accounting purposes, the consolidated compensation for the Board of Directors accrued during the fiscal years ended June 30, 2025, and 2024 was ARS 18,302 million and ARS 18,678 million, respectively.

For more information, please see *"Recent Developments—General Ordinary and Extraordinary Shareholders' Meeting".*

*Senior Management*

We pay our senior management pursuant to a fixed amount, established by taking into consideration their background, capacity and experience and an annual bonus which varies according to their individual performance and the Company's overall results.

The total aggregate compensation paid to our Senior Management (excluding Directors) for the fiscal year ended June 30, 2025, was ARS 1,814.2 million.

*Supervisory Committee*

The shareholders meeting held on October 28, 2024, approved by majority vote the payment of fees to the Supervisory Committee for the duties performed during the fiscal year ended June 30, 2024, for an aggregate amount of ARS 16.9 million.

*Audit Committee*

The members of our Audit Committee do not receive compensation in addition to those received for their services as members of our Board of Directors.

*Compensation Plan for Executive Management*

Since 2006, we have developed a capitalization program through contributions made by employees and the Company. The participation and contributions to the plan are voluntary. Once the beneficiary has accepted, they can make monthly contributions of up to 2.5% of their salary, and the Company's contribution will be equivalent to the amount contributed by the beneficiary. Employee contributions are transferred to a mutual fund and Company's contributions are held in a trust. Individual participants may direct the trustee to invest their accounts in authorized investment alternatives.

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Participants will have access to 100% of the plan benefits (including the Company's contributions) in the following cases:

1. ordinary retirement in accordance with applicable labor regulations;

2. total or permanent incapacity or disability; or

3. death.

In the case of resignation or unjustified dismissal, the beneficiary will obtain the amounts resulting from the Company's contributions only if they have participated in the plan for at least five years, subject to certain conditions. In the case that the conditions are not met, the contributed funds remain at the participant's disposal.

Contribution expense was ARS 2,859 million and ARS 1,956 million for the fiscal years ended June 30, 2025 and 2024, respectively.

On July 1, 2023, a new incentive program came into effect aimed for key leadership positions. This program includes an extraordinary monetary sum to be paid three years from the start of the plan, subject to the fulfillment of pre-established operational and business growth goals. To receive the contribution, beneficiaries are required to remain with the Company until the end of the program on June 30, 2026, and meet the applicable objectives.

*Incentive Program*

Between 2011 and 2014, the Company implemented a stock incentive plan approved by the CNV under the new CML. Participation was voluntary and based on annual bonuses for those years. Participants become entitled to the full benefit consists of IRSA shares, after five years from each contribution, or earlier in the event of disability or death.

In 2014, an extraordinary stock award was granted to eligible employees, together with an additional stock bonus equivalent to June 2014 compensation for employees with more than two years of service who were not included in the plan.

On October 28, 2024, the shareholders' meeting approved the implementation of a new incentive plan for management and directors, provide that such plan may include up to 1% of the shares issued by the Company at the time of its implementation, to be allocated from existing treasury shares or shares to be acquired through share buyback programs in accordance with applicable regulations, which will be delivered to the plan's beneficiaries based on the performance criteria for participants in that program.

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**C. Board Practices**

For information about the date of expiration of the current term of office and the period during which each director has served in such office see "*Item 6. Directors, Senior Management and Employees – A. Directors and Senior Management.*"

Benefits upon Termination of Employment

There are no contracts providing for benefits to Directors upon termination of employment, other than those described under the following sections: (i) ITEM 6: *Directors, Senior Management and Employees* – B. Compensation – Capitalization Plan and (ii) ITEM 6: *Directors, Senior Management and Employees* – B. Compensation – Incentive Plan for Managers.

**D. Employees**

As of June 30, 2025, we had 1,392 employees. Our employees of the segments our Shopping Mall, Offices, Sales and Developments and Other business had 718 employees with 270 represented by the Union of Commerce Employees (Sindicato de Empleados de Comercio). Our Hotels segment had 674 employees, with 556 represented by the Tourism, Hotel and Gastronomic Workers Union (Unión de Trabajadores del Turismo, Hoteleros y Gastronómicos de la República Argentina, UTHGRA).

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|  | **Year ended June 30,** | **Year ended June 30,** | **Year ended June 30,** |
|  | **2025** | **2024** | **2023** |
| Shopping Malls, Offices, Sales and Developments and Other businesses | 718 | 693 | 667 |
| Hotels <sup>(1)</sup> | 674 | 708 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | 1392 | 1401 | 1289 |

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(1) Includes Hotel Intercontinental, Libertador Hotel and Llao Llao.

**E. Share Ownership**

The following table sets forth the amount and percentage of our common shares beneficially owned by our directors, senior managers and members of the supervisory committee as of June 30, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Share ownership** | **Share ownership** | **Share ownership** | **Share ownership** |
| <br>**Name** | <br>**Position** | **Number of Shares** | **Percentage (%) <sup>(2)</sup>** | **Number of Warrants** | **Percentage fully diluted (%) <sup>(3)</sup>** |
| **Directors** |  |  |  |  |  |
| Eduardo S. Elsztain <sup>(1)</sup>.  | Chairman / CEO | 437674595 | 57.4 | 50512505 | 60.1 |
| Saúl Zang | Vice-Chairman I | 1645031 | 0.2 | 68795 | 0.2 |
| Alejandro G. Elsztain | Vice- Chairman II | 7685532 | 1 | 315107 | 1 |
| Fernando A. Elsztain | Regular Director | 17805 | 0 |  | 0 |
| David Williams | Regular Director |  |  |  |  |
| Mauricio E. Wior | Regular Director |  |  |  |  |
| Daniel R. Elsztain | Regular Director | 41677 | 0 | 21435 | 0 |
| Oscar Pedro Bergotto | Regular Director |  |  |  |  |
| María Julia Bearzi | Regular Director |  |  |  |  |
| Liliana De Nadai | Regular Director |  |  |  |  |
| Ben Elsztain | Regular Director |  |  |  |  |
| Nicolas Bendersky | Regular Director | 7417 | 0 |  | 0 |
| Gabriel A. G. Reznik | Alternate Director |  |  |  |  |
| Iair Elsztain | Alternate Director | 1092 | 0 | 130 | 0 |
| Oscar Marcos Barylka | Alternate Director |  |  |  |  |
| **Senior Management** |  |  |  |  |  |
| Matías I. Gaivironsky | Chief Financial and Administrative Officer | 210297 | 0 | 130558 | 0 |
| Jorge Cruces | Chief Investment Officer |  |  |  |  |
| **Supervisory Committee** |  |  |  |  |  |
| José D. Abelovich | Member |  |  |  |  |
| Marcelo H. Fuxman | Member |  |  |  |  |
| Noemí I. Cohn | Member |  |  |  |  |
| Roberto D. Murmis | Alternate member |  |  |  |  |
| Paula Sotelo | Alternate member |  |  |  |  |
| Cynthia Deokmellian | Alternate member |  |  |  |  |

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(1) Includes (i) 412,158,780 common shares beneficially owned by CRESUD, (ii) 8,548,165 common shares owned by Consultores Venture Capital Uruguay S.A., (iii) 1,208,793 common shares owned by Consultores Asset Management S.A., (iv) 5,475,340 common shares owned by Inversiones Financieras del Sur S.A., and (v) 10,283,517 common shares directly owned by Mr. Eduardo Elsztain.

(2) As of June 30, 2025, the outstanding shares were 762,520,793 with a nominal value of ARS 10.00 each and one vote per share and we own 162,774 shares in treasury. To calculate the percentage, the effect of treasury shares was not considered.

(3) In May 2021, 80 million options were issued that will entitle the holders through their exercise to acquire additional new shares. As of June 30, 2025, the outstanding warrants were 60,964,074, and as a subsequent event, on September 30, 2025, we reported that certain warrants holders have exercised their right to acquire additional shares, therefore the new number of outstanding warrants decreased from 60,964,074 to 53,853,144, for more information, see "Recent Developments – Exercise of Warrants". On November 8, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and treasury share distribution, distributed November 5, 2024, being the Ratio of 1.4818 shares per option and a price of USD 0.2917 per share.

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*Option Ownership*

No options to purchase common shares have been granted to our Directors, Senior Managers, members of the Supervisory Committee, or Audit Committee.

*Employee Participation in our share Capital*

There are no arrangements for involving our employees in our capital stock or related to the issuance of options, common shares or securities, other than those described under the following sections: (i) Item 6 – B. Compensation – Capitalization Plan and (ii) Item 6 – B. Compensation –Incentive Program.

**F. Disclosure of Registrant's Action to Recover Erroneously Awarded Compensation**

Not applicable.

**ITEM 7. Major Shareholders and Related Party Transactions**

**A. Major Shareholders**

Information about Major Shareholders

***Share Ownership***

The following table sets forth information regarding ownership of our capital stock by each person known to us to beneficially own at least 5% of our common shares and all our directors and officers as a group.

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|:---|:---|:---|:---|:---|
| | **Share Ownership as of June 30, 2025** | **Share Ownership as of June 30, 2025** | **Share Ownership as of June 30, 2025** | **Share Ownership as of June 30, 2025** |
| <br>**Shareholder** | **Number of Shares** | **Percentage <sup>(2)</sup>** | **Number of Warrants** | **Percentage fully diluted <sup>(3)</sup>** |
| CRESUD <sup>(1)</sup> | 412158780 | 54.1% | 49644626 | 57.0% |
| Directors and officers | 35124666 | 4.6% | 1403904 | 4.3% |
| ANSES | 42002761 | 5.5% | 3781213 | 5.6% |
| Others (less than 5%) | 273234586 | 35.8% | 6134331 | 33.1% |
| **Total** | **762520793** | **100.0%** | **60964074** | **100.0%** |

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(1) Eduardo S. Elsztain is the beneficial owner of 230,771,688 common shares of CRESUD, representing 37.6% of its total share capital, which include (i) 141,979,756 common shares beneficially owned by Inversiones Financieras del Sur S.A., (ii) 1,131 common shares owned by Consultores Venture Capital Uruguay S.A. for which Mr. Eduardo S. Elsztain is deemed to be the beneficial owner, and (iii) 88,790,801 common shares directly owned by Mr. Eduardo S. Although Mr. Elsztain does not own a majority of the common shares of CRESUD, he is its largest shareholder and exercises substantial influence over it. If Mr. Elsztain is considered to be the beneficial owner of CRESUD due to his substantial influence over it, he would be the beneficial owner of 57.4% of our common shares by virtue of his investment in (a) CRESUD of 412,158,780 common shares; (b) Consultores Venture Capital Uruguay S.A. of 8,548,165 common shares; (c) Consultores Asset Management S.A. of 1,208,793 common shares; (d) Inversiones Financieras del Sur S.A. of 5,475,340 common shares; and (e) directly owned shares of 10,283,517 (items b, c, d and e are exposed under the line "Directors and officers"). CRESUD is a leading Argentine producer of basic agricultural products. CRESUD's common shares began trading on the ByMA on December 12, 1960, under the trading symbol "CRES" and on March 1997 its GDSs began trading in the Nasdaq under the trading symbol "CRESY."

(2) As of June 30, 2025, the outstanding shares were 762,520,793 with a nominal value of ARS 10.00 each and one vote per share and we own 162,774 shares in treasury. To calculate the percentage, the effect of treasury shares was not considered.

(3) In May 2021, 80 million options were issued that will entitle the holders through their exercise to acquire additional new shares. As of June 30, 2025, the outstanding warrants were 60,964,074, and as a subsequent event, on September 30, 2025, we reported that certain warrants holders have exercised their right to acquire additional shares, therefore the new number of outstanding warrants decreased from 60,964,074 to 53,853,144, for more information, see "Recent Developments – Exercise of Warrants". On November 8, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and treasury share distribution, distributed November 5, 2024, being the Ratio of 1.4818 shares per option and a price of USD 0.2917 per share.

***Changes in Share Ownership***

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| ***Shareholder*** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** |
|  | % | % | % |
| CRESUD <sup>(1)</sup> | 54.1 | 53.7 | 56.0 |
| Directors and officers <sup>(2)</sup> | 4.6 | 4.7 | 3.4 |
| ANSES | 5.5 | 5.5 | 5.3 |
| Others | 35.8 | 36.1 | 35.3 |
| **Total** | **100.0** | **100.0** | **100.0** |

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(1) Eduardo S. Elsztain is the beneficial owner of 230,771,688 common shares of CRESUD, representing 37.6% of its total share capital, which include (i) 141,979,756 common shares beneficially owned by Inversiones Financieras del Sur S.A., (ii) 1,131 common shares owned by Consultores Venture Capital Uruguay S.A. for which Mr. Eduardo S. Elsztain is deemed to be the beneficial owner, and (iii) 88,790,801 common shares directly owned by Mr. Eduardo S. Although Mr. Elsztain does not own a majority of the common shares of CRESUD, he is its largest shareholder and exercises substantial influence over it. If Mr. Elsztain is considered to be the beneficial owner of CRESUD due to his substantial influence over it, he would be the beneficial owner of 57.4% of our common shares by virtue of his investment in (a) CRESUD of 412,158,780 common shares; (b) Consultores Venture Capital Uruguay S.A. of 8,548,165 common shares; (c) Consultores Asset Management S.A. of 1,208,793 common shares; (d) Inversiones Financieras del Sur S.A. of 5,475,340 common shares; and (e) directly owned shares of 10,283,517 (items b, c, d and e are exposed under the line "Directors and officers"). CRESUD is a leading Argentine producer of basic agricultural products. CRESUD's common shares began trading on the ByMA on December 12, 1960, under the trading symbol "CRES" and on March 1997 its GDSs began trading in the Nasdaq under the trading symbol "CRESY."

(2) As of June 30, 2025, the outstanding shares were 762,520,793 with a nominal value of ARS 10.00 each and one vote per share and we own 162,774 shares in treasury. To calculate the percentage, the effect of treasury shares was not considered.

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***Differences in Voting Rights***

Our major shareholders do not have different voting rights.

***Arrangements for change in control***

We are not aware of any arrangements that may, when in force, result in a change in control.

***Securities held in the host country***

As of June 30, 2025, our total issued capital stock outstanding consisted of 762,520,793 common shares with a nominal value of ARS 10.00 each and one vote per share. As of June 30, 2025, there were approximately 22,306,836 Global Depositary Shares (representing 223,068,360 of our common shares, or 29.3% of all or our outstanding common shares) held in the United States by approximately 63 registered holders.

Additionally, in May 2021, 80 million options were issued that will entitle the holders through their exercise to acquire additional new shares. The warrants may be exercised quarterly from the 90th day of their issuance on the 17th through the 25th day of each February, May, September, and November, on the day prior to their expiration and on their expiration date (to the extent such dates are business days in New York City and Buenos Aires, Argentina). The warrants are available for trading on which are listed on ByMA and NYSE under the tickers IRS2W and IRSWS, respectively.

As of June 30, 2025, the outstanding warrants were 60,964,074. On November 8, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and treasury share distribution, distributed November 5, 2024, being the Ratio of 1.4818 shares per option and a price of USD 0.2917 per share.

**Offer and Listing Details**

The following summary provides information concerning our share capital.

*Stock Exchanges in which our securities are listed*

Our common shares are listed on the ByMA and our GDSs in the NYSE.

The following description of the material terms of our capital stock is subject to our certificate of incorporation and bylaws, which are included as exhibits to this Form 20-F, and the provisions of applicable Argentine Law.

As of that date of this Annual Report: (1) we had no other shares of any class or series issued and outstanding; and (2) there are no outstanding convertible notes to acquire our shares. Our common shares have one vote per share. All outstanding shares are validly issued, fully paid and non-assessable. As of June 30, 2025, there were approximately 51,753 holders of our common shares.

*Price history of our stock in the ByMA and NYSE*

Our common shares are traded in Argentina on the ByMA, under the trading symbol "IRSA." Since 1994, our GDSs, each presenting 10 common shares, have been listed in the NYSE under the trading symbol "IRS." The Bank of New York Mellon is the depositary with respect to the GDSs.

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**B. Related Party Transactions** 

We have engaged and, in the future, may engage in transactions with related parties. We believe that any related party transaction we have entered into in the past has been in the ordinary course of business and on terms and conditions that are comparable with transactions that we would enter into with non-related parties.

A related party transaction is any transaction entered into directly or indirectly by us or any of our subsidiaries that is material based on the value of the transaction to: (a) us or any director, officer or member of our management or shareholders; (b) any entity in which any person described in clause (a) is interested; or (c) any person who is connected or related to any person described in clause (a).

Below is a summary of our material related party transactions as of the date of this Annual Report.

***Offices and Shopping Mall Leases***

CRESUD rented an office space for its executive offices located at the Della Paolera tower at Della Paolera 261, floor 9th, City of Buenos Aires, Argentine which IRSA owned, and which was sold to a non-related party. Also, CRESUD rented an office space that we own at the Abasto Shopping Mall.

The offices of Eduardo S. Elsztain, the Chairman of our Board of Directors and our controlling shareholder, are located at Bolivar 108, City of Buenos Aires, Argentina. This property has been leased to a company controlled by family members of Mr. Elsztain and to a company controlled by Fernando A. Elsztain, one of our directors and the cousin of Mr. Eduardo S. Elsztain, and members of his family.

Furthermore, we also lease various stores, stands, storage space or advertising spaces in our shopping malls to third parties and related parties such as Banco Hipotecario.

Lease agreements entered into with affiliates have included similar provisions and amounts to those included in agreements with unaffiliated third parties.

***Agreement for the Exchange of Corporate Services with CRESUD***

Considering that each of CRESUD and us have operations that overlap to a certain extent, our Board of Directors deemed it advisable to implement alternatives designed to reduce certain fixed costs of our combined activities and mitigate their impact on our operating results while seizing and optimizing the individual efficiencies of each of them in the different areas comprising the management of operations.

To this end, on June 30, 2004, we and CRESUD entered into a Master Agreement for the Exchange of Corporate Services, or the "Framework Agreement," which has been amended from time to time in line with evolving operating requirements. The Framework Agreement had an initial term of 24 months and is renewable automatically for additional 24-month terms, unless terminated by any of the parties upon prior notice.

Annually, we conduct a review of the criteria used in the determination of pricing for corporate services, as well as the bases of cost distribution and supporting documentation used in the aforementioned process. The risk management and audit area coordinate the review, which, in turn, periodically delegates the review to an external consultant.

The operations described above allow CRESUD and us to keep our strategic and commercial decisions fully independent, with cost and profit apportionment allocated on the basis of operating efficiency and equity, applying when appropriate the terms of the shared services contract, to ensure that no company benefits at the expense of the others.

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***Hospitality Services***

We and our related parties hire, on certain occasions, hotel services and lease conference rooms for events held at our subsidiaries, Nuevas Fronteras S.A. and Llao Llao Resorts S.A., all on arm's-length terms and conditions.

***Financial and Service Operations***

We work with several financial entities in Argentina for operations including, but not limited to, credit, investment, other financial services, purchase and sale of securities and financial derivatives. Such entities include Banco Hipotecario and its subsidiaries and FYO. Furthermore, Banco Hipotecario and BACS usually act as underwriters in capital market transactions we undertake. In addition, we invest from time to time our cash in mutual funds managed by BACS Administradora de Activos S.A. S.G.F.C.I., which is a subsidiary of Banco Hipotecario, among other entities.

***Del Plata Building Trust***

On November 10, 2023, the Company entered into a trust agreement at cost for a project development and construction of a residential building, stores (gastronomic use) and complementary parking spaces. For more information, see "*Item 4. Information on the Company — B. Business Overview — Other Land Reserves — Del Plata Building Trust.*" TMF Trust Company (Argentina) S.A. acts as trustee under the trust agreement.

Cresud, a company indirectly controlled by Eduardo Sergio Elsztain and chairman of Cresud and IRSA, acts as money trustor, as well as IRSA. In addition, Cresud, IRSA and Banco Hipotecario act as beneficiaries of the trust. The trust agreement involves the contribution of the building owned by Banco Hipotecario. In addition, other non-related companies invest as money trustors in the trust.

The execution of this trust agreement has been approved by the Board of Directors of the Company, with no objections from the Audit Committee under Section 72 and following of the CML.

***Donations to Fundación IRSA and Fundación Museo de los Niños***

Fundación IRSA is a non-profit charity that seeks to support and generate initiatives concerning education, the promotion of corporate social responsibility and the entrepreneurial spirit of young adults. It carries out corporate volunteer programs and fosters donations from our employees. The main members of Fundación IRSA's Board of Directors are: Eduardo S. Elsztain (President); Saúl Zang (Vice President I); Alejandro Elsztain (Vice President II); Mariana C. de Elsztain (Secretary), Oscar Marcos Barylka (Director) and Marcos Slipakoff (Treasurer). It finances its activities with donations from us, CRESUD and other related companies.

On October 31, 1997, we entered into an agreement with Fundación IRSA, whereby 3,800 square meters of the developed area at Abasto Shopping Mall was granted under a gratuitous bailment agreement for a term of 30 years. Subsequently, on October 29, 1999, Fundación IRSA assigned free of cost all the rights of use over such space and its respective obligations to Fundación Museo de los Niños.

On November 29, 2005, we signed another agreement with Fundación Museo de los Niños granting under gratuitous bailment 2,670 square meters of the developed area at Alto Rosario shopping mall for a term of 30 years.

Fundación Museo de los Niños has used these spaces to set up "Museo de los Niños, Abasto" and "Museo de los Niños, Rosario", two interactive learning centers intended for children and adults. The agreements described above establish that the payment of common charges and direct expenses related to the services performed by these spaces must be borne by Fundación Museo de los Niños.

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***Borrowings***

In the ordinary course of our business, we enter into loan agreements or credit facilities with related companies. The loans under these loan agreements and credit facilities accrue interest at prevailing market rates.

***Purchase of financial assets***

We usually invest excess cash in instruments that may include those issued by related companies, acquired at issuance, or from unrelated third parties in secondary market transactions.

***Investment in Dolphin Real Assets Fund SPC Ltd.***

On August 31, 2021, Torodur S.A., an Uruguayan company wholly owned by IRSA, entered into a subscription agreement with Dolphin Fund Ltd., an investment fund, incorporated under the laws of Bermuda, controlled through equity shares by Tyrus S.A., an Uruguayan company wholly owned by IRSA and whose administrator is Consultores Venture Capital Uruguay S.A., an Uruguayan company indirectly controlled by Mr. Eduardo Elsztain, through the subscription of Class C Participating Shares of face value USD 0.01. Subsequently, on October 3, 2022, Dolphin Fund Ltd.'s investors, including Torodur S.A., contributed their holdings in said fund to Dolphin Real Assets Fund SPC Ltd., a fund established under the laws of British Virgin Islands in March 2022, whose administrator is Dolphin Manager Corp., a corporation also constituted under the laws of British Virgin Islands, which is controlled by Messrs. Eduardo Sergio Elsztain and Saúl Zang (85% and 15%, respectively), subscribing 164,478 participating shares issued by the portfolio named Argentina MMXXII. The total amount subscribed was USD 3.0 million.

***Legal Services***

We receive legal services from ZBV Abogados, a law firm composed of partners who were part of Estudio Zang, Bergel & Viñes, of which Saúl Zang was a founding partner and has retired more than a decade ago. Mr. Zang is a member of our Board of Directors and those of certain related companies. See "Item 6. Directors, Senior Management and Employees—Directors and Senior Management—Board of Directors".

***Purchases and sales of properties and hiring or provision of services***

In the ordinary course of our business, we may acquire from or sell to our related parties certain real estate properties used for rental purposes or otherwise or contract or provide services from related parties, subject to our Audit Committee's approval. Our Audit Committee must render an opinion as to whether the terms of these transactions can reasonably be expected to have been obtained by us in a comparable transaction on an arm's-length basis with unrelated parties. In addition, if our Audit Committee so requires, valuation reports by independent specialist third parties must be obtained or quotes from other service providers.

***Loan between Tyrus S.A. and Yad Leviim Ltd.***

On May 3, 2024, an extension was reported for a period of 3 years of a loan granted by our subsidiary Tyrus S.A. to Yad Leviim Ltd., in a principal amount of USD 16.2 million at a rate interest of 7% per year from March 23, 2024. Yad Leviim Ltd. is a company controlled by Eduardo Elsztain.

***Investment in Golden Juniors Segregated Portfolio***

On August 29, 2025, the Company approved an investment of up to USD 12 million, in cash or in kind, in Golden Juniors Segregated Portfolio, an investment fund composed of different segregated portfolios, whose investment manager is a company directly controlled by Mr. Eduardo Sergio Elsztain, Chairman of the Company.

This investment is made with the purpose of diversifying part of the Company's liquidity into financial alternatives that allow capturing growth opportunities in emerging sectors of the Argentine economy, particularly in the field of precious metals and the mining industry.

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As part of the investment agreement, it was established that IRSA and/or its subsidiaries will not pay performance fees, being required only to bear the proportion of expenses corresponding to their participation in the fund.

The execution of this trust agreement has been approved by the Board of Directors of the Company, with no objections from the Audit.

For further information regarding related party transactions see Note 30 to our Audited Consolidated Financial Statements.

**C. Interests of Experts and Counsel**

This section is not applicable

**ITEM 8. Financial Information**

**A. Consolidated Statements and Other Financial Information**

See Item 18 for our Audited Consolidated Financial Statements.

Legal or Arbitration Proceedings

***Legal Proceedings***

Set forth below is a description of certain material legal proceedings to which we are a party. The company is not a party to any significant litigation or arbitration and we are not aware of any significant litigation or claim that is pending or imminent against the company outside of what is described below.

*Puerto Retiro*

In 1991, Indarsa had purchased 90% of Tandanor, a former government-owned company, which owned a piece of land near Puerto Madero of approximately 8 hectares. Indarsa failed to pay to the Argentine Government the price for its purchase of the stock of Tandanor, and as a result the Argentine Ministry of Defense requested the bankruptcy of Indarsa. Since the only asset of Indarsa was its holding in Tandanor, the Argentine Government is seeking to extend Indarsa's bankruptcy to other companies or individuals which, according to its view, acted as a single economic group. In particular, the Argentine Government has requested the extension of Indarsa's bankruptcy to Puerto Retiro which acquired Planta 1 from Tandanor.

In 1999, we, through Inversora Bolívar, increased our interest in Puerto Retiro to 50.0% of its capital stock.

The deadline for producing evidence in relation to these legal proceedings has expired. The parties have submitted their closing arguments and are awaiting a final judgment. We cannot give you any assurance that we will prevail in this proceeding.

Currently Puerto Retiro S.A., has a plot of 8.3 hectares, which is affected by a zoning regulation defined as U.P. that prevents the property from being used for any purpose other than strictly port activities. The Company was involved in a bankruptcy extension lawsuit initiated by the Argentine Government, to which the Board is totally alien.

Tandanor has filed a civil action against Puerto Retiro and the people charged in the referred criminal case looking forward to being reimbursed from all the losses which have arisen upon the fraud committed. On March 7, 2015 Puerto Retiro responded by filing certain preliminary objections, such as limitation, lack of information to respond to the lawsuit, lack of legitimacy (active and passive). On July 12, 2016 Puerto Retiro was legally notified of the decision adopted by the Tribunal Oral Federal No. 5 related to the preliminary objections mentioned above. Two of them were rejected –lack of information and lack of legitimacy (passive). We filed an appeal with regard to this decision, which was rejected. The other two objections would be considered in the verdict.

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On September 7, 2018, the Court read its verdict, according to which the preliminary objection of limitation filed by Puerto Retiro was successful. Nevertheless, in the criminal procedure –where Puerto Retiro is not a party- Court ordered the seizure confiscation ("*decomiso*") of the land known as "Planta 1." This Court's verdict is not final, as it is subject to further appeals. Puerto Retiro filed an appeal with regard to the confiscation of Planta I. This appeal has not yet been decided.

On December 27, 2018, an action for cancellation was filed against the judgment that ordered the confiscation of the property named "Planta 1." On March 1, 2019 we were notified of the "in limine" rejection of the action for cancellation filed. Subsequently, on March 8, 2019, a motion for restitution was filed against said resolution. On March 19, 2019, we were notified of the Court's decision that rejected the replacement and declared the appeal filed in a subsidiary inadmissible. On March 22, 2019, a complaint was filed for appeal denied (before the Federal Criminal Cassation Chamber), the caul was granted, which is why the appeal filed is currently pending. In that sense, in April 2019 the appeal was maintained and subsequently, its foundations were expanded.

On February 21, 2020, an electronic document was received from the Federal Court of Criminal notifying the decision rejecting the appeals brought by Puerto Retiro against the verdict of the Federal Oral Court 5 that provided for the confiscation of the property Plant I and the distribution of costs in the order caused as regards the exception for the limitation of civil action brought by Puerto Retiro to which the Oral Court took place. Against that decision of appeal, Puerto Retiro was brought in a timely form of Federal Extraordinary Appeal. In addition, the Federal Criminal Cassation Chamber upheld the above limitation period by rejecting, to that effect, the appeal brought by the Argentine Government and Tandanor.

In November 2024, the CSJN granted the extraordinary appeals filed by Tandanor and the Ministry of Defense, annulled the appealed ruling regarding the statute of limitations for the civil action (based on the theory of the arbitrary sentencing), and confirmed the seizure of the "Planta 1," although it ordered its restitution to Tandanor instead of to the Argentine Government. The civil action is only directed against Puerto Retiro S.A.

Within the framework of the criminal case, the plaintiff denounced the non-compliance by Puerto Retiro S.A. of the precautionary measure decreed in the criminal court consisting of the prohibition to innovate and contract with respect to the premises subject of the civil action. As a result of such complaint, Federal Oral Court No. 5 filed an incident and ordered and executed the closure of the premises where the lease agreements with Los Cipreses S.A. and Flight Express S.A. were being performed, in order to enforce the compliance with the aforementioned measure. As a result of said circumstance, it was learned that the proceedings were transferred to the Criminal Court for the assignment of a court to investigate the possible commission of the crime of disobedience.

In the face of the evolution of the legal cases affecting it and based on the reports of its legal advisors, the Management of Puerto Retiro has decided to record an impairment equivalent to 100% of the book value of its investment property, without prejudice to the reversal of the same in the event that a favorable judgment is obtained in the actions brought.

In addition, at the end of 2009, Proios S.A. filed a claim for damages against Puerto Retiro S.A., alleging an economic loss suffered as a result of the cost of refloating a vessel moored in Dársena Norte, seeking a compensation in the amount of USD1,850,000. Currently, both parties are producing evidence.

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*Arcos del Gourmet*

IRSA has been named as a party in a case titled "Federación de Comercio e Industria de la Ciudad de Buenos Aires y Otros c/ Gobierno de la Ciudad Autónoma de Buenos Aires s/ Amparo." The plaintiff filed a petition for injunctive relief against the local government claiming that the Arcos del Gourmet project lacked the necessary environmental approvals and did not meet zoning requirements. On August 29, 2014, the lower court rendered a decision dismissing the case. This resolution was appealed but affirmed in December 2014. Therefore, on December 18, 2014, the "Arcos" Project was opened to the public, and is currently operating normally. Notwithstanding, the plaintiff appealed before the Superior Court of the City of Buenos Aires to request the review of the case based on constitutional matters allegedly at issue. On July 4, 2017, the Superior Court ordered the Appeals Court to review the case on certain grounds. The Appeals Court rendered a new sentence on February 14, 2019. This new sentence rules that Arcos del Gourmet has to yield a portion of land to build a green park. Arcos del Gourmet filed an appeal before the Superior Court. This appeal has been decided and Arcos del Gourmet filed an appeal for appeal denied. On April 22, 2022, the Company was notified of the ruling issued by the Superior Court of Justice of the City of Buenos Aires (TSJ) in the case "Arcos del Gourmet SA s/ complaint for appeal of unconstitutionality denied in the Federation of Commerce and Industry of the City of Buenos Aires (FECOBA) and others c/GCBA and others s/ amparo" (QTS 16501/2019-0) by which it was resolved to partially uphold the appeal of unconstitutionality filed by Arcos del Gourmet S.A. against the judgment issued by the Court of Appeals in the CAyTRC Chamber III (the "Chamber") issued on February 14 2019, action 11587856/2018. Through its ruling, the TSJ ruled that the demolition of the works carried out on the Property where the "Arcos District" Shopping Center is currently located was not appropriate, and instead the Company should assign to the City a portion of land, in accordance with the provisions of Section 3.1.2 of the CPU, to be reserved for public use and utility, with unrestricted access and destined 'specially and preferably to the generation of new landscaped green spaces. In February 2025, Arcos del Gournet S.A. entered into an agreement with the Government of the City of Buenos Aires to comply with the judgement of February 2019. Under this agreement, Arcos del Gourmet S.A. will finance the works detailed in that agreement until reaching the number of green meters established in the judgement. This agreement is pending submission and judicial approval. The initial payment for the "Santa Rita Square" (with an approximate area of 1,757 m²) for the amount of ARS 1,027,360,977.52has been made. Once judicial approval is granted, Arcos del Gourmet S.A. must comply with the remaining obligations assumed.

On May 18, 2015, we were notified that the AABE revoked the concession agreement entered into with IRSA's subsidiary Arcos del Gourmet S.A., through Resolution No. 170/2014. On June 2, 2015, IRSA's former subsidiary, IRSA CP, filed before the AABE a request to declare the notification void, as certain formal proceedings required under Argentine law were not complied with by the AABE. Furthermore, Arcos del Gourmet S.A. filed an administrative appeal requesting the dismissal of the revocation of the concession agreement and a complaint before the Federal Contentious Administrative Courts located in the City of Buenos Aires seeking to declare Resolution No. 170/2014 void. The trial court rejected Arcos del Gourmet S.A.'s claim. As a consequence, Arcos del Gourmet S.A. launched an appeal against the Trial Court decision, which was rejected by the Court of Appeals – Chamber V on September 19, 2023. On October 4, 2023, Arcos del Gourmet S.A. filed a certiorari equivalent remedy (*Recurso Extraordinario Federal)* in order to have the lower courts' decision reversed by the CSJN on several constitutional grounds. As of the date of this Annual Report, the appeals ("*recursos de queja*") filed by Arcos del Gourmet S.A. and Playas Ferroviarias de Buenos Aires S.A. in connection with this proceeding are pending to be resolved.

Arcos del Gourmet S.A. also filed a lawsuit in order to judicially pay the monthly rental fees of the property. As of the date of this Annual Report, the "Distrito Arcos" shopping mall continues to operate normally.

In addition, we note that Playas Ferroviarias de Buenos Aires S.A. (a government owned corporation to which the property of the land in which the shopping center was transferred) filed an eviction proceeding against Arcos del Gourmet S.A. before the Federal Contentious Administrative Courts located in the City of Buenos Aires. On May 11, 2022, the Trial Court decided the eviction of Arcos del Gourmet S.A. from the property where the shopping mall operates and, in turn, ordered Playas Ferroviarias de Buenos Aires S.A. to take steps to guarantee the continuity of the commercial activities of the occupants (tenants). This decision was appealed but on September 19, 2023, the Court of Appeals – Chamber V confirmed it. Subsequently, on October 4, 2023, Arcos del Gourmet S.A. filed a certiorari equivalent remedy (Recurso Extraordinario Federal) in order to have the lower courts' decision reversed by the CSJN on several constitutional grounds. Following the rejection of the appeal by the Chamber, on March 22, 2024, a petition for review was filed directly with the CSJN due to the denial of the federal extraordinary appeal. The case is still pending final resolution.

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*La Rural S.A.*

In December 2012, the Argentine Government annulled a decree from 1991 that had approved the sale of the Palermo Exhibition Grounds to the Sociedad Rural Argentina ("SRA") and revoked the purchase agreement for the sale. The SRA filed for an injunction to suspend the enforcement of such annulment, which was granted and remains in effect following various judicial proceedings.

IRSA has not been notified of, nor is it a party to, these judicial actions initiated by the SRA. Should the annulment of the sale be declared unconstitutional, it would not have any legal effect on IRSA's acquisition of the company related to the property. However, if the sale were declared null and void, it could affect the assets related to the property.

The judicial proceeding is still at the evidentiary stage, and there are currently no indications that La Rural S.A.'s right to use the property may be affected.

*Caballito*

On December 23, 2019, IRSA CP, IRSA's former subsidiary, transferred to an unrelated third-party Parcel 1 of the land reserve located at Av. Avellaneda y Olegario Andrade 367 in the neighborhood of Caballito in the City of Buenos Aires.

The consideration is guaranteed by a mortgage on plot 1 and building 1 and the buyer has the option to acquire plot 2 of the same property until August 31, 2020 and plots 3 and 4 until March 31, 2021, subject to certain conditions precedent. On July 20, 2020 IRSA CP, IRSA's former subsidiary, was notified of the filing of a protection action (*amparo*) that is processed before the Administrative and Tax Litigation Jurisdiction of the City of Buenos Aires, Court 24, Secretariat 47 where the plaintiff has requested the nullity of: 1) Administrative act that grants the certificate of environmental aptitude and 2) Administrative act that registered the plans of the work called –Caballito Chico– located on Avellaneda 1400, City of Buenos Aires, because it is understood that they contain defects in their essential elements, for being violative of the provisions contained in the Urban Planning Code and of the complementary regulations in force at the time of initiating the process and for causing irreparable damage to the environment and rights of collective incidence. The transfer was answered by the precautionary measure and by the substantive action. The transfer of said presentation was answered. On August 13, 2020, the following precautionary measure was decreed that orders: a) the suspension of the effects of the administrative acts granted by the CCA (DI-2018-1865-DGEVA and that registered the plans and; b) the stoppage of construction work carried out on the property located at Avellaneda 1400, City of Buenos Aires. The issuance of said precautionary measure was appealed. On October 1, 2020, the Court of Appeal confirmed the precautionary measure. The GCBA appealed the measure by filing a Constitutional Challenge that was denied, filling a complaint appeal, in October 2021. Regarding the main proceeding, it is in process of trial. As of the date hereof, the file is in the evidentiary stage. However, negotiations are underway with the counterparty.

***Legal proceedings in Israel***

On September 25, 2020 the Court decreed the insolvency and liquidation of IDBD and appointed a trustee for its shares along with a custodian over DIC and Clal shares. After this decision, the Board of Directors of IDBD was removed, therefore, the Company lost control on that date.

Therefore, on November 23, 2020 all officers that were appointed by Dolphin B.V. resigned from their positions in DIC and its subsidiaries.

As of June 30, 2025, we no longer own any capital stock of IDBD while we have an investment in DIC that amounts to 1.2 million of shares.

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*Litigation filed by IDBD against Dolphin B.V. and IRSA*

On September 21, 2020, a claim was filed by IDBD against Dolphin Netherlands B.V. ("Dolphin") and IRSA to the District court in Tel-Aviv Jaffa (civil case no. 29694-09-20). The amount claimed by IDBD is Israeli new shekels ("NIS", the legal currency of Israel) NIS 140 million, claiming that Dolphin and IRSA breached a purported legally binding commitment to transfer to IDBD in an installment of NIS 70 million on September 2, 2020.

On December 24, 2020, and upon the insolvency court's approval, IDBD's trustee filed a motion to strike the claim, while keeping the right, as IDBD's trustee, to file a new claim, inter alia, in the same matter, after conducting an inquiry concerning the reasons for IDBD's insolvency.

On December 24, 2020, the court issued a judgment to strike the claim as requested.

On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD.

On December 26, 2021, IDBD filed the lawsuit against Dolphin and IRSA for the sum of NIS 140 million. According to purported claim, the defendants allegedly breached their legally binding commitment given to IDBD on August 29, 2019 to transfer to IDBD a total amount of 210 million NIS in 3 equal installments of NIS 70 million NIS each: the first installment, on September 2, 2019; the second installment, on September 2, 2020 and the third installment, on September 2, 2021. The claim relates to the second and third installments. The claim also includes a sum of 3,299,433 NIS for the interest and linkage differences since the date of the alleged breach until the date the claim was filed, and a request to add to the total sum of the claim interest and linkage differences until the day of the verdict. In addition, the claim includes a request to charge the defendants with the legal fees and costs of the claimant.

On January 30, 2023, and on February 7, 2023, the court issued a ruling allowing IDBD to serve the claim to the defendants out of jurisdiction and allowed Dolphin and IRSA to challenge the service and jurisdiction of the Israeli court by May 9, 2023. Therefore, Dolphin and IRSA submitted a motion to challenge the service, the jurisdiction of the Israeli court, and the applicable law.

On July 3, 2023, after a hearing held in the matter, the court ruled that the Israeli Court has jurisdiction over IRSA and Dolphin, and ordered Dolphin and IRSA to submit their defense statements by October 1, 2023.

Appeals filed by IRSA with the district court and to the supreme court, regarding the aspects concerning Israeli jurisdiction over IRSA and service to IRSA, were dismissed.

On September 14, 2023, IDBD filed a motion for a "Mareva" type interim injunction limited to the sum of 144M NIS ("the Interim Injunction"). The respondents submitted their response to the Interim Injunction on October 24, 2023, and IDBD submitted their response on December 10, 2023. A hearing in the matter was held on December 19, 2023. According to the court's recommendation during the hearing, the parties reached understandings that will dismiss the Interim Injunction if IRSA provides a commitment to have a minimal surplus of assets or cash, at any time, in net worth of NIS 80 million (free from any third-party rights), as long as the claim against IRSA is ongoing. Such a commitment was given by IRSA and received the court's approval on January 17, 2024. Therefore, the Interim Injunction was dismissed.

The IRSA and Dolphin BV (the "Defendants") submitted their defense statement on December 29, 2023, which includes several defense arguments. Inter alia, the defendants argue that Dolphin's commitment consists of an unequivocal and clear, terminating condition stating that the obligation of Dolphin will automatically expire with respect to all payments that have not yet been transferred to IDBD at the time the terminating condition is met. The undisputed sequence of events necessitates the conclusion that termination condition was met in relation to the second and third payment. In any case, there is no cause of action against IRSA, in the absence of direct rivalry between IRSA and IDBD. IDBD filed its reply to the statement of defense by January 28, 2024.

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A pre-trial hearing was held on June 16, 2024, during which the court ordered the parties to complete the preliminary discovery proceedings.

As part of discovery proceedings, and for the purpose of receiving the documents held by IDBD's trustee, IRSA and Dolphin signed a confidentiality commitment on July 28, 2024, and the discovery documents were exchanged by the parties on July 30, 2024.

A preliminary meeting between the parties took place on September 5, 2024.

A list of witnesses on behalf of IDBD was submitted on September 18, 2024; A list of witnesses on behalf of the Defendants was submitted on November 3, 2024.

A list of preliminary motions on behalf of the Defendants was submitted on February 18, 2025, in which the defendants requested the court to order IDBD to complete the discovery proceedings, as well as to summon IDBD's bondholders' trustees for the purpose of providing relevant documents; IDBD filed its answer to the Defendants' list of preliminary requests on March 3, 2025.

A second pre-trial hearing occurred on March 30, 2025, where the Defendants' motions were discussed. During the hearing, the court ordered IDBD to complete the discovery of documents on its part and to provide a suitable affidavit concerning the documents requested. Also, the court ordered IDBD to request the bondholders' trustees to provide the required documents. If the bondholders object, the defendants will be allowed to renew their motion to summon the bondholders' trustees to provide the necessary documents.

At the end of the formal discussion regarding the above motions, the court suggested that the parties refer the dispute to mediation and ordered them to inform the court of their position.

On July 20, 2025, the parties filed a mutual update, informing the court that on July 9, 2025, IDBD had delivered to the Defendants a revised affidavit of disclosure of documents, together with the additional documents in her possession, as well as the bondholders' trustees' response. The Defendants are reviewing the revised affidavit of disclosure of documents and the additional documents attached thereto, and reserve their right to file an appropriate motion in this regard. Also, considering the bondholders' trustees' position concerning the delivery of the records from the bondholders' meetings, the Defendants reserve their right to renew their motion to summon the bondholders' trustees to present documents.

On August 4, 2025, the parties filed an update, informing the court that they had agreed to proceed with submitting affidavits, while simultaneously indicating their intention to set a negotiation meeting.

IDBD must file affidavits by November 6, 2025, and the Defendants will then have an extension to file their affidavits.

**Dividend Policy**

Pursuant to Argentine law, the distribution and payment of dividends to shareholders is allowed only if they result from realized and net profits of the company pursuant to annual financial statements approved by our shareholders. The approval, amount and payment of dividends are subject to the approval by our shareholders at our annual ordinary shareholders' meeting. The approval of dividends requires the affirmative vote of a majority of the shares entitled to vote at the meeting.

In accordance with Argentine law and our by-laws, net and realized profits for each fiscal year are allocated as follows:

1. 5% to our legal reserve, up to 20% of our adjusted capital stock;

2. a certain amount determined at a shareholders' meeting is allocated to compensation of our directors and the members of our Supervisory Committee;

3. to an optional reserve, a contingency reserve, a new account or for whatever other purpose our shareholders may determine.

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According to the CNV Rules, cash dividends must be paid to shareholders within 30 days of the resolution approving their distribution. In the case of stock dividends, the shares must be delivered to shareholders within three months of the annual ordinary shareholders' meeting that approved them.

The following table sets forth the total and per share amounts paid as dividends on each fully paid-in share for the fiscal years mentioned. The amounts stated in Pesos correspond to nominal Pesos on their respective dates of payment and refers to our unconsolidated dividends. See "*Item 3. Key Information—A1. Local Exchange Market and Exchange Rates.*"

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|:---|:---|:---|:---|:---|
| **Fiscal year** | **Dividend Paid stated in terms of the measuring unit current as of June, 30, 2025** | **Dividend per share paid stated in terms of the measuring unit current as of June 30, 2025** | **Dividend paid stated in terms of the measuring unit current as of the date of the each corresponding Shareholders' meeting <sup>(1)</sup>** | **Dividend per share paid stated in terms of the measuring unit current as of the date of the each corresponding Shareholders' meeting <sup>(1)</sup>** |
|  | (in millions of ARS) | (ARS) | (in millions of ARS) | (ARS) |
| 2019 <sup>(2)</sup> |  |  |  |  |
| 2020 <sup>(3)</sup> |  |  |  |  |
| 2021 <sup>(4)</sup> |  |  |  |  |
| 2022 |  |  |  |  |
| 2023 <sup>(5)</sup> | 39732 | 49.57 | 4340 | 5.41 |
| 2023 <sup>(6)</sup> | 140416 | 175.13 | 21900 | 27.31 |
| 2024 <sup>(7)</sup> | 227041 | 313.84 | 64000 | 88.47 |
| 2024 <sup>(8)</sup> | 80191 | 111.02 | 55000 | 76.15 |
| 2025 <sup>(9)</sup> | 108970 | 152.70 | 90000 | 126.12 |

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(1) The decisions made on the basis of years' results prior to the application of IAS 29, are not subject to be revised.

(2) Dividend in kind paid in IRSA CP shares. Dividend per share: 0.01109 shares of IRSA CP per share of IRSA.

(3) Dividend in kind paid in IRSA CP shares. Dividend per share: 0.004046 shares of IRSA CP per share of IRSA.

(4) Dividend in kind paid in IRSA CP shares. Dividend per share: 0.002614 shares of IRSA CP per share of IRSA.

(5) Cash dividend paid on November 8, 2022.

(6) Cash dividend paid on May 5, 2023.

(7) Cash dividend paid on October 12, 2023.

(8) Cash dividend paid on May 9, 2024.

(9) Cash dividend paid on November 5, 2024.

For more information see: "I*tem 4. Information on the Company —A. History and Development of the Company Recent Developments— General Ordinary and Extraordinary Shareholders' Meeting"* and *"Item 4. Information on the Company —A. History and Development of the Company —Recent Developments—Cash dividend payment*".

Central Bank authorization is required for the transfer of profits and/or dividends outside of Argentina. For more information about exchange controls see, "*Item 4. Information on the Company —A. History and Development of the Company —Item 10. Additional Information—D. Exchange Controls.*"

**B. Significant Changes.**

For information about significant changes see, "Recent Developments".

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**ITEM 9. The Offer and Listing**

**A. Offer and Listing Details**

The following summary provides information concerning our share capital.

*Stock Exchanges in which our securities are listed*

Our common shares are listed on the ByMA and our GDSs in the NYSE.

The following description of the material terms of our capital stock is subject to our certificate of incorporation and bylaws, which are included as exhibits to this Form 20-F, and the provisions of applicable Argentine Law.

On April 12, 2021, the Company announced the launch of its public offering of shares for up to 80 million shares (or its equivalent 8 million GDS) and 80 million warrants to subscribe for new common shares, to registered holders as of April 16, 2021. Each right corresponding to one share (or GDS) allowed its holder to subscribe 0.1382465082 new ordinary shares and receive free of charge an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was ARS 58.35 or USD 0.36 and for the new GDS it was USD 3.60. The new shares, registered, of ARS 1.00 of par value each and with the right to one vote per share gives the right to receive dividends under the same conditions as the current shares in circulation.

On May 6, 2021, having finished the preemptive rights subscription period, the Company's shareholders have subscribed the amount of 79,144,833 new additional shares, that is 99% of the shares offered, and have requested through the accretion right 15,433,539 additional new shares, for which 855,167 new shares will be issued, completing the total issuance of 80 million new shares (or their equivalent in GDS) offered. Likewise, 80 million options will be issued that will entitle the holders through their exercise to acquire up to 80 million additional new shares.

The exercise price of the warrants is USD 0.432. The warrants may be exercised quarterly from the 90th day of their issuance on the 17th through the 25th day of each February, May, September, and November, on the day prior to their expiration and on their expiration date (to the extent such dates are business days in New York City and Buenos Aires, Argentina). The warrants are available for trading on which are listed on ByMA and NYSE under the tickers IRS2W and IRSWS, respectively.

Finally, the Company received all the funds in the amount of USD 28.8 million and issued the new shares, increasing the capital stock to 658,676,460.

Likewise, and within the framework of the reorganization process, the Board of Directors has approved the exchange ratio, which has been established at 1.40 IRSA shares for each IRSA CP share, which is equivalent to 0.56 IRSA GDS for each ADS of IRSA CP. Within this framework, it was decided to increase the share capital by issuing 152,158,215 new shares in IRSA.

On April 27, 2023, the Company held the Ordinary and Extraordinary General Shareholders' Meeting, resolving, among other issues, the increase in the capital stock through the partial capitalization of the issue premium and the consequent issue of ordinary shares for the amount of 6,552,405,000 to be distributed among shareholders who hold shares on the date of settlement, in proportion to their holdings. Additionally, it was approved by a majority of votes to amend the seventh article of the Company's bylaws, where it modifies the nominal value of the shares from ARS 1.00 to ARS 10.00 each and with the right to one vote per share. On September 13, 2023, we announced that from September 20, 2023, the shares distribution and the change in nominal value was made simultaneously and the entry of the change of 811,137,457 book-entry common shares, each with a nominal value of ARS 1.00 and one vote per share, for the amount of 736,354,245 book-entry common shares, each with a nominal value of ARS 10.00 and one vote per share, consequently, a reverse split of the Company's shares shall be carried out, where every 1 (one) old share with a nominal value of ARS 1.00 shall be exchanged for 0.907804514 new shares with a nominal value of ARS 10.00. The new shares distributed due to the described capitalization have economic rights under equal conditions with those that are currently in circulation. Also, regarding the GDS holders, we instruct the GDS Depositary to process the reverse split, at the same rate as mentioned above for the ADR program, effective as of October 3, 2023. It is reported that the Company share capital after the indicated operations amount to ARS 7,363,542,450 represented by 736,354,245 book-entry common shares with a nominal value of ARS 10.00 each and one vote per share.

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As of June 30, 2025, the capital stock of the Company was 762,520,793 ordinary shares with a nominal value of ARS 10.00 each and one vote per share and there were 60,964,074 warrants outstanding.

In May 2021, 80 million options were issued that will entitle the holders through their exercise to acquire additional new shares. As of June 30, 2025, the outstanding warrants were 60,964,074. On November 8, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and treasury share distribution, distributed November 5, 2024, being the Ratio of 1.4818 shares per option and a price of USD 0.2917 per share.

As a subsequent event, on September 30, 2025, we reported that between September 17 and September 25, 2025, certain warrants holders have exercised their right to acquire additional shares. Therefore, 7,110,930 options were exercised, which resulted in 10,536,907 shares of common stock with nominal value ARS 10.00 being issued. After the exercise of these warrants, the number of shares increased from 762,520,793 to 773,057,700 common stock with nominal value ARS 10.00, and the new number of outstanding warrants reduced from 60,964,074 to 53,853,144. For more information see "*Recent Developments – Exercise of Warrants*".

On September 25, 2025, we informed that our Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders' Meeting to be held on October 30, 2025, and as an item on the agenda, it was decided to consider the subscription of an addendum to the warrant agreement dated April 29, 2021, as amended on September 17, 2021, to incorporate the option of the warrant holders to exercise the warrants on a cashless basis. For more information, see "*Item 4. Information on the Company —A. History and Development of the Company— Recent Developments— General Ordinary and Extraordinary Shareholders' Meeting."*

As of that date of this Annual Report: (1) we had no other shares of any class or series issued and outstanding; and (2) there are no outstanding convertible notes to acquire our shares. Our common shares have one vote per share. All outstanding shares are validly issued, fully paid and non-assessable. As of June 30, 2025, there were approximately 51,753 holders of our common shares.

*Price history of our stock in the ByMA and NYSE*

Our common shares are traded in Argentina on the ByMA, under the trading symbol "IRSA." Since 1994, our GDSs, each presenting 10 common shares, have been listed in the NYSE under the trading symbol "IRS." The Bank of New York Mellon is the depositary with respect to the GDSs.

The following chart shows, for the period indicated, the maximum and minimum closing listed prices of our common shares on the ByMA and of our GDSs on the NYSE.

**B. Plan of Distribution**

This item is not applicable.

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**C. Markets**

**Argentine Securities Markets**

In December 2012, the Argentine Government enacted the CML, which sets out the rules governing capital markets, its participants, and the rules by which securities traded therein are subject to regulation and monitoring by the CNV. In September 2013, the CNV issued General Resolution No. 622/2013 (the "CNV Rules") a new set of rules further implementing and administering the requirements of the CML. On May 9, 2018, the Argentine Chamber of Deputies approved Law No. 27,440 called "*Ley de Financiamiento Productivo*", which creates a new financing regime for MiPyMEs and modifies the CML, Investment Funds Law No. 24,083 and Law No. 23,576, among others, as well as certain related tax provisions, and establishes regulations for derivative instruments, all with the aim of achieving a modern and transparent financial regulatory framework that contributes to the development of the Argentine economy. On May 21, 2018, the Argentine Government issued Decree No. 471/2018, which regulates certain aspects of the CML as amended by Law No. 27,440.

The CML, as currently in effect, sets forth, the following key goals and principles:

· promoting the participation of small investors, employee unions, industry groups and trade associations, professional associations and all public savings entities in the capital markets, promoting mechanisms designed to promote domestic savings and channel such funds toward the development of production;

· strengthening mechanisms to prevent abuses and protect small investors;

· promoting access to the capital market by small and medium-sized companies;

· using state-of-the-art technology to foster creation of an integrated capital market through mechanisms designed to achieve interconnection of computer systems among trading markets;

· encouraging simpler trading procedures available to users to increase liquidity and competitiveness to develop favorable conditions for transaction execution;

· reducing systemic risk in the Argentine capital markets through actions and resolutions aimed at implementing international best practices;

· promoting the integrity and transparency of the Argentine capital markets; and

· promoting financial inclusion.

The CNV is a self-administered agency of the Argentine Government with jurisdiction covering the territory of Argentina, governed by the provisions of the CML, and the CNV Rules among other related statutory regulations. The relationship of the CNV and the PEN is maintained through the Argentine Ministry of Economy, which hears any appeals filed against decisions made by the CNV, notwithstanding any other legal actions and remedies contemplated in the CML.

The CNV supervises and regulates the authorized markets in which the securities and the collective investment products are traded, the corporations authorized in the public offer regime, and all the other players authorized to operate in the public offer regime, as the registered agents, the trading agents, the financial advisors, the underwriters and distributors, the brokers, the settlement and clearing agents, the managers of collective investment products, the custodians of collective investment products, the collective depositories, and the risk rating agencies, among others. Argentine institutional investors and insurance companies are regulated by separate government agencies, whereas financial institutions are regulated mainly by the Central Bank.

Before offering securities to the public in Argentina, an issuer must meet certain requirements established by the CNV with regard to its assets, operating history and management. Only securities offerings approved by the CNV may be listed on a stock exchange. However, CNV approval does not imply certification as to the quality of the securities or the solvency of the issuers of listed securities are required to file unaudited quarterly financial statements and audited annual financial statements prepared in accordance with IFRS Accounting Standards, as issued by the IASB (excluding financial institutions under the supervision of the Central Bank, insurance companies under the supervision of the Insurance Superintendence and medium and small enterprises) and various other periodic reports with the CNV and the stock exchange on which their securities are listed. In addition, issuers must report to the CNV and the relevant stock exchange any event related to the issuer and its shareholders that may affect materially the value of the securities traded.

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On September 19, 2024, the CNV enacted new rules governing private offerings of securities, within the framework established by Section 82 of the Argentine CML establishing a safe harbor regime provided that certain requirements of mechanisms of dissemination, offering, and distribution, as well as the number and type of investors to whom the offering is targeted are met.

On January 9 and June 24, 2025, the CNV enacted new rules introducing simplified authorization regimes for public offerings of both debt and equity securities in Argentina. These frameworks establish automatic approval mechanisms for issuances classified as low- or medium-impact, provided that certain eligibility and disclosure requirements are met.

In August 2025, the CNV established a formal framework for the digital representation (tokenization) of certain publicly offered securities. The regulation recognizes these digital securities as functionally equivalent to traditional forms, introduces requirements for security, traceability, and immutability, and allows existing issuers to request their digital conversion without a new public offering authorization.

In Argentina, debt and equity securities traded on an exchange must, unless otherwise instructed by their shareholders, be deposited with a Central Securities Depository based in Argentina. Currently the only depositary authorized to act in accordance with the CML and CNV Rules is Caja de Valores, a corporation owned by ByMA which provides central depositary facilities, as well as acting as a clearinghouse for securities trading and as a transfer and paying agent for securities transactions.

Law No. 27,440 streamlines the regulation of mutual funds, public offerings of securities, of negotiable obligations and regulation of intermediaries and securities markets, while incorporating a long-awaited regulation for derivative instruments and the margins and guarantees that cover them. Below is a summary of the main amendments to the CML introduced by Law No. 27,440:

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| Eliminates the CNV's power to appoint supervisors with veto power over resolutions adopted by an issuer's Board of Directors without a judicial order. |
| Grants the CNV the power to issue regulations to mitigate situations of systemic risk, set maximum fees to be received by securities exchanges, create or modify categories of agents, encourage the simplification of the negotiation of securities and promote the transparency and integrity of the capital markets, while prohibiting the CNV from denying an issuer's public offer authorization request solely because of opportunity, merit or convenience. |
| Empowers the CNV to regulate private offerings of securities. |
| Grants federal commercial courts jurisdiction to review resolutions or sanctions issued by the CNV. |
| Strengthens due process guarantees in favor of persons on entities sanctioned by the CNV and increases the amount of the fines, between ARS 100,000 and ARS 100 million, which can be increased up to five times the benefits perceived with the infraction. |
| Returns functions such as supervision, inspection and control of agents and operations, to the stock exchanges and clearing houses without this implying delegation of the powers of the CNV. |
| Allows the CNV to regulate and set ownership limits of authorized markets to restrict control concentration. Preemptive rights may be exercised through the placement procedure determined in a public offering prospectus, instead of the procedure set forth in the LGS. Preemptive right holders have the right to subscribe for newly issued shares in proportion to their shareholding prior to the capital increase. The subscription price for the newly issued shares may not be less than the public offering price. In order to use the public offering regime for a preemptive rights offering the issuer must (i) have an express provision in its bylaws adopting this regime in lieu of the regime set forth in the LGS; and (ii) the issuer's shareholders must approve any issuance of equity securities or convertible debt securities. |
| Eliminates share accretion rights, unless expressly provided for in a listed company's bylaws. |
| Allows foreign entities to participate in all shareholder meetings through authorized agents. |
| Establishes guidelines to set the offer price in a mandatory tender offer. |
| Allows the offeror to freely set the offer price in a voluntary tender offer. |

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***Information regarding the ByMA***

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|  | **As of June 30, <sup>(1)</sup>** | **As of June 30, <sup>(1)</sup>** |
|  | **2025** | **2024** |
| Market capitalization (in billions of ARS) | 79973 | 64665 |
| Shares average daily trading volume <sup>(2)</sup> (in millions of ARS) | 82210 | 51233 |
| Number of listed companies <sup>(3)</sup> | 82 | 81 |

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________________

(1) Reflects Merval historical data.

(2) During the month of June.

(3) Includes companies that received authorization for listing.

Although companies may list all of their capital stock on the ByMA, in many cases a controlling block is retained by the listed company's shareholders, resulting in a relatively small percentage of many companies' stock being available for active trading by the public.

As of June 30, 2025, approximately 82 companies had equity securities listed on, or being transitioned to the ByMA. The Argentine securities markets generally have substantially more volatility than securities markets in the United States and certain developed countries. The S&P Merval index experienced a 142% increase in 2022, a 360% increase in 2023 and a 173% increase in 2024. In order to avoid large fluctuations in securities prices of traded securities, the ByMA operates a system pursuant to which the negotiation of a particular security is suspended for 15 minutes when the price of the security registers a variation between 10% and 15% and between 15% and 20%, during any trading session. Any additional 5% variation in the price of the security results in additional 10 minutes successive suspension periods.

***The NYSE***

Our Global Depositary Shares are listed on the NYSE under the trading symbol "IRS."

**D. Selling Shareholders**

This item is not applicable.

**E. Dilution**

This item is not applicable.

**F. Expenses of the Issue**

This item is not applicable.

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**ITEM 10. Additional Information**

**A. Share Capital**

This item is not applicable.

**B. Memorandum and Articles of Association**

*Our corporate purpose*

Our legal name is IRSA Inversiones y Representaciones Sociedad Anónima. We were incorporated under the laws of Argentina on April 30, 1943 as a *sociedad anónima* (stock corporation) and were registered with the Public Registry in the City of Buenos Aires (*Inspección General de Justicia* or "IGJ") on June 23, 1943 under number 284, on page 291, book 46 of volume A. Pursuant to our bylaws, our term of duration expires on April 5, 2043.

Pursuant to article 4 of our bylaws our purpose is to perform the following activities:

· Invest, develop and operate real estate developments;

· Invest, develop and operate personal property, including securities;

· Construct and operate works, services and public property;

· Agency activities;

· Manage real or personal property, whether owned by us or by third parties;

· Build, recycle, or repair real property whether owned by us or by third parties;

· Advise third parties with respect to the aforementioned activities;

· Finance projects, undertakings, works and/or real estate transactions of third parties;

· Finance, create, develop and operate projects related to the Internet.

*Board of Directors*

***Voting on proposals in which directors have material interest***

· shall not be allowed to make use of any corporate assets or confidential information for his/her own private purposes;

· shall not be allowed to profit or permit a third party to profit, whether by an action or an omission to act, from any business opportunities available to the company;

· shall be required to exercise any powers conferred to them solely for the purposes for which they were conferred under the law or the corporate bylaws or by a shareholders' meeting or the Board of Directors; shall be required to meticulously ensure that no conflict of interest, whether direct or indirect, shall under any circumstances arise between his/her actions and the company's interests. In case of doubt as to a director's compliance with his/her duty of loyalty, the burden of proof shall be borne by such person.

The Argentine General Corporation Law establishes in Section 271 that directors may enter into agreements with the company, that concern the business in which the company engages, always provided that they are entered into under market conditions. The agreements that do not fulfill the requirements mentioned above may only be executed with the prior approval of the Board of Directors, and subject to the approval of the shareholders' meeting.

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Furthermore, the CML in Section 72 states for companies authorized in the public offer regime, that any acts performed or contracts executed between the company and a related party and involving a significant amount shall be performed or executed pursuant to the procedure set forth below:

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| a)  | A "related party" shall mean any of the following persons with respect to the issuer: | A "related party" shall mean any of the following persons with respect to the issuer: |
|  | i. | Directors, members of the supervisory body or surveillance committee, as well as chief executive officers or special managers of the issuing company appointed under section 270 of the Argentine General Corporation Law; |
|  | ii. | Natural persons or legal entities controlling or holding a substantial interest, as determined by the CNV, in the capital stock of the issuer or the issuer's controlling entity; |
|  | iii. | Any other company under the common control of the same controlling entity; |
|  | iv. | The ascendants, descendants, spouses or siblings of any of the natural persons referred to in paragraphs i) and ii) above; |
|  | v. | Companies in which any of the persons referred to in paragraphs i) to iv) above hold a significant direct or indirect interest. Provided none of the circumstances described above is present, a subsidiary of the issuer shall not be deemed a "related party." |
| b) | A "significant amount" shall be deemed involved in an act or contract when such amount exceeds 1% of the company's shareholders' equity as shown in the most recently approved balance sheet. | A "significant amount" shall be deemed involved in an act or contract when such amount exceeds 1% of the company's shareholders' equity as shown in the most recently approved balance sheet. |

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The Board of Directors or any members thereof shall request the Audit Committee to state whether in its opinion the terms of a transaction may be reasonably deemed adapted to regular and usual market conditions. The Audit Committee shall issue its pronouncement within 5 business days.

Notwithstanding the above inquiry from the Audit Committee, a resolution may be adopted by the company on the basis of a report from 2 independent evaluation companies, which shall express their opinion on the same matter and other terms of the transaction.

Nevertheless, Section 272 of the Argentine Corporations Law provides that when a director has an opposite interest to the one of the company, he or she should notify that situation to the Board of Directors and the supervisory committee and abstain from voting in that respect. The violation of this provision results in the director being jointly and severally unlimitedly liable.

**Approval of compensation of the members of the Board of Directors, Senior Management and Supervisory Committee**

Our bylaws do not establish the compensation to be paid to members of the Board of Directors and the Supervisory Committee, and therefore pursuant to Section 261 of the Argentine General Corporation Law, it should be approved by the shareholders. The maximum amount that may be paid as compensation to members of the Board of Directors and the supervisory committee should not exceed 25% of the realized and net earnings of the company and 5% when there is no distribution of dividends. If the company does not distribute the total earnings, the amount of the compensation should be proportional to that distribution and within the mentioned limits. These limits may only be surpassed by express approval of the shareholders.

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***Powers of directors***

Our bylaws establish, in Section 18, that the Board of Directors has full and broad powers to organize, manage and direct us to fulfilling the corporate purpose.

***Retirement of directors***

Our bylaws do not establish any requirements or provisions regarding age limits for director's retirement, nor do they require a number of common shares a director must own to qualify for the position.

***Meetings of the Board of Directors***

Through the shareholders' meeting held on October 31, 2012, the bylaws were amended to incorporate the possibility of holding meetings at a distance. To these effects, the Board of Directors shall adopt its resolutions by a majority vote of those present whose count shall include the directors present through the simultaneous means of simultaneous transmission of sound or image and sound or to be created in the future and according to the current legislation. In case of a tie, the President, or whoever replaces him, has the right to double vote.

***Dividend rights***

The Corporations Law establishes that the distribution and payment of dividends to shareholders is valid only if they result from realized and net earnings of the company pursuant to an annual financial statement approved by the shareholders. The approval, amount and payment of dividends are subject to the approval of our annual ordinary shareholders meeting of the company. That approval requires the affirmative vote of the majority of the present votes with the right to vote at the meeting.

Pursuant to the Corporations Law and Section 29 of our bylaws, liquid and realized profits of each fiscal year shall be distributed as follows:

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| allocate 5% of such net profits to legal reserve, until the amount of such reserve equals 20% of the capital stock; |
| the sum established by the shareholders' meeting as remuneration of the of Directors and the supervisory committee; |
| dividends, additional dividends to preferred shares if any, or to optional reserve funds or contingency reserves or to a new account, or for whatever purpose the shareholders' meeting determines. |

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Under the applicable CNV Rules, dividends are distributed *pro rata* in accordance with the number of shares held by each holder within 30 days of being declared by the shareholders for cash dividends and within 90 days of approval in the case of dividends distributed as shares. Under our by-laws, the right to receive payment of dividends expires three years after the date on which they were made available to shareholders.

The shareholders' meeting may authorize payment of dividends on a quarterly basis provided no applicable regulations are violated. In that case, all and each of the members of the Board of Directors and the supervisory committee will be jointly and severally liable for the refund of those dividends if, as of the end of the respective fiscal year, the realized and net earnings of the company are not sufficient to allow the payment of dividends.

Regardless of the term for dividend's payment established by CNV, regulations enacted by the BASE set forth that cash dividends must be paid within 10 days after their approval by a shareholders' meeting.

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***Voting rights and staggered elections***

Our stock capital is composed by book-entry common shares with face value of ARS 10.00 per share and entitled to one vote each. All directors and alternate directors are elected for a three-year term.

Our by laws do not consider staggered elections however, the members of the Board of Directors are elected by thirds each year with a term of office of three years each.

**Rights to share in IRSA's profits**

The holders of our common shares have the right to participate in our net and realized profits on a *pro rata* basis of their respective interests.

Pursuant to the Corporations Law and Section 29 of our bylaws, liquidated and realized profits of each fiscal year shall be distributed as follows:

· allocate 5% of such net profits to legal reserve, until the amount of such reserve equals 20% of our capital stock;

· the sum established by the shareholders' meeting as remuneration of the Board of Directors and the Supervisory Committee; and dividends, additional dividends to preferred shares if any, or to optional reserve funds or contingency reserves or to a new account, or for whatever purpose the shareholders determine at the shareholders' meeting.

**Rights to share in any surplus in the event of liquidation**

In the event of liquidation, dissolution or winding-up of our company, our assets are:

· to be applied to satisfy our liabilities; and

· to be proportionally distributed among holders of preferred stock in accordance with the terms of the preferred stock, if any. If any surplus remains, our shareholders are entitled to receive and share proportionally in all net assets available for distribution to our shareholders, subject to the order of preference established by our by-laws.

**Provisions related to a shareholder's ownership of certain amount of common shares**

Section 9 of our by-laws provides that the acquisition by any person or group, directly or indirectly of our common shares, convertible securities, rights to receive any of those securities that may grant that person the control of our company or 35% or more of our capital stock may only be done by complying with certain tender offer rules for all of our common shares, except for:

· acquisitions by persons holding or controlling common shares or convertible securities in accordance to CML, notwithstanding the provisions of the CNV; and

· holdings of more than 35%, which derive from the distribution of common shares or dividends paid in shares approved by the shareholders, or the issuance of common shares as a result of a merger approved by the shareholders; in both cases, the excess holding shall be disposed of within 180 days of its registration in the relevant shareholder's account, or prior to the holding of our shareholders meeting, whatever occurs first.

Directors, senior managers, executive officers, members of the supervisory committee, and controlling shareholders of an Argentine company whose securities are publicly listed, should notify the CNV on a monthly basis, of their beneficial ownership of common shares, debt securities, and call and put options related to securities of such companies and their controlling, controlled or affiliated companies.

In addition, the CNV must be immediately notified of transactions which cause a person's holdings of capital stock of an Argentine company whose securities are publicly listed to hold 5% or more of the voting power and of every change in the holdings of such person that represents a multiple of 5% of the voting power. Holders of more than 50% of the common shares of a company or who otherwise have voting control of a company, as well as directors, officers and members of the supervisory committee, must provide the CNV with Annual Reports setting forth their holdings in the capital stock of such companies and monthly reports of any change in their holdings.

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*Procedure to change the rights of stockholders*

The rights of holders of stock are established in the Argentine General Corporation Law and in the bylaws. The rights of shareholders provided for by the Argentine General Corporation Law may not be diminished by the bylaws. Section 235 of the Argentine General Corporation Law establishes that the amendment of the bylaws should be approved by the absolute majority of our shareholders at an extraordinary shareholders meeting.

*Ordinary and extraordinary shareholders' meetings*

Our by-laws provide that shareholders' meetings may be called by our Board of Directors or by our Supervisory Committee or at the request of the holders of common shares representing no less than 5% of the common shares. Any meetings called at the request of shareholders must be held within 30 days after the request is made. Any shareholder may appoint any person as its duly authorized representative at a shareholders meeting, by granting a proxy. Co-owners of common shares must have single representation.

In general, the following matters can be considered only at special shareholders' meeting (*Asamblea Extraordinaria*):

· matters that may not be approved at an ordinary shareholders' meeting;

· the amendment of our by-laws;

· reductions in our share capital;

· redemption, reimbursement and amortization of our shares;

· mergers, and other corporate changes, including dissolution and winding-up;

· limitations or suspensions to preemptive rights to the subscription of the new shares; and issuance of debentures and bonds that do not qualify as notes (obligaciones negociables).

In addition, pursuant to the CML, at an ordinary shareholders' meeting, our shareholders must consider (i) the disposition of, or creation of any lien over, our assets as long as such decision has not been performed under the ordinary course of business; (ii) the execution of administration or management agreements; and (iii) whether to approve the payment of any agreement providing assets or services to us as long as such payment is material when measured against the volume of the ordinary course of business and our shareholders' equity.

In accordance with our by-laws, ordinary and special shareholders' meetings (*Asamblea Extraordinaria*) are subject to a first and second quorum call, the second to occur upon the failure of the first. The first and second notice of ordinary shareholders' meetings may be made simultaneously. In the event that both are made on the same day, the second must occur at least one hour after the first. If simultaneous notice was not given, the second notice must be given within 30 days after the failure to reach quorum at the first. Such notices must be given in compliance with applicable regulations.

Quorum for an ordinary shareholders' meeting on the first call requires the presence of a number of shareholders holding a majority of the common shares entitled to vote and, on the second call, the quorum consists of the number of shareholders present, whatever that number. Decisions at ordinary shareholders' meetings must be approved by a majority of the votes validly exercised by the shareholders.

A quorum for a special shareholders' meeting (*Asamblea Extraordinaria*) on the first call requires the presence of persons holding 60% of the shares entitled to vote and, on the second call, the quorum consists of the number of shareholders present, whatever that number. Decisions at special shareholders' meeting (*Asamblea Extraordinaria*) generally must be approved by a majority of the votes validly exercised.

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However, pursuant to the Argentine General Corporation Law, all shareholders' meetings, whether convened on a first or second quorum call, require the affirmative vote of the majority of shares with right to vote in order to approve the following decisions:

· advanced winding-up of the company;

· transfer of the domicile of the company outside of Argentina;

· fundamental change in the purpose of the company; total or partial mandatory repayment by the shareholders of the paid-in capital; and

· a merger or a spin-off, when our company will not be the surviving company.

Holders of common shares are entitled to one vote per share. Owners of common shares represented by GDRs exercise their voting rights through the GDR Depositary, who acts upon instructions received from such shareholders and, in the absence of instructions, votes in accordance with the instructions given to the GDR Depositary by the Board of Directors as set forth in a written notice delivered to the GDR Depositary prior to the meeting.

The holders of preferred stock are not entitled to voting rights. However, in the event that no dividends are paid to such holders for their preferred stock, the holders of preferred stock are entitled to voting rights. Holders of preferred stock are also entitled to vote on certain special matters, such as a transformation of the corporate type, early dissolution, change to a foreign domicile, fundamental change in the corporate purposes, total or partial replacement of capital losses, mergers in which our company is not the surviving entity, and spin-offs. The same exemption will apply in the event the preferred stock is traded on any stock exchange and such trading is suspended or canceled.

*Limitations to own securities by non-resident or foreign shareholders*

There are no legal limitations on ownership of securities or exercise of voting rights, by non-resident or foreign shareholders. Through Resolution No. 789/2019, currently incorporated to CNV's rules, ruled out the requirement of registration for foreign companies under Section 118 (branches) and 123 (foreign companies only acting as shareholders) of the Argentine General Corporation Law. After the referred resolution was enacted the registration procedure is no longer required for foreign companies acting as shareholders of local companies whose securities are publicly offered. In lieu of those requirements, any foreign shareholder which is an entity shall properly exercise its voting rights through a representative duly empowered without any additional registration requirement. The definition of representative includes: (i) the legal representative duly registered in Argentina pursuant to Sections 118 or 123 of the Argentine General Corporation Law; (ii) the attorney-in-fact duly authorized through a proxy by the legal representative in Argentina under the provisions set forth in of Section 239 of the Argentine General Corporation Law; (iii) the attorney-in-fact duly authorized through a proxy granted in Argentina by a person entitled to grant a proxy under the laws of his country of origin, pursuant the provisions set forth in of Section 239 of the Argentine General Corporation Law; or (iv) the attorney-in-fact duly authorized by a proxy granted overseas by authorized person, under the law of the country of origin. In this case, the proxy shall be legalized abroad and apostilled pursuant to the provisions of the Hague Convention for foreign documents or legalized by the Ministry of Foreign Affairs and translated by a public translator in Argentina.

*Ownership threshold above which ownership should be disclosed*

CNV Rules require that transactions, which cause a person's holdings of capital stock of a registered Argentine company, to equal or exceed 5% of the voting power, should be immediately notified to the CNV. Thereafter, every change in the holdings that represents a multiple of 5% of the voting power should also be notified.

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Directors, senior managers, executive officers, members of the supervisory committee, and controlling shareholders of an Argentine company whose securities are publicly offered, should notify the CNV on a monthly basis, of their beneficial ownership of common shares, debt securities, and call and put options related to securities of such companies and their controlling, controlled or affiliated companies.

Furthermore, the CNV must be immediately notified of transactions which cause a person's holdings of capital stock of an Argentine company whose securities are publicly offered to equal or exceed 5% of the voting power and every change in the holdings that represents a multiple of 5% of the voting power. Holders of more than 50% of the common shares or who otherwise control decision making in shareholders' meetings, as well as directors, officers and members of the supervisory committee must provide the CNV with Annual Reports of their holdings in the capital stock of such companies and monthly reports of any change in their holdings.

*Amendment to the by-laws*

On the shareholders' meeting held on October 25, 2007, our shareholders decided to amend the following sections of the by-laws: (i) Section Twelve in order to adapt the performance bonds granted by directors to current rules and regulations, and (ii) Section Fifteen in order to incorporate the possibility of holding remote board meetings pursuant to the provisions of section 65 of Decree 677/01. Such amendment is attached hereto as Exhibit 1.2.

On October 31, 2012, the annual shareholders meeting passed an amendment to the corporate by-laws which allowed the Board of Directors to celebrate their meetings using teleconference technology. An absolute majority of the directors will constitute the quorum. Only the directors physically present at the time and those using teleconference technologies will be taken into consideration for the quorum. The resolutions of the Board of Directors will be passed by the vote of the majority present at the meeting. Such amendment is attached hereto of Exhibit 1.3 to this Annual Report.

On November 14, 2014, the shareholder's meeting decided to amend the following sections of the by-laws: (i) Section First in order to comply with the CML, and (ii) Section Twenty-Four in order to incorporate the regulation of the shareholders' meeting held with shareholders present or communicated through teleconference technologies. Section First was approved in the shareholder's meeting on October 31, 2014 and Section Twenty-Four was approved in the shareholder's meeting on October 31, 2016. Such amendment is attached hereto of Exhibit 1.4 to this Annual Report.

On the shareholder's meeting held on October 29, 2018 our shareholders decided to amend the following sections of the by-laws in order to adapt them to certain new legal provisions: (i) Section Eighth, establishing that if there is an Issuance of Shares, the shareholders' preemptive right will be exercised as established in the prospect of the issuance; (ii) Section Ninth, adapting the wording of such section to the new regulations applicable to the Tender Offers Law No. 26,831, as amended; (iii) Section Eleventh, establishing the issuance of Negotiable Obligations may be decided by the Board of Directors; and (iv) Section Twenty-Second describing the duties of the Audit Committee as well as authorizing the Audit Committee to hold meeting via conference, teleconference of any other electronic means. Such amendments are pending approval by the Public Registry of the City of Buenos Aires.

At the shareholder's meeting held on December 12, 2019 our shareholders decided to amend the following section of the by-laws in order to increase the maximum number of members of the board of directors: (i) Section Twelve increasing to sixteen the regular members of the board of directors.

At the shareholder's meeting held on December 21, 2021 our shareholders decided to amend the following section of the by-laws in order to reduce the maximum number of members of the board of directors: (i) Section Twelve reducing to fifteen the regular members of the board of directors.

On the shareholder´s meeting held on October 28, 2022, it was informed that the CNV issued Resolution No. 939/2022, which incorporates to the CNV Rules the possibility that public entities hold shareholders' meetings and board meetings remotely, effective as from January 1, 2023. Within this framework, and without prejudice to the authorization to hold remote shareholders' meetings and board meetings set forth in the Company's bylaws, certain requirements must be followed regarding the signing of corporate books and the issuance of authorizations to the Supervisory Committee and the Audit and Executive Committees, which is also provided for in the bylaws. In view of the aforementioned background, the amendment of articles Sixteen (Board meetings), Twenty-Second (committees) and Twenty-Third (Supervisory Committee) of the Company's bylaws was approved.

At the shareholders' meeting held on April 27, 2023, our shareholders resolved to amend section seven of our bylaws in order to modify the par value of the shares from ARS 1.00 to ARS 10.00.

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**C. Material Contracts**

We do not have any material contract entered into outside the ordinary course of business other than some of the operations previously described under the sections Related Party Transactions, Recent Developments, and Our Indebtedness.

**D. Exchange Controls**

The following is a description of the main Central Bank regulations concerning inflows and outflows of funds in Argentina. For further information regarding the full scope of current foreign exchange restrictions and control regulations, investors should seek advice from their legal advisors and refer to the applicable rules mentioned elsewhere in this Annual Report, which are available at the website of the Argentine Ministry of Economy: https://www.argentina.gob.ar/economia, or the website of the Central Bank: www.bcra.gov.ar.

On September 1, 2019, the Argentine Government issued Decree No. 609/2019, imposing temporary exchange controls until December 31, 2019. On December 27, 2019, the Argentine Government enacted Decree No. 91/2019, which permanently extended the exchange controls initially set to expire on December 31, 2019. The Central Bank has compiled these rules in the Consolidated Text of the Rules on Foreign Exchange and Changes (the "Consolidated Text"), which is periodically updated and was most recently published through Communication "A" 8035. Below is a brief summary of the exchange control rules currently in effect.

***Exports of goods***

The Consolidated Text require that proceeds from the export of goods be entered into the country and settled in Pesos through the MULC within a specific timeframe, depending on the type of good. Regardless of these maximum settlement periods, export proceeds must be entered into the country and settled in Pesos in the MULC within twenty (20) business days from the date of collection. However, the ability to use this period is subject in all cases to compliance with the deadlines established in the Consolidated Text for each type of good.

On April 14, 2025, Decree No. 269/2025 repealed Decree 28/2023 and expressly established that the countervalue of the aforementioned exports will be governed by the general provisions established in Decree 609/2019 and its amending and concordant regulations. Exporters of the goods included in the Nomenclature of Mercosur ("NCM") will make the payment of duties, taxes, and other concepts under the terms, deadlines, and conditions established by the current regulations, corresponding to the respective export duty rate, considering the countervalue provided in the previous paragraph.

If the client is a Special Purpose Vehicle ("SPV") adhering to the Incentive Regime for Large Investments ("RIGI"), it shall be exempt from the obligation to enter and/or settle the entire foreign currency countervalue, provided that the service has been rendered or accrued as from the date of commencement of operations of the SPV reported by the Ministry of Economy to the Central Bank. Furthermore, Section 14 of the Consolidated Text establishes other benefits for SPVs, such as access to the MULC to make payments of certain expenses; access to the MULC to make dividend payments to non-resident shareholders; use abroad of the proceeds from the export of goods; and foreign exchange stability applicable to the SPV as of the date of adhesion to the RIGI.

Amounts received in foreign currency as compensation for losses related to exported goods must also be entered into the country and settled in Pesos through the MULC, up to the value of the insured exported goods.

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Advances, pre-financing, and post-financing from abroad must be entered into the country and settled in the MULC within twenty (20) business days from the date of collection or disbursement abroad, subject to the requirements and exceptions established in Section 7.1.3 of the Consolidated Text.

There are some exceptions to the obligation to settle through the MULC, including, but not limited to, collections from exporters under the Regime for the Promotion of Knowledge Economy Exports (established by Decree No. 679/2022, also known as *Régimen De Fomento De Inversiones Para Exportaciones De Las Actividades De La Economía Del Conocimiento*), provided that the funds have been entered into the country within the regulatory timeframes and all other conditions set forth in the Consolidated Text are met.

The exporter must designate a financial entity to follow up each export transaction. The obligation to enter and settle foreign currency through the MULC corresponding to a shipment permit will be considered satisfied when the financial entity designated to follow up certifies that the entry and settlement have taken place.

***Sale of non-financial non-produced assets***

The consideration received by residents for the sale of non-financial non-produced assets to non-residents must be entered in foreign currency and settled in the MULC within five business days from the date of fund receipt in Argentina or abroad, or its accreditation in foreign accounts. With regard to funds received or credited to accounts abroad, compliance with the entry and settlement requirement may be considered fulfilled for the amount equivalent to the usual expenses debited by foreign financial institutions for the transfer of funds to the country.

***Exports of Services***

Payments for the provision of services by residents to non-residents must be entered and settled in the MULC within a maximum period of 20 (twenty) business days from the date of their perception abroad or in the country, or their accreditation in foreign accounts. There are exceptions to the obligation to settle in the MULC the foreign currency entered as a counterpart for certain exports of certain services expressly contemplated in point 2.2.2. of the Consolidated Text, subject to compliance with various requirements provided therein by both individuals and legal entities.

The application of service export payments to the repayment of capital and interest on foreign financial indebtedness or public debt securities in the country denominated in foreign currency and whose services are payable in foreign currency in the country is allowed; provided that the requirements set forth in point 7.9 of the Consolidated Text are met.

If the client is a SPV under the RIGI that has notified the Ministry of Economy, the competent authority for the RIGI, of its intention to avail itself of the benefits set out in Section 198 of the Law No. 27,742 (which states that SPVs are not required to enter or settle in the MULC the foreign currency obtained from activities other than the export of goods, including services), the exception provided in Section 14.1.3 of the Consolidated Text will apply. This section specifies that payments for services provided to non-residents by a VPU with a RIGI-backed project will be exempt from the requirement to enter and/or settle the foreign currency value, as long as the service was provided or accrued from the start-up date of the SPV, as reported by the Ministry of Economy to the Central Bank.

Likewise, to the extent that certain requirements set forth in points 3.11.3. and 7.9.5 of the Consolidated Text are met, it is allowed for service export payments to be accumulated in accounts opened in local or foreign financial entities, for the amounts due in debt contracts, in order to guarantee the cancellation of the capital and interest services of foreign financial indebtedness and/or issuances of public debt securities in the country denominated in foreign currency and whose services are payable in foreign currency in the country. The increment export program is also applicable for the exports of services.

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***Import of Goods***

Section 3.1 of the Consolidated Text allows access to the MULC for the payment of imported goods, establishing different conditions depending on whether the payments correspond to imported goods with customs entry registration or imported goods with pending customs entry registration, and based on the due date of the interest accrued on such commercial debts.

The reimplementation of "SEPAIMPO", the import payment tracking system, is also foreseen, with the objective of monitoring import payments, import financing, and verifying the entry of goods into the country.

In addition, the local importer must designate a local financial institution to act as the tracking bank, which will be responsible for verifying compliance with the applicable regulations, including, among other things, the settlement of import financing and the entry of imported goods.

Regarding access to the MULC for the payment of imported goods, the following provisions apply:

As of December 13, 2023, entities may grant access to the MULC to make deferred payments for imported goods with customs entry registration, without requiring prior approval from the Central Bank, provided that applicable regulatory requirements are met and deadlines are respected according to the type of goods. For certain strategic goods, such as fuels, electricity, and materials intended for energy production, payment may be made from the moment of customs registration; for other goods, payment may be made starting 30 calendar days after customs clearance.

As of April 14, 2025, this period is reduced to 0 (zero) calendar days for all imports.

Access to the MULC for payments of imports with pending customs registration requires prior approval from the Central Bank, unless it involves specific situations provided for in the Foreign Exchange Regulations.

Regarding the stock of import-related debt for which customs registration occurred on or before December 12, 2023, access to the MULC also requires prior approval from the Central Bank, except when the operations are financed by financial institutions, official credit agencies, or international organizations, or in situations provided for under the current regulations.

***Imports of Services***

Pursuant to Section 13 of the Consolidated Text, entities may grant access to the MULC in order to process payments for services provided by non-residents, provided that they have documentation evidencing the existence of the service. In the case of commercial debts for services, access to the MULC is permitted from the maturity date, provided that the transaction has been duly reported.

Communication "A" 7917, issued on December 13, 2023, substantially amended the regime governing access to the MULC for the payment of imports of goods and services. As from said Communication, the conditions for accessing the MULC to pay for services to non-residents were modified, and are currently established as follows:

<u>I. Payment of services provided by non-residents</u>

Entities may grant access to the MULC without the need for prior approval from the Central Bank to process payments for services provided by non-residents, provided that the remaining applicable requirements set forth in the Consolidated Text are met, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The payment corresponds to a transaction classified under the following concept codes:

S03. Passenger transport services; S06. Travel (excluding transactions related to withdrawals and/or consumption with cards of residents with non-resident providers or of non-residents with Argentine providers); S23. Audiovisual services; S25. Government services; S26. Health services provided by travel assistance companies; S27. Other health services; S29. Transactions related to withdrawals and/or consumption with cards of residents with non-resident providers or of non-residents with Argentine providers.

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ii) Expenses paid to foreign financial institutions for their ordinary operations.

iii) The payment corresponds to a transaction classified under concept "S30. Freight services for import operations of goods" for services rendered or accrued as from December 13, 2023, and the payment is settled once the period equivalent to the one applicable to the transported good has elapsed, as provided in Section 1.2 of the Consolidated Text.

iv) The payment corresponds to a transaction classified under concept "S31. Freight services for export operations of goods" where freight forms part of the agreed sale condition with the buyer of the goods, and is settled once the export has been registered with the shipping clearance issued by Customs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) The payment corresponds to a transaction classified under concept "S24. Other personal, cultural and recreational services" rendered or accrued as from December 13, 2023, and is settled once a period of 90 (ninety) calendar days has elapsed since the date of service provision or accrual. This period shall be reduced to 30 (thirty) calendar days for services rendered or accrued as from November 29, 2024, when the counterparty is not related to the resident.

vi) The payment corresponds to a transaction that falls within services not included in Sections 13.2.1 to 13.2.5 of the Consolidated Text, provided by an unrelated counterparty to the resident, as from December 13, 2023, and is settled once a period of 30 (thirty) calendar days has elapsed from the date of service provision or accrual.

vii) The payment corresponds to a transaction that falls within services not included in Sections 13.2.1 to 13.2.3 of the Consolidated Text, provided by a related counterparty to the resident, as from December 13, 2023, and is settled once a period of 180 (one hundred eighty) calendar days has elapsed from the date of service provision or accrual.

viii) The payment corresponds to a transaction that falls within services not included in Sections 13.2.1 to 13.2.5 of the Consolidated Text, provided by an unrelated counterparty to the resident, as from April 14, 2025, and is settled from the date of service provision or accrual, provided that the remaining applicable regulatory requirements are met.

ix) The payment corresponds to a transaction that falls within services not included in Sections 13.2.1 to 13.2.5 of the Consolidated Text, provided by a related counterparty to the resident, as from April 14, 2025, and is settled once a period of 90 (ninety) calendar days has elapsed from the date of service provision or accrual, provided that the remaining applicable regulatory requirements are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Stock of debt from imports of services

Access to the MULC for payments of services rendered and/or accrued by non-residents until December 12, 2023, in addition to the remaining applicable requirements, shall require prior approval from the Central Bank, except when such transactions are financed up to that date, or when access to the MULC is made through swap and/or arbitrage with funds received in the country from principal or interest on Bonds for the Reconstruction of a Free Argentina (BOPREAL), or when holding certifications under specific regimes, pursuant to the situations provided in Section 13.4 of the Consolidated Text.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Payments of services abroad prior to the established terms

For purposes of accessing the MULC to process payments prior to the terms established in Section 13.2 of the Consolidated Text, such access shall be allowed in the case of financed transactions, pursuant to the Consolidated Text, or with new inflows through the MULC from indebtedness, advances or pre-financing, among other situations set forth in Section 13.3 of the Consolidated Text.

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***External Assets***

Generally, prior approval from the Central Bank is required for the formation of foreign assets (e.g., foreign currency purchase, among others) and for derivative transactions by legal entities that are not entities authorized to operate in foreign exchange, local governments, mutual funds, trusts, and other Argentine entities.

***Access to the MULC by individuals***

Resident individuals may access the MULC to purchase foreign currency in cash or to establish deposits without prior Central Bank approval, provided that: (i) transactions are debited from a local bank account, or, if paid in cash, do not exceed USD 100 per month; (ii) the funds are delivered in cash, credited to a local foreign currency account, or transferred abroad; (iii) the transaction is duly recorded in the Central Bank's online system; and (iv) the individual provides evidence of income and/or assets consistent with savings in foreign currency. However, on September 26, 2025 the BCRA issued Communication A 8336, which reintroduced a cross-restriction: purchases of official dollars made on or after that date are subject to a 90-day limitation preventing the purchaser from operating in certain financial dollar markets (e.g., MEP or CCL / acquiring certain dollar-settled securities) and require the signing of a sworn statement to that effect. Consequently, while the A8226 conditions remain the baseline for individual access to the MULC, market access is now in practice subject to the 90-day restriction when applicable.

***External Financial Indebtedness***

Debt securities publicly registered abroad, other external financial indebtedness, and foreign currency-denominated debt securities publicly registered in Argentina fully subscribed abroad ("External Financial Indebtedness"), disbursed as from September 1, 2019, must be entered into Argentina and settled in the MULC as a requirement for subsequent access to it in order to service their capital and interest payments. Consequently, although the settlement of the proceeds from such transactions is not mandatory, failing to settle it will prevent future access to the MULC for reimbursement purposes.

Additionally, as further conditions for such access to the MULC, the transaction must have been declared in the External Assets and Liabilities Survey, and access to the MULC must occur no more than 3 (three) business days prior to the due date of the capital or interest service to be paid.

In the case of a capital payment of debt securities issued as from November 8, 2024 through a transfer abroad, access to the MULC must occur according to the following minimum terms from their issuance date:

(i) For debt securities issued between November 8, 2024 and April 20, 2025: at least 12 months.

(ii) For debt securities issued from April 21, 2025 to May 15, 2025: at least 180 calendar days.

(iii) For debt securities issued from May 16, 2025 onwards: at least 18 months, in accordance with Communication "A" 8244 of the Central Bank.

For foreign currency-denominated debt securities issued by local financial institutions as from May 26, 2025: at least 12 months, pursuant to Communication "A" 8245.

Access to the MULC to make payments more than three (3) days in advance of the due date is, as a general rule, subject to prior authorization from the Central Bank. The following cases of early repayment may be exempt from such prior authorization, provided they meet several requirements outlined in Section 3.5 of the Foreign Exchange Regulations: (i) early repayment of principal and interest with the settlement of funds entered into the country by the issuance of a new debt security that qualifies as External Financial Indebtedness; (ii) early repayment of principal and interest with the simultaneous settlement of other External Financial Indebtedness; (iii) early repayment of interest in the context of a debt exchange process involving debt securities that qualify as External Financial Indebtedness; (iv) early repayment of principal and interest simultaneously with the settlement of new External Financial Indebtedness granted by a local financial institution through a foreign credit line; and (v) early repayment of principal and interest by a SPV adhering to the RIGI.

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Furthermore, prior approval from the Central Bank is required for local residents to access the MULC for the payment of principal and interest related to External Financial Indebtedness with related parties. Certain specific exceptions apply, as detailed in Section 3.5.6 of the Consolidated Text.

Additionally, under Section 3.11.2 of the Consolidated Text, entities may grant access to the MULC to residents in order to make payments for services related to External Financial Indebtedness or debt securities registered in Argentina, in accordance with Section 3.6.1.3 of the Consolidated Text, to purchase foreign currency before the deadline permitted by the regulations, under the following conditions:

(i) The funds acquired are deposited in foreign currency accounts held by the client in local financial institutions;

(ii) The intervening entity has verified that the indebtedness, the service of which will be paid with these funds, complies with the applicable consolidated text that allow such access; and

(iii) The client's access falls within one of the following situations:

(a) It is made within the 60 (sixty) calendar days prior to the due date, with a daily amount not exceeding 10% (ten percent) of the amount to be paid; or

(b) It is made within 5 (five) business days prior to the regulatory deadline allowed in each case, with a daily amount not exceeding 20% (twenty percent) of the amount to be paid.

***Debt among residents***

Accessing MULC for the settlement of debts and other financial obligations in foreign currency, entered into from September 1, 2019, is generally prohibited, except for specific cases (such as payments related to credit cards).

***Profits and Dividends***

For remitting foreign currency abroad as profits and/or dividends to non-resident shareholders, obtaining prior approval from the Central Bank is mandatory, subject to certain exceptions.

***Non-residents***

Non-residents are required to secure prior approval from the Central Bank to access MULC for acquiring foreign currency, with only a few exceptions allowed.

***Information System***

In all cases, and upon meeting the remaining requirements applicable to each case, access to MULC will be granted for the payment of financial or commercial debts and for paying profits or dividends; provided that such debts are reported through the information system of the Central Bank established by Communication "A" 6795.

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***Outflows***

The Consolidated Text requires prior approval from the Central Bank to transfer funds abroad, unless the interested party submits various affidavits, stating that:

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| They did not possess Argentine deposit certificates representing foreign shares ("*CEDEARs*"), and/or available external liquid assets exceeding the equivalent of USD 100,000 at the beginning of the day on which they request access to the MULC, and all their foreign currency holdings in the country are deposited in accounts at financial institutions. |
| They commit to settle in the MULC, within five business days of its availability, the funds received abroad originating from the collection of loans granted to third parties, the collection of a term deposit, or the sale of any type of asset, when the asset was acquired, the deposit constituted, or the loan granted after May 28, 2020. However, this requirement will not be necessary for certain outgoing transactions specified by the Consolidated Text. |

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Access to the MULC is also subject to the submission of an affidavit regarding transactions with securities and other assets, unless the applicant certifies that::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no sales of securities have been made through the settlement of foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there have been no exchanges of securities issued by residents for external assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there have been no transfers of securities to deposit institutions abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no securities issued by non-residents with settlement in Pesos have been acquired in the country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no Argentine deposit certificates representing foreign shares have been acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no securities representing private debt issued in foreign jurisdictions have been acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no funds in local currency or other local assets (except funds in foreign currency deposited in local financial institutions) have been delivered to any individual or legal entity, resident or non-resident, linked or not, receiving as a prior or subsequent consideration, directly or indirectly, by itself or through a linked, controlled, or controlling entity, external assets, crypto assets, or securities deposited abroad during the 180 (one hundred and eighty) consecutive days prior to accessing MULC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no funds in local currency or other local assets (except funds in foreign currency deposited in local financial institutions) have been delivered to any individual or legal entity, exercising a direct control relationship over it, or to other companies within the same economic group, except those directly associated with routine transactions between residents for the acquisition of goods and/or services, during the following 180 (one hundred and eighty) consecutive days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the applicants also commit not to carry out such operations during the following 180 (one hundred and eighty) consecutive days.

Pursuant to Communication "A" 8226, issued on April 11, 2025, outflows through the **MULC** carried out by resident individuals are not subject to the requirements set forth in items (g), (h), and (i). In addition, transactions executed up to and including that date shall not be taken into account for purposes of the affidavits required therein.

Regarding the aforementioned deadlines, the period to be considered will be 90 (ninety) consecutive days, if they involve securities issued under Argentine law, and 180 (one hundred and eighty) consecutive days, and always concerning securities issued under foreign law.

Moreover, for cases where the client is a legal entity, for the operation not to be subject to the prior approval requirement, the entity must have a sworn statement detailing: (i) individuals or legal entities exercising a direct control relationship over the client; and (ii) other legal entities with which it forms the same economic group.

Companies that share a control relationship as defined in points 1.2.1.1 and 1.2.2.1 of the Consolidated Text, within the "Large Exposures to Credit Risk" regulations, should be considered members of the same economic group. Similarly, to determine the existence of a direct control relationship, the types of relationships specified in point 1.2.2.1 of the aforementioned "*Large Exposures to Credit Risk*" regulations must be considered.

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Additionally, the aforementioned conditions can be considered fulfilled by the entity if the client submits a sworn statement stating that, within the detailed periods, they did not deliver funds in local currency or other liquid local assets to any individual or legal entity in the country, except those directly associated with routine operations in the course of their business activities. For cases where the client does not submit the mentioned sworn statement, they can present a sworn statement declaring that they have not delivered funds in local currency or other liquid local assets to any individual or legal entity in the country (including direct controllers and members of the economic group), stating (i) that within the specified period in the Consolidated Text, they have not concluded or will conclude the envisaged transactions; and (ii) that in the preceding 180 (one hundred and eighty) consecutive days, they have not received funds in local currency or other liquid assets in the country, except for those associated with routine operations originating from the client or from any of the individuals or legal entities, direct controllers, and members of the economic group informed, to whom funds have been received; or alternatively, they can submit the sworn statements of individuals, whether human or legal, direct controllers, or members of the economic group, who received funds.

According to the Consolidated Text, in which it established that, in the preparation of sworn statements provided for in points 3.16.3.1 and 3.16.3.2, sales of securities settled in foreign currency in the country or abroad should not be taken into account when the total funds obtained from such settlements have been or will be used within 10 (ten) consecutive days for the following operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payments from the maturity of principal or interest on new financial borrowings from abroad disbursed from October 2, 2023, and which include, at a minimum, a 1 (one) year grace period for the payment of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) repatriations of capital and income associated with direct investments by non-residents, received from October 2, 2023; provided that repatriation occurs, at a minimum, 1 (one) year after the capital contribution is made and compliance with the legal mechanisms provided for in such cases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payments from the maturity of principal and interest on debt securities issued from October 2, 2023, with public registration in the country, denominated and subscribed in foreign currency, whose services are payable in the country and include a minimum of 2 (two) years of grace period for the payment of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payments from the maturity of principal or interest on financial borrowings from abroad that do not generate disbursements as they are refinancing of capital and/or interest of operations covered in points (i) and (iii); provided that refinancing does not anticipate the maturity of the original debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) payments from the maturity of principal or interest on debt securities issued with public registration in the country, denominated in foreign currency, and whose services are payable in the country, which do not generate disbursements as they are refinancing of capital and/or interest of operations covered in the preceding point (iii), to the extent that refinancing does not anticipate the maturity of the original debt.

In all the aforementioned cases, the client must submit a sworn statement stating that the funds received from operations in points (i) to (iii) were used to make payments in the country related to the realization of investments in Argentina.

Furthermore, situations allowing the entity to accept the sworn statement of a client with liquid external assets and/or CEDEARs exceeding the limit set in point 3.16.2.1 of the Consolidated Text (USD 100,000) may also include funds deposited in foreign bank accounts resulting from the sale of securities settled in foreign currency.

In addition, the sale of BOPREAL bonds against a payment in foreign currency and the transfer thereof to foreign depositaries, up to an amount equal to the amounts subscribed by the importer, is excluded from the aforementioned restrictions.

It should be noted that, as a rule, prior approval from the Central Bank is required if the client is a natural or legal person included by the ARCA (formerly the AFIP) in the list of invoices or equivalent documents classified as apocryphal. The list of individuals or legal entities included in this registry by the ARCA is available at the following website:https://servicioscf.afip.gob.ar/Facturacion/facturasApocrifas/default.aspx.

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Additionally, if the individuals or legal entities are considered obligated subjects to comply with the Registry of Exchange Information for Exporters and Importers of Goods whose registration process is listed as not registered, an affidavit must be submitted*.*

***Securities Transactions***

In accordance with Communication "A" 8191 of the Central Bank, which updates Section 3.16 of the Consolidated Text, entities authorized to operate with foreign currency must provide the Central Bank, at the end of each business day and with two business days' prior notice, information on outflow transactions through the MULC for daily amounts equal to or greater than the equivalent of USD 100,000. Clients must channel such transactions through financial institutions with sufficient notice so that they can comply with the requirements of this reporting regime and, consequently, to the extent that other requirements established under exchange regulations are simultaneously met, the foreign exchange transactions may be processed. On the execution date, clients may opt to channel the previously reported transactions through any authorized entity. In such cases, the intervening entity must hold a certificate issued by the reporting entity attesting compliance with the reporting requirement.

Within the framework of Phase 3 of the Economic Program with exchange rate flexibility and the floating band regime announced by the Argentine Government, the CNV issued General Resolution No. 1062, which introduced substantial amendments to the minimum holding period regime applicable to transactions with marketable securities.

In particular, for resident individuals, the minimum holding period required for the sale of marketable securities settled in foreign currency is eliminated, regardless of the jurisdiction or applicable law, as well as for outgoing and incoming transfers of marketable securities.

In the case of non-resident individuals, a minimum holding period of one business day is established for the sale of marketable securities settled in foreign currency and for transfers of securities acquired in local currency abroad.

For resident legal entities, a minimum holding period of one business day is also established both for transfers to foreign depository entities and for applying settlement in foreign currency of securities originating abroad, which must remain credited for at least one business day in the central securities depository agent.

Exempted from compliance with the minimum holding period are transactions involving the sale of BOPREAL acquired in primary placements or auctions, the sale of marketable securities with settlement in foreign currency and in foreign jurisdiction as provided by the Central Bank of Argentina, and the sale of marketable securities with settlement in foreign currency acquired in pesos with funds from mortgage loans denominated in UVAs.

***BOPREAL***

The BOPREAL are securities issued by the Central Bank in USD for importers of goods and services with outstanding payment obligations for imports of goods with customs registration and/or services effectively rendered until December 12, 2023.

<u>a) Importers of Goods</u>

Importers may subscribe BOPREAL up to the amount of their pending debt for goods imports registered before December 12, 2023. Subscription requires certifications from the supervising entities (SEPAIMPO) and compliance with the conditions set forth in the Foreign Exchange Regulations.

<u>b) Importers of Services</u>

Importers may subscribe BOPREAL up to the amount of their pending debt for services effectively rendered or accrued before December 12, 2023. Documentation supporting the existence of the service, the outstanding amount, and compliance with applicable exchange regulations is required.

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<u>c) Profits and Dividends of Non-Resident Shareholders</u>

Resident companies may subscribe BOPREAL up to the amount of profits and dividends pending payment to non-resident shareholders, provided they derive from closed and audited financial statements.

Non-residents may also subscribe BOPREAL up to the equivalent in local currency of profits and dividends received in Argentina since September 1, 2019, adjusted by CPI.

<u>d) Complementary Provisions</u>

BOPREAL holders may access the MULC through swap and/or arbitrage with funds collected in Argentina from BOPREAL principal and interest to:

· Pay commercial debts for imports of goods and services accrued up to December 12, 2023.

· Pay pending profits and dividends to non-resident shareholders.

· Repatriate portfolio investments of non-residents arising from profits and dividends collected in Argentina.

Additionally, BOPREAL acquired in primary subscription may be sold abroad under specific regulatory conditions.

***Reporting Regime of the Central Bank***

In all cases, and subject to compliance with the other applicable requirements in each case, access to the MULC will be granted for the payment of financial or commercial debts and for the payment of profits or dividends, provided that such debts are reported through the Central Bank's reporting regime established by Communication "A" 6401 and its amendments.

**Money Laundering**

The Argentine Law No. 25,246, as amended and/or complemented by Laws Nos. 26,087, 26,119, 26,268, 26,683, 26,831, 26,860 and 27,304 (the "Anti-Money Laundering Law"), categorizes money laundering as a crime, which is defined as the exchange, transfer, management, sale or any other use of money or other assets obtained through a crime, by a person who did not take part in such original crime, with the potential result that such original assets (or new assets resulting from such original assets) have the appearance of having been obtained through legitimate means. In spite of the fact that there is a specific amount for the money laundering category of the amount of 150 minimum wages, the crimes committed for a lower amount are also punished, but the prison sentence is reduced.

After the enactment of Law No. 26,683, money laundering was included in the Penal Code as an independent crime against economic and financial order and it was split from the title "Concealment" as originally disposed. Therefore, money laundering is a crime which may be prosecuted independently. The Anti-Money Laundering Law created the Financial Information Unit, or "UIF," which is responsible for the analysis, treatment and procurement of information to prevent money laundering originating from, among others:

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| Crimes related to the traffic and illegal commercialization of drugs (Law No. 23,737); |
| Crimes related to arms traffic (Law No. 22,415); |
| Crimes related to illegal association or terrorist association; |
| Crimes committed by illegal associations organized to commit crimes for political or racial purposes; |
| Crimes against Public Administration; |
| Crimes of minor's prostitution and child pornography; and |
| Crimes related to terrorism financing. |

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The UIF analyzes the information received from entities that have the obligation to report suspicious activities or operations and, as the case may be, inform the Public Ministry to carry out the investigations that may be considered relevant or necessary.

The UIF analyzes the information it receives and informs the Public Prosecutor as to whether it should carry out any investigations. Once the information is received, the UIF may request additional information and undertake any action it deems useful for the fulfillment of its functions. In the context of the analysis, respondents may not rely on bank, tax, stock or professional secrecy, or contractual confidentiality commitments to oppose a request for information from the UIF. Once the analysis is completed, the UIF is empowered to (i) receive voluntary declarations, which in no case may be anonymous, (ii) require the collaboration of all State information services, which are required to provide it in the terms of the current procedural regulations, (iii) request the Public Prosecutor's Office to require the competent judge to resolve the suspension of execution of any transaction, (iv) request the Public Prosecutor's Office to require search warrants it deems useful for the investigation, (v) request the Public Ministry to manage all the legal means necessary to obtain information from any source or origin, and (vi) apply sanctions.

The "Anti-Money" laundering framework in Argentina also assigns information and control duties to certain private sector entities, such as banks, non-profit organizations, stock exchanges, and insurance companies, including the Central Bank. These regulations apply to many Argentine companies, including us. These obligations consist mainly of: (i) maintaining internal policies and procedures for money laundering prevention and financing of terrorism, including "know your client" procedures, as appropriate; (ii) reporting suspicious activity; and (iii) acting according to the Anti-Money Laundering Law with respect to the confidentiality of the information obtained from the clients. For that purpose, each entity involved must appoint an officer responsible for the monitoring and control under the Anti-Money Laundering Law.

As part of a more comprehensive modification of the rules that govern the scope of supervision of CNV, derived from the enactment of the revised CML and the CNV Rules, which established a new regime for the public offer of securities, CNV issued a revision of its rules to incorporate a new chapter of Anti-Money Laundering Laws including provisions related to the fulfillment of duties to be complied by "*Agentes de Negociación*," "*Agentes de Liquidación y Compensación*," "*Agentes de Distribución y Colocación*" and "*Agentes de Administración de Productos de Inversión Colectiva*," each of which is considered mandatory under the terms of sections 4, 5 and 22 of Section 20 of Law No. 25,246. Such agents are required to comply with Law No. 25,246 and its amendments, regulations enacted by UIF, including executive orders with reference to the decisions adopted by the United Nations Security Council in the fight against terrorism and to comply with the resolutions issued by the Ministry of Foreign Affairs, International Trade and Religion. Furthermore, "*Agentes de Custodia de Productos de Inversión Colectiva* (*Sociedades Depositarias de Fondos Comunes de Inversión*)," "*Agentes de corretaje*," "*Agentes de depósito colectivo*" and listed companies with respect to contribution, irrevocable contributions or indebtedness made by a shareholder or a third person to become a shareholder in the future, are also reached by the resolution.

Each of these entities must send by internet (through the online application of CNV) their tax identification number. Additionally, in case of companies, the personal data of the "Compliance Officer" (both regular and alternate) must also be disclosed.

The CNV Rules provide that entities it regulates may only take action relating to public offerings of securities, stipulated, future or optional contracts of any nature and other instruments and financial products with registered, domiciled or domestic counterparties known to CNV or foreign counterparties in jurisdictions included on the list of cooperating countries provided in Section 2º, subsection b) of Decree No. 589/2013.

Where a counterparty is not included in the referred list and is from a jurisdiction where it is regulated by an entity similar to CNV, validity of the transactions will be granted if the foreign regulator has signed a memorandum of understanding, cooperation and exchange of information with the CNV.

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With the purpose of strengthening the requirements applicable to the grant of authorization to operate in the capital markets, additional requirements were established in connection with: (i) competence and capacity; (ii) moral integrity and honesty and (iii) solvency. Such requirements are subject to the appraisal of CNV and must be fulfilled by managers, directors, auditors and any other individual who performs duties or activities within the company.

Pursuant to Decree 360/2016 dated February 16, 2016, the Argentine Government created the Argentine Coordination Program for Combating Money Laundering and Terrorist Financing within the purview of the Ministry of Justice and Human Rights. Its purpose is to rearrange, coordinate and strengthen the "Anti-Money" laundering and anti-terrorist financing system at the national level, in light of the actual risks that could impact Argentina territory and the global requirements to be met under the scope of the obligations and international recommendations of the United Nations and the Financial Action Task Force standards.

Moreover, Law No. 27,260, which introduced certain tax modifications and a new regime for residents to disclose undeclared assets, established that the UIF would now be within the purview of the Argentine Ministry of Economy and Finances. Nowadays, as a result of the reorganization of said ministry, the UIF depends on the Argentine Ministry of Economy. For its part, the UIF issued Resolution No. 4/2017, which requires certain specific due diligence procedures (commonly called "know your client") to be performed when a national or foreign depositor opens a bank account for the purpose of investment.

On March 5, 2018, the UIF Resolution No. 21/2018 on guidelines for the management of risks of money laundering and financing of terrorism and on the minimum compliance to be adopted for the prevention of laundering was published in the Official Gazette. In line with UIF Resolution No. 30-E/17 addressed to the financial sector, UIF Resolution No. 21/2018 also moves from a formalistic compliance approach to a risk-based approach, in order to ensure that the measures implemented are commensurate with the risks identified. In this way, the obligated subjects must identify and evaluate their risks and, depending on this, adopt management and mitigation measures. In this framework, they are enabled to implement accredited technological platforms that allow carrying out procedures at a distance, without personal display of the documentation, without this conditioning the fulfillment of due diligence duties.

Likewise, it is reported that in August 2018, in accordance with Resolution No. 97/2018 of the UIF, the regulation of the Central Bank's duty of cooperation with the UIF was approved to adapt said regulation to Resolution No. 30-E/2017.

On November 19, 2019, the UIF issued Resolution No. 117/2019, updating certain thresholds established in past Resolutions with the purpose of achieving an effective prevention of money laundering and terrorism financing and from a risk-based approach, all of it in accordance with the international standards promoted by the Financial Action Task Force. Such update was incorporated into Argentine legislation by Law No. 25,246, which was in turn the basis of the update of thresholds established in UIF Resolutions No. 21/2011, 28/2011, 30/2011, 30/2011, 65/2011, 70/2011, 199/2011, 199/2011, 11/2012, 16/2012, 17/2012, 18/2012, 22/2012, 23/2012, 32/2012, 66/2012, 140/2012, 50/2013, 30/2017, 21/2018 and 28/2018. Furthermore, on April 13, 2022, the thresholds established in Resolution No. 117/2019 were updated by the publication of Resolution No. 50/2022.

On October 19, 2021, UIF Resolution No. 112/2021 established certain measures and procedures that all regulated entities must observe pursuant to identifying the Beneficial Owner and, pursuant to the new changes, it incorporated a new definition of Beneficial Owner, indicating that these shall be any "human person/s who own/s at least 10% of the capital or voting rights of a legal person, a trust, an investment fund, an affectation patrimony and/or of any other legal structure; and/or to the human person/s who by other means exercise/s the final control of such entity."

On January 13, 2022, UIF Resolution No. 6/2022 amended UIF Resolutions No. 30/2017, 21/2018 and 28/2018, which are applicable to entities regulated by the Central Bank, the CNV and/or the Superintendence of Insurance of Argentina, respectively.

On February 1, 2023, Resolution No. 14/2023 was published in the Official Gazette, which aims to establish the minimum requirements for the identification, assessment, monitoring, management and mitigation of money laundering and terrorist financing risks that the obligated subjects included in Section 20 sections 1 and 2 of Law No. 25,246 must adopt and apply, in accordance with their policies, procedures and controls, in order to avoid the risk of being used by third parties with criminal objectives of money laundering and terrorist financing. Such resolution repealed Resolution No. 30E/2017 of the UIF without effect.

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On May 10, 2023, Resolution No. 78/2023 was published in the Official Gazette, which amended the regulatory framework issued with respect to the obligated subjects included in Section 20 sections 4 and 5 and those of section 22 that have the role of Financial Fiduciaries of Law No. 25,246 in order to adapt the obligations that they must comply with to manage and mitigate money laundering and terrorism financing risks, in accordance with the standards, good practices, guides and international guidelines currently in force, pursuant to the Recommendations issued by the Financial Action Task Force. This resolution repealed Resolution No. 21/2018 of the UIF.

On May 17, 2023, Resolution No. 84/2023 was published in the Official Gazette, which updates the thresholds established for the different regulated sectors in order to improve the effectiveness of the "Anti-Money" laundering and terrorist financing prevention system and update the regulations applicable to each sector. Therefore, an automatic updating mechanism of the thresholds was established, adopting as parameter the minimum salary set by the "Secretaría de Trabajo, Empleo y Seguridad Social, Consejo Nacional del Empleo, la Productividad y el Salario Mínimo, Vital y Móvil", in force as of December 31 of the previous calendar year and as of June 30 of the current calendar year, as applicable.

On January 8, 2024, UIF Resolution No. 1/2023 was published in the Official Gazette. Its purpose is to establish the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks that financial institutions must adopt and apply in accordance with their policies, procedures, and controls to avoid the risk of being used by third parties for criminal purposes of money laundering and terrorist financing.

These regulations, which will imply increased controls by financial institutions and may eventually require additional information from their clients, came into effect on March 1, 2024.

On March 18, 2024, UIF Resolution No. 42/2024 was published in the Official Gazette. Through this resolution, the UIF establishes the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks that registered professionals, whose activities are regulated by the Professional Councils of Economic Sciences, must adopt and apply in accordance with their policies, procedures, and controls to avoid the risk of being used by third parties for criminal purposes of money laundering and terrorist financing. Consequently, the current regulatory framework is modified to establish and/or adjust the obligations that Public Accountants must fulfill when conducting Specific Activities as set forth in Recommendation 22, with the scope indicated, to manage and mitigate the risks of money laundering and terrorist financing, in line with international standards, best practices, guides, and guidelines currently in force, according to the Recommendations issued by the Financial Action Task Force.

Additionally, on March 18, 2024, UIF Resolution No. 43/2024 was published in the Official Gazette. This resolution establishes the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks that registered real estate agents and brokers, as well as any type of company engaged in real estate brokerage, integrated and/or managed exclusively by registered real estate agents or brokers, must adopt and apply in accordance with their policies, procedures, and controls to avoid the risk of being used by third parties for criminal purposes of money laundering and terrorist financing. This resolution proposes a segmentation of clients based on the risk assigned to each, also distinguishing the due diligence measures to be applied according to their respective risk ratings.

On March 19, 2024, UIF Resolution No. 47/2024 was published in the Official Gazette. This resolution introduces amendments to UIF Resolution No. 50/2011, concerning the Reporting System for Transactions. In this regard, it incorporates among the registration requirements for Obligated Entities, the certification issued by the Argentine Registry of Recidivism regarding the criminal records of the members of the board of directors and the ultimate beneficial owners, and additionally includes a procedure for deregistration as an obligated entity.

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On March 25, 2024, UIF Resolution No. 48/2024 was published in the Official Gazette. Through this resolution, the UIF establishes the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of the risks of money laundering, terrorist financing, and the proliferation of weapons of mass destruction, that lawyers must adopt and apply when, on behalf of and/or for their clients, they prepare or conduct transactions in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) purchase and/or sale of real estate, where the amount involved exceeds 700 minimum wages; (ii) management of assets and/or other assets where the amount involved exceeds 150 minimum wages; (iii) management of bank accounts, savings, and/or securities where the amount involved exceeds 50 minimum wages; (iv) organization of contributions for the creation, operation, or administration of legal entities or other legal structures; and (v) creation, operation, or administration of legal entities or other legal structures, and the purchase and sale of businesses and/or interests in legal entities or other legal structures.

On March 25, 2024, UIF Resolution No. 49/2024 was also published in the Official Gazette. This resolution establishes the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of the risks of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction that virtual asset service providers must adopt and apply to manage, in accordance with their policies, procedures, and controls, the risk of being used by third parties for criminal purposes of money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.

On March 26, 2024, Resolution No. 56/2024 was published in the Official Gazette, replacing the definition of "Suspicious Transactions" with "Suspicious Facts or Transactions" and revising the definition of "Unusual Transactions." In this context, "Suspicious Facts or Transactions" will be understood as "those attempted or carried out that cause suspicion or reasonable grounds to suspect that the assets involved come from or are linked to a criminal offense, or are related to terrorist financing, or the financing of the proliferation of weapons of mass destruction, or that, having previously been identified as unusual, after analysis and evaluation by the obligated entity, their unusual nature cannot be justified." "Unusual Transactions" will be understood as those "transactions, attempted or carried out, whether isolated or repeated, regardless of the amount, that lack economic and/or legal justification, and/or do not align with the client's risk level or transactional profile, and/or that, due to their frequency, regularity, amount, complexity, nature, and/or other particular characteristics, deviate from market practices."

On July 19, 2024, Resolution No. 110/2024 was published in the Official Gazette, establishing the duty for obligated entities to implement a risk management system to detect suspicious transactions of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction linked to the aforementioned regime, carried out by their clients under the "Asset Regularization Regime" established in Title II of Law No. 27,743. In this sense, the suspicious transaction report must be "duly substantiated and contain a description of the circumstances under which the transaction is considered suspicious, within the framework of the Asset Regularization Regime, and reflect an adequate analysis of the client's operations and transactional profile."

On December 19, 2024, Resolution No. 192/2024 was published in the Official Gazette, amending the regime applicable to Politically Exposed Persons (PEPs). The resolution redefined the scope of individuals covered, clarified that the PEP status extends for two years after leaving office, and allowed sworn statements to be submitted either digitally or in person. It also established that obligated entities must retain supporting evidence and assess the risk in cases where a PEP reports the cessation of such status.

On December 19, 2024, Resolution No. 200/2024 was published in the Official Gazette, introducing new "Anti-Money" laundering and counter-terrorism financing requirements applicable to issuers, operators and providers of payment and collection services, as well as non-financial credit providers. The resolution requires these entities to define their risk tolerance, apply enhanced measures for high-risk clients and simplified measures for low-risk scenarios, and strengthens the responsibilities of the Compliance Officer in overseeing risk assessment, monitoring transactions, and approving high-risk or PEP-related operations.

Finally, on June 5, 2025, Resolution No. 78/2025 was published in the Official Gazette, establishing an increase in the reporting threshold applicable to notaries and registries for cash real estate purchase and sale transactions to 750 minimum wages (*Salario Mínimo Vital y Móvil in Spanish).* In addition, it replaced the requirement of accounting certifications with the obligation for the parties involved to submit sworn statements regarding the origin and legitimacy of the funds, thereby simplifying formal obligations while maintaining controls related to the prevention of money laundering and terrorism financing.

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**E. Taxation**

**United States Taxation**

The following summary describes the material United States federal income tax consequences of the ownership and disposition of our common shares and GDSs. The discussion set forth below is applicable only to U.S. Holders (as defined below) that hold the common shares or GDSs as capital assets. This summary does not represent a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment under the United States federal income tax laws, including if you are:

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| a bank or other financial institution; |
| a dealer in securities or currencies; |
| a regulated investment company; |
| a real estate investment trust; |
| an insurance company; |
| a tax-exempt organization; |
| a person holding the common shares or GDSs as part of a hedging, integrated or conversion transaction, constructive sale or straddle; |
| a trader in securities that has elected the mark-to-market method of accounting for your securities; |
| a person liable for alternative minimum tax; |
| a person who owns or is deemed to own 10% or more of our stock (by vote or value); |
| a person required to accelerate the recognition of any item of gross income with respect to the common shares or GDSs as a result of such income being recognized on an applicable financial statement; |
| a partnership or other pass–through entity for United States federal income tax purposes; or |
| a person whose "functional currency" is not the U.S. dollar. |

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Furthermore, the discussion below is based upon the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations, rulings and judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked or modified (possibly on a retroactive basis) so as to result in United States federal income tax consequences different from those discussed below. This summary does not contain a detailed description of all the United States federal income tax consequences to you in light of your particular circumstances and does not address the Medicare tax on net investment income, United States federal estate and gift taxes or the effects of any state, local or non-United States tax laws. In addition, this summary assumes that the deposit agreement governing the GDSs, and all other related agreements, will be performed in accordance with their terms.

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As used herein, the term "U.S. Holder" means a beneficial owner of common shares or GDSs that is for United States federal income tax purposes:

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| an individual who is a citizen or resident of the United States; |
| a corporation created or organized in or under the laws of the United States, any state thereof or the District of Columbia; |
| an estate the income of which is subject to United States federal income taxation regardless of its source; or |
| a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. |

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If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) holds the common shares or GDSs, the tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. If you are a partner of a partnership holding the common shares or GDSs, you should consult your tax advisors.

**YOU SHOULD CONSULT YOUR OWN TAX ADVISORS CONCERNING THE UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO YOU OF THE OWNERSHIP AND DISPOSITION OF COMMON SHARES OR GDSs AS WELL AS ANY CONSEQUENCES ARISING UNDER OTHER UNITED STATES FEDERAL TAX LAWS AND THE LAWS OF ANY OTHER TAXING JURISDICTION.**

**GDSs**

If you hold GDSs, for United States federal income tax purposes, you generally will be treated as the owner of the underlying common shares that are represented by such GDSs. Accordingly, deposits or withdrawals of common shares for GDSs by U.S. Holders will not be subject to United States federal income tax.

***Distributions on Common Shares or GDSs***

Subject to the discussion under "—Passive Foreign Investment Company" below, the gross amount of distributions on our common shares or GDSs (including amounts withheld to reflect Argentine withholding taxes, if any) will be taxable as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles. Such dividends will be includable in your gross income as ordinary income on the day actually or constructively received by you, in the case of our common shares, or by the GDS Depositary, in the case of our GDSs. Such dividends will not be eligible for the dividends received deduction generally allowed to corporations under the Code.

Subject to applicable limitations (including a minimum holding period requirement), dividends received by non-corporate U.S. Holders from a qualified foreign corporation may be treated as "qualified dividend income" that is subject to reduced rates of taxation. A foreign corporation generally is treated as a qualified foreign corporation with respect to dividends paid by that corporation on common shares (or GDSs representing such common shares) that are readily tradable on an established securities market in the United States. United States Treasury Department guidance indicates that our GDSs (which are listed on the NYSE) are readily tradable on an established securities market in the United States. Thus, we believe that dividends that we pay on our GDSs to U.S. Holders will be potentially eligible for these reduced tax rates. However, since our common shares are not listed on an established securities market in the United States, we do not believe that dividends that we pay on our common shares that are not represented by GDSs currently meet the conditions required for these reduced tax rates. There also can be no assurance that our GDSs will be considered readily tradable on an established securities market in the United States in later years. In addition, non-corporate U.S. Holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year (as discussed under "—Passive Foreign Investment Company" below). Non-corporate U.S. Holders should consult their own tax advisors regarding the application of these rules given their particular circumstances.

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The amount of any dividend paid in Pesos will equal the U.S. dollar value of the Pesos received calculated by reference to the exchange rate in effect on the date the dividend is actually or constructively received by you, in the case of our common shares, or by the GDS Depositary, in the case of our GDSs, regardless of whether the Pesos are converted into U.S. dollars. If the Pesos received as a dividend are not converted into U.S. dollars on the date of receipt, you will have a tax basis in the Pesos equal to their U.S. dollar value on the date of receipt. Any gain or loss realized on a subsequent conversion or other disposition of the Pesos will be treated as United States source ordinary income or loss.

Subject to certain complex conditions and limitations (including a minimum holding period requirement), Argentine withholding taxes on dividends, if any, may be treated as foreign taxes eligible for credit against your United States federal income tax liability. For purposes of calculating the foreign tax credit, dividends paid on our common shares or GDSs will be treated as income from sources outside the United States and will generally constitute passive category income. However, United States Treasury regulations addressing foreign tax credits (the "Foreign Tax Credit Regulations") impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Department of the Treasury and the Internal Revenue Service ("IRS") are considering proposing amendments to the Foreign Tax Credit Regulations. In addition, notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). Instead of claiming a foreign tax credit, you may be able to deduct Argentine withholding taxes on dividends, if any, in computing your taxable income, subject to generally applicable limitations under United States law (including that a U.S. Holder is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued in a taxable year if such U.S. Holder claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. You are urged to consult your tax advisors regarding the availability of the foreign tax credit or a deduction under your particular circumstances.

To the extent that the amount of any distribution (including amounts withheld to reflect Argentine withholding taxes, if any) exceeds our current and accumulated earnings and profits for a taxable year, as determined under United States federal income tax principles, the distribution will first be treated as a tax-free return of capital, causing a reduction in the adjusted basis of our common shares or GDSs, and thereafter as capital gain recognized on a sale or exchange (as discussed below under "—Taxation of Capital Gains"). However, we do not expect to keep earnings and profits in accordance with United States federal income tax principles. Therefore, you should expect that a distribution will generally be reported as a dividend (as discussed above).

Distributions of our common shares or GDSs that are received as part of a pro rata distribution to all of our shareholders generally will not be subject to United States federal income taxes.

***Passive Foreign Investment Company***

Based on the past and projected composition of our income and assets and the valuation of our assets, including goodwill, we do not believe we were a PFIC for United States federal income tax purposes for the taxable year ending June 30, 2025, and we do not currently expect to become a PFIC, although there can be no assurance in this regard. The determination of whether we are a PFIC is made annually. Accordingly, it is possible that we may be a PFIC in the current or any future taxable year due to changes in our asset or income composition or if our projections are not accurate. The volatility and instability of Argentina's economic and financial system may substantially affect the composition of our income and assets and the accuracy of our projections. In addition, this determination is based on the interpretation of certain United States Treasury regulations relating to rental income, which regulations are potentially subject to different interpretation.

In general, we will be a PFIC for any taxable year in which:

· at least 75% of our gross income is passive income; or

· at least 50% of the value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.

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For this purpose, cash is generally a passive asset and passive income generally includes dividends, interest, royalties and rents (other than royalties and rents derived in the active conduct of a trade or business and not derived from a related person), annuities and gains from assets that produce passive income. If we own at least 25% by value of the stock of another corporation, we will be treated, for purposes of the PFIC tests, as owning our proportionate share of that other corporation's assets and receiving our proportionate share of its income. If we are a PFIC for any taxable year during which you hold our common shares or GDSs, unless you make the mark-to-market election discussed below, you will be subject to special tax rules discussed below.

If we are a PFIC for any taxable year during which you hold our common shares or GDSs, you will be subject to special tax rules with respect to any "excess distributions" received and any gain realized from a sale or other disposition, including a pledge, of such common shares or GDSs. Distributions received in a taxable year that are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or your holding period for the common shares or GDSs will be treated as excess distributions. Under these special tax rules:

· the excess distribution or gain will be allocated ratably over your holding period for the common shares or GDSs;

· the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we become a PFIC, will be treated as ordinary income; and

· the amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year for individuals or corporations, as applicable, and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

If we are a PFIC for any taxable year during which you hold our common shares or GDSs and any of our non-United States subsidiaries is also a PFIC, you would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. You are urged to consult your tax advisors about the application of the PFIC rules to any of our subsidiaries.

In addition, non-corporate U.S. Holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year. You will generally be required to file IRS Form 8621 if you hold our common shares or GDSs in any year in which we are classified as a PFIC.

In certain circumstances, in lieu of being subject to the rules discussed above with respect to excess distributions and realized gains, you may make an election to include gain on the stock of a PFIC as ordinary income under a mark-to-market method, provided that such stock is regularly traded on a qualified exchange. Under current law, the mark-to-market election is only available for stock traded on certain designated United States exchanges and foreign exchanges which meet certain trading, listing, financial disclosure and other requirements to be treated as a qualified exchange under applicable United States Treasury regulations. Our common shares are listed on the ByMA, which must meet the trading, listing, financial disclosure and other requirements under applicable United States Treasury regulations for purposes of the mark-to-market election, and no assurance can be given that the common shares are or will be "regularly traded" for purposes of the mark-to-market election. Our GDSs are currently listed on the NYSE, which constitutes a qualified exchange under the United States Treasury regulations, although there can be no assurance that the GDSs are or will be "regularly traded."

If you make an effective mark-to-market election, you will include in ordinary income each year that we are a PFIC the excess, if any, of the fair market value of our common shares or GDSs at the end of the year over your adjusted tax basis in our common shares or GDSs. You will be entitled to deduct as an ordinary loss in each such year the excess, if any, of your adjusted tax basis in our common shares or GDSs over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. Any gain or loss on the sale or other disposition of the common shares or GDSs in a year that we are a PFIC will be ordinary income or loss, except that such loss will be ordinary loss only to the extent of the previously included net mark-to-market gain.

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Your adjusted tax basis in our common shares or GDSs will be increased by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. If you make a mark-to market election, it will be effective for the taxable year for which the election is made and all subsequent taxable years unless our common shares or GDSs are no longer regularly traded on a qualified exchange or the IRS consents to the revocation of the election. Mark-to-market inclusions and deductions will be suspended during taxable years in which we are not a PFIC, but would resume if we subsequently become a PFIC. You are urged to consult your tax advisors about the availability of the mark-to-market election, and whether making the election would be advisable in your particular circumstances. However, because a mark-to-market election cannot be made for any lower-tier PFICs that we may own (as discussed above), you will generally continue to be subject to the special tax rules discussed above with respect your indirect interest in any such lower-tier PFIC.

In some cases, holders of common shares or GDSs in a PFIC may be able to avoid the rules described above by electing to treat the PFIC as a "qualified electing fund" under Section 1295 of the Code. This option will not be available to you because we do not intend to comply with certain calculation and reporting requirements necessary to permit you to make this election.

You are urged to consult your tax advisors concerning the United States federal income tax consequences of holding our common shares or GDSs if we are considered a PFIC in any taxable year.

***Taxation of Capital Gains***

Subject to the discussion under "—Passive Foreign Investment Company" above, for United States federal income tax purposes, you will generally recognize capital gain or loss on any sale, exchange or other taxable disposition of our common shares or GDSs in an amount equal to the difference between the U.S. dollar value of the amount realized for the common shares or GDSs and your tax basis in the common shares or GDSs determined in U.S. dollars. Capital gains of non-corporate U.S. Holders derived with respect to capital assets held for more than one year are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations under the Code.

Any gain or loss recognized by you will generally be treated as United States source gain or loss for United States foreign tax credit purposes. Consequently, in the case of gain from the disposition of common shares or GDSs that is subject to Argentine income tax, you may not be able to benefit from a foreign tax credit for that Argentine income tax (i.e., because the gain from the disposition would be United States source), unless you can apply the credit (subject to applicable limitations) against United States federal income tax payable on other income from foreign sources. However, pursuant to the Foreign Tax Credit Regulations, any such Argentine income tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). In such case, the non-creditable Argentine income tax may reduce the amount realized on the sale, exchange or other taxable disposition of the common shares or GDSs. As discussed above, however, recent notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). If any Argentine income tax is imposed upon the disposition of common shares or GDSs and you apply such temporary relief, such tax may be eligible for a foreign tax credit or deduction, subject to the applicable conditions and limitations. You are urged to consult your tax advisors regarding the tax consequences if Argentine income tax is imposed on a disposition of common shares or GDSs, including the availability of the foreign tax credit or a deduction under your particular circumstances.

***Argentine Personal Assets Tax***

Amounts paid on account of the Argentine TAP, if any, will not be eligible as a credit against your United States federal income tax liability, but may be deductible subject to applicable limitations in the Code.

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***Information Reporting and Backup Withholding***

In general, information reporting will apply to dividends in respect of our common shares or GDSs and the proceeds from the sale, exchange or other disposition of our common shares or GDSs that are paid to you within the United States (and in certain cases, outside the United States), unless you establish that you are an exempt recipient. A backup withholding tax may apply to such payments if you fail to provide a correct taxpayer identification number and a certification that you are not subject to backup withholding or if you fail to report in full dividend and interest income.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.

**Argentine Taxation**

The following discussion is a summary of certain Argentine tax considerations associated with an investment in, ownership or disposition of, the common shares or the GDSs by (i) an individual holder that is resident in Argentina, (ii) an individual holder that is neither domiciled nor resident in Argentina, (iii) a legal entity organized under the laws of Argentina, (iv) a permanent establishment in Argentina of a foreign entity and (v) a legal entity that is not organized under the laws of Argentina, that does not have a permanent establishment in Argentina and is not otherwise doing business in Argentina on a regular basis. The discussion is for general information only and is based on current Argentine tax laws. Moreover, while this summary is considered to be a correct interpretation of existing laws in force as of the date of this filing, no assurance can be given that the courts or administrative authorities responsible for the administration of such laws will agree with this interpretation or that changes in such laws or interpretations will not occur.

**PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISOR REGARDING THE PARTICULAR TAX CONSEQUENCES ARISING UNDER ANY TAXING JURISDICTION.**

***Income Tax***

Law No. 27,430, enacted on December 27, 2017 and published in the Official Gazette on December 29, 2017, had introduced several amendments to Income Tax Law No. 20,628, among others, a corporate tax rate reduction in two phases. For fiscal years beginning on or after January 1, 2018 until December 31, 2019, there had been a reduction of the tax rate from 35% to 30%. Beginning on or after January 1, 2020 the tax rate would have been further reduced to 25%. Additionally, a withholding of 7% or 13% had been established for the fiscal years mentioned above, on the dividends distributed by local entities in favor of their shareholders provided they are resident individuals or undivided estates, or are foreign beneficiaries.

On June 16, 2021, Law 27,630 was enacted and published in the Official Gazette. This law increases corporate income tax rates for tax years beginning January 1, 2021 and onwards. The new law increases tax rates by replacing the fixed tax rate with a progressive tax scale. It also extends the 7% withholding tax rate currently in force to dividends from profits accrued in tax years beginning January 1, 2021, and thereafter.

***Taxation of Dividends***

Pursuant to Law No. 27,430, amended by Law No. 27,541, published in the Official Gazette on December 23, 2019, dividends and other profits paid in cash or in non-cash assets —except for stock dividends—by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law Sections 73 (a)(1), (2), (3), (6), (7) and (8), and Section 73(b) out of retained earnings accumulated in fiscal years starting on or after January 1, 2018, would be subject to withholding tax at a 7% rate (on profits accrued during fiscal years starting January 1, 2018 to December 31, 2020), and at a 13% rate (on profits accrued in fiscal years starting January 1, 2021 and onwards), provided that they are distributed to Argentine resident individuals and foreign shareholders. On June 16, 2021, Law No. 27,630 was published in the Official Gazette, whereby amendments were introduced to the corporate income tax. Pursuant to this law, dividends will be taxed at 7%, also on profits accrued in fiscal years starting January 1, 2021, and onwards.

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No dividend withholding tax applies if dividends are distributed to the Argentine corporate entities required to assess the dividend withholding tax.

Certain tax treaties contemplate the application of a ceiling tax rate on dividends (i.e. 10% on gross dividends).

***Taxation of Capital Gains***

*Resident individuals*

Capital gains obtained by resident individuals or undivided estates situated in Argentina from the sale or disposition of common shares and other securities are subject to income tax at a 15% rate on net income, unless such securities were traded in stock exchange under the supervision of the CNV, in which case an exemption applies.

Losses arising from the sale, exchange or other disposition of common shares or GDSs can be applied only to offset such capital gains arising from the sale, exchange or other disposition of these securities, for a five-year carryover period.

*Foreign beneficiaries*

Pursuant to the Law No. 27,430, all income resulting from the purchase and sale, exchange or other disposition of shares and other securities earned by foreign beneficiaries will be exempt from the income tax, if (i) the shares or other securities are listed on stock exchanges or securities markets and/or have an authorization for public offering under the supervision of the CNV and (ii) the foreign beneficiaries do not reside in and the funds do not arise from "non-cooperating jurisdictions" (the "publicly traded exemption"). In case the disposition does not meet the requirement mentioned in (i) above and the foreign beneficiaries do not reside in and the funds do not arise from "non-cooperating jurisdictions", the income obtained will be taxable at a 13.5% rate on the gross price or a 15% rate on the net capital gain (with the possibility of adjusting the value of acquisitions from January 1, 2018 and onwards for the purpose of determining the net capital gain, taking into account the variation of the Internal Wholesale Price Index).

In case the foreign beneficiaries reside in or the funds arise from "non-cooperating jurisdictions", the tax rate applicable for the sale, exchange or other disposition of common shares and/or GDSs amounts to 35%. The non-cooperating jurisdictions list is prepared and published by the executive branch. The ARCA has prepared an indicative and non-exhaustive list of jurisdictions considered to be non-cooperating jurisdictions, which can be consulted on their web site at: https://www.afip.gob.ar/jurisdiccionesCooperantes/no-cooperantes/periodos.asp.

Law No. 27,430, effective as of January 1, 2018, specifies that in case of share certificates issued abroad that represent shares issued by Argentine companies (i.e., GDSs), the "source" is defined by the location of the original issuer of the shares. However, the tax will not be due if the publicly traded exemption, described above, applies in respect of the underlying shares.

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*Argentine entities*

Capital gains obtained in tax years beginning from January 1, 2022 by Argentine entities (in general entities organized or incorporated under Argentine law, certain traders and intermediaries, local branches of non-Argentine entities, sole proprietorships and individuals carrying on certain commercial activities in Argentina) derived from the sale, exchange or other disposition of shares or GDSs are subject to the following tiered structure of corporate income tax rates for different brackets of earnings (for the fiscal years beginning from January 1, 2025 to December 31, 2025):

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| **Annual taxable income (ARS)** | **Annual taxable income (ARS)** | **Will pay ARS** | **Marginal rate on the excess of the lower limit (%)** | **On the ARS surplus** |
| Over  | To |  |  |  |
| 0.00 | 101679575.26 | 0.00 | 25 | 0.00 |
| 101679575.26 | 1016795752.62 | 25419893.82 | 30 | 101679575.26 |
| 1016795752.62 | forward | 299954747.02 | 35 | 1016795752.62 |

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Losses arising from the sale, exchange or other disposition of shares or GDSs can be applied only to offset such capital gains arising from the sale, exchange or other disposition of these securities, for a five-year carryover period.

**WE RECOMMEND PROSPECTIVE INVESTORS TO CONSULT THEIR OWN TAX ADVISOR REGARDING THE PARTICULAR TAX CONSEQUENCES CONCERNING THE SALE OR OTHER DISPOSITIONS OF SHARES AND GDSs.**

***Value Added Tax***

The sale, exchange, disposition, or transfer of common shares or GDSs is not subject to VAT. Dividend distributions are not levied with VAT either.

***Tax on Personal Assets***

Argentine entities, such as us, have to pay the TAP corresponding to Argentine and foreign individuals and foreign entities for the holding of our shares at December 31 of each year. The applicable tax rate is 0.50% for fiscal years starting in 2019, inclusive. Pursuant to the TAP Law, the Argentine company is entitled to seek reimbursement of such paid tax from the applicable Argentine domiciled individuals and/or foreign domiciled shareholders.

***Turnover Tax***

The gross turnover tax is a local tax; therefore, the rules of the relevant provincial jurisdiction should be considered, which may levy this tax on the purchase and sale, exchange or other disposition of common shares or GDSs, and/or the collection of dividends. The applicable rates depend on each jurisdiction, in a range that usually goes up to 5%, and vary according to certain groups or categories of taxpayers, such as the risk category assigned and the degree of formal and material compliance with tax obligations, unless an exemption is applicable. The tax base is the gross revenue obtained as a result of the business activities transacted in the jurisdiction.

Moreover, any transaction involving common shares and/or the collection of dividends and revaluations is exempt from this tax.

To date, there is no withholding regime provided for foreign holders of common shares and GDSs.

To the extent that the activities are carried out in more than one jurisdiction, there is a Multilateral Agreement that establishes the way to distribute the taxable income among those jurisdictions.

***Stamp Tax***

Stamp taxes may apply in the City of Buenos Aires and in certain Argentine provinces in case transfer of common shares or GDSs is performed or executed in such jurisdictions by means of written agreements.

***Other Taxes***

There are no Argentine federal inheritance or succession taxes applicable to the ownership, transfer or disposition of our common shares or GDSs. The province of Buenos Aires established a tax on free transmission of assets, including inheritance, legacies, donations, etc. Free transmission of our shares could be subject to this tax at rates that vary from 1.6% to 9.5%, depending on the value of the transferred assets and the relationship between the transferor and the transferee.

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This gift tax requires the payment of a fixed amount and the application of rates that range progressively from 1.603% to 9.513% on amounts exceeding certain thresholds depending on the degree of kinship and the relevant taxable base. Regarding the existence of gift tax in the remaining provincial jurisdictions, the analysis must be conducted taking into consideration the legislation of each province in particular.

In the case of litigation regarding the shares before a court of the City of Buenos Aires, a 3% court fee would be charged, calculated on the basis of the claim.

***Tax treaties***

Argentina has signed tax treaties for the avoidance of double taxation currently in force with Australia, Belgium, Bolivia, Brazil, Canada, Chile, China, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Qatar, Russia, Spain, Sweden, Switzerland, Turkey, the United Kingdom, United Arab Emirates and Uruguay. There is currently no tax treaty or convention in effect between Argentina and the United States. It is not clear when, if ever, a treaty will be ratified or entered into effect. As a result, the Argentine tax consequences described in this section will apply, without modification, to a holder of our common shares or GDSs that is a United States resident. Foreign shareholders located in certain jurisdictions with a tax treaty in force with Argentina may be (i) exempted from the payment of the personal assets tax and (ii) entitled to apply for reduced withholding tax rates on payments to be made by Argentine parties.

**F. Dividends and Paying Agents**

This Section is not applicable.

**G. Statement by Experts**

This section is not applicable.

**H. Documents on display**

We file annual and current reports and other information with the SEC. You may read and copy any document we file with the SEC at the SEC's public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC maintains a website at http://www.sec.gov that contains reports and other information regarding issuers that file electronically with the SEC.

Our website is www.irsa.com.ar. The information contained in our website does not form part of this Annual Report. Any such request or a copy of these filings at no cost, should be directed to us at our principal office at Carlos M. Della Paolera 261, 9th Floor (C1001ADA), City of Buenos Aires, Argentina, or by e-mail at ir@irsa.com.ar.

We are also required periodically to furnish certain information in Spanish with the CNV, the ByMA and A3 Mercados such as quarterly and annual reports and notices of material events (hechos relevantes). All such reports and notices are available at the website of the CNV (http://www.argentina. gob.ar/cnv), at ByMA through the website of the Bolsa de Comercio de Buenos Aires (http://www.bolsar.info) and the website of A3 Mercados (https://a3mercados.com.ar). The documents filed with the CNV, the ByMA and A3 Mercados are not a part of this Annual Report and are not incorporated by reference herein.

**I. Subsidiary Information**

This section is not applicable.

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**ITEM 11. Quantitative and Qualitative Disclosures About Market Risk**

In the normal course of business, we are exposed to foreign exchange risk, interest rate risks and other price risk, primarily related to changes in exchange rates and interest rates. We manage our exposure to these risks through the use of various financial instruments, none of which are entered into for trading purposes. We have established policies and procedures governing the use of financial instruments, specifically as they relate to the type and volume of such financial instruments. For further information on our market risks, please see Note 5 to our Audited Consolidated Financial Statements.

**ITEM 12. Description of Securities Other than Equity Securities**

**A. Debt Securities**

This item is not applicable

**B. Warrants and Rights**

On May 12, 2021, we issued an aggregate of 80,000,000 warrants to purchase 80,000,000 of our common shares and will expire on May 12, 2026. Each warrant will be exercisable only if the common share rights or GDS rights to which such warrant relates have been exercised, and such warrant will be exercisable after 90 days following its issuance during the nine-day period from and including the 17th through the 25th day of each February, May, September and November, on the day prior to their expiration and on their expiration date (to the extent such dates are business days in New York City and Buenos Aires, Argentina).

The exercise price and number of common shares issuable upon exercise of the warrants are subject to adjustment upon the occurrence of certain events, including for stock splits, stock dividends, reclassifications and combinations, among others.

Each warrant entitled its holder to purchase one common share and the exercise price of the warrants was USD 0.432. On November 16, 2022, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend distributed to the shareholders on November 8, 2022, being the Ratio of 1.0442 shares per option and a price of USD 0.414 per share. On May 11, 2023, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend distributed to the shareholders on May 5, 2023, being the current Ratio of 1.1719 shares per option and a price of USD 0.3689 per share. On September 14, 2023, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of (i) an increase in the capital stock through the partial capitalization of the Issue Premium account; and (ii) an the changing the nominal value of the ordinary shares from ARS 1 (one Peso) to ARS 10 (ten Pesos), which was informed in September 13, 2023, being the current Ratio of 1.0639 shares with nominal value ARS 10.00 per option and a price of USD 0.4063 per share. On May 10, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend, distributed May 9, 2024, being the Ratio of 1.3070 shares per option and a price of USD 0.3307 per share.

On September 25, 2025, we informed that our Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders' Meeting to be held on October 30, 2025, and as an item on the agenda, it was decided to consider the subscription of an addendum to the warrant agreement dated April 29, 2021, as amended on September 17, 2021, to incorporate the option of the warrant holders to exercise the warrants on a cashless basis. For more information, see "*Item 4. Information on the Company —A. History and Development of the Company— Recent Developments— General Ordinary and Extraordinary Shareholders' Meeting."*

The warrants are available for trading on ByMA and NYSE under the tickers IRS2W and IRSWS, respectively.

As of the date of this Annual Report, there are 53,853,144 warrants outstanding.

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**C. Other Securities**

This item is not applicable

**D. American Depositary Shares**

The Bank of New York Mellon, as depositary for the GDSs (the "GDS Depositary") collects its fees for delivery directly from investors depositing shares or surrendering GDSs for the purpose of withdrawal. The Depositary also collects taxes and governmental charges from the holders of GDSs. The Depositary collects these fees and charges by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees (after attempting by reasonable means to notify the holder prior to such sale).

The Depositary has agreed to reimburse or pay on our behalf, certain reasonable expenses related to our GDS program and incurred by us in connection with the program (such as NYSE listing fees, legal and accounting fees incurred with preparation of Form 20-F and ongoing SEC compliance and listing requirements, distribution of proxy materials, investor relations expenses, etc.).

The amounts the Depositary reimbursed or paid are not perforce related to the fees collected by the depositary from GDSs holders.

We agree to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any registrar only in accordance with agreements in writing entered into between the Depositary and the Company from time to time. The Depositary shall present its statement for such charges and expenses to the Company once every three months. The charges and expenses of the custodian are for the sole account of the Depositary.

The following charges shall be incurred by any party depositing or withdrawing common shares or by any party surrendering receipts or to whom receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange regarding the receipts or deposited securities or a distribution of receipts), whichever applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of common shares generally on our common share register or foreign registrar and applicable to transfers of common shares to the name of the Depositary or its nominee or the custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and fax transmission expenses as are expressly provided in the deposit agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency (5) a fee of USD 5.00 or less per 100 GDS (or portion thereof), (6) a fee of USD 0.02 or less per GDS (or portion) for any cash distribution made pursuant to the deposit agreement including, but not limited to , and (7) a fee for the distribution of securities, such fee being in an amount equal to the fee for the execution and delivery of GDS referred to above which would have been charged as a result of the deposit of such securities, but which securities are instead distributed by the Depositary to owners.

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**PART II**

**ITEM 13. Defaults, Dividend Arrearages and Delinquencies**

This item is not applicable.

**ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds**

**A. Fair Price Provision**

At our annual meeting held on October 30, 2000, our shareholders approved an amendment to our bylaws which included the adoption of a Fair Price Provision. On March 8, 2002 our shareholders decided to make a new amendment to Article Nine of our bylaws including, among others, an increase in the minimum percentage of capital obliged to comply with the Fair Price Provision, from twenty percent (20%) to thirty five percent (35%), according to Decree No. 677/2001. On October 10, 2007, our shareholders decided to make a new amendment to Article Nine of our bylaws, to include the control concept under Decree No. 677/2001, which provides for the effective control regularly held in addition to the legal control.

The following description is a summary of the main provisions of the Fair Price Provision, which constitutes Article Nine of our bylaws and does not contain a description of all of the terms of the Fair Price Provision. The Fair Price Provision prohibits a party seeking to acquire, directly or indirectly, either control or (together with such party's other holdings) thirty five percent (35%) or more of our capital stock without complying with the procedural and price requirements described below. Acquisitions made in violation of the Fair Price Provision are deemed ineffective against us and will not be registered in our share registry. Common shares acquired in violation of the Fair Price Provision shall have no voting or equity rights until the Fair Price Provision has been complied with. The Fair Price Provision applies to transactions involving shares of our common stock and any securities convertible in shares of our common stock, including, without limitation, convertible debentures and bonds and our GDRs. The Fair Price Provision excludes certain acquisitions of common shares in certain limited circumstances.

The Fair Price Provision provides that a party seeking to acquire, directly or indirectly, control of our company or thirty five percent (35%) or more of our capital stock shall be required to make a public tender offer for all of the outstanding common stock of us and any shares of common stock into which outstanding securities of our company are presently convertible or exchangeable in accordance with the procedural and price terms of the Fair Price Provision and in accordance with applicable law. For purposes of the thirty five percent threshold contained in the Fair Price Provision parties acting in concert or which are under common control or administration are deemed a single party.

There are cases excluded from the tender offer requirements:

· acquisitions by existing shareholders or by those exercising control over shares or convertible securities in accordance with CNV Rules; and

· holdings of more than 35%, which derive from the distribution of common shares or dividends paid in shares approved by the shareholders, or the issuance of common shares as a result of a merger approved by the shareholders; in both cases, the excess holding shall be disposed of within 180 days of its registration in the relevant shareholder's account, or prior to the holding of our shareholders meeting, whatever occurs first.

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The Fair Price Provision requires the offering party to notify use of the tender offer simultaneously with its filing of the public tender offer with the CNV. The notice to us is required to set forth all of the terms and conditions of any agreement that the offering party has made with any other of our shareholders with respect to the proposed transaction and to provide, among other things, the following information:

· the identity and nationality of the offering party and, in the event the offer is made by a group, the identity of each member of the group;

· the terms and conditions of the offering, including the price, the tender offer period and the requirements for accepting the tender offer;

· accounting documentation required by Argentine law relating to the offering party;

· details of all prior acquisitions by the offering party of common shares or securities convertible into shares of our capital stock.

We will distribute the information provided by the offering party to our shareholders.

The CNV Rules require that transactions which cause a person's holdings of capital stock of a registered Argentine company, to hold 5% or more of the voting power, should be immediately notified to the CNV. Thereafter, every change in the holdings that represents a multiple of 5% of the voting power should also be notified.

The Fair Price Provision requires that the consideration paid in the tender offer be paid in cash and that the price paid for each common share in the tender offer be the same and not less than the highest price per common share derived from the five following alternative valuation methods:

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| the highest price per share of our common stock paid by the offering party, or on behalf of the offering party, for any acquisition of shares or convertible securities within the 2 years prior to the commencement of the tender offer; |
| the highest closing selling price of a share of our common stock on the BASE during the thirty day period immediately preceding the commencement of the tender offer; |
| the highest price resulting from the calculations made according to the provisions of (i) and (ii) above multiplied by a fraction the numerator of which is such highest price and the denominator of which is the lowest closing price of a share of our common stock on the BASE during the two-year period prior to the period referred to in sub-sections (i) or (ii), as applicable; |
| our aggregate net earnings per common share during our preceding four completed fiscal quarters prior to the commencement of the tender offer, multiplied by our highest price to earnings ratio during the two-year period immediately preceding the commencement of the tender offer. Such multiples shall be determined considering the average closing selling price of our common stock in the BASE, and our aggregate net income from our preceding four completed fiscal quarters; and, |
| the book value per share of our common stock at the time the tender offer is commenced, multiplied by the highest ratio determined by a fraction the numerator of which is the closing selling price of a share of our common stock on the BASE on each day during the two year period prior to the commencement of the tender offer and the denominator of which is the latest known book value per share of our common stock on each such date. |

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**B. This section is not applicable.**

**C. This section is not applicable.**

**D. This section is not applicable.**

**E. This section is not applicable.**

**ITEM 15. Controls and procedures**

**A. Disclosure Controls and Procedures.**

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial and Administrative Officer, to allow our management to make timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective. In connection with the preparation of this Annual Report on Form 20-F, we carried out an evaluation under the supervision and with the participation of members of our management team, including our Chief Executive Officer and Chief Financial and Administrative Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2025. Based upon this evaluation our Chief Executive Officer and Chief Financial and Administrative Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 20-F were effective at the reasonable assurance level.

**B. Management's Annual Report on Internal Control Over Financial Reporting**

Our management is responsible for establishing and maintaining adequate Internal Control over Financial Reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our Internal Control over Financial Reporting includes a series of procedures designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Consolidated Financial Statements for external purposes, in accordance with International Financial Reporting Standards and includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Consolidated Financial Statements in accordance with International Financial Reporting Standards and that a company's receipts and expenditures are being made only in accordance with authorizations of our management and directors, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our Consolidated Financial Statements.

Because of its inherent limitations, Internal Control over Financial Reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

Management assessed the effectiveness of our Internal Control over Financial Reporting as of June 30, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control–Integrated Framework (2013). Based on this evaluation, management concluded that our Internal Control over Financial Reporting was effective as of June 30, 2025.

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**C. Attestation Report of the Registered Public Accounting Firm**

The effectiveness of the Company's internal control over financial reporting as of June 30, 2025, has been audited by Price Waterhouse & Co S.R.L, Buenos Aires Argentina (PCAOB ID 1349)- member firm of PricewaterhouseCoopers International Limited, an independent registered public accounting firm, as stated in their report which appears herein.

**D. Changes in Internal Control Over Financial Reporting**

There have been no changes in our internal control over financial reporting during the fiscal year ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 16. Reserved**

**A. Audit Committee Financial Expert**

Pursuant to the former applicable rules regarding the CML (formerly the Transparency Decree) and the applicable Rules of the CNV at such moment, our Board of Directors has established in May 2004 an Audit Committee. The main functions of the Audit Committee are to assist the Board of Directors in performing their duty of exercising due care, diligence and competence in issues relating to us, specifically in the enforcement of the accounting policy and in the issue of accounting and financial information, the management of business risk and of internal control systems, the conduct and ethical soundness of the company's business, the supervision of the integrity of our financial statements, the compliance by our company with the legal provisions, the independence and capability of the independent auditor and the performance of the internal audit function of our company and of the external auditors. Also, according to the applicable regulations, we may request our Audit Committee to render its opinion in certain transactions, and its conditions, as is the case of related party transactions, as may be reasonably considered adequate according to normal market conditions.

As from December 12, 2019, our Board of Directors appointed the members of the Audit Committee which are Oscar Pedro Bergotto, Liliana Luisa De Nadai and Maria Julia Bearzi, all of them as independent members. María Julia Bearzi is the financial expert in accordance with the relevant SEC rules. We have a fully independent Audit Committee as per the standard provided in Rule 10 (A)-3(B) (1).

**B. Code of Ethics**

We have adopted a code of ethics that applies to our directors, officers and employees. Our code of ethics is posted on our website www.irsa.com.ar. In 2005, our Code of Ethics was amended by our Board of Directors. The amendment was reported in a report on Form 6-K in August 2005.

If we make any substantive amendment to the code of ethics or grant any waivers, including any implicit waiver to any of its provisions, we will disclose the nature of such amendment or waiver in a report on Form 6-K or in our next Annual Report and we will post it on our website.

In 2023, we adopted our incentive compensation clawback policy. For more information, see Exhibit 97 to this Annual Report.

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**C. Principal Accountant Fees and Services**

*Audit Fees*

For the fiscal years ended June 30, 2025 and 2024, we were billed a total amount of ARS 737.4 million and ARS 579.5 million respectively, for professional services rendered by our principal accountants for the audit of our annual Audited Consolidated Financial Statements, performance of the audit of internal controls over financial reporting of the company and other services normally provided in connection with regulatory filings or engagements.

*Audit-Related Fees*

For the fiscal years ended June 30, 2025 and 2024 we were billed a total amount of ARS 176.7million and ARS 0.0 million for professional services rendered by the principal accountant and not included under the prior category, mainly in connection with assurance services over non-financial information.

*Tax Fees*

For the fiscal years ended June 30, 2025 and 2024, no fees related to Tax Fees services were billed by our principal accountants.

*All Other Fees*

For the fiscal years ended June 30, 2025 and June 30, 2024 no fees related to other than Audit Fees, Audit-Related Fees and Tax Fees services were billed by our principal accountants.

*Audit Committee Pre-Approval Policies and Procedures*

Audit Committee pre-approves all services and fees provided by the external auditors to ensure auditors' independence. One of the main tasks of the Audit Committee is to give it opinion in relation to the appointment of the external auditors, proposed by the Board of Directors to the General Shareholder's Meeting. In order to accomplish such task, the Audit Committee shall:

Require any additional and complementary documentation related to this analysis.

Verify the independence of the external auditors;

Consider the professional experience and the adequacy of the external auditors' work to international standards and the criteria they adopt to ensure their independence from the Company.

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During the fiscal year, the Audit Committee carries out the following:

· Analyzes the professional services that the external auditor would provide to the Company, evaluating the type of service and the corresponding fees, to maintain the independence principle of the external auditor with the company. According to the result of the analysis, the services are pre-approved by the Audit Committee.

· Reports the fees invoiced by the external auditor during the year, separating them for accounting audit services and for other special services not included in the former.

· Analyze and supervise the working plan of the external auditors considering the business' reality and the estimated risks;

· Propose adjustments (if necessary) to such working plan;

· Hold meetings with the external auditors in order to: (a) analyze the difficulties, results and conclusions of the proposed working plan; (b) analyze eventual possible conflicts of interests, related party transactions, compliance with the legal framework and information transparency; and

· Evaluate the performance of external auditors and their opinion regarding our Financial Statements.

**D. Exemption from the Listing Standards for Audit Committees**

This section is not applicable.

**E. Purchase of Equity Securities by the Issuer and its Affiliates**

On March 11, 2022, our Board of Directors decided to establish the terms and conditions for the acquisition of the common shares issued by the Company (the "2022 Plan"), under the terms of Section 64 of the CML and the rules of the CNV, for a maximum amount of the investment up to ARS 1,000 million. Such repurchases were made with realized and liquid earnings pending of distribution of the Company and/or freely available reserves and/or facultative reserves.

As of September 21, 2022, we finalized the 2022 Plan having repurchased a total of 9,419,623 shares, representing approximately 99.51% of the approved program and 1.16% of the share capital.

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| **Period** | **Total Number of Common Shares Purchased<sup>(1)</sup>** | **Average Price Paid per Share** | **Total Number of GDS's Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of the Publicly Announced Plan <sup>(2)</sup>** | **Maximum amount that may yet be purchased under the plan** |
|  |  | (ARS) |  | (USD) |  | (In million of ARS) |
| 03/15 – 03/31/2022 | 339622 | 96.83 |  |  | 339622 | 967.1 |
| 04/01 – 04/30/2022 | 408902 | 98.08 |  |  | 408902 | 927.0 |
| 05/01 – 05/31/2022 | 438704 | 96.29 |  |  | 438704 | 884.8 |
| 06/01 – 06/30/2022 | 2621244 | 88.94 |  |  | 2621244 | 651.6 |
| 07/01 – 07/31/2022 | 2607793 | 105.06 |  |  | 2607793 | 377.6 |
| 08/01 – 08/31/2022 | 2079358 | 122.76 |  |  | 2079358 | 122.4 |
| 09/01 – 09/21/2022 | 924000 | 127.11 |  |  | 924000 | 4.9 |
| **Total** | **9419623** | **105.64** |  |  | **9419623** |  |

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____________________

(1) As of the settlement date of the transaction.

(2) Correspond to the sum of common shares and GDS's purchased. Each GDS represents 10 common shares.

On June 15, 2023, our Board of Directors decided to establish the terms and conditions for the acquisition of the common shares issued by the Company (the "2023 Plan"), under the terms of Section 64 of the CML and the rules of the CNV, for a maximum amount of the investment up to ARS 5,000 million. Such repurchases were made with realized and liquid earnings pending of distribution of the Company and/or freely available reserves and/or facultative reserves.

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As of December 20, 2023, we finalized the 2023 Plan having repurchased a total of 7,839,874 shares, representing approximately 99.95% of the approved program and 1.06% of the share capital.

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|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Common Shares Purchased <sup>(1)</sup>** | **Average Price Paid per Share** | **Total Number of GDS's Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of the Publicly Announced Plan <sup>(2)</sup>** | **Maximum amount that may yet be purchased under the plan** |
|  |  | (ARS) |  | (USD) |  | (In million of ARS) |
| 06/15 – 06/30/2023 | 1263435 | 400.24 |  |  | 1263435 | 4494.3 |
| 07/01 – 07/31/2023 | 2871301 | 414.78 |  |  | 2871301 | 3303.4 |
| 08/01 – 08/31/2023 | 474226 | 420.21 |  |  | 474226 | 3104.1 |
| Total As of August 31, 2023  | 4608962 |  |  |  |  |  |
| Amount adjusted <sup>(3)</sup> | 4184037 |  |  |  | 4184037 |  |
| 09/01 – 09/30/2023 | 9597 | 571.12 |  |  | 9597 | 3098.6 |
| 10/01 – 10/31/2023 | 338949 | 620.29 |  |  | 338949 | 2888.4 |
| 11/01 – 11/30/2023 | 84360 | 719.60 | 2000 | 7.56 | 104360 | 2822.3 |
| 12/01 – 12/20/2023 | 3202931 | 880.32 |  |  | 3202931 | 2.7 |
| **Total** | 7839874 | 637.43 |  |  | 7839874 |  |

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__________________

(1) As of the settlement date of the transaction.

(2) Correspond to the sum of common shares and GDS's purchased. Each GDS represents 10 common shares.

(3) On September 13, 2023, we announced that from September 20, 2023, the shares distribution and the change in nominal value was made simultaneously and the entry of the change of 811,137,457 book-entry common shares, each with a nominal value of ARS 1.00 and one vote per share, for the amount of 736,354,245 book-entry common shares, each with a nominal value of ARS 10.00 and one vote per share, consequently, a reverse split of the Company's shares shall be carried out, where every 1 (one) old share with a nominal value of ARS 1.00 shall be exchanged for 0.907804514 new shares with a nominal value of ARS 10.00. The new shares distributed due to the described capitalization have economic rights under equal conditions with those that are currently in circulation. Also, regarding the GDS holders, we instruct BNYM to process the reverse split, at the same rate as mentioned above for the ADR program, effective October 3, 2023. It is reported that the Company share capital after the indicated operations amount to ARS 7,363,542,450 represented by 736,354,245 book-entry common shares with a nominal value of ARS 10.00 each and one vote per share. For more information see "Recent Developments – Change in the total amount of shares and its nominal value". Figures adjusted according to the ratio of exchange and have been rounded and may vary slightly with the total final figures of shares repurchased.

On January 4, 2024, our Board of Directors decided to establish the terms and conditions for the acquisition of the common shares issued by the Company (the "2024 Plan I"), under the terms of Section 64 of the CML and the rules of the CNV, for a maximum amount of the investment up to ARS 6,500 million. Such repurchases were made with realized and liquid earnings pending of distribution of the Company and/or freely available reserves and/or facultative reserves.

As of February 29, 2024, we finalized the 2024 Plan I having repurchased a total of 6,503,318 shares for the 2024 Plan I, representing approximately 99.91% of the approved program and 0.88% of the share capital.

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| **Period** | **Total Number of Common Shares Purchased <sup>(1)</sup>** | **Average Price Paid per Share** | **Total Number of GDS's Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of the Publicly Announced Plan <sup>(2)</sup>** | **Maximum amount that may yet be purchased under the plan** |
|  |  | (ARS) |  | (USD) |  | (In million of ARS) |
| 01/04 – 01/31/2024 | 2814888 | 1041.44 |  |  | 2814888 | 3568.5 |
| 02/01 – 02/29/2024 | 3401897 | 975.27 |  |  | 3401897 | 250.7 |
| 03/01 – 03/4/2024 | 286533 | 853.61 |  |  | 286533 | 6.1 |
| **Total** | 6503318 | 998.55 |  |  | 6503318 |  |

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___________________

(1) As of the settlement date of the transaction.

(2) Correspond to the sum of common shares and GDS's purchased. Each GDS represents 10 common shares.

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On March 20, 2024, our Board of Directors decided to establish the terms and conditions for the acquisition of the common shares issued by the Company (the "2024 Plan II"), under the terms of Section 64 of the CML and the rules of the CNV, for a maximum amount of the investment up to ARS 6,500 million. Such repurchases were made with realized and liquid earnings pending of distribution of the Company and/or freely available reserves and/or facultative reserves.

As of April 19, 2024, we finalized the 2024 Plan II having repurchased a total of 6,337,939 shares for the 2024 Plan II, representing approximately 99.54% of the approved program and 0.86% of the share capital.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Common Shares Purchased <sup>(1)</sup>** | **Average Price Paid per Share** | **Total Number of GDS's Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of the Publicly Announced Plan <sup>(2)</sup>** | **Maximum amount that may yet be purchased under the plan** |
|  |  | (ARS) |  | (USD) |  | (In million of ARS) |
| 03/20 – 03/31/2024 | 459000 | 1039.49 |  |  | 459000 | 6022.9 |
| 04/01 – 04/20/2024 | 5878939 | 1019.37 |  |  | 5878939 | 30.1 |
| **Total** | 6337939 | 1020.83 |  |  | 6337939 |  |

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_______________

(1) As of the settlement date of the transaction.

(2) Correspond to the sum of common shares and GDS's purchased. Each GDS represents 10 common shares.

On July 11, 2024, our Board of Directors decided to establish the terms and conditions for the acquisition of the common shares issued by the Company (the "2024 Plan III"), under the terms of Section 64 of the CML and the rules of the CNV, for a maximum amount of the investment up to ARS 15,000 million. Such repurchases were made with realized and liquid earnings pending of distribution of the Company and/or freely available reserves and/or facultative reserves.

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As of September 11, 2024, we finalized the 2024 Plan III having repurchased a total of 11,541,885 shares for the 2024 Plan III, representing approximately 99.93% of the approved program and 1.56% of the share capital.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Common Shares Purchased <sup>(1)</sup>** | **Average Price Paid per Share** | **Total Number of GDS's Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of the Publicly Announced Plan <sup>(2)</sup>** | **Maximum amount that may yet be purchased under the plan** |
|  |  | (ARS) |  | (USD) |  | (In million of ARS) |
| 07/11 – 07/31/2024 | 4653857 | 1252.30 |  |  | 4653857 | 9172.0 |
| 08/01 – 08/31/2024 | 5029398 | 1270.67 |  |  | 5029398 | 2781.3 |
| 09/01 – 09/12/2024 | 1858630 | 1490.65 |  |  | 1858630 | 10.7 |
| **Total** | 11541885 | 1298.69 |  |  | 11541885 |  |

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______________

(1) As of the settlement date of the transaction.

(2) Correspond to the sum of common shares and GDS's purchased. Each GDS represents 10 common shares.

In October 2024, our Board of Directors, in accordance with the resolutions of the Shareholders' Meeting dated October 28, 2024, approved the distribution among the shareholders, on a pro rata basis, of 25,700,000 common shares that had been repurchased by the Company.

As of June 30, 2025, we own our shares in an amount equal to 0.02% of our capital stock, and as of October 22, 2025, we own our shares in an amount equal to 0.02% of our capital stock.

**F. Change in Registrant's Certifying Accountant**

This section is not applicable.

**G. Corporate Governance**

*Compliance with NYSE listing standards on corporate governance*

*NYSE and Argentine Corporate Governance Requirements*

Our corporate governance practices are governed by the applicable Argentine law; particularly, the Argentine Corporation Law, CML and CNV Rules, as well as by our bylaws. We have securities that are registered with the SEC and are NYSE, and are therefore subject to corporate governance requirements applicable to NYSE-listed non-U.S. companies.

NYSE-listed non-U.S. companies that are categorized as "Foreign Private Issuers" may, in general, follow their home country corporate governance practices in lieu of most of the new NYSE corporate governance requirements (the "NYSE Sections") codified in Section 303A of the NYSE's Listed Company Manual. However, Foreign Private Issuers must comply with NYSE Sections 303A.06, 303A.11 and 303A.12(b) and 303A.12(c). Foreign Private Issuers must comply with Section 303A.06 prior to July 31, 2005 and with Sections 303A.11 and 303A.12(b) prior to the first annual meeting of shareholders held after January 15, 2004, or by October 31, 2004.

NYSE Section 303A.11 requires that Foreign Private Issuers disclose any significant ways in which their corporate governance practices differ from U.S. companies under NYSE standards. A Foreign Private Issuer is simply required to provide a brief, general summary of such significant differences to its U.S. investors either 1) on the company's website (in English) or 2) in Form 20-F as distributed to their U.S. investors. In order to comply with Section 303A.11, we have prepared and have updated the comparison in the table below.

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The most relevant differences between our corporate governance practices and NYSE standards for listed companies are as follows:

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| **NYSE Standards for U.S. companies Listed Companies Manual Section 303.A** | **IRSA's Corporate Practices** |
| Section 303A.01 A NYSE-listed company must have a majority of independent directors on its Board of Directors.<br>| We follow Argentine law which does not require that a majority of the Board of Directors be composed of independent directors. Argentine law instead requires that public companies in Argentina have a sufficient number of independent directors to be able to form an Audit Committee of at least three members, the majority of which must be independent pursuant to the criteria established by CNV Rules |
| Section 303A.02 This section establishes general standards to evaluate directors' independence (no director qualifies as "independent" unless the Board of Directors affirmatively determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company), and emphasizes that the concern is independence from management. The board is also required to express an opinion with regard to the independence or lack of independence, on a case by case basis, of each individual director.<br>| CNV standards for purposes of identifying an independent director are substantially similar to NYSE's standards. CNV standards provide that independence is required with respect to the company itself and to its shareholders with direct or indirect material holdings (15% or more). To qualify as an independent director, such a person must not perform executive functions within the company. Close relatives of any persons who would not qualify as "independent directors" shall also not be considered "independent." When directors are appointed, each shareholder that nominates a director must to report at the meeting whether or not such director is independent. |
| Section 303A.03 Non-management directors must meet at regularly scheduled executive meetings not attended by management.<br>| Neither Argentine law nor our by-laws require that any such meetings be held.<br>Our Board of Directors as a whole is responsible for monitoring the company's affairs. In addition, under Argentine law, the Board of Directors may approve the delegation of specific responsibilities to designated directors or non-director managers of a company. Also, it is mandatory for public companies to form a supervisory committee (composed of syndics) which is responsible for monitoring legal compliance by a company under Argentine law and compliance with its by-laws. In addition, under Argentine Law, the Board of Directors must meet at least quarterly provided, however, that the Chairman or his substitute may call a meeting whenever it is deemed advisable or at the request of any Board member. |
| Section 303A.05(a) Listed companies shall have a "Compensation Committee" composed entirely of independent directors.<br>| Neither Argentine law nor our by-laws require the formation of a "Compensation Committee." Under Argentine law, if the compensation of the members of the Board of Directors and the supervisory committee is not established in the by-laws of a company, it should be determined at the shareholders meeting. |
| Section 303A.05(b). The "Compensation Committee" shall have a written charter addressing the committee's purpose and certain minimum responsibilities as set forth in Section 303A.05(b)(i) and (ii). | Neither Argentine law nor our by-laws require the formation of a "Compensation Committee."<br>|
| Section 303A.06 Listed companies must have an "Audit Committee" that satisfies the requirements of Rule 10 A-3 under the Exchange Act. Foreign private issuers must satisfy the requirements of Rule 10 A-3 under the Exchange Act as of July 31, 2005. | Pursuant to the CML and the CNV Rules, from May 27, 2004, we have appointed an "Audit Committee" composed of three of the members of the Board of Directors. Since December 21, 2005 all of its members are independent as per the criteria of Rule 10 A-3 under the Exchange Act. |
| Section 303A.07(a) The Audit Committee shall consist of at least three members. All of its members shall be financially literate or must acquire such financial knowledge within a reasonable period and at least one of its members shall have experience in accounting or financial administration.<br>| In accordance with Argentine law, a public Company must have an Audit Committee with a minimum of three members of the Board of Directors, the majority of which shall be independent pursuant to the criteria established by the CNV. Under CNV's rules, unless otherwise provided by the bylaws, the Audit Committee shall be appointed by the issuer's board of directors, by a simple majority of its members, from among the members of the body who possess expertise in business, financial, or accounting matters. The requirements for being an Audit Committee member under CNV's rules are not restricted to financial knowledge as outlined by Section 3030a.07(a). However, our Audit Committee has a financial expert. The committee creates its own written internal code that addresses among others: (i) its purpose; (ii) an annual performance evaluation of the committee; and (iii) its duties and responsibilities. |

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**H. Mine Safety Disclosures**

This section is not applicable.

**I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

This section is not applicable.

**J. Insider Trading Policies**

Our code of ethics contains insider trading policies and procedures governing the purchase, sale, and other dispositions of our securities by directors, senior management and other employees that are reasonably designed to promote compliance with applicable insider trading laws, rules, and regulations, and any listing standards applicable to us, such as periods of prohibition for the purchase or sale of equity securities or their options, and procedures to reduce the risk of insider trading. Our code of ethics is attached as Exhibit 11.1 to this Annual Report.

**K. Cybersecurity**

***Governance***

Cybersecurity is one of our strategic priorities. Our information security team defines the strategy, policies, practices, procedures, and organizational structure which we use to identify, analyze, evaluate, measure, mitigate, and monitor cybersecurity risks. We work together with various teams of our organization to conduct continuous analysis of potential failures, and vulnerabilities or risks that may affect our processes and assets.

We believe that information security and critical data governance are important to us. As a result, we have an information security management team led by our Information Security Manager, who has over 20 years of experience in the cybersecurity sector. He has deep knowledge in telecommunications, security awareness, access control, and technological risks. He has participated in information security training programs such as CISM (Certified Information Security Manager) and CISSP (Certified Information Systems Security Professional) and is responsible for evaluating and managing cybersecurity risks. Our information security management team is independent of our IT management and is integrated into our compliance management. This information security management has an individual annual budget, and a strategy which is based on two principles: (i) the continuous review and improvement of our information security model; and (ii) a cybersecurity framework based on the National Institute of Standards and Technology (NIST).

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This strategy allows us to identify, protect, detect, respond to, and recover our systems and data from potential threats, and it is under constant evaluation. This strategy also ensures the proper integration of security into business processes, minimizing risks and impacts that could materially affect us or our subsidiaries.

Within this corporate governance model, there are preventive controls and processes that allow us to supervise and monitor our corporate information security strategy and carry out investments and initiatives that enable us to achieve our business objectives.

***Cybersecurity***

In response to the evolving cyber threats, we have undertaken several projects to improve our security systems. During 2024 and 2025, we carried out actions that allowed us to enhance the maturity level of our control systems based on internationally recognized cybersecurity best practices. Additionally, we identified residual risks and deepened cybersecurity awareness among our employees. We updated our users' equipment fleet and centralized our patch management through world-class solutions that allow us to keep devices on their latest versions, covering the vulnerabilities published by manufacturers. These actions have enabled better incident management, increased protection against threats, and built an adequate cybersecurity environment for the organization.

In response to the evolution of cyber threats, we have external advisors with over 25 years of experience in the cybersecurity field who provide us with vulnerability assessment services, customized training, and protection recommendations against cyber threats. Additionally, we work with business partners who provide us with advanced tools for early threat detection, allowing us to identify potential cybersecurity risks.

Our main Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems have the levels of protection and contingency recovery that allow us to be prepared for the constant evolution of cyberattacks. During 2024 and 2025, we have carried out the following actions: (i) we conducted a risk analysis that allows us to identify residual risks to be treated or accepted; (ii) we deepened cybersecurity training for our employees with the aim of updating knowledge about threats, adding artificial intelligence as a new risk factor, and distributing tips and best practices to reduce the probability of incidents, minimize potential impact, and strengthen organizational resilience against increasingly sophisticated attacks; (iii) we updated technological equipment that allowed us to keep our hardware fleet on the manufacturers' latest versions, minimizing the threats published by them. These actions deepen our commitment to cybersecurity management, increase protection against threats, and build an adequate environment for the organization.

In recent years, the average number of cybersecurity incidents has increased significantly worldwide. Therefore, we focus on using advanced threat detection and blocking tools that allow us to prevent the most frequent cyberattacks, which are related to ransomware (hacking of virtual files), malware, spam, phishing, and executive impersonation (BEC—Business Email Compromise), among others.

Our Information Security Manager provides quarterly reports on cybersecurity to our Audit Committee, which assumes responsibility for the strategy and oversight of cybersecurity issues. This allows involving senior management, providing knowledge of the status of each action taken, and adjusting the strategy based on the needs and direction of the business.

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We have a cybersecurity incident response process to report to our Executive Committee, Audit Committee, and the SEC information about cybersecurity incidents that have had a significant impact on the Company. Our Information Security Manager is responsible for managing and resolving cybersecurity incidents that affect the Company. His main responsibilities include supervising the security detection and alert system, notifying relevant parties about detected incidents, conducting initial assessments of incidents, isolating compromised systems, coordinating recovery efforts with our IT management, investigating cybersecurity incidents, managing internal communication about incidents, and reviewing the effectiveness of implemented corrective and preventive measures.

We also have a Crisis Committee whose responsibilities include managing unforeseen situations that can negatively affect the Company's operations and assets, coordinating a quick and effective response to a cybersecurity crisis, managing internal and external communication during the crisis, making critical real-time decisions, constantly evaluating the impact of the situation, adjusting decisions, and ensuring compliance with applicable laws and regulations.

Also, our Compliance Manager is responsible for ensuring that the Company complies with all laws, regulations, and standards related to the management of cybersecurity incidents applicable to it, cooperating with regulatory entities, promoting the review and updating of policies and procedures, acting as a spokesperson for the Executive Committee, and keeping the Executive Committee and the Audit Committee informed about the status of the Company's regulatory and legal compliance.

Additionally, our legal management receives reports on cybersecurity incidents, cooperates in determining the materiality of such incidents, evaluates the severity and scope of such incidents from a legal perspective, reviews contracts with suppliers, evaluates the possibility of potential litigation, and provides legal guidance to the Executive Committee. Similarly, our fraud prevention management participates in the analysis of cybersecurity incidents to identify possible fraudulent activity, collects evidence for legal purposes, monitors suspicious transactions, and cooperates in reporting incidents.

Also, as part of our processes in contracts with suppliers, our company establishes specific contractual provisions to ensure that these partners comply with adequate data protection standards and security measures.

In 2024 and 2025, we have not recorded any significant Information Security events that have materially affected or are reasonably likely to materially affect us, our business strategy, results of operations, or financial condition. We are aware of the constant cybersecurity risks and continue to implement protective measures that allow us to minimize potential negative impacts on our business. However, these protective measures may be insufficient to fully protect against cybersecurity risks. For more information about these risks, see *"Item 3. Key Information — D. Risk Factors—Risks Relating to Our Business - Cybersecurity events could negatively affect our reputation, our financial condition and our results of operations."*

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**PART III**

**Item 17. Financial Statements**

We have responded to Item 18 in lieu of responding to this Item.

**Item 18. Financial Statements**

Reference is made to pages F-1 through F-83

Index to Financial Statements (see page F-1).

**Item 19. Exhibits**

**INDEX OF EXHIBITS**

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| [1.1](irsa_ex11.htm) | [Amended and restated "*Estatutos*" of the registrant, which serve as the registrant's articles of incorporation and bylaws, and an English translation thereof.](irsa_ex11.htm) |
| 2.1 <sup>(1)</sup> | Deposit Agreement among us, The Bank of New York Mellon, as Depositary, and the holders from time to time of Global Depositary Receipts issued there under. |
| [2.2 <sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495421006299/exhibit42v2.htm) | [Warrant Agent Agreement dated as of April 29, 2021, between IRSA Inversiones y Representaciones Sociedad Anónima, and Computershare, Inc. and Computershare Trust Company N.A., collectively as warrant agent.](http://www.sec.gov/Archives/edgar/data/933267/000165495421006299/exhibit42v2.htm) |
| [2.3 <sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495422014187/irsa_ex23.htm) | [Indenture between IRSA Inversiones y Representaciones Sociedad Anónima, as Issuer, The Bank of New York Mellon as Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent, and Banco Santander Argentina S.A. as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina, dated as of July 8, 2022, pursuant to which USD 171,202,815 of 8.750% Senior Notes due 2028 were issued.](http://www.sec.gov/Archives/edgar/data/933267/000165495422014187/irsa_ex23.htm) |
| [2.4 <sup>(21)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495423013174/irsa_ex24.htm) | [First Supplemental Indenture between IRSA Inversiones y Representaciones Sociedad Anónima, as Issuer, The Bank of New York Mellon, as Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent, and Banco Santander Argentina S.A. as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina, dated as of December 30, 2022.](http://www.sec.gov/Archives/edgar/data/933267/000165495423013174/irsa_ex24.htm) |
| [2.5](irsa_ex25.htm) | [Indenture between IRSA Inversiones y Representaciones Sociedad Anónima, as Issuer, The Bank of New York Mellon as Trustee, Co-Registrar, Paying Agent and Transfer Agent, and Banco Santander Argentina S.A. as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina, dated as of March 31, 2025, pursuant to which USD 300,000,000 of 8.000% Senior Notes due 2035 were issued.](irsa_ex25.htm) |
| 4.1 <sup>(2)</sup> | Agreement for the exchange of Corporate Service between us, IRSA and CRESUD dated June 30, 2004. |
| [4.2 <sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000119312507271886/dex42.htm) | [English translation of the Amendment to the Agreement for the exchange of Corporate Service between us, IRSA and CRESUD dated August 23, 2007.](http://www.sec.gov/Archives/edgar/data/933267/000119312507271886/dex42.htm) |
| [4.3 <sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000119312508261470/dex43.htm) | [English translation of the Second Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement, dated August 14, 2008.](http://www.sec.gov/Archives/edgar/data/933267/000119312508261470/dex43.htm) |
| [4.4 <sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000119312509261871/dex44.htm) | [English translation of the Third Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement, dated November 27, 2009.](http://www.sec.gov/Archives/edgar/data/933267/000119312509261871/dex44.htm) |
| [4.5 <sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000119312510291518/dex45.htm) | [English translation of the Amendment to the Agreement for the exchange of Corporate Service between us, IRSA and CRESUD, dated March 12, 2010.](http://www.sec.gov/Archives/edgar/data/933267/000119312510291518/dex45.htm) |

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| [4.6 <sup>(8)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000129281411003298/exhibit_46.htm) | [English translation of the Amendment to the Agreement for the exchange of Corporate Service between us, IRSA and CRESUD, dated July 11, 2011.](http://www.sec.gov/Archives/edgar/data/933267/000129281411003298/exhibit_46.htm) |
| [4.7 <sup>(9)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000093326712000042/exhibit47.htm) | [English translation of the Fifth Agreement for the implementation of Amendments to the Corporate Services Master Agreement, October 15, 2012.](http://www.sec.gov/Archives/edgar/data/933267/000093326712000042/exhibit47.htm) |
| [4.8 <sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000117184314005149/exh_48.htm) | [English translation of the Sixth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated November 12, 2013.](http://www.sec.gov/Archives/edgar/data/933267/000117184314005149/exh_48.htm) |
| [4.9 <sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000117184314005149/exh_49.htm) | [English translation of the Second Amendment to the exchange of Operating Services Agreement between the Company, CRESUD and Alto Palermo, dated February 24, 2014.](http://www.sec.gov/Archives/edgar/data/933267/000117184314005149/exh_49.htm) |
| [4.10 <sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000093326715000121/exhibit41.htm) | [English translation of the Seventh Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated February 18, 2015.](http://www.sec.gov/Archives/edgar/data/933267/000093326715000121/exhibit41.htm) |
| [4.11 <sup>(13)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495416003249/exhibit411.htm) | [English translation of the Eighth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated November 12, 2015.](http://www.sec.gov/Archives/edgar/data/933267/000165495416003249/exhibit411.htm) |
| [4.12 <sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495417009856/Exhibit4_12.htm) | [English translation of the Ninth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated May 5, 2017.](http://www.sec.gov/Archives/edgar/data/933267/000165495417009856/Exhibit4_12.htm) |
| [4.13 <sup>(15)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495418011798/exhibit413-englishtransla.htm) | [English translation of the Tenth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated June 29, 2018.](http://www.sec.gov/Archives/edgar/data/933267/000165495418011798/exhibit413-englishtransla.htm) |
| [4.14 <sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495419012196/exhibit414-amendmenttothe.htm) | [English translation of the Eleventh Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated June 28, 2019.](http://www.sec.gov/Archives/edgar/data/933267/000165495419012196/exhibit414-amendmenttothe.htm) |
| [4.15 <sup>(17)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495420012504/irsaexhibit415.htm) | [English translation of the Twelfth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between us, IRSA and CRESUD, dated June 30, 2020.](http://www.sec.gov/Archives/edgar/data/933267/000165495420012504/irsaexhibit415.htm) |
| [4.16 <sup>(19)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000156827621001788/irsa_ex416.htm) | [English translation of the Thirteenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between us, IRSA and CRESUD, dated June 30, 2021.](http://www.sec.gov/Archives/edgar/data/933267/000156827621001788/irsa_ex416.htm) |
| [4.17 <sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495422014187/irsa_ex417.htm) | [English translation of the Fourteenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between IRSA and CRESUD, dated July 12, 2022.](http://www.sec.gov/Archives/edgar/data/933267/000165495422014187/irsa_ex417.htm) |
| [4.18 <sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495423013174/irsa_ex418.htm) | [English translation of the Fifteenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between IRSA and CRESUD, dated July 14, 2023.](http://www.sec.gov/Archives/edgar/data/933267/000165495423013174/irsa_ex418.htm) |
| [4.19 <sup>(22)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495424013232/irsa_ex419.htm) | [English translation of the Sixteenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between IRSA and CRESUD, dated August 20, 2024.](http://www.sec.gov/Archives/edgar/data/933267/000165495424013232/irsa_ex419.htm) |
| [4.20](irsa_ex420.htm) | [English translation of the Seventeenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between IRSA and CRESUD, dated September 30, 2025.](irsa_ex420.htm) |
| [8.1](irsa_ex81.htm) | [List of Subsidiaries.](irsa_ex81.htm) |
| [11.1 <sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000119312505153713/d6k.htm) | [Code of Ethics of the Company.](http://www.sec.gov/Archives/edgar/data/933267/000119312505153713/d6k.htm) |
| [12.1](irsa_ex121.htm) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act 2002.](irsa_ex121.htm) |
| [12.2](irsa_ex122.htm) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act 2002.](irsa_ex122.htm) |
| [13.1](irsa_ex131.htm) | [Certification pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](irsa_ex131.htm) |
| [13.2](irsa_ex132.htm) | [Certification pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](irsa_ex132.htm) |
| [97<sup>(22)</sup>](http://www.sec.gov/Archives/edgar/data/933267/000165495424013232/irsa_ex97.htm) | [Incentive Compensation Clawback Policy.](http://www.sec.gov/Archives/edgar/data/933267/000165495424013232/irsa_ex97.htm) |
| [99.1](irsa_ex991.htm) | [Consent of independent appraiser Newmark.](irsa_ex991.htm) |
| [99.2](irsa_ex992.htm) | [Summary of investment properties by type as of June 30, 2025 (in accordance with Regulation S-X 12-28 (1)).](irsa_ex992.htm) |

---

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| 215 |
| *[**Table of Contents**](#toc)* |

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__________________

(1) Incorporated herein by reference to the same-numbered exhibit to the registrant's registration statement on Form 20-F (File N° 000-30982).

(2) Incorporated herein by reference to the registrant's registration statement on Form 6-K (SEC File N° 000-30982).

(3) Incorporated herein by reference to the registrant's registration statement on Form 6-K reported on August 1, 2005.

(4) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 128 0-30982) filed with the SEC on December 27, 2007.

(5) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 128 0-30982) filed with the SEC on December 30, 2008.

(6) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on December 30, 2009.

(7) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on December 30, 2010.

(8) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on December 28, 2011.

(9) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 26, 2012.

(10) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 31, 2014.

(11) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on November 17, 2015.

(12) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on November 17, 2015.

(13) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on November 1, 2016.

(14) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 31, 2017.

(15) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 31, 2018.

(16) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 31, 2019.

(17) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on November 16, 2020.

(18) Incorporated by reference to the registrant's registration statement on Form 8-A filed on May 26, 2021.

(19) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 20, 2021.

(20) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 26, 2022.

(21) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 20, 2023.

(22) Incorporated herein by reference to the Annual Report on Form 20-F (File N° 1280-30982) filed with the SEC on October 22, 2024.

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| *[**Table of Contents**](#toc)* |

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**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

---

| | | |
|:---|:---|:---|
|  | **IRSA Inversiones y Representaciones Sociedad Anónima** | **IRSA Inversiones y Representaciones Sociedad Anónima** |
| Date: October 24, 2025 | By: | /s/ Matías I. Gaivironsky |
|  |  | Name Matías I. Gaivironsky |
|  |  | Title Chief Financial and Administrative Officer |

---

---

| |
|:---|
| 217 |
| *[**Table of Contents**](#toc)* |

---

**<u>Index</u>**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#report) | F-1 |
| [Glossary](#Glossary) | F-4 |
| [Consolidated Statement of Financial Position](#bs) | F-5 |
| [Consolidated Statement of Income and Other Comprehensive Income](#so) | F-6 |
| [Consolidated Statement of Changes in Shareholders' Equity](#se) | F-7 |
| [Consolidated Statement of Cash Flows](#cf) | F-13 |
| [Notes to the Consolidated Financial Statements](#note) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 1 – The Group's business and general information](#note1) | F-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 2 – Summary of significant accounting policies](#note2) | F-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 3 – Significant judgments, key assumptions and estimates](#note3) | F-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 4 – Acquisitions and dispositions](#note4) | F-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 5 – Financial risk management and fair value estimates](#note5) | F-36 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 6 – Segment information](#note6) | F-41 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 7 – Information about the main subsidiaries](#note7) | F-44 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 8 – Investments in associates and joint ventures](#note8)  | F-46 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 9 – Investment properties](#note8) | F-49 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 10 – Property, plant and equipment](#note10) | F-53 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 11 – Trading properties](#note11) | F-53 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 12 – Intangible assets](#note12) | F-54 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 13 – Right-of-use assets and lease liabilities](#note13) | F-54 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 14 – Financial instruments by category](#note14) | F-55 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 15 – Trade and other receivables](#note15) | F-58 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 16 – Cash flow information](#note16) | F-59 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 17 – Shareholders' Equity](#note17) | F-61 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 18 – Trade and other payables](#note18)  | F-64 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 19 – Provisions](#note19) | F-65 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 20 – Borrowings](#note20) | F-66 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 21 – Taxes](#note21) | F-68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 22 – Leases](#note22)  | F-72 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 23 – Revenues](#note23)  | F-72 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 24 – Expenses by nature](#note24)  | F-73 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 25 – Costs](#note25)  | F-74 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 26 – Other operating results, net](#note26) | F-74 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 27 – Financial results, net](#note27) | F-74 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 28 – Earnings per share](#note28)  | F-75 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 29 – Employee benefits and share-based payments](#note29) | F-75 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 30 – Related party transactions](#note30) | F-76 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 31 – CNV General Resolution N° 622](#note31) | F-81 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 32 – Foreign currency assets and liabilities](#note32) | F-81 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 33 – Other relevant events of the year](#note33) | F-82 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Note 34 – Subsequent Events](#note34) | F-82 |

---

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of

IRSA Inversiones y Representaciones Sociedad Anónima

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated statement of financial position of IRSA Inversiones y Representaciones Sociedad Anónima and its subsidiaries (the "Company") as of June 30, 2025 and 2024, and the related consolidated statements of income and other comprehensive income, changes in shareholders' equity and cash flows for each of the three years in the period ended June 30, 2025, including the related notes and the summary of investment properties by type as of June 30, 2025 listed in the index appearing under Item 19 (Exhibit No 99.2) (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of June 30, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2025 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

---

| |
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| F-1 |
| *[**Table of Contents**](#INDEX)* |

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***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Level 3 Investment Properties Valued Using Discounted Cash Flows*

As described in Note 9 to the consolidated financial statements, the Company used a discounted cash flow model to value its Level 3 investment properties, which account for approximately 61% of the Company's AR$2,344,667 million in investment properties at June 30, 2025. These properties are valued using assumptions that management believes a hypothetical market participant would use to determine a current transaction price. The significant assumptions used by management to value these investment properties included determining Weighted Average Cost of Capital ("WACC") discount rates and macroeconomic variables such as inflation, exchange rates and gross domestic product. These valuation techniques require management to make estimates and judgments regarding the future behavior of multiple interrelated variables and changes in these assumptions could have a significant impact on the determination of the fair value of these properties.

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| F-2 |
| *[**Table of Contents**](#INDEX)* |

---

The principal consideration for our determination that performing procedures relating to the Level 3 investment properties valued using a discounted cash flows method is a critical audit matter is the significant judgment by management to determine the fair value of these properties due to the use of a valuation model that included significant assumptions related to the determination WACC discount rates and macroeconomic variables such as inflation, exchange rates and gross domestic product; this in turn led to a high degree of auditor subjectivity and judgment to evaluate the audit evidence obtained related to the valuation, and this audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of Level 3 investment properties valued using a discounted cash flows method, including controls over the Company's methods, significant assumptions used and data. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in developing an independent range of values for all significant assumptions and comparison of management's estimate to the independently developed ranges. Developing the independent estimate involved testing the completeness and accuracy of data provided by management and evaluating management's assumptions related to future behavior of certain macroeconomic variables, such as inflation, exchange rates and gross domestic product, and independently developing the WACC discount rate assumption.

/s/ PRICE WATERHOUSE & Co. S.R.L

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>(Partner)</u>

/s/ Carlos Martín Barbafina

Buenos Aires, Argentina

October 23, 2025

We have served as the Company's auditor since 1992.

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| F-3 |
| *[**Table of Contents**](#INDEX)* |

---

**<u>Glossary</u>**

The following are not technical definitions but help the reader to understand certain terms used in the wording of the notes to the Group's Consolidated Financial Statements.

---

| | |
|:---|:---|
| **Terms** | **Definitions** |
| ARCOS | Arcos del Gourmet S.A. |
| BACS | Banco de Crédito y Securitización S.A. |
| BCRA | Central Bank of the Argentine Republic |
| BHSA | Banco Hipotecario S.A. |
| BYMA | Buenos Aires Stock Exchange |
| CNV | Securities National Commission |
| CODM | Chief Operating Decision Maker |
| Condor | Condor Hospitality Trust Inc. |
| CPF | Collective Promotion Funds |
| CPI | Consumer Price Index |
| Cresud | Cresud S.A.C.I.F. y A. |
| DFL | Dolphin Fund Ltd. |
| DN B.V. | Dolphin Netherlands B.V. |
| ECLASA | E-Commerce Latina S.A. |
| EHSA | Entertainment Holdings S.A.  |
| FACPCE | Argentine Federation of Accountant |
| Fibesa | Fibesa S.A.U. |
| GCBA | Autonomous City of Buenos Aires Government |
| GCDI | GCDI S.A. (former TGLT S.A.) |
| CPCCN | Civil and Commercial Procedural Code of Argentina |
| IAS | International Accounting Standards |
| IASB | International Accounting Interpretations Board |
| IDBD | IDB Development Corporation Ltd. |
| IFRS | International Financial Reporting Standards |
| IRSA CP | IRSA Propiedades Comerciales S.A. |
| IRSA, "The Company", "Us", "We" | IRSA Inversiones y Representaciones Sociedad Anónima |
| MEP | Electronic Payment Market |
| NCN | Non-Convertible Notes |
| New Lipstick | New Lipstick LLC |
| NIS | New Israeli Shekel |
| PAMSA | Panamerican Mall S.A. |
| Puerto Retiro | Puerto Retiro S.A. |
| Quality | Quality Invest S.A. |
| Tandanor | Tandanor S.A.C.I.y N. |
| U.P. | Port use |
| USA | United States of America |

---

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|:---|
| F-4 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Consolidated Statement of Financial Position**

**as of June 30, 2025 and 2024**

(All amounts in millions of Argentine Pesos, except otherwise indicated)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **06.30.2025** | **06.30.2024** |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Investment properties  | 9 | 2344667 | 2373986 |
| Property, plant and equipment  | 10 | 54091 | 50969 |
| Trading properties  | 1125 | 124720 | 27233 |
| Intangible assets  | 12 | 18129 | 90053 |
| Right-of-use assets | 13 | 11885 | 14886 |
| Investments in associates and joint ventures | 8 | 178204 | 180372 |
| Deferred income tax assets | 21 | 6920 | 8498 |
| Income tax credit  |  | 58 | 15 |
| Trade and other receivables  | 1415 | 32996 | 47677 |
| Investments in financial assets  | 14 | 27563 | 14210 |
| Derivative financial instruments  | 14 | - | 78 |
| **Total non-current assets**  |  | **2799233** | **2807977** |
| **Current assets** |  |  |  |
| Trading properties  | 1125 | 35695 | 573 |
| Inventories  | 25 | 1221 | 1506 |
| Income tax credit  |  | 351 | 1500 |
| Trade and other receivables  | 1415 | 129984 | 106235 |
| Investments in financial assets  | 14 | 218765 | 168228 |
| Cash and cash equivalents  | 14 | 176820 | 39452 |
| **Total current assets**  |  | **562836** | **317494** |
| **TOTAL ASSETS**  |  | **3362069** | **3125471** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Shareholders' equity attributable to equity holders of the parent (according to corresponding statement) |  | 1577804 | 1503846 |
| Non-controlling interest  |  | 94163 | 102883 |
| **TOTAL SHAREHOLDERS' EQUITY**  |  | **1671967** | **1606729** |
| **LIABILITIES** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Borrowings  | 1420 | 509792 | 258414 |
| Lease liabilities | 13 | 3268 | 12627 |
| Deferred income tax liabilities  | 21 | 744972 | 781535 |
| Trade and other payables  | 1418 | 60944 | 53422 |
| Provisions  | 19 | 32171 | 29305 |
| Salaries and social security liabilities  |  | 124 | 154 |
| **Total non-current liabilities**  |  | **1351271** | **1135457** |
| **Current liabilities** |  |  |  |
| Borrowings  | 1420 | 137336 | 252915 |
| Lease liabilities | 13 | 5154 | 2638 |
| Trade and other payables  | 1418 | 120893 | 101340 |
| Income tax liabilities  |  | 55629 | 9336 |
| Provisions  | 19 | 5186 | 5136 |
| Derivative financial instruments  | 14 | 49 | 6 |
| Salaries and social security liabilities  |  | 14584 | 11914 |
| **Total current liabilities**  |  | **338831** | **383285** |
| **TOTAL LIABILITIES**  |  | **1690102** | **1518742** |
| **TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES**  |  | **3362069** | **3125471** |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

---

| |
|:---|
| F-5 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Consolidated Statement of Income and Other Comprehensive Income**

**for the fiscal years ended June 30, 2025, 2024 and 2023**

(All amounts in millions of Argentine Pesos, except otherwise indicated)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Revenues | 23 | 468526 | 458059 | 462486 |
| Costs  | 2425 | (183736) | (152304) | (159559) |
| **Gross profit** |  | **284790** | **305755** | **302927** |
| Net loss from fair value adjustment of investment properties | 9 | (2500) | (488794) | (254567) |
| General and administrative expenses  | 24 | (68639) | (71149) | (100070) |
| Selling expenses  | 24 | (23982) | (24200) | (23365) |
| Other operating results, net  | 26 | (17054) | (6648) | (37271) |
| **Profit / (loss) from operations** |  | **172615** | **(285036)** | **(112346)** |
| Share of profit of associates and joint ventures | 8 | 27924 | 47454 | 13580 |
| **Profit / (loss) before financial results and income tax** |  | **200539** | **(237582)** | **(98766)** |
| Finance income  | 27 | 6439 | 47250 | 4272 |
| Finance costs  | 27 | (45351) | (68380) | (71876) |
| Other financial results  | 27 | 68329 | 147418 | 73888 |
| Inflation adjustment | 27 | 11342 | (434) | 74193 |
| **Financial results, net**  |  | **40759** | **125854** | **80477** |
| **Profit / (loss) before income tax** |  | **241298** | **(111728)** | **(18289)** |
| Income tax expense  | 21 | (45180) | 64601 | 334192 |
| **Profit / (loss) for the year** |  | **196118** | **(47127)** | **315903** |
| **Other comprehensive loss:** |  |  |  |  |
| ***Items that may be reclassified subsequently to profit or loss:***  |  |  |  |  |
| Currency translation adjustment and other comprehensive loss from subsidiaries and associates (i) |  | (802) | (5319) | (5282) |
| Revaluation deficit |  | - | - | (1377) |
| **Total other comprehensive loss for the year** |  | **(802)** | **(5319)** | **(6659)** |
| **Total comprehensive income / (loss) for the year** |  | **195316** | **(52446)** | **309244** |
| **Profit / (loss) for the year attributable to:** |  |  |  |  |
| Equity holders of the parent  |  | 195182 | (40607) | 312051 |
| Non-controlling interest  |  | 936 | (6520) | 3852 |
| **Total comprehensive profit / (loss) attributable to:** |  |  |  |  |
| Equity holders of the parent  |  | 194577 | (45649) | 305275 |
| Non-controlling interest  |  | 739 | (6797) | 3969 |
| **Profit / (loss) per share attributable to equity holders of the parent: (ii)** |  |  |  |  |
| Basic  |  | 261.29 | (54.73) | 417.18 |
| Diluted  |  | 238.90 | (54.73)(iii) | 380.55 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

(i) The components of other comprehensive loss do not generate an impact on income tax.

(ii) See note 28 to these Consolidated Financial Statements.

(iii) Given that the result for the year showed losses, there is no diluted effect of such result.

---

| |
|:---|
| F-6 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Consolidated Statement of Changes in Shareholders' Equity**

**for the fiscal years ended June 30, 2025, 2024 and 2023**

(All amounts in millions of Argentine Pesos, except otherwise indicated)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | | |
|  | **Share capital** | **Share capital** | | | | | | | | | | | |
|  | **Outstanding shares** | **Treasury shares (v)** | **Inflation adjustment** **of share capital and treasury shares (i)** |<br>**Warrants (ii)** |<br>**Share premium** |<br>**Additional paid-in capital from treasury shares** |<br>**Legal** **reserve** |<br>**Special reserve Resolution CNV 609/12** |<br>**Other reserves (vi)** |<br>**Retained earnings** |<br>**Subtotal** |<br>**Non-controlling interest** |<br>**Total Shareholders' equity** |
| **Balance as of June 30, 2024** | **7181** | **234** | **457810** | **30813** | **666967** | **(14368)** | **66837** | **258583** | **10549** | **19240** | **1503846** | **102883** | **1606729** |
| Net profit for the year |  |  |  |  |  |  |  |  |  | 195182 | 195182 | 936 | 196118 |
| Other comprehensive loss for the year | - | - | - | - | - | - | - | - | (605) | - | (605) | (197) | (802) |
| **Total comprehensive (loss) / income for the year** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **(605)** | **195182** | **194577** | **739** | **195316** |
| Assignment of results according to Shareholders´ Meeting |  |  |  |  |  |  |  |  | (24231) | 24231 |  |  |  |
| Repurchase of treasury shares (iii) | (115) | 115 |  |  |  |  |  |  | (19503) |  | (19503) |  | (19503) |
| Warrants exercise (ii) | 210 |  | 21 | (5988) | 13130 |  |  |  |  |  | 7373 |  | 7373 |
| Capitalization of irrevocable contributions |  |  |  |  |  |  |  |  |  |  |  | 235 | 235 |
| Dividend distribution (iv) |  |  |  |  |  |  |  |  | (108970) |  | (108970) | (9354) | (118324) |
| Distribution of treasury shares (iv) | 257 | (257) |  |  |  | (49718) |  |  | 49718 |  |  |  |  |
| Reserve for share-based payments |  |  |  |  |  | 64 |  |  | (64) |  |  |  |  |
| Changes in non-controlling interest | - | - | - | - | - | - | - | - | 481 | - | 481 | (340) | 141 |
| **Balance as of June 30, 2025** | **7533** | **92** | **457831** | **24825** | **680097** | **(64022)** | **66837** | **258583** | **(92625)** | **238653** | **1577804** | **94163** | **1671967** |

---

(i) Includes ARS 92 of Inflation adjustment of treasury shares. See Note 17 to these Consolidated Financial Statements.

(ii) As of June 30, 2025, the remaining warrants to exercise amount to 60,964,074. See Notes 17 and 33 to these Consolidated Financial Statements.

(iii) Related to the Shares Buyback Program approved by the Board of Directors on July 11, 2024. As of June 30, 2025 the Company has repurchased 11,541,885 shares. See Note 17 and 33 to these Consolidated Financial Statements.

(iv) See Note 17 to these Consolidated Financial Statements.

(v) On June 27, 2025, the Company transferred 9,041,479 treasury shares to a trust with the purpose of allocating them to a new long-term incentive plan for certain employees.

(vi) Group's other reserves for the year ended June 30, 2025 were as follows:

---

| |
|:---|
| F-7 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares** | **Reserve for future dividends** | **Currency translation adjustment reserve** | **Special reserve** | **Other reserves (1)** | **Total Other reserves** |
| **Balance as of June 30, 2024** | **(37483)** | **101716** | **(4064)** | **80970** | **(130590)** | **10549** |
| Other comprehensive loss for the year | - | - | (605) | - | - | (605) |
| **Total comprehensive loss for the year** | **-** | **-** | **(605)** | **-** | **-** | **(605)** |
| Assignment of results according to Shareholders´ Meeting |  |  |  | (24231) |  | (24231) |
| Repurchase of treasury shares  | (19503) |  |  |  |  | (19503) |
| Dividend distribution |  | (54485) |  | (54485) |  | (108970) |
| Distribution of treasury shares | 49718 |  |  |  |  | 49718 |
| Reserve for share-based payments | 87 |  |  |  | (151) | (64) |
| Reallocation of reserves |  | (47231) |  | 47231 |  |  |
| Changes in non-controlling interest | - | - | - | - | 481 | 481 |
| **Balance as of June 30, 2025** | **(7181)** | **-** | **(4669)** | **49485** | **(130260)** | **(92625)** |

---

(1) Includes revaluation surplus.

The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.

The accompanying notes are an integral part of these Consolidated Financial Statements.

---

| |
|:---|
| F-8 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Consolidated Statement of Changes in Shareholders' Equity**

**for the fiscal years ended June 30, 2025, 2024 and 2023**

(All amounts in millions of Argentine Pesos, except otherwise indicated)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | | |
|  | **Share capital** | **Share capital** | **Share capital** | | | | | | | | | | | |
|  | **Outstanding shares** | **Shares to issue** | **Treasury shares** | **Inflation adjustment** **of share capital and treasury shares (i)** | **Warrants** |<br>**Share premium** |<br>**Additional paid-in capital from treasury shares** |<br>**Legal** **reserve** |<br>**Special reserve Resolution CNV 609/12** |<br>**Other reserves (ii)** |<br>**Retained earnings** |<br>**Subtotal** | <br><br>**Non-controlling interest** | <br><br>**Total Shareholders' equity** |
| **Balance as of June 30, 2023** | **799** | **6553** | **12** | **457778** | **32458** | **663130** | **2600** | **51983** | **258583** | **60942** | **355528** | **1890366** | **115670** | **2006036** |
| Net loss for the year |  |  |  |  |  |  |  |  |  |  | (40607) | (40607) | (6520) | (47127) |
| Other comprehensive loss for the year | - | - | - | - | - | - | - | - | - | (5042) | - | (5042) | (277) | (5319) |
| **Total comprehensive loss for the year** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **(5042)** | **(40607)** | **(45649)** | **(6797)** | **(52446)** |
| Assignment of results according to Shareholders´ Meeting |  |  |  |  |  |  |  | 14854 |  | 55175 | (70029) |  |  |  |
| Repurchase of treasury shares | (297) |  | 297 |  |  |  |  |  |  | (37240) |  | (37240) |  | (37240) |
| Warrants exercise | 51 |  |  | 32 | (1645) | 3837 |  |  |  |  |  | 2275 |  | 2275 |
| Issuance of shares | 6678 | (6553) | (125) |  |  |  | (16834) |  |  | 16834 |  |  |  |  |
| Capitalization of irrevocable contributions |  |  |  |  |  |  |  |  |  |  |  |  | 134 | 134 |
| Dividend distribution |  |  |  |  |  |  |  |  |  | (80191) | (227042) | (307233) | (6187) | (313420) |
| Reserve for share-based payments | 1 |  | (1) |  |  |  | (134) |  |  | 134 |  |  |  |  |
| Changes in non-controlling interest |  |  |  |  |  |  |  |  |  | (63) |  | (63) | 63 |  |
| Incorporation of treasury shares | (51) |  | 51 |  |  |  |  |  |  |  |  |  |  |  |
| Changes in non-controlling interest | - | - | - | - | - | - | - | - | - | - | 1390 | 1390 | - | 1390 |
| **Balance as of June 30, 2024** | **7181** | **-** | **234** | **457810** | **30813** | **666967** | **(14368)** | **66837** | **258583** | **10549** | **19240** | **1503846** | **102883** | **1606729** |

---

(i) Includes ARS 47 of Inflation adjustment of treasury shares. See Note 17 to these Consolidated Financial Statements.

(ii) Group's other reserves for the year ended June 30, 2024 were as follows:

---

| |
|:---|
| F-9 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares** | **Reserve for future dividends** | **Currency translation adjustment reserve** | **Special reserve** | **Other reserves (1)** | **Total Other reserves** |
| **Balance as of June 30, 2023** | **(17214)** | **46541** | **978** | **161161** | **(130524)** | **60942** |
| Other comprehensive loss for the year | - | - | (5042) | - | - | (5042) |
| **Total comprehensive loss for the year** | **-** | **-** | **(5042)** | **-** | **-** | **(5042)** |
| Assignment of results according to Shareholders´ Meeting |  | 55175 |  |  |  | 55175 |
| Repurchase of treasury shares  | (37240) |  |  |  |  | (37240) |
| Issuance of shares | 16834 |  |  |  |  | 16834 |
| Dividend distribution |  |  |  | (80191) |  | (80191) |
| Reserve for share-based payments | 137 |  |  |  | (3) | 134 |
| Changes in non-controlling interest | - | - | - | - | (63) | (63) |
| **Balance as of June 30, 2024** | **(37483)** | **101716** | **(4064)** | **80970** | **(130590)** | **10549** |

---

(1) Includes revaluation surplus.

The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.

The accompanying notes are an integral part of these Consolidated Financial Statements.

---

| |
|:---|
| F-10 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Consolidated Statement of Changes in Shareholders' Equity**

**for the fiscal years ended June 30, 2025, 2024 and 2023**

(All amounts in millions of Argentine Pesos, except otherwise indicated)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | | |
|  | **Share capital** | **Share capital** | **Share capital** | | | | | | | | | | | |
|  | **Outstanding shares** | **Shares to issue** | **Treasury shares** | **Inflation adjustment** **of share capital and treasury shares (i)** | **Warrants** |<br>**Share premium** |<br>**Additional paid-in capital from treasury shares** |<br>**Legal** **reserve** |<br>**Special reserve Resolution CNV 609/12** |<br>**Other reserves (ii)** |<br>**Retained earnings** |<br>**Subtotal** | <br><br>**Non-controlling interest** | <br><br>**Total Shareholders' equity** |
| **Balance as of June 30, 2022** | **805** | **-** | **6** | **391161** | **32557** | **736046** | **2714** | **34806** | **258583** | **(69810)** | **387011** | **1773879** | **121437** | **1895316** |
| Net profit for the year |  |  |  |  |  |  |  |  |  |  | 312051 | 312051 | 3852 | 315903 |
| Other comprehensive (loss) / income for the year | - | - | - | - | - | - | - | - | - | (6776) | - | (6776) | 117 | (6659) |
| **Total comprehensive (loss) / income for the year** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **(6776)** | **312051** | **305275** | **3969** | **309244** |
| Assignment of results according to Shareholders´ Meeting |  |  |  |  |  |  |  | 17177 |  | 286628 | (303805) |  |  |  |
| Repurchase of treasury shares | (6) |  | 6 |  |  |  |  |  |  | (9033) |  | (9033) |  | (9033) |
| Warrants exercise |  |  |  |  | (99) | 254 |  |  |  |  |  | 155 |  | 155 |
| Issuance of shares |  | 6553 |  | 66617 |  | (73170) |  |  |  |  |  |  |  |  |
| Capitalization of irrevocable contributions |  |  |  |  |  |  |  |  |  |  |  |  | 10 | 10 |
| Dividend distribution |  |  |  |  |  |  |  |  |  | (140416) | (39729) | (180145) | (9989) | (190134) |
| Reserve for share-based payments |  |  |  |  |  |  | (114) |  |  | 114 |  |  |  |  |
| Other changes in equity |  |  |  |  |  |  |  |  |  | 751 |  | 751 | 26 | 777 |
| Changes in non-controlling interest | - | - | - | - | - | - | - | - | - | (516) | - | (516) | 217 | (299) |
| **Balance as of June 30, 2023** | **799** | **6553** | **12** | **457778** | **32458** | **663130** | **2600** | **51983** | **258583** | **60942** | **355528** | **1890366** | **115670** | **2006036** |

---

(i) Includes ARS 36 of Inflation adjustment of treasury shares. See Note 17 to these Consolidated Financial Statements.

(ii) Group's other reserves for the year ended June 30, 2023 were as follows:

---

| |
|:---|
| F-11 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares** | **Reserve for future dividends** | **Currency translation adjustment reserve** | **Special reserve** | **Other reserves (1)** | **Total Other reserves** |
| **Balance as of June 30, 2022** | **(8305)** | **46541** | **5626** | **14949** | **(128621)** | **(69810)** |
| Other comprehensive loss for the year | - | - | (5399) | - | (1377) | (6776) |
| **Total comprehensive loss for the year** | **-** | **-** | **(5399)** | **-** | **(1377)** | **(6776)** |
| Assignment of results according to Shareholders´ Meeting |  |  |  | 286628 |  | 286628 |
| Repurchase of treasury shares  | (9033) |  |  |  |  | (9033) |
| Dividend distribution |  |  |  | (140416) |  | (140416) |
| Reserve for share-based payments | 124 |  |  |  | (10) | 114 |
| Other changes in equity |  |  | 751 |  |  | 751 |
| Changes in non-controlling interest | - | - | - | - | (516) | (516) |
| **Balance as of June 30, 2023** | **(17214)** | **46541** | **978** | **161161** | **(130524)** | **60942** |

---

(1) Includes revaluation surplus.

The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.

The accompanying notes are an integral part of these Consolidated Financial Statements.

---

| |
|:---|
| F-12 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Consolidated Statement of Cash Flows**

**for the fiscal years ended June 30, 2025, 2024 and 2023**

(All amounts in millions of Argentine Pesos, except otherwise indicated)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| **Operating activities:** |  |  |  |  |
| Net cash generated from operating activities before income tax paid | 16 | 266123 | 155107 | 204025 |
| Income tax paid |  | (5404) | (10798) | (14990) |
| **Net cash generated from operating activities** |  | **260719** | **144309** | **189035** |
| **Investing activities:** |  |  |  |  |
| Contributions and issuance of capital in associates and joint ventures |  | (35) |  | (123) |
| Acquisition and improvements of investment properties |  | (39301) | (17955) | (30582) |
| Contributions and issuance of capital in associates and joint ventures pending of subscription |  |  |  | (234) |
| Proceeds from sales of investment properties |  | 7759 | 64743 | 117292 |
| Acquisitions and improvements of property, plant and equipment |  | (7944) | (4640) | (4107) |
| Proceeds from sales of property, plant and equipment |  | 11 | 14 | 12571 |
| Acquisitions of intangible assets |  | (1823) | (1018) | (740) |
| Dividends collected from associates and joint ventures |  | 3620 | 15748 | 1652 |
| Proceeds from sales of interest held in associates and joint ventures |  | 6503 | 33155 |  |
| Proceeds from loans granted |  |  |  | 10 |
| (Payment) / proceeds from derivative financial instruments |  | (218) | 1996 | 119 |
| Acquisitions of investments in financial assets |  | (346373) | (530923) | (187708) |
| Proceeds from disposal of investments in financial assets |  | 268546 | 537926 | 226997 |
| Interest received from financial assets |  | 25815 | 14702 | 1819 |
| Proceeds from loans granted to related parties |  | 1169 | 2628 |  |
| Increase of loans granted to related parties |  | - | (311) | - |
| **Net cash (used in) / generated from investing activities** |  | **(82271)** | **116065** | **136966** |
| **Financing activities:** |  |  |  |  |
| Borrowings, issuance and new placement of non-convertible notes |  | 373323 | 157478 | 199217 |
| Payment of borrowings and non-convertible notes |  | (122268) | (142298) | (348175) |
| (Payments) / obtaining of short term loans, net |  | (13297) | 53852 | (7470) |
| Interests paid |  | (46660) | (85502) | (67841) |
| Repurchase of non-convertible notes |  | (60149) | (1601) | (19400) |
| Capital contributions from non-controlling interest in subsidiaries |  | 235 | 134 | 10 |
| Loans received from associates and joint ventures, net |  | 65 |  |  |
| Payment of borrowings to related parties |  |  |  | (155) |
| Dividends paid |  | (80646) | (212502) | (167227) |
| Warrants exercise |  | 7373 | 2275 | 155 |
| Payment of lease liabilities |  | (2958) | (802) | (295) |
| Repurchase of treasury shares |  | (19503) | (37240) | (9033) |
| **Net cash generated from / (used in) financing activities** |  | **35515** | **(266206)** | **(420214)** |
| **Net increase / (decrease) in cash and cash equivalents** |  | **213963** | **(5832)** | **(94213)** |
| Cash and cash equivalents at the beginning of the year | 14 | 39452 | 45246 | 142669 |
| Inflation adjustment of cash and cash equivalents |  | (91066) | (15158) | (6190) |
| Foreign exchange gain on cash and cash equivalents and unrealized fair value result for cash equivalents |  | 14471 | 15196 | 2980 |
| **Cash and cash equivalents at end of the year** | 14 | **176820** | **39452** | **45246** |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

---

| |
|:---|
| F-13 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Notes to Consolidated Financial Statements**

(Amounts in millions of Argentine Pesos, except otherwise indicated)

**1. The Group's business and general information**

IRSA was founded in 1943, and it has engaged in diverse real estate activities in Argentina since 1991. IRSA and its subsidiaries are collectively referred to hereinafter as "the Group". Cresud is our direct parent company, whose main shareholders are Inversiones Financieras del Sur S.A., Agroinvestment S.A. and Consultores Venture Capital Uruguay S.A., whose final beneficiary is Eduardo Sergio Elsztain.

These Consolidated Financial Statements have been approved for issuance by the Board of Directors on October 23, 2025.

As of the end of these Consolidated Financial Statements, the Group owns 16 shopping malls, 5 office buildings, 3 hotels and an extensive land reserve for future mixed-use developments. Additionally, the Group holds a 29.12% interest in Banco Hipotecario S.A. (BHSA) (see note 7), which is a leading commercial bank in the provision of mortgaged loans in Argentina. BHSA's shares are listed on the BYMA.

The Group operates and holds a majority interest (with the exception of La Ribera Shopping Center, of which it has a 50% ownership interest) in a portfolio of 15 shopping malls in Argentina, six of which are located in the Autonomous City of Buenos Aires (Abasto Shopping, Paseo Alcorta Shopping, Alto Palermo, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), three in Buenos Aires Province (Alto Avellaneda, Soleil Premium Outlet and Terrazas de Mayo) and the rest are situated in different provinces (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera in the City of Córdoba, Alto Comahue in the City of Neuquén and La Ribera Shopping in the City of Santa Fe). The Group also owns the historic building where the Patio Olmos Shopping Mall is located, operated by a third party.

Likewise, the Group manages a portfolio of five office buildings and has majority stakes in three luxury hotels including the Libertador and Intercontinental hotels in the Autonomous City of Buenos Aires and the exclusive Llao Llao resort, in the city of San Carlos de Bariloche, in southern Argentina. Additionally, the Group participates in the development of residential properties for sale, as well as in other investments.

**Economic context in which the Group operated** 

The Group carried out its activities mainly in Argentina, in an economic environment characterized by significant fluctuations in key macroeconomic variables. The most relevant aspects are summarized below:

---

| |
|:---|
| Economic Activity: In the second half of 2024, the Argentine economy showed a recovery after the contraction of the first half, with a year-on-year growth of 6.6% in the Monthly Economic Activity Estimator (EMAE). In the first half of 2025, the performance was mixed, with some sectors continuing to expand while others slowed down or halted their growth pace. |
| Inflation: Between July 1, 2024, and June 30, 2025, accumulated inflation, measured by the Consumer Price Index (CPI), reached 39.4%. In the last months of the first half of 2025, the inflation rate showed a downward trend in a context of exchange rate regime flexibility. According to the Market Expectations Survey (REM), annual inflation projected for December 2025 is estimated at 27.3%. |
| Exchange Rate: Over the same period and following the signing of a new agreement with the International Monetary Fund (IMF) in April 2025, the previous scheme of gradual monthly exchange rate adjustments (crawling peg) of 1% was replaced by a managed float within bands. The Argentine peso depreciated against the US dollar, moving from an exchange rate of ARS 912 per dollar at the beginning of the fiscal year to ARS 1,205 per dollar at year-end. |
| Fiscal Surplus: In the first half of 2025, the national public sector recorded a fiscal surplus equivalent to 0.4% of GDP, associated with the adjustment measures implemented during 2024 to balance public accounts, reduce monetary financing needs, and contain inflation. |

---

---

| |
|:---|
| F-14 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Between the second half of 2024 and the first half of 2025, the Government maintained fiscal surplus as the cornerstone of its economic policy, complemented by deregulation measures, structural reforms, and changes in the tax and trade system. The main measures included:

---

| |
|:---|
| In the second half of 2024, Congress enacted the "Law of Bases and Starting Points for the Freedom of Argentinians," which granted legislative powers to the Executive Branch in key areas until the end of 2025 and introduced an incentive regime for large investments (RIGI). |
| In tax and agribusiness matters, export duties were eliminated for dairy, pork, and certain beef cuts, while rates were reduced for cattle, poultry, wheat, and barley. In parallel, inflation showed a downward trend, and a fiscal surplus was achieved during the year. |
| In the first half of 2025, an agreement was signed with the International Monetary Fund for USD 20 billion, which allowed the flexibilization of the exchange rate regime and the adoption of a band system between ARS 1,000 and ARS 1,400 per dollar for the official exchange rate. |
| In the agricultural sector, a temporary reduction of export duties on grains was implemented to encourage exports, and live cattle exports were reauthorized. Additionally, beef export duties were reduced from 9% to 6.75%. In July 2025, this reduction became permanent and was extended to meat, grains, and oilseeds, with the commitment to maintain it during the current administration. |

---

The Company's Board of Directors continuously monitors the evolution of variables affecting its business in order to define its course of action and identify potential impacts on its financial position and results. The Group's Consolidated Financial Statements should be read in light of these circumstances.

**2. Summary of significant accounting policies** 

**2.1. Basis of preparation of the Consolidated Financial Statement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Basis of preparation**

The CNV, through General Resolutions No. 562/09 and 576/10, has established the application of Technical Resolutions No. 26 and 29 of the FACPCE, which adopt the IFRS Accounting Standards issued by the IASB, for entities included in the public offering regime, either by their capital or their negotiable obligations, or those that have requested authorization to be included in the aforementioned regime.

The application of these standards is mandatory for the Company, starting from the fiscal year beginning on July 1, 2012.

These Consolidated Financial Statements have been prepared in accordance with Technical Resolution No. 26 "Professional Accounting Standards: Adoption of the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB)." The Consolidated Financial Statements have been prepared in accordance with the accounting policies based on the IFRS Accounting Standards as issued by IASB and the CNV rules applicable as of June 30, 2025.

Additionally, some additional matters required by the General Companies Law and/or CNV regulations were included, among them, the supplementary information provided in the last paragraph of article 1, chapter III, title IV, of CNV General Resolution No. 622/13. This information is included in notes to these Consolidated Financial Statements, as permitted by IFRS Accounting Standards.

IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting fiscal year, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements.

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| |
|:---|
| F-15 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. Accumulated inflation in Argentina in the last three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018.

In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the CNV ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these Consolidated Financial Statements have been reported in terms of the measuring unit current as of June 30, 2025 according to IAS 29.

Pursuant to IAS 29, the Financial Statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the date of the Financial Statements. All the amounts included in the Consolidated Statement of Financial Position which are not stated in terms of the measuring unit current as of the date of the Financial Statements should be restated applying the general price index. All items in the Consolidated Statement of Income and Other Comprehensive Income should be stated in terms of the measuring unit current as of the date of the Financial Statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the Financial Statements.

Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC).

The principal inflation adjustment procedures are the following:

- Monetary assets and liabilities that are already recorded at the measuring unit of the balance sheet closing date are not restated because they are already stated in terms of the measuring unit current as of the date of the financial statements.

- Non-monetary assets, and liabilities recorded at cost as of the balance sheet date and equity component are restated by applying the relevant adjustment coefficients.

- All items in the Consolidated Statement of Income and Other Comprehensive Income are restated applying the relevant conversion factors.

- The effect of inflation on the Group's net monetary position is included in the Consolidated Statement of Income and Other Comprehensive Income under Financial results, net, in the item "Inflation adjustment".

- Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs.

Upon initially applying inflation adjustment, the equity accounts were restated as follows:

- Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. The resulting amount was included in the "Inflation adjustment of share capital and treasury shares adjustment" account.

- The currency translation was restated in real terms.

- Other comprehensive income / (loss) was restated as from each accounting allocation.

- The other reserves were restated from the initial application.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The inflation index to be used in accordance with the FACPCE Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price Index (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Since January 2017, the National Consumer Price Index (National CPI) will be considered. The table below shows the evolution of these indexes in the last two fiscal years and as of June 30, 2025 according to official statistics (INDEC) following the guidelines described in Resolution 539/18.

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| | | | | |
|:---|:---|:---|:---|:---|
| <u>Annual price variation</u> | <u>June 30, 2023</u> | <u>June 30, 2024</u> | <u>June 30, 2025</u> | <u>Cumulative as of June 30, 2025 (3 years)</u> |
|  | 116% | 272% | 39% | 1,017% |

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As a consequence of the aforementioned, these Consolidated Financial Statements as of June 30, 2025 were restated in accordance with IAS 29.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Current and non-current classification**

The statement of financial position presents a distinction between current and non-current assets and liabilities, based on the entity's operating cycle and the rights existing as of the reporting date. Assets and liabilities are classified as current when they are expected to be realized, settled, or when the entity has the right to do so within twelve months after the reporting period end.

For liabilities, classification is determined by whether, at the reporting date, the entity has an unconditional right to defer settlement for at least twelve months. Classification is not affected by management's expectations or events occurring after the reporting date.

All other assets and liabilities are classified as non-current. Current and deferred income tax assets and liabilities are presented separately from each other and from other assets and liabilities, classified as current and non-current, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Presentation currency**

The Consolidated Financial Statements are presented in millions of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to "Peso amounts" or "ARS", are millions of Argentine Pesos, references to "USD" or "US Dollars" are millions of US Dollars and references to "NIS" are millions of New Israeli Shekel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Fiscal year-end** 

The fiscal year begins on July 1st and ends on June 30 of each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Accounting criteria**

See Notes 2.2 to 2.25 with the accounting policies of each item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Reporting cash flows** 

The Group reports operating activities cash flows using the indirect method. Interest paid is presented within financing activities. Interest received on financing related to operating activities is presented within operating activities whereas the rest is presented within investing activities. The acquisitions and disposals of investment properties are disclosed within investing activities as this most appropriately reflects the Group's business activities. Cash flows in respect to trading properties are disclosed within operating activities because these items are sold in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Use of estimates**

The preparation of Financial Statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group's accounting policies and the major estimations and significant judgments are described in Note 3.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**2.2. New accounting standards and amendments**

The standards and amendments that may potentially have an impact on the Group at the time of application are outlined below.

<u>Standards and amendments adopted by the Group</u>

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| | | |
|:---|:---|:---|
| **Standards and amendment** | **Description** | **Date of mandatory adoption for the Group in the year ended on** |
| Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants – Amendments to IAS 1 | Amendments made to IAS 1 Presentation of Financial Statements in 2020 and 2022 clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity's expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). Covenants of loan arrangements will not affect classification of a liability as current or non-current at the reporting date if the entity must only comply with the covenants after the reporting date. However, if the entity must comply with a covenant either before or at the reporting date, this will affect the classification as current or non-current even if the covenant is only tested for compliance after the reporting date. <br>The amendments must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Special transitional rules apply if an entity had early adopted the 2020 amendments regarding the classification of liabilities as current or non-current. | 06-30-2025 |
| Lease Liability in a Sale and Leaseback – Amendments to IFRS 16  | In September 2022, the IASB finalised narrow-scope amendments to the requirements for sale and leaseback transactions in IFRS 16 *Leases* which explain how an entity accounts for a sale and leaseback after the date of the transaction. <br>The amendments specify that, in measuring the lease liability subsequent to the sale and leaseback, the seller-lessee determines 'lease payments' and 'revised lease payments' in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use that it retains. This could particularly impact sale and leaseback transactions where the lease payments include variable payments that do not depend on an index or a rate.  | 06-30-2025 |
| Supplier finance arrangements amendments – amendments to IAS 7 and IFRS 7 | The amendments were prepared to respond to requests from investors regarding the need to have more information regarding financing agreements with suppliers, in order to be able to evaluate how these agreements affect liabilities, cash flows and the liquidity risk of an entity. New disclosures must be included in the financial statements, such as the terms and conditions of said agreements, as well as the recorded values of the liabilities, and ranges of payment due dates applicable to the liabilities that are under the Payment Agreement scheme. financing with suppliers, as well as for comparable commercial accounts that are not part of such agreements. | 06-30-2025 |

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The adoption of these amendments has not had a material impact on the Group.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Standards and amendments not yet adopted by the Group:

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| | | |
|:---|:---|:---|
| **Standards and amendment** | **Description** | **Date of mandatory adoption for the Group in the year ended on** |
| Amendments to IAS 21 - Lack of Exchangeability <br>| In August 2023, the IASB amended IAS 21 to add requirements to help entities to determine whether a currency is exchangeable into another currency, and the spot exchange rate to use when it is not. Prior to these amendments, IAS 21 set out the exchange rate to use when exchangeability is temporarily lacking, but not what to do when lack of exchangeability is not temporary. | Annual periods beginning on or after 1st January 2025. Early application is allowed, although it has not been approved by the CNV as of the date of issuance of these Consolidated Financial Statements. |
| Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 | On 30 May 2024, the IASB issued targeted amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments:<br>(a) clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;<br>(b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;<br>(c) add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and<br>(d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The amendments in (b) are most relevant to financial institutions, but the amendments in (a), (c) and (d) are relevant to all entities. | Annual periods beginning on or after 1st January 2026. Early application is allowed, although it has not been approved by the CNV as of the date of issuance of these Consolidated Financial Statements.<br>|
| IFRS 18 Presentation and Disclosure in Financial Statements <br>| This is the new standard on presentation and disclosure in financial statements, which replaces IAS 1, with a focus on updates to the statement of profit or loss.<br>The key new concepts introduced in IFRS 18 relate to:<br>• the structure of the statement of profit or loss with defined subtotals;<br>• requirement to determine the most useful structure summary for presenting expenses in the statement of profit or loss<br>• required disclosures in a single note within the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and<br>• enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general | Annual periods beginning on or after 1st January 2027. Early application is allowed, although it has not been approved by the CNV as of the date of issuance of these Consolidated Financial Statements.<br>|
| IFRS 19 Subsidiaries without Public Accountability: Disclosures <br>| This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements; and it applies instead the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries.<br>A subsidiary is eligible if:<br>• it does not have public accountability; and<br>• it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards. | Annual periods beginning on or after 1st January 2027. Early application is allowed, although it has not been approved by the CNV as of the date of issuance of these Consolidated Financial Statements.<br>|

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Management is evaluating the impact that these new standards and amendments will have on the Group.

At the date of issuance of these Consolidated Financial Statements, there are no other standards or amendments issued by the IASB that are not yet effective and are expected to have a significant effect on the Group.

**2.3. Scope of consolidation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Subsidiaries**

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity but does have capacity to define its relevant activities because of de-facto control.

The Group uses the acquisition method of accounting for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest's proportionate share of the acquirer's net assets.

The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the Consolidated Statement of Income and Other Comprehensive Income as "Bargain purchase gains".

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The Group conducts its business through several operating and investment companies, the main ones are listed below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **% of ownership interest held by the Group** | **% of ownership interest held by the Group** | **% of ownership interest held by the Group** |
| **Name of the entity** | **Country** | **Main activity** | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| **IRSA's direct interest:** |  |  |  |  |  |
| ECLASA | Argentina | Investment | 100.00% | 100.00% | 100.00% |
| Hoteles Argentinos S.A.U. | Argentina | Hotel | 100.00% | 100.00% | 100.00% |
| Inversora Bolívar S.A. | Argentina | Investment | 100.00% | 100.00% | 100.00% |
| Llao Llao Resorts S.A. (1)  | Argentina | Hotel | 50.00% | 50.00% | 50.00% |
| Nuevas Fronteras S.A. | Argentina | Hotel | 76.34% | 76.34% | 76.34% |
| Palermo Invest S.A. | Argentina | Investment | 100.00% | 100.00% | 100.00% |
| Ritelco S.A.U. | Argentina | Investment | 100.00% | 100.00% | 100.00% |
| Tyrus S.A. | Uruguay | Investment | 100.00% | 100.00% | 100.00% |
| U.T. IRSA y Galerias Pacifico (1) (2) | Argentina | Investment | - | - | 50.00% |
| Arcos del Gourmet S.A. | Argentina | Real estate | 90.00% | 90.00% | 90.00% |
| Emprendimiento Recoleta S.A. (in liquidation) | Argentina | Real estate | 53.68% | 53.68% | 53.68% |
| Fibesa S.A.U. | Argentina | Real estate | 100.00% | 100.00% | 100.00% |
| Panamerican Mall S.A. | Argentina | Real estate | 80.00% | 80.00% | 80.00% |
| Shopping Neuquén S.A. | Argentina | Real estate | 99.95% | 99.95% | 99.95% |
| Torodur S.A. | Uruguay | Investment | 100.00% | 100.00% | 100.00% |
| EHSA | Argentina | Investment | 70.00% | 70.00% | 70.00% |
| Centro de Entretenimiento La Plata (4) | Argentina | Real estate | - | 100.00% | 100.00% |
| We are appa S.A. | Argentina | Design and software development | 93.63% | 98.67% | 98.67% |
| Shefa Fiduciaria S.A.U. | Argentina | Trustee company | 100.00% | 100.00% | - |
| Fideicomiso Shefa V.C. | Argentina | Investment | 100.00% | 100.00% | - |
| **Tyrus S.A.'s direct interest:** |  |  |  |  |  |
| DFL and DN BV | Bermuda's / Netherlands | Investment | 99.65% | 99.63% | 99.59% |
| Shefa Holding LLC | USA | Investment | 100.00% | 100.00% | - |
| IRSA International LLC | USA | Investment | 100.00% | 100.00% | 100.00% |
| Liveck Ltd. (3) | British Virgin Islands | Investment | 100.00% | 100.00% | 100.00% |
| Real Estate Strategies LLC | USA | Investment | 100.00% | 100.00% | 100.00% |
| **DFL's and DN BV's direct interest:** |  |  |  |  |  |
| Dolphin IL Investment Ltd. | Israel | Investment | 100.00% | 100.00% | 100.00% |

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(1) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers its majority of votes in the decision-making process.

(2) Liquidated in September 2023.

(3) Includes Tyrus' and IRSA's equity interests.

(4) Merged into IRSA as of July 1, 2024.

Except for the aforementioned items, the percentage of votes does not differ from the stake.

The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. In quantitative terms, the Group considers significant investments as those that individually represent at least 20% of the total equity attributable to non-controlling interest in subsidiaries at each year-end. Therefore, in qualitative terms, the Group considers, among other factors, the specific risks to which each company is exposed, their returns and the importance that each of them has for the Group.

Summarized financial information on subsidiaries with material non-controlling interests and other information are included in Note 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Changes in ownership interests in subsidiaries without change of control**

Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – i.e., as transactions with the owners in their capacity as owners. The recorded value corresponds to the difference between the fair value of the consideration paid and/or received and the relevant share acquired and/or transferred of the carrying value of the net assets of the subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Disposal of subsidiaries with loss of control**

When the Group ceases to have control any retained interest in the entity is re-measured at its fair value at the date when control is lost, with changes in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**(d) Associates and joint arrangements**

Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and less than 50% of the voting rights. Joint arrangements are arrangements of which the Group and other party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures.

Investments in associates and joint ventures are accounted for under the equity method of accounting, pursuant to which interests in joint ventures are initially recognized in the Consolidated Statement of Financial Position at cost and adjusted thereafter to recognize the Group's share of post-acquisition profits or losses and other comprehensive income in the Consolidated Statement of Income and Other Comprehensive Income. The Group's investment in associates includes goodwill identified on acquisition.

As of each year-end or upon the existence of evidence of impairment, a determination is made as to whether there is any objective indication of impairment in the value of the investments in associates or joint ventures. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associates or joint venture and its carrying value and recognizes the amount adjacent to "Share of profit / (loss) of associates and joint ventures" in the Consolidated Statement of Income and Other Comprehensive Income.

Profits and losses resulting from transactions between the Group and the associate or joint venture are recognized in the Group's Consolidated Financial Statements only to the extent of the interests in the associates or joint ventures of the unrelated investor. Unrealized losses are eliminated unless the transaction reflects signs of impairment of the value of the asset transferred. The accounting policies of associates or joint ventures are modified to ensure uniformity within Group policies.

The Group takes into account quantitative and qualitative aspects to determine which investments in associates or joint ventures are considered significant.

Note 8 includes summary financial information and other information of the Group's associates.

**2.4. Segment information**

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker ("CODM"), responsible for allocating resources and assessing performance. The operating segments are described in Note 6.

**2.5. Foreign currency translation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Functional and presentation currency**

Items included in the Financial Statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The Consolidated Financial Statements are presented in Argentine Pesos, which is the Group's presentation currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Transactions and balances in foreign currency**

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the profit or loss for the year.

Foreign exchange gains and losses are presented in the Consolidated Statement of Income and Other Comprehensive Income within other financial income, as appropriate, unless they have been capitalized.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**(c) Group companies**

The results and financial position of all the Group entities that have a functional currency different from the presentation currency (none of which has the currency of a hyperinflationary economy) are translated into the presentation currency as follows:

(i) assets, liabilities and goodwill for each Statement of Financial Position presented are translated at the closing rate at the date of that financial position;

(ii) income and expenses for each Statement of Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and

(iii) all resulting exchange differences are recognized in the Consolidated Statement of Income and Other Comprehensive Income.

The accounting policy of the Group consists in accounting for the translation difference of its subsidiaries by the "step-by-step" method according to IAS 21.

**2.6. Investment properties**

Investment properties are those properties owned by the Group that are held either to earn long-term rental income or for capital appreciation, or both, and that are not occupied by the Group for its own operations. Investment property also includes property that is being constructed or developed for future use as investment property. The Group also classifies as investment properties land whose future use has not been determined yet. The Group's investment properties primarily comprise the Group's portfolio of shopping malls and offices, certain property under development and undeveloped land.

Additionally, the Group reflects the value of economically "buildable potentials" in those properties that meet the following requirements: a) have buildable potential that is legally viable based on the application of approved Planning Codes and / or specific Ordinances. and b) have a commercial viability either due to their realization market or their constructive feasibility (see Note 9). If due to regulatory or legal regulations and commercial and/or economic aspects, the buildable potential can only be made by the Group and it has not been built yet, the asset value is not recognized.

When a property is partially owner-occupied, with the rest being held for rental income or capital appreciation, the Group accounts for the portions separately. The portion that is owner-occupied is accounted for as property, plant and equipment under IAS 16 "Property, Plant and Equipment" and the portion that is held for rental income or capital appreciation, or both, is treated as investment properties under IAS 40 "Investment Properties".

Investment properties are measured initially at cost. Cost comprises the purchase price and directly attributable expenditures, such as legal fees, certain direct taxes, commissions and in the case of properties under construction, the capitalization of financial costs.

For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and property is in condition to start operating.

Direct expenses related to lease contract negotiation (such as payment to third parties for services rendered and certain specific taxes related to execution of such contracts) are capitalized as part of the book value of the relevant investment properties and amortized over the term of the lease.

Borrowing costs associated with properties under development or undergoing major refurbishment are capitalized. The finance cost capitalized is calculated using the Group's weighted average cost of borrowings after adjusting for borrowings associated with specific developments. Where borrowings are associated with specific developments, the amount capitalized is the gross interest incurred on those borrowings less any investment income arising on their temporary investment. Finance cost is capitalized from the commencement of the development work until the date of practical completion. Capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Finance cost is also capitalized on the purchase cost of land or property acquired specifically for redevelopment but only where activities necessary to prepare the asset for redevelopment are in progress.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

After initial recognition, investment property is carried at fair value. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value. Investment properties under construction are measured at fair value if the fair value is considered to be reliably determinable. On the other hand, properties under construction for which the fair value cannot be determined reliably, but for which the Group expects it to be determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed, whichever is earlier.

Fair values are determined differently depending on the type of property being measured.

Generally, the fair value of office buildings and land reserves is based on comparable active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset, among others (Level 2).

The fair value of the Group's portfolio of Shopping Malls is based on discounted cash flow projections. This method of valuation is commonly used in the shopping mall industry in the region where the Group conducts its operations (Level 3).

As required by CNV 576/10 Resolution, valuations are performed as of the financial position date by accredited external appraisers who have recognized professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the Consolidated Financial Statements. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

Subsequent expenditures are capitalized to the asset's carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized.

Changes in fair values are recognized in the Consolidated Statement of Income and Other Comprehensive Income under the line item "Net (loss) / gain from fair value adjustment of investment properties".

Asset transfers, including assets classified as investments properties which are reclassified under other items or vice-versa, may only be carried out when there is a change of use evidenced by: a) commencement of occupation of real property by the Group, where investment property is transferred to property, plant and equipment; b) commencement of development activities for sale purposes or the Group's intention for its commercialization is modified, where investment property is transferred to property for sale; c) the end of Group occupation, where it is transferred from property, plant and equipment to investment properties or to investment property, depending on the purpose the Group decides to assign to it; or d) commencement of an operating lease transaction with a third party, where properties for sale are transferred to investment property. The transfer of investment properties to other items is carried out at the fair value of the asset on the date of change of use and said fair value is the cost of the property for the purposes of subsequent accounting according to the applicable standard. If an owner-occupied property is converted to investment property, the Group values the property at the corresponding carrying amount prior to transfer and classifies it as investment property at fair value on the date of change of use. The Group will treat any difference, as of that date, between the determined carrying amount of the property and the fair value, in the same way in which it would record a revaluation applying IAS 16. A transfer from inventories to Investment properties, will be accounted for by recognizing the result between its previous book value and its fair value and any difference between the fair value of the property at that date and its previous carrying amount will be recognized in the result of the fiscal year.

The Group may sell its investment property when it considers that such property no longer forms part of the lease business. The carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the Consolidated Statement of Income and Other Comprehensive Income in the line "Net (loss) / gain from fair value adjustment of investment properties".

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Investment properties are derecognized when they are disposed of, bartered or when they are permanently withdrawn from use and no future economic benefits are expected to arise from their disposals. The disposal or barter of properties is recognized when the significant risks and rewards have been transferred to the buyer. As for unconditional agreements, proceeds are accounted for when title to property passes to the buyer and the buyer intends to make the respective payment. In the context of conditional agreements, disposals are recognized only after the conditions to which the agreements are subject have been satisfied. Where consideration receivable for the sale of the properties is deferred, it is discounted to present value. The difference between the discounted amount and the amount receivable is treated as interest income and recognized over the period using the effective interest method. Direct expenses related to the sale are recognized in the line "Other operating results, net" in the Consolidated Statement of Income and Other Comprehensive Income at the time they are incurred.

**2.7. Property, plant and equipment**

This category primarily comprises buildings or portions of a building used for administrative purposes, machines, computers, and other equipment, motor vehicles, furniture, fixtures and fittings, as well as improvements to real estate, among others.

The Group also has some hotel properties. Based on the respective contractual arrangements with hotel managers and / or given their directly operated nature, the Group considers it retains significant exposure to the variations in the cash flows of the hotel operations, and accordingly, hotels are treated as owner-occupied properties and classified under "Property, plant and equipment".

All property, plant and equipment ("PPE") is stated at acquisition cost less accumulated depreciation and impairment, if any. The acquisition cost includes expenditures which are directly attributable to the acquisition of the items. For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and the property is in conditions to start operating.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Such costs may include the cost of improvements and replacement of parts as they meet the conditions to be capitalized. The carrying amount of those parts that are replaced is derecognized. Repairs and maintenance are recognized as incurred in the Consolidated Statement of Income and Other Comprehensive Income. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets' estimated useful lives.

The remaining useful life as of June 30, 2025 is as follows:

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| Buildings and facilities | Between 5 and 50 years |
| Machinery and equipment | Between 3 and 21 years |
| Others | Between 3 and 10 years |

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As of each fiscal year-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each fiscal year-end, the residual useful life of assets is estimated and adjusted, if necessary. The book amount of an asset is reduced to its recoverable value if the book value is greater than its estimated recoverable value.

Gains from the sale of these assets are recognized when control is transferred to the buyer. This will normally take place on unconditional exchange, generally when legal title passes to the buyer and it is probable that the buyer will pay. For conditional exchanges, sales are recognized when these conditions are satisfied. Gains and losses on disposals are determined by comparing the proceeds net of direct expenses related to such sales, with the carrying amount as of the date of each transaction. Gains and losses from the disposal of property, plant and equipment items are recognized within "Other operating results, net" in the Consolidated Statement of Income and Other Comprehensive Income.

When assets of property, plant and equipment are transferred to investment property, the difference between the value at cost transferred and the fair value of the investment property is allocated to a reserve within equity.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**2.8. Leases**

Leases are recorded pursuant to IFRS 16. The Group recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of a lease in accordance with the standard.

A Group company is the lessor:

Properties leased out to tenants under operating leases are included in "Investment Properties" in the Consolidated Statement of Financial Position. See Note 2.21 for the recognition of rental income.

A Group company is the lessee:

The Group acquires certain specific assets (especially machinery, computer equipment and real estate operating concessions) under leases pursuant to IFRS 16. Assets so acquired are recorded as an asset at the present value of the minimum future lease payments (the rate used by the Group is between 8.00% and 12.82%). Capitalized lease assets are depreciated over the shorter of the estimated useful life of the assets and the lease term. The finance charges are charged over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Leases falling within the IFRS 16 exemption, where the Group acts as lessee are charged to results at the time they accrue. They mainly include contracts for less than one year and/or for non-material items.

**2.9. Intangible assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Goodwill**

Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill is initially measured as the difference between the fair value of the consideration transferred, plus the amount of non-controlling interest in the acquisition and, in business combinations achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquisition; and the net fair value of the identifiable assets and liabilities assumed on the acquisition date.

Goodwill is not amortized but tested for impairment at each fiscal year-end, or more frequently if there is an indication of impairment.

For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, referred to as cash-generating units ("CGU"). In order to determine whether any impairment loss should be recognized, the book value of CGU or CGU groups is compared against its recoverable value. Net book value of CGU and CGU groups include goodwill and assets with limited useful life (such as, investment properties, property, plant and equipment, intangible assets and working capital).

If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognized for goodwill are not reversed in a subsequent period.

The recoverable amount of a CGU is the higher of the fair value less costs-to-sell and the value-in-use. The fair value is the amount at which a CGU may be sold in a current transaction between unrelated, willing and duly informed parties. Value-in-use is the present value of all estimated future cash flows expected to be derived from CGU or CGU groups.

Goodwill is assigned to the Group's cash generating units on the basis of operating segments. The recoverable amount of a cash generating unit is determined based on fair value calculations. These calculations use the price of the CGU assets and they are compared with the book values plus the goodwill assigned to each cash generating unit.

No material impairment was recorded as a result of the analysis performed.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**(b) Computer software**

Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: (i) it is technically feasible to complete the software product so that it will be available for use; (ii) management intends to complete the software product and use or sell it; (iii) there is an ability to use or sell the software product; (iv) it can be demonstrated how the software product will generate probable future economic benefits; (v) adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and (vi) the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalized as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.

Other development expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.

Computer software development costs recognized as assets are amortized over their estimated useful lives, which does not exceed 3 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Right to receive future units under barter agreements**

The Group also enters into barter transactions where it normally exchanges undeveloped parcels of land or other assets with third-party developers for future property to be constructed on the bartered land. The Group generally receives monetary assets as part of the transactions and/or a right to receive future units to be constructed by developers. Upon receipt, such units will be classified according to the intended use of the asset. When the Group's intention is to sell the rights without waiting for the delivery of the units, these rights are recognized as trading properties.

Such rights are initially recognized at cost (which is the fair value of the land assigned as of the transaction date) and are not adjusted later, unless there is any sign of impairment.

At each year-end, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any of such signs exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. For intangible assets with indefinite useful lives, the Group annually reviews the existence of an impairment, or more frequently if signs of impairment are identified.

**2.10. Trading properties**

Trading properties comprise those properties either intended for sale or in the process of construction for subsequent sale. Trading properties are measured at cost, limited to their recoverable amount. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the trading properties to their present location and condition.

**2.11. Inventories**

Inventories include assets held for sale in the ordinary course of the Group's business activities, assets in production or construction process for sale purposes, and materials, supplies or other assets held for consumption in the process of producing sales and/or services.

Inventories are measured at the lower of cost or net realizable value.

Net realizable value is the estimated selling price in the ordinary course of business less selling expenses. It is determined on an ongoing basis, taking into account the product type and aging, based on the accumulated prior experience with the useful life of the product. The Group periodically reviews the inventory and its aging and books an allowance for impairment, as necessary.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The cost of consumable supplies, materials and other assets is determined using the weighted average cost method and the cost of the remaining inventories is priced under the first in, first out (FIFO) method.

Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Inventories and materials are initially recorded at their cash purchase price, any further discrepancies are being accounted for as finance costs.

**2.12. Financial instruments**

The Group classifies financial assets in the following categories: those to be measured subsequently at fair value, and those to be measured at amortized cost. This classification depends on whether the financial asset is an equity investment or a debt investment.

**Debt investments**

A debt investment is classified at amortized cost only if both of the following criteria are met: (i) the objective of the Group's business model is to hold the asset to collect the contractual cash flows; and (ii) the contractual terms give rise on specified dates to cash flows solely from payments of principal and interest due on the principal outstanding. The nature of any derivatives embedded in the debt investment are considered in determining whether the cash derives solely from payment of principal and interest due on the principal outstanding and are not accounted for separately.

If either of the two criteria mentioned in the previous paragraph is not met, the debt instrument is classified as an asset at fair value through profit or loss. The Group has not designated any debt investment as measured at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch. Changes in fair values and gains from disposal of financial assets at fair value through profit or loss are recorded within "Financial results, net" in the Consolidated Statement of Income and Other Comprehensive Income.

**Equity investments**

All equity investments, which are neither subsidiaries nor associate companies nor joint ventures of the Group, are measured at fair value. Equity investments that are held for trading are measured at fair value through profit or loss. For all other equity investments, the Group can make an irrevocable election at initial recognition to recognize changes in fair value through other comprehensive income rather than profit or loss. The Group decided to recognize changes in fair value of equity investments through changes in profit or loss.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the Consolidated Statement of Income and Other Comprehensive Income.

In general, the Group uses the transaction price to ascertain the fair value of a financial instrument on initial recognition. In the other cases, the Group records a gain or loss on initial recognition only if the fair value of the financial instrument can be supported by other comparable transactions observable in the market for the same type of instrument or if based on a technical valuation that only inputs observable market data. Unrecognized gains or losses on initial recognition of a financial asset are recognized later on, only to the extent they arise from a change in factors (including time) that market participants would consider upon setting the price.

Gains/losses on debt instruments measured at amortized cost and not identified for hedging purposes are charged to income where the financial assets are derecognized or an impairment loss is recognized, and during the amortization process under the effective interest method. The Group is required to reclassify all affected debt investments when and only when its business model for managing those assets changes.

The Group assesses at the end of each reporting period the expected losses for impairment of a financial asset or group of financial assets measured at amortized cost. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) can be reliably estimated. The amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Financial assets and liabilities are offset, and the net amount reported in the statement of financial position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

**2.13. Derivative financial instruments and hedging activities and options**

Derivative financial instruments are initially recognized at fair value.

The Group manages exposures to various risks using hedging instruments that provide coverage. The Group does not use derivative financial instruments for speculative purposes. To date, the Group has used put and call options, foreign currency future and forward contracts and interest rate swaps, as appropriate.

The fair values of financial instruments that are traded in active markets are computed by reference to market prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting year.

**2.14. Trade and other receivables**

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

An allowance for doubtful accounts is recorded based on the expected loss of the receivables portfolio.

For significant non-homogeneous receivables, the Group generally measures impairment based on an individual analysis. When they are evaluated individually, the Group recognizes the provision for impairment as the difference between the book value of the receivable and the present value of future cash flows, taking into account the existing guarantees, if applicable. This allowance for doubtful accounts considers the financial situation of the debtor, their resources, the payment history and, if applicable, the value of the guarantees provided.

For non-significant homogeneous receivables, the Group assesses the impairment by grouping these receivables based on characteristics of similar risks, considering the type of asset, the delinquency condition and other relevant factors. The Group considers different factors to calculate the amount of the allowance for impairment, which, in its opinion, represents the expected losses over the life of the receivables. When determining the allowance for doubtful accounts, the Group considers, among other factors: (i) the delinquency of the receivables, (ii) the history of losses and the general behavior of the clients, (iii) the trends in volumes and terms of the receivables, (iv) the Group's experience in credit management, (v) national and local economic trends, (vi) credit concentrations by individual size and type of credit, and (vii) the effect of other external factors.

The present value is calculated as the difference between the carrying amount of the asset and the present value of the expected future cash flows to be collected, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of a separate account, and the amount of the loss is recognized in the Consolidated Statement of Income and Other Comprehensive Income within "Selling expenses". Subsequent recoveries of amounts previously written off are credited against "Selling expenses" in the Consolidated Statement of Income and Other Comprehensive Income.

**2.15. Trade and other payables**

Trade and other payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method.

**2.16. Borrowings**

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized as finance cost over the period of the borrowings using the effective interest method.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**2.17. Provisions**

Provisions are recognized when: (i) the Group has a present (legal or constructive) obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are not recognized for future operating losses.

The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel´s experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material adverse effect on its results of operations and financial condition or liquidity.

Provisions are measured at the present value of the cash flows expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized in the Consolidated Statement of Income and Other Comprehensive Income.

**2.18. Employee benefits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Defined contribution plans**

The Group operates a defined contribution plan, which is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current year or prior periods. The contributions are recognized as employee benefit expenses in the Consolidated Statement of Income and Other Comprehensive Income in the fiscal year they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Termination benefits**

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or as a result of an offer made to encourage voluntary termination as a result of redundancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Bonus plans**

The Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company's shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Share-based payments**

The fair value of share-based payments is measured at the date of grant. The Group measures the fair value using the valuation technique that it considers to be the most appropriate to value each class of award. Methods used may include Black-Scholes calculations or other models as appropriate. The valuations take into account factors such as non-transferability, exercise restrictions and behavioral considerations.

The fair value of the share-based payment is expensed and charged to income under the straight-line method over the vesting period, during which the right to the equity instrument becomes irreversible. This valuation is determined based on the most accurate estimate available for the expected quantity of equity instruments likely to vest. If subsequent information becomes available, indicating a variance from the initial estimates in terms of the number of equity instruments expected to vest, these estimates are subject to revision.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**2.19. Current income tax and deferred income tax**

Tax expense for the year comprises the charge for tax currently payable and deferred income. Income tax is recognized in the Consolidated Statement of Income and Other Comprehensive Income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Current income tax expense is calculated on the basis of the tax laws enacted or substantially enacted at the date of the Statements of Financial Position in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is recognized, using the deferred tax method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Statements of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

The Group is able to control the timing of dividends from its subsidiaries and hence does not expect taxable profit. Hence, deferred tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the Statements of Financial Position, dividends have been accrued as receivable, a binding agreement to distribute past earnings in future has been entered into by the subsidiary, or there are sale plans in the foreseeable future.

**2.20. Cash and cash equivalents**

Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less and that they are subject to a negligible risk of change in value. Bank overdrafts are not included.

**2.21. Revenue recognition**

The group identifies contracts with customers and evaluates the goods and services committed therein to determine performance obligations and their classification between performance obligations that are satisfied at a given time or over time.

Revenue from satisfaction of performance obligations at a given time is recognized when the client obtains control of the committed asset or service considering whether there is a right to collection, if the client has the physical possession, if the client has the legal right and if they have transferred the risks and benefits.

In accordance with IFRS 15, the Group recognizes revenues over time from the sales of real estate developments in which there is no alternative use for the asset and the Group has the right to demand payment of the contract. When these conditions are not met, the income is recognized at the time of delivery or deed, depending on the case, when the risk transfers are completed, the collection is reasonably assured and there is a price already determined.

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Revenue from satisfaction of performance obligations over time for real estate developments is recognized by measuring progress towards compliance with the obligation when it can be measured reliably. For this measurement, the Group uses the input method, that is, the effort consumed by the entity and determines the percentage of progress based on the estimate of the total development costs.

The Group's revenue is recognized at the probable value of the consideration to which it will be entitled in exchange for transferring the products or services to the customer which is not expected to suffer significant changes.

· Rental and services - Shopping malls portfolio

Revenues derived from business activities developed in the Group's shopping malls mainly include rental income under operating leases, admission rights, commissions and revenue from several complementary services provided to the Group's lessees.

The Group has determined that, in all operating leases, the lease term for accounting purposes matches the term of the contract. The Group concluded that, even though a lease is cancellable under the terms of the Argentine Civil and Commercial Code section 1221, tenants would incur significant "economic penalties" if the leases are terminated prior to expiry. The Group considered that these economic penalties are of such amount that continuation of the lease contracts by tenants appears to be reasonably certain at the inception of the respective agreements. The Group reached this conclusion based on factors such as: (i) the strategic geographical location and accessibility to customers of the Group's investment properties; (ii) the nature and tenure of tenants (mostly well-known local and international retail chains); (iii) limited availability of identical revenue-producing space in the areas where the Group's investment properties are located; (iv) the tenants' brand image and other competitive considerations; (v) tenants' significant expenses incurred in renovation, maintenance and improvements on the leased space to fit their own image; (vi) the majority of the Group's tenants only have stores in shopping malls with a few or none street stores.

Lessees of rental space located within shopping malls are generally required to pay the higher of: (i) a base monthly rent (the "Base Rent") and (ii) a specific percentage of gross monthly sales recorded by the Lessee (the "Contingent Rent"), which generally ranges between 2% and 12% of the lessees' gross sales. In addition, in accordance with the standard terms of the typical commercial lease, the Base Rent is adjusted by the Consumer Price Index (CPI) in Argentina.

In addition, some leases include provisions that set forth variable rent based on specific volumes of sales revenue and other types of ratios.

Rental income from shopping malls, admission rights and commissions, are recognized in the Consolidated Statement of Income and Other Comprehensive Income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis.

Contingent rents, i.e. lease payments that are not fixed at the inception of a lease, are recorded as income in the periods in which they are known and can be determined. Rent increases are recognized when such increases have been agreed with tenants.

The Group's lease contracts also provide that common area maintenance charges and collective promotion funds of the Group's shopping malls are borne by the corresponding lessees, generally on a proportional basis. These common area maintenance charges include all expenses necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The lessor is responsible for determining the need and suitability of incurring a common area expense. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. Service charge income is presented separately from property operating expenses. Property operating expenses are expensed as incurred.

Under the terms of the leases, lessees also agree to participate in collective promotion funds ("CPF") to be used in advertising and promoting the Group's shopping malls. Each lessee's participation generally equals a percentage calculated based on the monthly accrued rental prices. Revenue so derived is also included under rental income and services segregated from advertising and promotion expenses. Such expenses are charged to income when incurred.

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On the other hand, revenue includes income from managed operations and other services such as car parking spaces. Those revenues are recognized on an accrual basis as services are provided.

· Rental and services - Offices and other rental properties

Rental income from offices and other rental properties include rental income from offices leased out under operating leases, income from services and expenses recovery paid by tenants.

Rental income from offices and other rental properties is recognized in the Consolidated Statement of Income and Other Comprehensive Income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis.

A substantial portion of the Group's leases require the tenant to reimburse the Group for a substantial portion of operating expenses, usually a proportionate share of the allocable operating expenses. Such property operating expenses include necessary expenses such as property operating, repairs and maintenance, security, janitorial, insurance, landscaping, leased properties and other administrative expenses, among others. The Group manages its own rental properties. The Group makes the original payment for these expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. The Group accrues reimbursements from tenants as service charge revenue in the period the applicable expenditures are incurred and is presented separately from property operating expenses. Property operating expenses are expensed as incurred.

· Sales and Development activities

Revenue from sale and developments of real estate properties primarily comprises the results from the sale of trading properties. Results from the sale of properties are recognized only when the control has been transferred to the buyer. This normally takes place on unconditional exchange of contracts. For conditional exchanges, sales are recognized when these conditions are satisfied.

The Group also enters into barter transactions where the Group normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land and on occasion, the Group also receives cash as part of the transactions. Legal title to the land together with all risks and rewards of ownership are transferred to the developer upon sale. The Group generally requires the developer to issue insurances or to mortgage the land in favor of the Group as performance guarantee. In the event the developer does not fulfill its obligations, the Group forecloses on the land through the execution of the mortgage or the surety insurances, together with a cash penalty.

The Group determines that its barters have commercial substance and that the conditions for recording the income from the transfer of parcels or land are met at the time the swap operation is carried out. Revenues are recorded at the fair value of the goods delivered, adjusted as appropriate by the amount of cash received, and it will be recognized in the statement of income and other comprehensive income depending on the specific category in which the exchanged asset is classified. If the asset falls under the Investment properties category, the revenue will be recognized under the line 'Net gain from fair value adjustment of investment properties.' However, if the asset is classified as Trading properties, the revenue will be recognized as operating income from the sale of trading properties. In exchange for the parcels or land transferred, the Group generally receives cash and / or a right to receive future units that are part of the projects to be built on the parcels or land exchanged. This right is initially recognized at cost (this being the fair value of the land transferred) as an intangible asset in the statement of financial position denominated "Future units to be received from barters". Said intangible asset is not adjusted in subsequent years unless it is impaired.

The Group may sell the residential apartments to third-party homebuyers once they are finalized and transferred from the developer. In these circumstances, revenue is recognized when the control is transferred to the buyer. This will normally take place when the deeds of title are transferred to the homebuyer.

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However, the Group may market residential apartments during construction or even before construction commences. In these situations, buyers generally surrender a down payment to the Group with the remaining amount being paid when the developer completes the property and transfers it to the Group, and the Group in turn transfers it to the buyer. In these cases, revenue is not recognized until the apartments are completed and the transaction is legally completed, that is when the apartments are transferred to the homebuyers and deeds of title are executed. This is because in the event the residential apartments are not completed by the developer and consequently not delivered to the homebuyer, the Group is contractually obligated to return to the homebuyer any down payment received plus a penalty amount. The Group may then seek legal remedy against the developer for non-performance of its obligations under the agreement. The Group exercised judgment and considers that the most significant risk associated with the asset the Group holds (i.e. the right to receive the apartments) consisting of the non-fulfillment of the developer's obligations (i.e. to complete the construction of the apartments) has not been transferred to the homebuyers upon reception of the down payment.

· Revenue from hotels

Revenue income from hotel operations mainly includes room services, gastronomy and other services. Revenue from the sale of products is recognized when the product is delivered and the significant risks and rewards of ownership are transferred to the buyer. Revenue from the sale of services is recognized when the service is provided.

**2.22. Cost of sales**

The cost of sales includes the cost of selling the operation and management of shopping malls maintained by the Group as part of its real estate investments.

**2.23. Cost of borrowings and capitalization**

The costs for general and specific loans that are directly attributable to the acquisition, construction or production of suitable assets for which a prolonged period is required to place them in the conditions required for their use or sale, are capitalized as part of the cost of those assets until the assets are substantially ready for use or sale. The general loan costs are capitalized according to the average debt rate of the Group. Foreign exchange differences for loans in foreign currency are capitalized if they are considered an adjustment to interest costs. The interest earned on the temporary investments of a specific loan for the acquisition of qualifying assets is deducted from the eligible costs to be capitalized. The rest of the costs from loans are recognized as expenses in the period in which they are incurred.

**2.24. Share capital**

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new common shares or options are shown in equity as a deduction, net of tax, from the proceeds.

When any Group's subsidiary purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company's equity holders until the shares are cancelled or reissued. When such common shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects, is included in equity.

Instruments issued by the Group that will be settled by the Company delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash or another financial asset are classified as equity.

**2.25. Comparability of information**

The balances as of June 30, 2024 and 2023 that are disclosed for comparative purposes were restated in accordance with IAS 29, see Note 2.1.

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**3. Significant judgments, key assumptions and estimates**

Not all of these significant accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide an understanding of the policies that management considers critical because of the level of complexity, judgment or estimations involved in their application and their impact on the Consolidated Financial Statements. These judgments involve assumptions or estimates in respect of future events. Actual results may differ from these estimates.

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| | | | |
|:---|:---|:---|:---|
| **Estimation** | **Main assumptions** | **Potential implications** | **Main references** |
| Control, joint control or significant influence | Judgment relative to the determination that the Group holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees' bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof. | Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) | Note 2.3 |
| Recoverable amounts of cash-generating units (even those including goodwill), associates and assets. | The discount rate and the expected growth rate before taxes in connection with cash-generating units.<br>The discount rate and the expected growth rate after taxes in connection with associates.<br>Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Group's best factual assumption relative to the economic conditions expected to prevail.<br>Business continuity of cash-generating units.<br>Appraisals made by external appraisers and valuators with relation to the assets' fair value, net of realization costs (including real estate assets). | Should any of the assumptions made be inaccurate, this could lead to differences in the recoverable values of cash-generating units. | Note 8 – Investments in associates and joint ventures<br>Note 10 – Property, plant and equipment<br>Note 12 – Intangible assets |
| Estimated useful life of intangible assets and property, plant and equipment | Estimated useful life of assets based on their conditions. | Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses).<br>| Note 10 – Property, plant and equipment<br>Note 12 – Intangible assets |
| Fair value valuation of investment properties | Fair value valuation made by external appraisers and valuators. See Note 10. | Incorrect valuation of investment property values<br>| Note 9 – Investment properties<br>|
| Income tax | The Group estimates the income tax payable for transactions involving uncertain tax positions, where the tax authority's interpretation cannot be clearly determined.<br>Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. | Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest.<br>| Note 21 – Taxes |
| Allowance for doubtful accounts | A periodic review is conducted of receivables risks in the Group's clients' portfolios. Bad debts based on the expiration of account receivables and account receivables' specific conditions. | Improper recognition of charges / reimbursements of the allowance for bad debt. | Note 15 – Trade and other receivables<br>|
| Level 2 and 3 financial instruments | Main assumptions used by the Group are:<br>·Discounted projected income by interest rate<br>·Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments.<br>·Comparable market multiple (EV/GMV ratio).<br>·Underlying asset price (Market price); share price volatility (historical) and market interest-rate.<br>| Incorrect recognition of a charge to income / (loss).<br>| Note 14 – Financial instruments by category |
| Probability estimate of contingent liabilities. | Whether more economic resources may be spent in relation to litigation against the Group; such estimate is based on legal advisors' opinions. | Charge / reversal of provision in relation to a claim.<br>| Note 19 – Provisions |
| Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms | The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein:<br>Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. | Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording.<br>| Note 14 – Financial instruments by category |

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**4. Acquisitions and disposals**

Significant acquisitions and disposals for the fiscal year ended June 30, 2025 are detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A) <u>Purchase of property adjacent to Alto Avellaneda shopping mall</u>**

On August 1, 2024, IRSA acquired a property adjacent to its Alto Avellaneda shopping mall, located at Gral. Güemes 861, Avellaneda, Province of Buenos Aires.

The property has a total area of 86,861 square meters and a built-up area of 32,660 square meters, with potential for future expansion.

The purchase price was USD 12.2 million (ARS 14,636 million), of which USD 9.2 million has already been paid, and the remaining USD 3 million will be settled upon the transfer of the title deed, which will be granted within 3 years from the signing of the preliminary sale agreement. The transaction includes the assignment to IRSA of the existing lease agreements until their original expiration and the signing of a new lease agreement with the selling party for 3 years.

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This transaction has been recognized as an addition in the line item "Investment Properties" of these Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B) <u>"261 Della Paolera" floor sale</u>**

On October 15, 2024, the deed was signed for the sale of a floor in the "261 Della Paolera" tower located in the Catalinas district of the Autonomous City of Buenos Aires for a total leasable area of approximately 1,197 square meters and 8 parking units in the same building.

The transaction price was approximately USD 7.1 million (MEP) (See Note 9) (USD/sqm 6,000), equivalent to ARS 8,558 million, of which USD 6.0 million has already been collected, and the remaining USD 1.1 million, guaranteed with a mortgage, will be collected in 24 monthly installments at an annual interest rate of 8%.

After this transaction, IRSA retains ownership of 3 floors of the building with an approximate leasable area of 3,740 sqm in addition to parking lots and other complementary spaces.

This transaction has been recognized as a disposal in the line item "Investment Properties" of these Consolidated Financial Statements and generated a gain of ARS 5,340 million, which has been recognized in the line item "Net gain from fair value changes of investment properties" of these Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C) <u>Purchase of Shopping Mall "Terrazas de Mayo"</u>**

On December 3, 2024, IRSA signed an agreement to acquire the business assets of the "Terrazas de Mayo" shopping mall located at the intersection of routes 8 and 202, in front of Campo de Mayo, in the Malvinas Argentinas district, in the northwest of Greater Buenos Aires. The shopping mall has 85 stores, 20 stands and a built-up area of 33,703 square meters, which includes 15 gastronomic stores and 10 movie theaters.

The amount of the transaction was USD 27.75 million (ARS 34,335 million), of which 60% was paid at the time of signing the bill with possession, 20% will be paid at the time of signing the final deed, and the remaining 20% will be paid 36 months after signing the deed. Implicit interest has been segregated for a total of USD 1.5 million.

This transaction has been recognized as an addition in the line items "Investment Properties" (ARS 33,530 million), "Intangible Assets" (ARS 796 million), and "Property, Plant and Equipment" (ARS 9 million) of these Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D) <u>Sale of lots and barter agreements – "Ramblas del Plata"</u>**

On January 27, 2025, IRSA signed two sale agreements for two lots. The total price of both transactions was approximately USD 23.4 million (ARS 28,138 million), of which 30% was paid at the time of signing the bill. The remaining balance of approximately USD 16.4 million will be paid upon signing the deeds and transferring possessions.

Additionally, during February and March 2025, IRSA signed two barter agreements for eight lots, for a total amount of approximately USD 38.5 million (ARS 45,197 million), which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.

During May 2025, IRSA signed three barter agreements for three lots. The transaction price was approximately USD 12.2 million (ARS 14,554 million), with a 5% down payment to IRSA upon signing. The balance will be paid upon signing the deeds and delivery of possession.

These barter transactions have been recognized as a transfer between the line items "Investment Properties" and "Trading Properties" of these Consolidated Financial Statements.

**5. Financial risk management and fair value estimates**

The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk and other price risks), credit risk, liquidity risk and capital risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.

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The general risk management policies of the Group seek both to minimize adverse potential effects on the financial performance of the Group and to manage and control the financial risks effectively. The Group uses financial instruments to hedge certain risk exposures when deemed appropriate based on its internal management risk policies, as explained below.

The Group's principal financial instruments comprise cash and cash equivalents, receivables, payables, interest bearing assets and liabilities, other financial liabilities, other investments and derivative financial instruments. The Group manages its exposure to key financial risks in accordance with the Group's risk management policies.

The Group's management framework includes policies, procedures, limits and allowed types of derivative financial instruments. The Group has established a Risk Committee, composed of the CEO, the CFO, the compliance manager and certain directors, which reviews and oversees management's compliance with these policies, procedures and limits and has overall accountability for the identification and management of risk across the Group.

This section provides a description of the principal risks that could have a material adverse effect on the Group's strategy, performance, results of operations and financial condition. The risks facing the businesses, set out below, do not appear in any particular order of potential materiality or probability of occurrence.

This sensitivity analysis provides only a limited, point-in-time view. The actual impact on the Group's financial instruments may differ significantly from the impact shown in the sensitivity analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Market risk management**

The market risk is the risk of changes in the market price of financial instruments with which the Group operates. The Group's market risks arise from open positions in foreign currencies, interest-bearing assets and liabilities and equity securities of certain companies, to the extent that these are exposed to market value movements. The Group sets limits on the exposure to these risks that may be accepted, which are monitored on a regular basis.

***Foreign Exchange risk and associated derivative financial instruments***

The Group publishes its Consolidated Financial Statements in Argentine pesos but conducts operations and holds positions in other currencies. As a result, the Group is exposed to foreign currency exchange risk through exchange rate movements, which affect the value of the Group's foreign currency positions. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity's functional currency and its subsidiaries.

The real estate, commercial and/or financial activities of the Group's subsidiaries have the Argentine Peso as functional currency. An important part of the business activities of these subsidiaries is conducted in that currency, thus not exposing the Group to foreign exchange risk. Other Group's subsidiaries have other functional currencies, principally US Dollar. In the ordinary course of business, the Group, through its subsidiaries, transacts in currencies other than the respective functional currencies of the subsidiaries. These transactions are primarily denominated in US Dollars. Net financial position exposure to the functional currencies is managed on a case-by-case basis, partly by entering into foreign currency derivative instruments and/or by borrowings in foreign currencies, or other methods, considered adequate by the Management, according to circumstances.

Financial instruments are considered sensitive to foreign exchange rates only when they are not in the functional currency of the entity that holds them.

As of June 30, 2025 and 2024, the book value net liability of the Group's instruments denominated in foreign currency is equivalent to the sum of ARS 352,280 and ARS 277,423, respectively. The Group estimates that, other factors being constant, a 10% appreciation in real terms of the US Dollar against the respective functional currencies at year-end would result in a net additional loss before income tax for the years ended June 30, 2025 and 2024 for an amount of ARS 35,228 (loss) and ARS 27,742 (loss), respectively. A 10% depreciation in real terms of the US Dollar against the functional currencies would have an equal and opposite effect on the Statements of Income and Other Comprehensive Income.

On the other hand, the Group also uses derivatives, such as future exchange contracts, to manage its exposure to foreign currency risk. As of June 30, 2025, the Group has future contracts pending for an amount of ARS 20 (liability).

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**Interest rate risk**

The Group is exposed to interest rate risk on its investments in debt instruments, short-term and long-term borrowings and derivative financial instruments.

The primary objective of the Group's investment activities is to preserve principal while at the same time maximizing yields without significantly increasing risk. To achieve this objective, the Group diversifies its portfolio in accordance with the limits set by the Group. The Group maintains a portfolio of cash equivalents and short-term investments in a variety of securities, including both government and corporate obligations and money market funds.

The Group's interest rate risk principally arises from long-term borrowings (Note 20). Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk.

As of June 30, 2025 and 2024, 99.9% and 87.6% of the Group's long-term financial loans have a fixed interest rate so that IRSA is not significantly exposed to the fluctuation risk of the interest rate.

The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities. These activities are evaluated regularly to determine that the Group is not exposed to interest rate fluctuations that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants.

The interest rate risk policy is approved by the Board of Directors. Management analyses the Group's interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing positions. Trade payables are normally interest-free and have settlement dates within one year. The simulation is done on a regular basis to verify that the maximum potential loss is within the limits set by management.

Note 20 shows a breakdown of the Group's fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2025 and 2024.

The Group estimates that, other factors being constant, a 1% increase in real terms in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2025 and 2024 in the amount of ARS 4 and ARS 633, respectively. A 1% decrease in real terms in floating rates would have an equal and opposite effect on the Consolidated Statement of Income and Other Comprehensive Income.

***Other price risks***

The Group is exposed to equity securities price risk or derivative financial instruments because of investments held in entities that are publicly traded, which were classified on the Consolidated Statement of Financial Position as "Investments in financial assets". The Group regularly reviews the price evolution of these equity securities in order to identify significant movements.

As of June 30, 2025 and 2024 the total value of Group's investments in shares of public companies amounts to ARS 35,305 and ARS 24,484, respectively.

The Group estimates that, other factors being constant, a 10% decrease in quoted prices of equity securities and in derivative financial instruments portfolio at year-end would generate a loss before income tax for the year ended June 30, 2025, of ARS 3,531 (ARS 2,448 in 2024). An increase of 10% on these prices would have an equal and opposite effect in the Statement of Income and Other Comprehensive Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Credit risk management**

The credit risk arises from the potential non-performance of contractual obligations by the parties, with a resulting financial loss for the Group. Credit limits have been established to ensure that the Group deals only with approved counterparties and that counterparty concentration risk is addressed and the risk of loss is mitigated. Counterparty exposure is measured as the aggregate of all obligations of any single legal entity or economic entity to the Group.

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The Group is subject to credit risk arising from deposits with banks and financial institutions, investments of surplus cash balances, the use of derivative financial instruments and from outstanding receivables.

The credit risk is managed on a country-by-country basis. Each local entity is responsible for managing and analyzing the credit risk.

The Group's policy is to manage credit exposure from deposits, short-term investments and other financial instruments by maintaining diversified funding sources in various financial institutions. All the institutions that operate with the Group are well known because of their experience in the market and high credit quality. The maximum exposure to credit risk is represented by the carrying amount of cash and cash equivalents and short-term investments in the Consolidated Statement of Financial Position.

Trade receivables related to leases and services provided by the Group represent a diversified tenant base and account for 86.54% and 94.66% of the Group's total trade receivables of the operations center as of June 30, 2025 and 2024, respectively. The Group has specific policies to ensure that rental contracts are transacted with counterparties with appropriate credit quality. The majority of the Group's shopping mall, offices and other rental properties' tenants are well recognized retailers, diversified companies, professional organizations, and others. Owing to the long-term nature and diversity of its tenancy arrangements, the credit risk of this type of trade receivables is considered to be low. Generally, the Group has not experienced any significant losses resulting from the non-performance of any counterpart to the lease contracts and, as a result, the allowance for doubtful accounts balance is low. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Group. If there is no independent rating, risk control assesses the credit quality of the customer, taking into account its past experience, financial position, actual experience and other factors. Based on the Group's analysis, the Group determines the size of the deposit that is required from the tenant at inception. Management does not expect any material losses from non-performance by these counterparties. See details on Note 15.

On the other hand, property receivables related to the sale of trading properties represent 13.46% and 5.34% of the Group's total trade receivables as of June 30, 2025 and 2024, respectively. Payments on these receivables have generally been received when due. These receivables are generally secured by mortgages on the properties. Therefore, the credit risk on outstanding amounts is considered very low.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Liquidity risk management**

The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group's cash flow and Consolidated Statement of Financial Position.

Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources.

The Group monitors current and projected financial position using several key internally generated reports: cash flow; debt maturity; and interest rate exposure. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates and changes in property values on the key profitability, liquidity and balance sheet ratios.

The debt and the derivative positions are continually reviewed to meet current and expected debt requirements. The Group maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using a variety of types of debt. The maturity profile is managed in accordance with the Group needs, by spreading the repayment dates and extending facilities, as appropriate.

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The tables below show financial liabilities, including derivative financial liabilities of the Group groupings based on the remaining period at the Statements of Financial Position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows and does not include advances and other concepts already disbursed since they are not future cash flows, as a result, they do not reconcile to the amounts disclosed on the Statements of Financial Position. However, undiscounted cash flows in respect of balances due within 12 months generally equal their carrying amounts in the Consolidated Statement of Financial Position, as the impact of discounting is not significant. The tables include both interest and principal flows.

Where the interest payable is not fixed, the amount disclosed has been determined by reference to the existing conditions at the reporting date.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** |
|  | **Less than 1 year** | **Between 1 and 2 years** | **Between 2 and 3 years** | **Between 3 and 4 years** | **More than 4 years** | **Total** |
| Trade and other payables | 56848 | 34 | 4069 | 3 | 1 | 60955 |
| Borrowings | 137336 | 49869 | 58279 |  | 401644 | 647128 |
| Lease liabilities | 5493 | 2339 | 428 | 389 | 623 | 9272 |
| Derivative Financial Instruments | 49 | - | - | - | - | 49 |
| **Total** | **199726** | **52242** | **62776** | **392** | **402268** | **717404** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** |
|  | **Less than 1 year** | **Between 1 and 2 years** | **Between 2 and 3 years** | **Between 3 and 4 years** | **More than 4 years** | **Total** |
| Trade and other payables | 50500 | 650 | 15 |  |  | 51165 |
| Borrowings | 252915 | 159391 | 35675 | 63348 |  | 511329 |
| Lease liabilities | 1720 | 1812 | 1904 | 1998 | 19049 | 26483 |
| Derivative Financial Instruments | 6 | - | - | - | - | 6 |
| **Total** | **305141** | **161853** | **37594** | **65346** | **19049** | **588983** |

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See Note 20 for a description of the commitments and restrictions related to loans and the ongoing renegotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Capital risk management**

The capital structure of the Group consists of shareholders' equity and net borrowings. The Group's equity is analyzed into its various components in the Consolidated Statements of Changes in Shareholders' Equity. Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders. The Group seeks to manage its capital requirements to maximize value through the mix of debt and equity funding, while ensuring that Group entities continue to operate as going concerns, comply with applicable capital requirements and maintain strong credit ratings.

The Group assesses the adequacy of its capital requirements, cost of capital and gearing (i.e., debt/equity mix) as part of its broader strategic plan. The Group continuously reviews its capital structure to ensure that (i) sufficient funds and financing facilities are available to implement the Group's property development and business acquisition strategies, (ii) adequate financing facilities for unforeseen contingencies are maintained, and (iii) distributions to shareholders are maintained within the Group's dividend distribution policy. The Group also protects its equity in assets by obtaining appropriate insurance.

The Group's strategy is to maintain key financing metrics (net debt to total equity ratio or gearing and debt ratio) in order to ensure that asset level performance is translated into enhanced returns for shareholders whilst maintaining an appropriate risk reward balance to accommodate changing financial and operating market cycles.

The following tables provide details on the Group's key metrics in relation to managing its capital structure. The ratios are within the ranges previously established by the Group's strategy.

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|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Gearing ratio (i) | 29.09% | 25.37% |
| Debt ratio (ii) | 25.29% | 20.23% |

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(i) Calculated as total of borrowings over total borrowings plus equity attributable equity holders of the parent company.

(ii) Calculated as total borrowings over total properties (including trading properties, property, plant and equipment, investment properties and rights to receive units under barter agreements).

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**6. Segment information**

IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the CODM. According to IFRS 8, the CODM represents a function whereby strategic decisions are made and resources are assigned. The CODM function is carried out by the President of the Group, Mr. Eduardo S. Elsztain.

Segment information is reported from the perspective of products and services, considering separately the various activities being developed, which represent reporting operating segments given the nature of its products, services, operations and risks.

Below is the segment information which was prepared as follows:

· The Group operates in the following segments:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o  | The **"Shopping Malls"** segment includes results principally comprised of lease and service revenues related to rental of commercial space and other spaces in the shopping malls of the Group. |
| &nbsp;&nbsp;&nbsp;&nbsp;o  | The **"Offices"** segment includes the operating results from lease revenues of offices and other service revenues related to the office activities. |
| &nbsp;&nbsp;&nbsp;&nbsp;o  | The **"Sales and Developments"** segment includes the operating results of the development, maintenance and sales of undeveloped parcels of land and/or trading properties. Real estate sales results and other rental spaces are also included. |
| &nbsp;&nbsp;&nbsp;&nbsp;o  | The **"Hotels"** segment includes the operating results mainly comprised of room, catering and restaurant revenues. |
| &nbsp;&nbsp;&nbsp;&nbsp;o  | The **"Others"** segment includes the entertainment activities through La Arena S.A., La Rural S.A. and Centro de Convenciones Buenos Aires (concession), We are appa and the financial activities carried out through BHSA / BACS, as well as other investments in associates. |

---

The CODM periodically reviews the operating results and certain asset categories and assesses performance of operating segments based on a measure of profit or loss of the segment composed by the operating income plus the share of profit / (loss) of joint ventures and associates. The valuation criteria applied in preparing this information are consistent with IFRS Accounting Standards employed for the preparation of our Consolidated Financial Statements, except for the following:

· Operating results from joint ventures are evaluated by the CODM applying proportional consolidation method. Under this method the profit/loss generated and assets are reported in the Statement of Income line-by-line based on the percentage held in joint ventures rather than in a single item as required by IFRS. Management believes that the proportional consolidation method provides more useful information to understand the business return. On the other hand, the investment in the joint venture La Rural S.A. is accounted for under the equity method since this method is considered to provide more accurate information in this case.

· Operating results from Shopping Malls and Offices segments do not include the amounts pertaining to building administration expenses and collective promotion funds ("CPF") as well as total recovered costs, whether by way of expenses or other concepts included under financial results (for example default interest and other concepts). The CODM examines the net amount from these items (total surplus or deficit between building administration expenses and CPF and recoverable expenses).

The assets' categories examined by the CODM are: investment properties, property, plant and equipment, trading properties, inventories, right to receive future units under barter agreements, investment in associates and goodwill. The sum of these assets, classified by business segment, is reported under "assets by segment". Assets are allocated to each segment based on the operations and/or their physical location.

Most revenue from its operating segments is derived from, and their assets are located in, Argentina, except for some share of profit / (loss) of associates included in the "Others" segment located in the USA.

Revenues for each reporting segment derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment.

---

| |
|:---|
| F-41 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Below is a summary of the Group's lines of business and a reconciliation between the results from operations as per segment information and the results from operations as per the Consolidated Statement of Income and Other Comprehensive Income for the years ended June 30, 2025, 2024 and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** |
|  | **Total**  | **Joint ventures (1)** | **Expenses** **and collective**<br>**promotion funds** | **Elimination of inter-segment transactions and non-reportable assets / liabilities (2)** | **Total as per statement of income / statement of financial position** |
| Revenues  | 374662 | (2172) | 96036 |  | 468526 |
| Costs  | (87365) | 204 | (96575) | - | (183736) |
| **Gross profit / (loss)** | **287297** | **(1968)** | **(539)** | **-** | **284790** |
| Net gain from fair value adjustment of investment properties | 27 | (2527) |  |  | (2500) |
| General and administrative expenses  | (69135) | 299 |  | 197 | (68639) |
| Selling expenses  | (24108) | 126 |  |  | (23982) |
| Other operating results, net  | (17199) | (2) | 344 | (197) | (17054) |
| **Profit / (loss) from operations** | **176882** | **(4072)** | **(195)** | **-** | **172615** |
| Share of profit of associates and joint ventures | 25332 | 2592 | - | - | 27924 |
| **Segment profit / (loss)** | **202214** | **(1480)** | **(195)** | **-** | **200539** |
| Reportable assets  | 2741621 | (617) |  | 621065 | 3362069 |
| Reportable liabilities (i) | - | - | - | (1690102) | (1690102) |
| **Net reportable assets**  | **2741621** | **(617)** | **-** | **(1069037)** | **1671967** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** |
|  | **Total**  | **Joint ventures (1)** | **Expenses** **and collective**<br>**promotion funds** | **Elimination of inter-segment transactions and non-reportable assets / liabilities (2)** | **Total as per statement of income / statement of financial position** |
| Revenues  | 377202 | (2027) | 82884 |  | 458059 |
| Costs  | (67990) | 225 | (84539) | - | (152304) |
| **Gross profit / (loss)** | **309212** | **(1802)** | **(1655)** | **-** | **305755** |
| Net loss from fair value adjustment of investment properties | (489302) | 508 |  |  | (488794) |
| General and administrative expenses  | (71355) | 242 |  | (36) | (71149) |
| Selling expenses  | (24387) | 187 |  |  | (24200) |
| Other operating results, net  | (7240) | (28) | 584 | 36 | (6648) |
| **(Loss) / profit from operations** | **(283072)** | **(893)** | **(1071)** | **-** | **(285036)** |
| Share of profit of associates and joint ventures | 47068 | 386 | - | - | 47454 |
| **Segment (loss) / profit** | **(236004)** | **(507)** | **(1071)** | **-** | **(237582)** |
| Reportable assets  | 2711915 | 601 |  | 412955 | 3125471 |
| Reportable liabilities (i) | - | - | - | (1518742) | (1518742) |
| **Net reportable assets**  | **2711915** | **601** | **-** | **(1105787)** | **1606729** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** |
|  | **Total**  | **Joint ventures (1)** | **Expenses** **and collective**<br>**promotion funds** | **Elimination of inter-segment transactions and non-reportable assets / liabilities (2)** | **Total as per statement of income / statement of financial position** |
| Revenues  | 374521 | (2352) | 90317 |  | 462486 |
| Costs  | (68638) | 1026 | (91947) | - | (159559) |
| **Gross profit / (loss)** | **305883** | **(1326)** | **(1630)** | **-** | **302927** |
| Net loss from fair value adjustment of investment properties | (265106) | 10539 |  |  | (254567) |
| General and administrative expenses  | (100686) | 347 |  | 269 | (100070) |
| Selling expenses  | (23507) | 142 |  |  | (23365) |
| Other operating results, net  | (37730) | (129) | 857 | (269) | (37271) |
| **Loss from operations** | **(121146)** | **9573** | **(773)** | **-** | **(112346)** |
| Share of profit / (loss) of associates and joint ventures | 20145 | (6565) | - | - | 13580 |
| **Segment loss** | **(101001)** | **3008** | **(773)** | **-** | **(98766)** |
| Reportable assets | 3289229 | (18585) |  | 415415 | 3686059 |
| Reportable liabilities (i) | - | - | - | (1680019) | (1680019) |
| **Net reportable assets** | **3289229** | **(18585)** | **-** | **(1264604)** | **2006040** |

---

(1) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes.

(2) Includes deferred income tax assets, income tax, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of ARS 80, ARS 22 and ARS 7, as of June 30, 2025, 2024 and 2023, respectively.

(i) The CODM centers the review on reportable assets.

---

| |
|:---|
| F-42 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Below is a summarized analysis of the lines of Group business for the fiscal years ended June 30, 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** |
|  | **Shopping Malls** | **Offices** | **Sales and developments** | **Hotels** | **Others (i)** | **Total**  |
| Revenues  | 270531 | 20065 | 12761 | 64596 | 6709 | 374662 |
| Costs  | (20705) | (1742) | (17929) | (42908) | (4081) | (87365) |
| **Gross profit / (loss)** | **249826** | **18323** | **(5168)** | **21688** | **2628** | **287297** |
| Net gain / (loss) from fair value adjustment of investment properties | 443974 | (148941) | (294436) |  | (570) | 27 |
| General and administrative expenses  | (28999) | (2397) | (11605) | (11972) | (14162) | (69135) |
| Selling expenses  | (13536) | (891) | (3116) | (5052) | (1513) | (24108) |
| Other operating results, net  | (500) | 182 | (19070) | (474) | 2663 | (17199) |
| **Profit / (loss) from operations** | **650765** | **(133724)** | **(333395)** | **4190** | **(10954)** | **176882** |
| Share of profit of associates and joint ventures | - | - | - | - | 25332 | 25332 |
| **Segment profit / (loss)** | **650765** | **(133724)** | **(333395)** | **4190** | **14378** | **202214** |
| Investment properties and trading properties | 1458243 | 252868 | 800571 |  | 2106 | 2513788 |
| Investment in associates and joint ventures |  |  |  |  | 169700 | 169700 |
| Other operating assets | 5169 | 511 | 114 | 45233 | 7106 | 58133 |
| **Reportable assets**  | **1463412** | **253379** | **800685** | **45233** | **178912** | **2741621** |

---

(i) Includes the result for the investment in GCDI and BHSA for ARS 519 and ARS 13,639 respectively, in the line "Share of profit of associates and joint ventures".

From all the revenues corresponding to the segments, ARS 374,042 originated in Argentina, and ARS 620 in other countries, principally in Uruguay for ARS 547 and USA for ARS 73. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the segments, ARS 2,728,390 are located in Argentina and ARS 13,231 in other countries, principally in the USA for ARS 1,620 and Uruguay for ARS 11,472.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** |
|  | **Shopping Malls** | **Offices** | **Sales and developments** | **Hotels** | **Others (i)** | **Total**  |
| Revenues  | 250468 | 22646 | 12891 | 85840 | 5357 | 377202 |
| Costs  | (14937) | (1648) | (7451) | (40173) | (3781) | (67990) |
| **Gross profit** | **235531** | **20998** | **5440** | **45667** | **1576** | **309212** |
| Net loss from fair value adjustment of investment properties | (20824) | (97015) | (371060) |  | (403) | (489302) |
| General and administrative expenses  | (30126) | (2493) | (12283) | (13025) | (13428) | (71355) |
| Selling expenses  | (12558) | (251) | (4512) | (5863) | (1203) | (24387) |
| Other operating results, net  | (3960) | (88) | (2765) | (1577) | 1150 | (7240) |
| **Profit / (loss) from operations** | **168063** | **(78849)** | **(385180)** | **25202** | **(12308)** | **(283072)** |
| Share of profit of associates and joint ventures | - | - | - | - | 47068 | 47068 |
| **Segment profit / (loss)** | **168063** | **(78849)** | **(385180)** | **25202** | **34760** | **(236004)** |
| Investment properties and trading properties | 962417 | 423239 | 1019001 |  | 3152 | 2407809 |
| Investment in associates and joint ventures |  |  |  |  | 173401 | 173401 |
| Other operating assets | 3416 | 452 | 75534 | 44158 | 7145 | 130705 |
| **Reportable assets**  | **965833** | **423691** | **1094535** | **44158** | **183698** | **2711915** |

---

(ii) Includes the result for the investment in GCDI and BHSA for ARS (7918) and ARS 40,782 respectively, in the line "Share of profit of associates and joint ventures".

From all the revenues included in the segments ARS 367,827 originated in Argentina and ARS 9,375 in other countries, principally in Uruguay for ARS 9,273 and USA for ARS 102. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets included in the segments, ARS 2,697,289 are located in Argentina and ARS 14,626 in other countries, principally in the USA for ARS 2,446 and Uruguay for ARS 12,086.

---

| |
|:---|
| F-43 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** | **06.30.2023** |
|  | **Shopping Malls** | **Offices** | **Sales and developments** | **Hotels** | **Others (i)** | **Total**  |
| Revenues  | 245723 | 23745 | 22698 | 77512 | 4843 | 374521 |
| Costs  | (16643) | (1963) | (6905) | (39263) | (3864) | (68638) |
| **Gross profit** | **229080** | **21782** | **15793** | **38249** | **979** | **305883** |
| Net loss from fair value adjustment of investment properties | (57854) | (23548) | (183119) |  | (585) | (265106) |
| General and administrative expenses  | (34612) | (3859) | (13260) | (16964) | (31991) | (100686) |
| Selling expenses  | (11230) | (534) | (5817) | (5325) | (601) | (23507) |
| Other operating results, net  | (3030) | (357) | (4579) | (741) | (29023) | (37730) |
| **Profit / (loss) from operations** | **122354** | **(6516)** | **(190982)** | **15219** | **(61221)** | **(121146)** |
| Share of profit of associates and joint ventures | - | - | - | - | 20145 | 20145 |
| **Segment profit / (loss)** | **122354** | **(6516)** | **(190982)** | **15219** | **(41076)** | **(101001)** |
| Investment properties and trading properties | 967683 | 624081 | 1449437 |  | 4165 | 3045366 |
| Investment in associates and joint ventures |  |  |  |  | 148652 | 148652 |
| Other operating assets | 3429 | 554 | 38119 | 45495 | 7614 | 95211 |
| **Reportable assets**  | **971112** | **624635** | **1487556** | **45495** | **160431** | **3289229** |

---

(iii) Includes the result for the investment in GCDI and BHSA for ARS 841 and ARS 15,969 respectively, in the line "Share of profit of associates and joint ventures".

From all the revenues corresponding included in the segments ARS 361,377 are originated in Argentina and ARS 13,144 in other countries, principally in Uruguay for ARS 13,031 and USA for ARS 113. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets included in the segments, ARS 3,269,593 are located in Argentina and ARS 19,636 in other countries, principally in the USA for ARS 2,735 and Uruguay for ARS 16,801.

**7. Information about the main subsidiaries**

The Group conducts its business through several operating and holding subsidiaries.

***Restrictions, commitments and other matters in respect of subsidiaries***

According to Law N° 19,550, 5% of the profit in each fiscal year must be separated to constitute a legal reserve until they reach legal capped amounts (20% of the nominal value of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. Some of the Group's subsidiaries did not reach the legal limit of this reserve. Dividends are paid across the Group's subsidiaries based on their individual accounting statements.

***Arcos del Gourmet ("Arcos" or "AGSA")***

**ARCOS DEL GOURMET SA AND ANOTHER V. EN-AABE KNOWLEDGE PROCESS (CAF 030002/2015)**

This process was initiated on June 18, 2015, by AGSA to raise the nullity of the revocation of the contract for the readjustment of the use and exploitation concession, established by Resolution No. 170/2014 by the Agencia de Administración de Bienes del Estado (State Assets Administration Office, or AABE in Spanish). Evidence was produced, and arguments were presented.

On August 24, 2022, the Court rejected the lawsuit filed by Arcos del Gourmet SA, with costs. On August 26, 2022, Arcos del Gourmet S.A. appealed the final judgment issued in the case. On September 19, 2023, Chamber V of the Federal Administrative Litigation Court issued a judgment rejecting the appeal filed by Arcos del Gourmet SA.

The judgment of the Court was appealed to the Supreme Court of Justice of the Nation through an extraordinary federal appeal filed on October 17, 2023. The federal extraordinary appeal was denied by the Chamber on March 14, 2024. AGSA filed an appeal in fact within the terms of articles 282 and 285 CPCCN before the Supreme Court of Justice of the Nation. The legal advisors of the Company believe that, although there are federal grounds to enable the Supreme Court's intervention in this proceeding, the likelihood of success remains uncertain.

---

| |
|:---|
| F-44 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**ARCOS DEL GOURMET SA V. ADMINISTRACION DE INFRAESTRUCTURAS FERROVIARIAS SOC DEL ESTADO (ADIF) CONSIGNMENT LAWSUIT (CCF 001461/2015)**

On April 8, 2015, AGSA initiated this lawsuit since AGSA was not allowed to pay the March 2015 canon corresponding to the Readjustment Contract of Use and Exploitation that Arcos agreed with ADIF. To date of these Consolidated Financial Statements, all the canons that have been accrued to date have been judicially deposited - and those amounts invested in fixed-term deposits. On November 17, 2017, ADIF answered the lawsuit. The trial opened for evidence on March 21, 2019, which was produced, and arguments were presented in December 2022. Subsequently, at the time of requesting the issuance of a judgment, the court - as a measure to better provide - ordered the issuance of various letters rogatory to courts where issues related to the concession contract are being litigated, which were responded. Since these issues are still unresolved, the issuance of the final judgment was deferred. The procedural deadlines of this file have been suspended since December 13, 2024, pending the referral of the file "ARCOS DEL GOURMET SA AND ANOTHER V. EN–AABE KNOWLEDGE PROCESS (CAF 030002/2015)."

**PLAYAS FERROVIARIAS DE BUENOS AIRES SA V. ARCOS DEL GOURMET SA EVICTION LAW 17.091 (CAF 047454/2018)**

On June 14, 2018, Playas Ferroviarias de Buenos Aires S.A. initiated an eviction process against AGSA. On February 13, 2019, it was decided to accumulate the eviction process with the nullity action promoted by AGSA (referred to in the preceding 1.A). As a consequence of the precautionary measure obtained on June 28, 2019, the eviction process remained suspended. On May 11, 2022, the Court ruled to decree the immediate eviction of AGSA and/or occupants and/or intruders of the properties. At the same time, it ordered Playas Ferroviarias de Buenos Aires S.A. to make arrangements to ensure the continuity of the commercial activities of the sub-lessees and the employment sources they employ and, for at least 6 months, the values agreed upon with the current concessionaire must be maintained. The next day, AGSA appealed. Finally, on July 13, 2022, the Prosecutor published the opinion. Chamber V issued its judgment on September 19, 2023, rejecting the appeal filed by AGSA and confirming the judgment of the lower court. Against this judgment, AGSA filed an extraordinary federal appeal. The federal extraordinary appeal was denied by the Chamber on March 14, 2024. AGSA lodged a factual appeal under the terms of articles 282 and 285 of the CPCCN to the Supreme Court of Justice of the Nation. The legal advisors of the Company believe that, although there are federal grounds to enable the Supreme Court's intervention in this proceeding, the likelihood of success remains uncertain.

**FEDERACION DE COMERCIO E INDUSTRIA DE LA CIUDAD DE BUENOS AIRES (FECOBA) and others V. GCBA and others on protective petition (CAYT 68795/2013-0)**

Federación de Comercio e Industria de la Ciudad de Buenos Aires (Federation of Commerce and Industry of the City of Buenos Aires, or FECOBA in Spanish) argued that the project executed in DISTRICT ARCOS did not have the necessary environmental approvals and did not comply with zoning guidelines. It also requested a precautionary measure, which was admitted and caused the opening to the public to be delayed until December 18, 2014, which now operates normally. In the main process, after the filing of several procedural appeals, Chamber III of the Appeals Court issued a judgment on February 14, 2019, as follows: AGSA and GCBA were convicted, with AGSA being required to allocate at least 23,319.41 square meters for public use and utility with unrestricted access and special and preferential allocation to the generation of new park-like green spaces - located wholly or partially on the property subject to the lawsuit (Distrito Arcos) or adjacent lands. In case the company cannot allocate the entire land fraction to the City of Buenos Aires, then it must pay, after a valuation, the necessary amount of money so that the Administration proceeds to search for a property to fulfill the purpose established during the term of the concession contract. If none of the mentioned alternatives are carried out by AGSA, the demolition of the necessary works on the property to comply with the stipulated in the Urban Planning Code (art. 3.1.2) would be ordered. Subsequently, within the framework of the appeal for constitutional review denied filed by AGSA against the aforementioned judgment, the Superior Court of Justice ruled that the demolition of the works carried out on the property where the "Distrito Arcos" Shopping Center is currently located, as ordered by the Chamber, is not appropriate, confirming the rest of the sentence. On February 11, 2025, the co-defendants ARCOS and GCBA entered into an agreement aimed at complying with the aforementioned judgment, under which ARCOS committed to: (i) making a payment upon the signing of the agreement to cover the expenses of creating the Santa Rita Plaza (approximately 1,757 m² in area) in the amount of ARS 1,027,360,977.52 (amount expressed in full with decimals), which was executed in due time and form; and (ii) covering the remaining 21,562.41 square meters of green space, in the measure established in the agreement, to be developed in plazas designated by GCBA, subject to judicial approval.

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| |
|:---|
| F-45 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Panamerican Mall S.A.**

Below is the summarized financial information of the subsidiary with material non-controlling interests which are considered significant for the Group, presented before intercompany eliminations.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Current Assets** | **Non-current Assets** | **Current Liabilities** | **Non-current Liabilities** | **Net assets** | **% of ownership interest held by non-controlling interests** | **Book value of non-controlling interests** | **% of ownership interest held by controlling interests** | **Book value of controlling interests** |
| **06.30.2025** | 41851 | 379875 | 9198 | 82924 | 329604 | 20.00% | 65920 | 80.00% | 263684 |
| **06.30.2024** | 35705 | 463953 | 13338 | 108776 | 377544 | 20.00% | 75508 | 80.00% | 302036 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenues** | **Comprehensive loss for the year** | **Cash of Operating activities** | **Cash of investing activities** | **Cash of financial activities** | **Net Increase / (decrease) in cash and cash equivalents** | **Dividends distribution to non-controlling shareholders** |
| **06.30.2025** | 51977 | (28643) | 29762 | (20667) | (8744) | 351 | (3860) |
| **06.30.2024** | 47846 | (64091) | 26102 | (31540) | 4809 | (629) | (384) |

---

The non-controlling interests of the remaining subsidiaries, which represent the interest of third parties in the net assets of such entities, summarize ARS 30,351 and ARS 27,375 as of June 30, 2025 and 2024, respectively. None of these subsidiaries has a non-controlling interest that individually is considered significant for the Group.

**8. Investments in associates and joint ventures**

Changes of the Group's investments in associates and joint ventures for the fiscal years ended June 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| **Beginning of the year** | **180350** | **192028** |
| Sale of interest in associates and joint ventures (i) | (3737) | (36522) |
| Capital contributions (Note 30) | 35 |  |
| Share of profit | 27924 | 47454 |
| Currency translation adjustment  | 95 | (115) |
| Dividends (Note 30) | (26744) | (22495) |
| Transfers from/to financial assets (iii) | 349 |  |
| Decrease of interest (iv) | (148) | - |
| **End of the year (ii)** | **178124** | **180350** |

---

(i) As of June 30, 2024, corresponds mainly to the sale of interest in Quality Invest S.A.

(ii) Includes ARS (80) and ARS (22) reflecting interests in companies with negative equity as of June 30, 2025 and 2024, respectively, which are disclosed in "Provisions" (see Note 19).

(iii) Corresponds to the shares of GCDI S.A. and Challenger Gold Limited.

(iv) Relates to the reduction of interest due to the liquidation of Cyrsa S.A.

Below is a detail of the investments and the values of the stake held by the Group in associates and joint ventures for the years ended as of June 30, 2025 and 2024, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2025, 2024 and 2023:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of the entity** | **% ownership interest**  | **% ownership interest**  | **Value of Group's interest in equity**  | **Value of Group's interest in equity**  | **Group's interest in comprehensive (loss) / income** | **Group's interest in comprehensive (loss) / income** | **Group's interest in comprehensive (loss) / income** |
|  | **06.30.2025** | **06.30.2024** | **06.30.2025** | **06.30.2024** | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| **Associates and joint ventures** |  |  |  |  |  |  |  |
| New Lipstick | 49.96% | 49.96% | 1472 | 1506 | (34) | (43) | (342) |
| BHSA (1) | 29.12% | 29.89% | 133840 | 144704 | 13639 | 40782 | 15969 |
| BACS | 37.72% | 37.72% | 11044 | 10594 | 450 | 3307 | (608) |
| Nuevo Puerto Santa Fe | 50.00% | 50.00% | 8503 | 6205 | 2686 | 407 | 590 |
| Quality (2) |  |  |  |  |  |  | (7169) |
| La Rural SA | 50.00% | 50.00% | 21019 | 14804 | 11175 | 10543 | 3652 |
| GCDI |  | 27.39% |  | 1793 | 519 | (7918) | 841 |
| Other joint ventures | N/A | N/A | 2246 | 744 | (416) | 261 | 386 |
| **Total associates and joint ventures** |  |  | **178124** | **180350** | **28019** | **47339** | **13319** |

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| F-46 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | |  | **Latest financial statements issued** | **Latest financial statements issued** | **Latest financial statements issued** | **Latest financial statements issued** | **Latest financial statements issued** |
| <br>**Name of the entity** | <br>**Place of business / Country of incorporation** | <br>**Main activity** |<br>**Common shares 1 vote** |  | **Share capital (nominal value)** |  | **(Loss) / profit for the year** |  | **Shareholders' equity** |
| **Associates and joint ventures** |  |  |  |  |  |  |  |  |  |
| New Lipstick | USA | Real estate | 23631037 | (\*) | 47 | (\*) | (3) |)(\*) | (50) |
| BHSA (1) | Argentina | Financial | 436780922 | (\*\*) | 1500 | (\*\*) | 46554 | (\*\*) | 447483 |
| BACS | Argentina | Financial | 33125751 | (\*\*) | 88 | (\*\*) | 1193 | (\*\*) | 29276 |
| Nuevo Puerto Santa Fe | Argentina | Real estate | 138750 |  | 28 |  | 5373 |  | 16429 |
| La Rural SA | Argentina | Organization of events | 714998 | (\*\*) | 1 | (\*\*) | 22676 | (\*\*) | 41882 |

---

---

| | |
|:---|:---|
| (1) | BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium businesses and large companies. The market price of the share is 343.50 pesos per share. |
| (2) | The interest held in Quality was sold on August 31, 2023. |
| (\*) | Amounts in millions of US Dollars. |
| (\*\*) | Amounts as of June 30, 2025, prepared in accordance with IFRS regulations. |

---

***La Rural S.A.***

On December 2012, the National Executive Power annulled a 1991 decree that had approved the sale of the Palermo Fairgrounds to Sociedad Rural Argentina (SRA) and revoked the purchase agreement. SRA filed a precautionary measure to suspend the execution of this annulment, which was granted and remains in force after various judicial proceedings.

IRSA has not been notified and is not a party to these judicial actions initiated by SRA. In the event that the annulment of the sale is declared unconstitutional, it would not legally impact IRSA's acquisition in the company related to the property. However, if the nullity of the sale is declared, it could affect the assets related to the property.

The judicial process continues in the evidentiary stage, and there are currently no elements indicating that La Rural S.A. could see the usufruct it holds over the property affected. The Company will continue monitoring the progress of the process due to the legal uncertainty.

Set out below is summarized financial information of the associates and joint ventures considered to be material to the Group:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Current Assets** | **Non-current Assets** | **Current Liabilities** | **Non-current Liabilities**  | **Net assets** | **% of ownership interest held** | **Interest in associate and joint venture** | **Goodwill and others** | **Book value** |
|  | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** |
| <u>Associates</u> |  |  |  |  |  |  |  |  |  |
| BHSA  | 1766165 | 1698791 | 2989440 | 10594 | 464922 | 29.12% | 135385 | (1545) | 133840 |
| <u>Joint ventures</u> |  |  |  |  |  |  |  |  |  |
| Nuevo Puerto Santa Fe | 4562 | 20101 | 1350 | 6883 | 16430 | 50.00% | 8215 | 288 | 8503 |
| . |  |  |  |  |  |  |  |  |  |
|  | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** |
| <u>Associates</u> |  |  |  |  |  |  |  |  |  |
| BHSA  | 2277728 | 860495 | 2588620 | 59334 | 490269 | 29.89% | 146541 | (1837) | 144704 |
| GCDI | 39052 | 124995 | 92175 | 65197 | 6675 | 27.39% | 1828 | (35) | 1793 |
| <u>Joint ventures</u> |  |  |  |  |  |  |  |  |  |
| Nuevo Puerto Santa Fe | 2994 | 14966 | 1009 | 5121 | 11830 | 50.00% | 5915 | 290 | 6205 |

---

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| F-47 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenues** | **Net income / (loss)** | **Total comprehensive income / (loss)** | **Dividend distribution** | **Cash of operating activities** | **Cash of investing activities** | **Cash of financing activities** | **Changes in cash and cash equivalents** |
|  | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2025** |
| <u>Associates</u> |  |  |  |  |  |  |  |  |
| BHSA  | 985517 | 46554 | 46554 | (71360) | 144466 | (2662) | 64445 | 206249 |
| <u>Joint ventures</u> |  |  |  |  |  |  |  |  |
| Nuevo Puerto Santa Fe | 6295 | 5373 | 5373 | (774) | 3027 | (1693) | (799) | 535 |
|  | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** | **06.30.2024** |
| <u>Associates</u> |  |  |  |  |  |  |  |  |
| BHSA  | 2446515 | 136357 | 136357 | 402351 | 342658 | (3352) | (65939) | 273367 |
| GCDI | 51855 | (16870) | (11010) |  | (1195) | 1351 | (954) | (798) |
| <u>Joint ventures</u> |  |  |  |  |  |  |  |  |
| Nuevo Puerto Santa Fe | 5694 | 815 | 815 | (1232) | 1203 | 191 | (1634) | (240) |

---

**<u>Puerto Retiro (joint venture)</u>**:

The Company owns a plot of land of 8.3 hectares, whose U.P. zoning restricts its use to port activities. It faces: (i) a request for extension of bankruptcy initiated by the National Government, and (ii) a civil action filed by Tandanor and the Ministry of Defense regarding the bidding of the Dársena Norte property.

On September 7, 2018, the Federal Criminal Oral Court ("TOFC") No. 5 upheld the statute of limitations defense raised by Puerto Retiro; however, in the criminal case, where Puerto Retiro is not a party, the confiscation of the "Planta I" property was ordered.

During fiscal year 2019, Puerto Retiro recorded a provision equivalent to 100% of the carrying value of its investment property, subject to reversal if a favorable judgment is obtained.

On November 26, 2024, the Supreme Court of Justice of the Nation annulled the cassation judgment regarding the statute of limitations of the civil action, ordered a new ruling to be issued, and confirmed the confiscation, ordering its restitution to Tandanor.

On June 24, 2025, Chamber IV of the Federal Court of Cassation annulled the parts of TOFC No. 5 related to the statute of limitations and the destination of the confiscation and remitted the proceedings to said court for a new resolution.

It is worth noting that the civil action is directed exclusively against Puerto Retiro and not against IRSA; the facts on which the civil action in criminal jurisdiction is based occurred prior to IRSA's acquisition of the shares of Puerto Retiro.

As of the issuance date of these Consolidated Financial Statements, the resolution regarding the statute of limitations of the civil action and the destination of the property remains pending.

Given the procedural stage, the final outcome is uncertain.

---

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| F-48 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**9. Investment properties**

Changes in the Group's investment properties according to the fair value hierarchy for the years ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2025** | **06.30.2024** | **06.30.2024** |
|  | **Level 2** | **Level 3** | **Level 2** | **Level 3** |
| **Fair value at the beginning of the year** | **1449519** | **924467** | **2036238** | **916340** |
| Additions  | 26944 | 47567 | 6217 | 12400 |
| Capitalized leasing costs | 65 | 117 | 22 | 298 |
| Amortization of capitalized leasing costs (i) | (131) | (250) | (188) | (246) |
| Transfers | (88136) | (3824) | (38223) | (9) |
| Disposals | (9089) | (18) | (70054) |  |
| Currency translation adjustment  | (64) |  | (15) |  |
| Net (loss) / gain from fair value adjustment | (459908) | 457408 | (484478) | (4316) |
| **Fair value at the end of the year** | **919200** | **1425467** | **1449519** | **924467** |

---

(i) As of June 30, 2025 and 2024, amortization charges of capitalized leasing costs were recognized in "Costs" in the Consolidated Statement of Income and Other Comprehensive Income (Note 24).

The following is the balance by type of investment property of the Group as of June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Shopping Malls (i) | 1439736 | 956400 |
| Offices and other rental properties | 290706 | 468139 |
| Undeveloped parcels of land | 611617 | 946585 |
| Properties under development | 650 | 650 |
| Others | 1958 | 2212 |
| **Total**  | **2344667** | **2373986** |

---

(i) Includes parking spaces.

Certain investment property assets of the Group have been mortgaged or restricted to secure some of the Group's trade and other payables. The net book value of those properties as of June 30, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Córdoba Shopping (i) | 19494 | 27179 |
| **Total**  | **19494** | **27179** |

---

(i) A portion of the Córdoba Shopping mall property is encumbered with an antichresis right as collateral for an advance rent received from NAI International II Inc. amounting to ARS 2,936 million and ARS 2,866 million, as of June 30, 2025 and 2024, respectively, (included in "Trade and other payables" in the Consolidated Statement of Financial Position).

The following amounts have been recognized in the Consolidated Statement of Income and Other Comprehensive Income:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Revenues (Note 23) | 393084 | 362621 | 365268 |
| Direct operating costs  | (124058) | (105046) | (114868) |
| Development costs | (14865) | (1847) | (1357) |
| Net realized gain for the year (i) | 3152 | 43604 | 62707 |
| Net unrealized loss for the year (ii) | (5652) | (532398) | (317274) |

---

(i) Corresponds to the result from changes in the fair value realized from sales that occurred during the fiscal year of properties considered as investment properties.

(ii) It includes the result from changes in the fair value of those investment properties that are in the portfolio and have not yet been sold. This was generated in accordance with what is described in the section named "valuation techniques", mainly affected by the macroeconomic effects of inflation and changes in the reference exchange rates mentioned therein.

See note 5 (liquidity schedule) for details of contractual commitments related to investment properties.

*<u>Valuation processes</u>*

The Group's investment properties were valued at each reporting date by independent professionally qualified appraisers who hold a recognized relevant professional qualification and have experience in the locations and segments of the investment properties appraised. For all investment properties, their current use equates to the highest and best use.

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| F-49 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The Group has a team which reviews the appraisals performed by the independent appraisers (the "review team"). The review team: i) verifies all major and important assumptions relevant to the appraisal in the valuation report from the independent appraisers; ii) assesses property valuation movements compared to the valuation report from the prior period; and iii) holds discussions with the independent appraisers.

Changes in Level 2 and 3 fair values, if any, are analyzed at each reporting date during the valuation discussions between the review team and the independent appraisers. The Board of Directors ultimately approves the fair value calculation for recording into the Financial Statements.

During the annual investment property valuation process carried out in previous years, the following circumstances were identified, among other aspects: i) entry into force of the modifications in the urban planning code of the Autonomous City of Buenos Aires (CABA) with the new urban code law sanctioned in November 2020 and which entered into force in February 2021 modifying approximately one third of the current code, ii) new construction potential, iii) consolidation of new paradigms of the sector imposed by the pandemic, the general economic situation and the situation of the real estate sector that make technical, legal or economically viable buildable potentials or surpluses for alternative uses of the entire portfolio of properties. Additionally, the amendments introduced in the new Urban Planning Code of the Autonomous City of Buenos Aires (CABA), which came into effect on January 1, 2025, were taken into consideration.

In this sense, the shopping malls were the most affected by the aforementioned circumstances, taking into account the size of their plots and their unique and strategic locations, considering an alternative potential realization market.

The impact of the pandemic and the long-term closure of shopping malls led to a reconsideration of the possibility of mixed uses in the buildable potentials of such shopping malls, seeking a new centrality and enhancing the attractiveness in replacement of anchor stores.

On the other hand, the analysis of opening towards its surroundings and the generation of open spaces produced a new distribution of the value of the existing square meters, producing a change of focus on how to maximize said surplus square meters.

This led to reevaluate the analysis of the value of surplus square meters that were potentially marketable, (being that historically they were the most profitable), to reconvert them to other complementary uses. The buildable potentials analyzed have unique, irreplaceable locations, with high potentials, feasible realization and very attractive from an economic point of view, this vision remains to this day.

The identified buildable potentials, identified in previous years and that remain in the current year, are included in the value of the investment property based on the methodology established for other Level 2 properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Patio Bullrich, CABA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Alto Palermo, CABA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Córdoba Shopping, Córdoba

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Beruti 3345/47, (Corner of Coronel Diaz), CABA.

*<u>Valuation techniques used for the estimation of fair value of the investment property</u>*

The Group has defined valuation techniques according to the characteristics of each property and the type of market in which these assets are located, for the purpose of considering the use of the most observable information available for the determination of fair value.

For the Shopping Malls operated by the Group there is no liquid market for the sale of properties with these characteristics that can be taken as a reference of value. Likewise, the Shopping Malls, a business whose revenue is denominated in Argentine Pesos, are highly related to the fluctuation of macroeconomic variables in Argentina, the purchasing power of individuals, the economic cycle of Gross Domestic Product (GDP) growth, the evolution of inflation and consumption, among others. Consequently, the methodology adopted by the Group for the valuation of Shopping Malls is the discounted cash flow model ("DCF"), which allows the volatility of the Argentine economy to be taken into account and its correlation with the revenue streams of the Malls and the inherent risk of the Argentine macroeconomy. The DCF methodology contemplates the use of certain unobservable valuation assumptions, which are determined based on the information and internal sources available at the date of each measurement. These assumptions mainly include the following:

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| F-50 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| |
|:---|
| Future projected income flow based on the current locations, type and quality of the properties, supported by the rental contracts that the Company has signed with its tenants. Because the Company's income arises from the higher value between a Minimum Insured Fixed Value ("VMA") and a percentage of the sales of the tenants in each Shopping Mall, estimates of the evolution of GDP and Inflation of the Argentine economy provided by external consultants to estimate the evolution of tenant sales, which present a high correlation with these macroeconomic variables. Said macroeconomic projections were contrasted with the projections prepared by the International Monetary Fund ("IMF"), the Organization for Economic Cooperation and Development ("OECD") and with the Market Expectations Survey ("REM"), which consists of a survey prepared by the Central Bank of the Argentine Republic ("BCRA") aimed at local and foreign specialized analysts in order to allow a systematic monitoring of the main macroeconomic forecasts in the short and medium term on the evolution of the Argentine economy.  |
| It was considered that the revenues from all the Shopping Malls would grow in line with the budget during the first fiscal year. Subsequently, they grow with the same elasticity in relation to the evolution of GDP and projected Inflation. The specific characteristics and risks of each Shopping Mall are captured through the use of the historical average EBITDA Margin of each of them. Eliminating from the average those years that, due to various factors, are not representative, such as the pandemic year. |
| Cash flows from future investments, expansions or improvements in Shopping Mall were not contemplated. |
| Terminal value: a perpetuity calculated from the cash flow from the 10th year of each Shopping Mall was considered. |
| The cash flow for concessions was projected until the termination date of the concession stipulated in the current contract. |
| Given the prevailing inflationary context and the volatility of certain macroeconomic variables, a reference long term interest rate in Argentine Pesos is not available to discount the projected cash flows from shopping malls. Consequently, the projected cash flows were dollarized through the future ARS / US$ exchange rate curve provided by an external consultant, which are contrasted to assess their reasonableness with those of the IMF, OECD, REM and the On-shore Exchange Rate Futures Market (ROFEX). Finally, dollarized cash flows were discounted with a long-term dollar rate, the weighted average capital cost rate ("WACC"), for each valuation date. |
| The estimation of the WACC discount rate was determined according to the following components: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) United State Governments Bonds risk-free rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Market risk premium in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Industry beta or volatility, considering comparable companies from the United States, Brazil, Chile and Mexico, in order to contemplate the Market Risk on the risk-free rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Argentine country risk considering the average yield spread of a representative set of corporate bonds issued by Argentine companies with a credit quality similar to the Company, and 10-year U.S. Treasuries.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Cost of debt and capital structure, considering that information available from the Argentine corporate market ("blue chips") was determined as a reference, since sovereign bonds have a history of defaults. Consequently, and because IRSA, based on its representativeness and market share represents the most important entity in the sector, we have taken its relevant indicators to determine the discount rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) local income tax rate.

Due to the debt restructuring carried out during previous fiscal periods, which affected the composition of the group's capital structure, the use of two different discount rates was introduced in the valuation of our shopping malls: one for the flows discount and another for perpetuity. Here is the difference between the two:

· Discounted cash flow rate: considers the company's current capital structure.

· Discount perpetuity rate: considers a market capital structure, based on comparable companies.

The introduction of the normalized rate in perpetuity is due to the fact that we consider that the relationship between debt and capital would tend to normalize in the long term.

For offices, other rental properties, plot of lands and buildable potentials the valuation was determined using transactions of comparable market assets, since the market for these assets in Argentina is liquid and has market transactions that can be taken as reference. These values are adjusted to reflect differences in key attributes such as location, property size and quality of interior fittings (incidence adjustments). The most significant input to the comparable market approach is the price per square meter that derives from the supply and demand in force in the market at each valuation date.

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| F-51 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Since September 2019, the real estate market has faced certain changes in terms of its operation as a consequence of the implementation of regulations applicable to the foreign exchange market. Since that date, strict exchange controls have been in effect in Argentina, which limit, among other things: buying foreign currency in order to form external assets, prepaying debts, the purchase of foreign currency to pay for imports, making remittances of profits and dividends abroad and transferring funds abroad. However, as of April 2025, such foreign exchange controls were almost entirely eliminated for individuals and reduced for the payment of imports, dividends generated from fiscal years beginning after January 1, 2025, and interest payments on financial debt with related parties

As a consequence of these exchange regulations, it is observed that the purchase and sales transactions for office buildings, other rental properties, land reserves, and buildable potentials may be settled in Argentine Pesos or in dollars. In this way, the most probable scenario is that any sale of the aforementioned assets be settled in Argentine Pesos at an implicit foreign exchange rate higher than the official one. This is evidenced by the transactions consummated by the Group, both in the current fiscal year and in prior years. Therefore, and given that the previously described situation remains in effect as of the date of issuance of these Consolidated Financial Statements, the Group has valued its office buildings, land reserves and buildable potentials in Argentine Pesos at the end of the year considering the situation described above, considering an implicit exchange rate higher than the official one.

In certain situations, it is complex to determine reliably the fair value of developing properties. In order to assess whether the fair value of a developing property can be determined reliably, management considers the following factors, among others:

· The provisions of the construction contract.

· The stage of completion.

· Whether the project / property is standard (typical for the market) or non-standard.

· The level of reliability of cash inflows after completion.

· The specific development risk of the property.

· Previous experience with similar constructions.

· Status of construction permits.

· The feasibility studies of infrastructure links.

There were no changes in the valuation techniques during the year.

The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **06.30.25 (i)** | **06.30.25 (i)** | **06.30.24 (i)** | **06.30.24 (i)** | **06.30.23 (i)** | **06.30.23 (i)** |
| <br>**Description** | <br>**Valuation technique** | <br>**Parameters** | <br>**Fiscal year**<br>**2025 / 2024 / 2023** | **Increase** | **Decrease** | **Increase** | **Decrease** | **Increase** | **Decrease** |
| Shopping Malls (Level 3) | Discounted cash flows | Discount cash flows rate | 11.08% / 15.40% / 15.25% | (28789) | 30669 | (21136) | 22438 | (19460) | 20843 |
| Shopping Malls (Level 3) | Discounted cash flows | Discount perpetually rate | 10.63% / 14.11% / 14.20% | (112417) | 149290 | (42692) | 53024 | (45832) | 56414 |
| Shopping Malls (Level 3) | Discounted cash flows | Growth perpetually rate | 2.4% / 2.4% / 2.4% | 92603 | (72527) | 29104 | (24523) | 34757 | (29328) |
| Shopping Malls (Level 3) | Discounted cash flows | Inflation | (\*) | 88284 | (82775) | 46342 | (44520) | 124586 | (113796) |
| Shopping Malls (Level 3) | Discounted cash flows | Devaluation | (\*) | (129588) | 158385 | (84041) | 92445 | (83302) | 91632 |

---

---

| | |
|:---|:---|
| (\*) | Fiscal year 2025: For the next 5 years, an average ARS / USD exchange rate with an upward trend was considered, starting at ARS 1,308.33 (corresponding to the year ended June 30, 2026) and arriving at ARS 2,477.27 in 2030. In the long term, a nominal devaluation rate of 5.57% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 25.5% and stabilizes at 8.0% after 4 years. |
|  | Fiscal year 2024: For the next 5 years, an average ARS / USD exchange rate with an upward trend was considered, starting at ARS 1,170.0 (corresponding to the year ended June 30, 2025) and arriving at ARS 3,024.05 in 2030. In the long term, a nominal devaluation rate of 5.57% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 85.6% (corresponding to the year ended June 30, 2025) and stabilizes at 8.0% after 5 years.<br>Fiscal year 2023: For the next 5 years, an average ARS / USD exchange rate with an upward trend was considered, starting at ARS 479.40 (corresponding to the year ended June 30, 2024) and arriving at ARS 2,118.20 in 2029. In the long term, a nominal devaluation rate of 5.57% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 144.3% (corresponding to the year ended June 30, 2023) and stabilizes at 8.0% after 5 years. |
| (i)  | Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation and 10% for the devaluation. |

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| F-52 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**10. Property, plant and equipment**

Changes in the Group's property, plant and equipment for the years ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Buildings and facilities** | **Machinery and equipment** | **Others (i)** | **Total** |
| **Net book amount at the June 30, 2023** | **47610** | **2571** | **2384** | **52565** |
| Costs  | 117733 | 48122 | 10926 | 176781 |
| Accumulated depreciation  | (70123) | (45551) | (8542) | (124216) |
| **Balances at June 30, 2023** | **47610** | **2571** | **2384** | **52565** |
| Additions  | 3131 | 961 | 548 | 4640 |
| Disposals  |  | (10) | (7) | (17) |
| Currency translation adjustment  |  |  | (7) | (7) |
| Transfers |  | 14 |  | 14 |
| Depreciation charges (ii)  | (4601) | (1142) | (483) | (6226) |
| **Net book amount at the June 30, 2024** | **46140** | **2394** | **2435** | **50969** |
| Costs  | 120864 | 49087 | 11460 | 181411 |
| Accumulated depreciation  | (74724) | (46693) | (9025) | (130442) |
| **Balances at June 30, 2024** | **46140** | **2394** | **2435** | **50969** |
| Additions  | 5656 | 1617 | 767 | 8040 |
| Currency translation adjustment  |  |  | 6 | 6 |
| Transfers  |  | 1624 |  | 1624 |
| Depreciation charges (ii)  | (4509) | (1539) | (500) | (6548) |
| **Net book amount at the June 30, 2025** | **47287** | **4096** | **2708** | **54091** |
| Costs  | 126520 | 52328 | 12233 | 191081 |
| Accumulated depreciation  | (79233) | (48232) | (9525) | (136990) |
| **Balances at June 30, 2025** | **47287** | **4096** | **2708** | **54091** |

---

(i) Includes furniture and fixtures and vehicles.

(ii) As of June 30, 2025 and 2024, depreciation charges of property, plant and equipment were recognized: ARS 4,841 and ARS 4,609 in "Costs", ARS 1,696 and ARS 1,599 in "General and administrative expenses" and ARS 11 and ARS 18 in "Selling expenses", respectively in the Consolidated Statement of Income and Other Comprehensive Income (Note 24).

**11. Trading properties**

Changes in the Group's trading properties for the fiscal years ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Completed properties** | **Properties under development (i)** | **Undeveloped sites** | **Total** |
| **At June 30, 2023** | **3080** | **16797** | **12130** | **32007** |
| Additions |  | 1044 | 224 | 1268 |
| Currency translation adjustment  |  | (1479) |  | (1479) |
| Disposals  | (104) | (3886) | - | (3990) |
| **At June 30, 2024** | **2976** | **12476** | **12354** | **27806** |
| Additions |  | 1772 | 1235 | 3007 |
| Currency translation adjustment  |  | (662) |  | (662) |
| Transfers |  | 163301 |  | 163301 |
| Impairment (ii) | (301) | (18824) |  | (19125) |
| Disposals  | (514) | (13394) | (4) | (13912) |
| **At June 30, 2025** | **2161** | **144669** | **13585** | **160415** |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Non-current | 124720 | 27233 |
| Current | 35695 | 573 |
| **Total** | **160415** | **27806** |

---

(i) Includes Zetol and Vista al Muelle plots of land, with the former being mortgaged to secure Group's borrowings. The net book value amounted to ARS 11,471 and ARS 11,512 as of June 30, 2025 and 2024, respectively.

(ii) The Group makes a quarterly comparison between the cost and the net realizable value of its trading properties. As of the end of the current fiscal year, the value of these assets recorded at their inflation-adjusted cost is ARS 57,107, while the net realizable value amounts to ARS 37,982, resulting in an impairment loss of ARS 19,125. The impairment charge has been recognized under "Other operating results, net" in the statement of income and other comprehensive income (Note 26).

---

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| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**12. Intangible assets**

Changes in the Group's intangible assets for the years ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goodwill** | **Information systems and software** | **Future units to be received from barters and others** | **Total** |
| **Balance at June 30, 2023** | **2477** | **1291** | **37385** | **41153** |
| Costs  | 2477 | 15463 | 43156 | 61096 |
| Accumulated amortization  | - | (14172) | (5771) | (19943) |
| **Net book amount at June 30, 2023** | **2477** | **1291** | **37385** | **41153** |
| Additions  | 7 | 748 | 11270 | 12025 |
| Disposals  |  |  | (331) | (331) |
| Transfers |  |  | 38218 | 38218 |
| Currency translation adjustment  | 1 |  |  | 1 |
| Amortization charges (i) | - | (962) | (51) | (1013) |
| **Balance at June 30, 2024** | **2485** | **1077** | **86491** | **90053** |
| Costs  | 2485 | 16210 | 92313 | 111008 |
| Accumulated amortization  | - | (15133) | (5822) | (20955) |
| **Net book amount at June 30, 2024** | **2485** | **1077** | **86491** | **90053** |
| Additions  |  | 2253 | 796 | 3049 |
| Transfers |  | 2446 | (75411) | 72965) |
| Currency translation adjustment  | 1 |  |  | 1 |
| Amortization charges (i) | - | (1921) | (88) | (2009) |
| **Balances at June 30, 2025** | **2486** | **3855** | **11788** | **18129** |
| Costs  | 2486 | 20909 | 17698 | 41093 |
| Accumulated amortization  | - | (17054) | (5910) | (22964) |
| **Net book amount at June 30, 2025** | **2486** | **3855** | **11788** | **18129** |

---

(i) Amortization charge was recognized in the amount of ARS 1,925 and ARS 788 under "Costs", in the amount of ARS 70 and ARS 225 under "General and administrative expenses" as of June 30, 2025 and 2024, respectively and in the amount of ARS 14 under " Selling expenses " only as of June 30, 2025 in the Consolidated Statement of Income and Other Comprehensive Income (Note 24).

**13. Right-of-use assets and lease liabilities**

Below is the composition of the Group´s right-of-use assets as of June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Offices, shopping malls and other rental properties | 7459 | 2880 |
| Convention center | 4426 | 12006 |
| **Total Right-of-use assets** | **11885** | **14886** |
| Non-current | 11885 | 14886 |
| **Total** | **11885** | **14886** |

---

Changes in the Group´s right-of-use assets during the fiscal years ended June 30, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| **Beginning of the year**  | **14886** | **15202** |
| Additions | 7747 | 1141 |
| Disposals  | (9176) |  |
| Depreciation charges  | (1572) | (1457) |
| **Total** | **11885** | **14886** |

---

Depreciation charge for right-of-use assets is detailed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Offices, shopping malls and other rental properties | 784 | 630 | 153 |
| Machinery and equipment |  |  | 21 |
| Convention center | 788 | 827 | 827 |
| **Total depreciation of right-of-use assets (i)** | **1572** | **1457** | **1001** |

---

(i) As of June 30, 2025 and 2024, depreciation charges were recognized as follows: ARS 979 and ARS 877 in "Costs", ARS 86 and ARS 111 in "General and administrative expenses" and ARS 507 and ARS 469 in "Selling expenses" in the Consolidated Statement of Income and Other Comprehensive Income (Note 24).

---

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| F-54 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Other charges to income related to right-of-use assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** |
| Lease liabilities interests | (683) | (1464) | (1150) |
| Results from short-term leases | (636) | (434) | (694) |
| Gain from lease modification | 1982 |  |  |

---

Below is the composition of the Group's lease liabilities for the fiscal years ended June 30, 2025 and June 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Offices, shopping malls and other rental properties | 6113 | 2758 |
| Convention center | 2309 | 12507 |
| **Total lease liabilities** | **8422** | **15265** |
| Non-current | 3268 | 12627 |
| Current | 5154 | 2638 |
| **Total** | **8422** | **15265** |

---

**14. Financial instruments by category**

According to IFRS 7, The following note presents the financial assets and financial liabilities by category and a reconciliation to the corresponding line in the Consolidated Statement of Financial Position, as appropriate. Since the line items "Trade and other receivables" and "Trade and other payables" contain both financial instruments and non-financial assets or liabilities (such as prepayments, trade receivables, trade payables in-kind and tax receivables and payables, among others), the reconciliation is shown in the columns headed "Non-financial assets" and "Non-financial liabilities". Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy.

IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm's length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels.

In the case of Level 1, valuation is based on quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company can refer to at the date of valuation. In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs used reflect the Group's assumptions regarding the factors which market players would consider in their pricing.

The Group's Finance Division has a team in place in charge of estimating the valuation of financial assets required to be reported in the Consolidated Financial Statements, including the fair value of Level-3 instruments. The team directly reports to the Chief Financial Officer ("CFO"). The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, as of the end of each reporting period.

According to the Group's policy, transfers among the several categories of valuation are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer.

---

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| F-55 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Financial assets and financial liabilities as of June 30, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial assets at amortized cost** | **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** | **Subtotal financial assets** | **Non-financial assets** | **Total** |
|  |  | **Level 1** | **Level 2** |  |  |  |
| **June 30, 2025** |  |  |  |  |  |  |
| **Assets as per Statements of Financial Position** |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 15) | 141068 |  |  | 141068 | 26499 | 167567 |
| Investments in financial assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Public companies' securities  |  | 35305 |  | 35305 |  | 35305 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Mutual funds |  | 132230 |  | 132230 |  | 132230 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Bonds |  | 55801 |  | 55801 |  | 55801 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Others  | 5410 | 3812 | 13770 | 22992 |  | 22992 |
| Cash and cash equivalents: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Cash at bank and on hand  | 167672 |  |  | 167672 |  | 167672 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Short-term investments  | - | 9148 | - | 9148 | - | 9148 |
| **Total assets**  | **314150** | **236296** | **13770** | **564216** | **26499** | **590715** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial liabilities at amortized cost** | **Financial liabilities at fair value through profit or loss** | **Financial liabilities at fair value through profit or loss** | **Subtotal financial liabilities** | **Non-financial liabilities** | **Total** |
|  |  | **Level 1** | **Level 2** |  |  |  |
| **June 30, 2025** |  |  |  |  |  |  |
| **Liabilities as per Statements of Financial Position** |  |  |  |  |  |  |
| Trade and other payables (Note 18) | 60955 |  |  | 60955 | 120882 | 181837 |
| Borrowings (Note 20) | 647128 |  |  | 647128 |  | 647128 |
| Lease liabilities (Note 13) | 8422 |  |  | 8422 |  | 8422 |
| Derivative financial instruments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Foreign-currency future contracts |  | 20 |  | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Bond futures | - | 29 |  | 29 | - | 29 |
| **Total liabilities**  | **716505** | **49** |  | **716554** | **120882** | **837436** |

---

Financial assets and financial liabilities as of June 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial assets at amortized cost** | **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** | **Subtotal financial assets** | **Non-financial assets** | **Total** |
|  |  | **Level 1** | **Level 3** |  |  |  |
| **June 30, 2024** |  |  |  |  |  |  |
| **Assets as per Statements of Financial Position** |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 15) | 125419 |  |  | 125419 | 32783 | 158202 |
| Investments in financial assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Public companies' securities  |  | 24484 |  | 24484 |  | 24484 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Mutual funds |  | 85313 |  | 85313 |  | 85313 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Bonds |  | 58399 |  | 58399 |  | 58399 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Others | 7689 | 6518 | 35 | 14242 |  | 14242 |
| Derivative financial instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Options on companies | 78 |  |  | 78 |  | 78 |
| Cash and cash equivalents: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Cash at bank and on hand  | 28586 |  |  | 28586 |  | 28586 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Short term investments  | - | 10866 | - | 10866 | - | 10866 |
| **Total assets**  | **161772** | **185580** | **35** | **347387** | **32783** | **380170** |

---

---

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|:---|
| F-56 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial liabilities at amortized cost** | **Financial liabilities at fair value through profit or loss** | **Financial liabilities at fair value through profit or loss** | **Subtotal financial liabilities** | **Non-financial liabilities** | **Total** |
|  |  | **Level 1** | **Level 3** |  |  |  |
| **June 30, 2024** |  |  |  |  |  |  |
| **Liabilities as per Statements of Financial Position** |  |  |  |  |  |  |
| Trade and other payables (Note 18) | 51165 |  |  | 51165 | 103597 | 154762 |
| Borrowings (Note 20) | 511329 |  |  | 511329 |  | 511329 |
| Lease liabilities (Note 13) | 15265 |  |  | 15265 |  | 15265 |
| Derivative financial instruments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Bond futures | - | 6 |  | 6 | - | 6 |
| **Total liabilities**  | **577759** | **6** |  | **577765** | **103597** | **681362** |

---

The following are details of the book value of financial instruments recognized, which were offset in the statements of financial position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2025** | **06.30.2025** | **06.30.2024** | **06.30.2024** | **06.30.2024** |
|  | **Gross amounts recognized** | **Gross amounts offset**  | **Net amount presented** | **Gross amounts recognized** | **Gross amounts offset**  | **Net amount presented** |
| **Financial assets** |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) | 163684 | (22616) | 141068 | 135686 | (10267) | 125419 |
| **Financial liabilities** |  |  |  |  |  |  |
| Trade and other payables | 38339 | 22616 | 60955 | 40898 | 10267 | 51165 |

---

Income, expense, gains and losses on financial instruments can be assigned to the following categories:

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial assets / liabilities at amortized cost** | **Financial assets / liabilities at fair value through profit or loss** | **Total** |
| **June 30, 2025** |  |  |  |
| Interest income | 6439 |  | 6439 |
| Interest expense | (38727) |  | (38727) |
| Interest expense on lease liabilities | (683) |  | (683) |
| Foreign exchange gains, net | 13904 |  | 13904 |
| Gain from repurchase of NCN | 383 |  | 383 |
| Fair value gain on financial assets at fair value through profit or loss  |  | 59581 | 59581 |
| Interest and allowances generated by operating credits | 1607 |  | 1607 |
| Gain from derivative financial instruments, net |  | 104 | 104 |
| Other finance costs | (11584) | - | (11584) |
| **Total financial instruments (i)** | **(28661)** | **59685** | **31024** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial assets / liabilities at amortized cost** | **Financial assets / liabilities at fair value through profit or loss** | **Total** |
| **June 30, 2024** |  |  |  |
| Interest income | 47250 |  | 47250 |
| Interest expense | (54800) |  | (54800) |
| Interest expense on lease liabilities | (1464) |  | (1464) |
| Foreign exchange gains, net | 20894 |  | 20894 |
| Loss from repurchase of NCN | (252) |  | (252) |
| Fair value gain on financial assets at fair value through profit or loss  |  | 133160 | 133160 |
| Interest and allowances generated by operating credits | 2635 |  | 2635 |
| Loss from derivative financial instruments, net |  | (1934) | (1934) |
| Other finance costs | (16566) | - | (16566) |
| **Total financial instruments (i)** | **(2303)** | **131226** | **128923** |

---

---

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| F-57 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial assets / liabilities at amortized cost** | **Financial assets / liabilities at fair value through profit or loss** | **Total** |
| **June 30, 2023** |  |  |  |
| Interest income | 4272 |  | 4272 |
| Interest expense | (61686) |  | (61686) |
| Interest expense on lease liabilities | (1150) |  | (1150) |
| Foreign exchange gains, net | 35028 |  | 35028 |
| Gain from repurchase of NCN | 1030 |  | 1030 |
| Fair value gain on financial assets at fair value through profit or loss  |  | 38366 | 38366 |
| Interest and allowances generated by operating credits | 3424 |  | 3424 |
| Gain from derivative financial instruments, net |  | 239 | 239 |
| Other finance costs | (9815) | - | (9815) |
| **Total financial instruments (i)** | **(28897)** | **38605** | **9708** |

---

(i) Included within "Financial results, net" in the Consolidated Statement of Income and Other Comprehensive Income, with the exception of interest and discount generated by operating assets, which are included within "Other operating results, net".

During the fiscal year ended June 30, 2025 and 2024, there were no transfers between levels of hierarchy of the fair value. When there are no quoted prices available in an active market, fair values (especially derivative instruments) are based on recognized valuation methods. The Group uses a range of valuation models for the measurement of Level 3 instruments, details of which may be obtained from the following table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Pricing model / method** | **Parameters** | **Fair value hierarchy** | **Range** |
| Purchase option – Warrant (Others) | Black & Scholes with dilution | Underlying asset price and volatility | Level 3 | - |

---

As of June 30, 2025, there are no significant changes in economic or business circumstances that affect the fair value of the Group's financial assets and liabilities that were not considered in the fair value estimation.

As of June 30, 2025 and 2024, the carrying amount of assets and liabilities measured at amortized cost does not differ significantly from their fair value, except for loans, whose fair value is disclosed in Note 20.

**15. Trade and other receivables**

Group's trade and other receivables as of June 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Sale, leases and services receivables  | 69260 | 60294 |
| Less: Allowance for doubtful accounts | (4587) | (4290) |
| **Total trade receivables** | **64673** | **56004** |
| Borrowings, deposits and others | 51262 | 56041 |
| Advances to suppliers  | 12217 | 12997 |
| Tax receivables  | 8976 | 6871 |
| Prepaid expenses  | 3234 | 3467 |
| Dividends receivable | 18701 | 6596 |
| Others | 3917 | 11936 |
| **Total other receivables** | **98307** | **97908** |
| **Total trade and other receivables** | **162980** | **153912** |
| Non-current | 32996 | 47677 |
| Current | 129984 | 106235 |
| **Total**  | **162980** | **153912** |

---

Book amounts of Group's trade and other receivables in foreign currencies are detailed in Note 32.

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| F-58 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Trade accounts receivables are presented in the Consolidated Statement of Financial Position net of allowances for doubtful accounts. Impairment policies and procedures by type of receivables are discussed in detail in Note 2. Movements on the Group's allowance for doubtful accounts were as follows:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| **Beginning of the year** | **4290** | **6185** |
| Additions (i) | 1322 | 1173 |
| Recovery (i) | (188) | (296) |
| Exchange rate differences | 709 | 4177 |
| Receivables written off during the year as uncollectible | (168) | (15) |
| Inflation adjustment | (1378) | (6934) |
| **End of the year (i)** | **4587** | **4290** |

---

(i) Additions and recovery of the provision for impaired receivables have been included in "Selling expenses" in the Consolidated Statement of Income and Other Comprehensive Income (Note 24).

The Group's trade receivables comprise several classes. The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivables (see Note 5). The Group also has receivables from related parties neither of them is due nor impaired.

Due to the distinct characteristics of each type of receivables, an aging analysis of past due unimpaired and impaired receivables is shown by type and class, as of June 30, 2025 and 2024 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Consolidated Statement of Financial Position):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Past due** | **Past due** | **Past due** | | | | |
|  | **Up to 3 months** | **From 3 to 6 months** | **Over 6 months** | **Non-past due** | **Impaired**  | <br>**Total** | <br>**% of representation** |
| Leases and services  | 2476 | 1186 | 7278 | 44408 | 4587 | 59935 | 86.54% |
| Sale of properties and developments | - | - | - | 9325 | - | 9325 | 13.46% |
| **Total as of June 30, 2024** | **2476** | **1186** | **7278** | **53733** | **4587** | **69260** | **100.00%** |
| Leases and services  | 9412 | 1580 | 5207 | 36586 | 4290 | 57075 | 94.66% |
| Sale of properties and developments  | - | - | - | 3219 | - | 3219 | 5.34% |
| **Total as of June 30, 2023** | **9412** | **1580** | **5207** | **39805** | **4290** | **60294** | **100.00%** |

---

**16. Cash flow information**

Following is a detailed description of cash flows generated by the Group's operations for the years ended June 30, 2025, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Profir / (loss) for the year |  | 196118 | (47127) | 315903 |
| *Adjustments for*: |  |  |  |  |
| Income tax  | 21 | 45180 | (64601) | (334192) |
| Amortization and depreciation | 24 | 10510 | 9130 | 9838 |
| (Gain) / loss from disposal of property, plant and equipment | 26 | (12) | 3 | 3545 |
| Net loss from fair value adjustment of investment properties | 9 | 2500 | 488794 | 254567 |
| Impairment of others assets  |  |  |  | 176 |
| Gain from lease modification |  | (1982) |  |  |
| Impairment of trading properties | 26 | 19125 |  |  |
| (Gain) / loss from disposal of associates and joint ventures | 26 | (2766) | 1903 |  |
| Realization of currency translation adjustment | 26 |  |  | (2215) |
| Loss / (gain) on sale of trading properties and others |  | 3048 | (5307) | (15492) |
| Financial results, net  |  | 21508 | (142405) | (99985) |
| Provisions and allowances |  | 22925 | 28887 | 86045 |
| Share of profit of associates and joint ventures | 8 | (27924) | (47454) | (13580) |
| *Changes in operating assets and liabilities:* |  |  |  |  |
| Decrease / (increase) in inventories |  | 285 | 169 | (321) |
| Decrease / (increase) in trading properties |  | 4105 | (913) | 476 |
| (Increase) / decrease in trade and other receivables |  | (10146) | 6645 | (3649) |
| Decrease in trade and other payables |  | (18054) | (68950) | (1508) |
| Increase / (decrease) in salaries and social security liabilities |  | 2208 | (2810) | 4764 |
| Decrease in provisions |  | (505) | (857) | (347) |
| **Net cash generated by operating activities before income tax paid** |  | **266123** | **155107** | **204025** |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Increase of investment properties through a decrease of investments in financial assets | 22693 |  |  |
| Increase of property, plant and equipment through an increase of trade and other payables | 96 |  |  |
| Issuance of non-convertible notes | 59416 |  | 237953 |
| Increase of investments in financial assets through an increase in trade and other payables | 8783 |  |  |
| Increase of investments in financial assets through a decrease of investments in associates and joint ventures | 2190 |  |  |
| Decrease in investments in associates and joint ventures through a decrease in borrowings | 297 |  |  |
| Decrease in trading properties through an increase in trade and other receivables | 3206 |  |  |
| Other comprehensive loss for the year | 802 | 5319 | 6659 |
| Decrease in investment properties through an increase in property, plant and equipment | 1624 | 14 | 119 |
| Decrease in property, plant and equipment through an increase in investment properties |  |  | 16627 |
| Decrease in property, plant and equipment through an increase in revaluation surplus |  |  | 1377 |
| Increase in intangible assets through an increase in salaries and social security liabilities  | 430 |  |  |
| Increase in investments in associates and joint ventures through a decrease in investments in financial assets  | 2285 |  |  |
| Increase in investments in associates and joint ventures through a decrease in trade and other receivables |  |  | 160 |
| Decrease of trading properties through an increase in intangible assets |  |  | 6589 |
| Decrease in investments in financial assets through a decrease in trade and other payables | 3951 |  | 1906 |
| Decrease in dividends receivable through an increase in investments in financial assets  |  |  | 67 |
| Decrease in Shareholders' Equity through a decrease in trade and other receivables | 4923 | 5804 | 8779 |
| Decrease in investment properties through a decrease in investments in financial assets |  |  | 404 |
| Decrease in Shareholders' Equity through a decrease in investments in financial assets | 30038 | 85858 | 13138 |
| Increase in right-of-use assets through an increase in lease liabilities | 5362 | 1140 | 2337 |
| Increase of investments in financial assets through a decrease in trade and other receivables |  |  | 3005 |
| Decrease of intangible assets through an increase in investment properties |  |  | 275 |
| Decrease of intangible assets through an increase in trading properties | 75411 |  | 761 |
| Increase of investment properties through a decrease in trade and other receivables |  |  | 238 |
| Decrease in Shareholders' Equity through an increase in trade and other payables | 2717 | 9256 | 990 |
| Increase in investment properties through a decrease in trading properties |  |  | 2999 |
| Decrease in trading properties through a decrease in borrowings |  | 3165 | 1751 |
| Barter transactions of investment properties | 17 | 982 |  |
| Decrease in investment properties through an increase in trade and other receivables | 1331 | 4212 |  |
| Decrease in investments in associates and joint ventures through an increase in trade and other receivables | 18701 | 7523 |  |
| Increase in intangible assets through a decrease in investment properties | 2446 | 38218 |  |
| Increase in intangible assets through an increase in trade and other payables | 796 | 11007 |  |
| Increase of investments in financial assets through an increase in borrowings  | 531 | 694 |  |
| Increase in Shareholders' Equity through a decrease in trade and other payables |  | 1390 |  |
| Decrease in borrowings through an increase in trade and other payables | 3299 |  |  |
| Increase in investment properties through an increase in trade and other payables | 12682 |  | 740 |
| Decrease in right-of-use assets through a decrease in lease liabilities | 6791 |  |  |
| Decrease of investment in financial assets through an increase in trade and other receivables | 2722 |  |  |
| Decrease in lease liabilities through an increase in trade and other payables | 460 |  |  |
| Increase of investment in financial assets through a decrease in derivative financial instruments | 108 |  |  |
| Decrease in investment properties through an increase in trading properties | 87890 |  |  |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**17. Shareholders' Equity**

<u>Share capital and share premium</u>

The share capital of the Company is represented by common shares with a nominal value of ARS 10 per share and one vote each.

By Extraordinary Shareholders' Meeting dated April 27, 2023, an increase of the capital stock of the company was approved to the sum of ARS 7,364 million and the subsequent issuance and distribution of new shares to the shareholders of the settlement date, according to their equity interest. Additionally, the change in the nominal value of the shares was approved from ARS 1 to ARS 10.

On September 13, 2023, the Company announced that having obtained the authorizations from the CNV and the Buenos Aires Stock Exchange as resolved at the Shareholders' Meeting held on April 27, 2023, in relation to:

(i) an increase in the capital stock in the amount of ARS 6,552.4 million, through the partial capitalization of the Share Premium account, resulting in the issuance of 6,552,405,000 common shares, with a par value of ARS 1 (one peso) and with the right to one vote per share; and

(ii) changing the nominal value of the ordinary shares from ARS 1 to ARS 10 each and entitled to one (1) vote per share.

The Company informs all shareholders who have such quality as of September 19, 2023, according to the registry maintained by Caja de Valores S.A., that from September 20, 2023, the shares distribution and the change in nominal value was made simultaneously and the entry of the change of 811,137,457 book-entry common shares, with a nominal value of ARS 1 each and one vote per share, for the quantity of 736,354,245 book-entry common shares with a nominal value of ARS 10 each and one vote per share, consequently, where every 1 (one) old share with nominal value of ARS 1 shall be exchanged for 0.907804514 new shares with nominal value ARS 10. The new shares distributed due to the described capitalization have economic rights under equal conditions with those that are currently in circulation.

Regarding the shareholders who, because of the entry in the Scriptural Registry, have fractions of common shares with a nominal value of ARS 10 and one vote per share, they were settled in cash in accordance with the listing regulations of Bolsas y Mercados Argentinos. Regarding the shareholders who, due to the exchange of shares did not reach at least one share with a nominal value of ARS 10, the necessary amount was assigned to them until the nominal value of ARS 10 is completed.

The Company share capital after the indicated operations will amount to ARS 7,364 million represented by 736,354,245 book-entry common shares with a nominal value of ARS 10 each and one vote per share.

Likewise, the Buenos Aires Stock Exchange has been requested to change the modality of the negotiation of the shares representing the share capital. Specifically, the negotiation price will be registered per share instead of being negotiated by Argentine peso (ARS) of nominal value, given that the change in nominal value, and the issuance of shares resulting from the capitalization, would produce a substantial downward effect on the share price.

This capitalization and change in the nominal value of the shares do not modify the economic values of the holdings or the percentage of participation in the share capital.

<u>Treasury shares</u>

On March 11, 2022, the IRSA Board of Directors approved the shares buyback program issued by the Company and established the terms and conditions for the acquisition of shares issued by the Company, under the terms of Article 64 of Law No. 26,831 and the regulations of the CNV, for up to a maximum amount of ARS1,000 million and up to 10% of the capital stock, up to a daily limit of up to 25% of the average volume of daily transactions experienced by the Company's shares, jointly in the listed markets, during the previous 90 business days, and up to a maximum price of USD 7 per ADS and ARS 140 per share. Likewise, the buyback term was set at up to 120 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange.

On July 12, 2022, the Board of Directors extended, for a period of 120 (one hundred twenty) days from the day following the publication date of the information in the Daily Bulletin of the Buenos Aires Stock Exchange ("BCBA"), the share buyback program that was approved by resolution of the management body on March 11, 2022. The remaining terms and conditions set for the acquisition of the company's shares, which were duly communicated to the investing public, remain in effect.

On September 21, 2022, the Company announced the completion of the share buyback program, having acquired the equivalent of 9,419,623 ordinary shares, which represent approximately 99.51% of the approved program and 1.16% of the share capital.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

On June 15, 2023, the Board of Directors of IRSA approved a new program for the repurchase of securities issued by the Company and established the terms and conditions for the acquisition of its own shares, under the terms of Article 64 of Law No. 26,831 and the regulations of the CNV. This is for up to a maximum amount of ARS 5,000 million and up to 10% of the share capital, with a daily limit of up to 25% of the average transaction volume experienced by the Company's shares, jointly on the markets where it is listed, during the previous 90 business days, and up to a maximum price of USD 8 per GDS and ARS 425 per share. Additionally, the buyback period was set to up to 180 days, starting the day after the publication date of the information in the Daily Bulletin of the Buenos Aires Stock Exchange.

The Company reported that on September 5, 2023, the Company's Board of Directors resolved to modify the acquisition price of its own shares, establishing a maximum value of USD 9 per GDS and up to a maximum value in pesos of ARS 720 per share, maintaining the remaining terms and conditions duly communicated.

On November 6, 2023, the Board of Directors resolved to extend the term of the shares repurchase program for an additional period of 180 days from the expiration of the term of the current share buyback program for the acquisition of own shares approved on June 15, 2023, which expired on December 13, 2023, with the remaining terms and conditions duly communicated.

On November 29, 2023, the Board of Directors resolved to modify the acquisition price of its own shares, establishing a maximum value of USD 11.00 per GDS and up to a maximum value in pesos of ARS 1,320 per share, maintaining the remaining terms and conditions duly communicated.

On January 4, 2024, the Company reported that the Share Buyback Program approved by the Board of Directors on June 15, 2023, for up to the sum of ARS 5,000 million, with a validity period set at 180 days, extended for an additional period of 180 days from the initial expiration date on December 13, 2023, ended on December 20, 2023, as the amount duly approved for the acquisition of own shares had been fully utilized, with 99.95% of the program completed.

On January 4, 2024, the Board of Directors of IRSA approved a new program for the buyback program of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company, under the terms of Article 64. of Law No. 26,831 and the CNV regulations, for up to a maximum amount of ARS 6,500 million and up to 10% of the share capital, up to a daily limit of up to 25% of the average daily trading volume of the Company's shares, jointly in the markets it is listed, during the previous 90 business days, and up to a maximum price of USD 10 per GDS and ARS 1,200 per share. Likewise, the repurchase period was set at up to 180 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange. On March 1, 2024, the Company announced the completion of the share buyback program, having acquired the equivalent of 6,503,318 common shares, which represent approximately 99.91% of the approved program and 0.88% of the outstanding shares.

On March 20, 2024, the Board of Directors of IRSA approved a new program for the buyback program of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company, under the terms of Article 64. of Law No. 26,831 and the CNV regulations, for up to a maximum amount of ARS 6,500 million and up to 10% of the share capital, up to a daily limit of up to 25% of the average daily trading volume of the Company's shares, jointly in the markets it is listed, during the previous 90 business days, and up to a maximum price of USD 11 per GDS and ARS 1,250 per share. Likewise, the repurchase period was set at up to 180 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange.

On April 22, 2024, the Company announced the completion of the share buyback program approved on March 20, 2024, having acquired the equivalent of 6,337,939 common shares, which represent approximately 99.54% of the approved program and 0.86% of the outstanding shares.

Since the beginning of the program approved on June 15, 2023, including the programs approved on January 4 and March 20, 2024, and until the closing date of these Consolidated Financial Statements, the Company acquired 20,681,131 common shares (nominal value ARS 10 per share) for a total of ARS 17,865 million. The amounts are expressed in the currency at the time of acquisition.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

On May 30, 2024, the Board of Directors has approved the incorporation into the Company's own portfolio of the shares not currently registered under the custody of Caja de Valores S.A. derived from an exchange process carried out in 1994 that were timely exchanged for shares of the company Sociedad Anónima Mercado del Abasto ("SAMAP") (later Alto Palermo S.A., then IRSA Propiedades Comerciales S.A. by a change in the corporate name and currently IRSA, after the merger process of 2022). Given the time elapsed, and after making significant and public efforts to enable the holders of these shares to complete the corresponding exchange, the Board has decided to apply the liberatory prescription provided for in the Civil and Commercial Code, having met the assumptions for its exercise: lapse of time during the legal term (10 years) and creditor's inaction.

Consequently, the Company received 5,125,667 shares of VN ARS 10 from IRSA which will remain in the Company's portfolio.

<u>Inflation adjustment of share capital</u>

The inflation adjustment related to share capital is allocated to an inflation adjustment account that forms part of shareholders' equity. The balance of this account could be applied towards the issuance of common stock to shareholders of the Company and to the absorption of negative retained earnings.

<u>Warrants</u>

Common stock purchase options (warrants) are recorded as a separate component of the equity and are measured at cost; represented by fair value on the issue date using the Black-Scholes pricing model, which incorporates certain inputs assumptions, including shares price and volatility, risk-free interest rate, and warrant maturity.

At the time of the exercise of the warrants by the holders, the warrants are transferred to share capital for the nominal value of the issued shares and the difference with the product is recognized in the share premium.

<u>Legal reserve</u>

According to Law N° 19,550, 5% of the profit of the year is destined to the constitution of a legal reserve until it reaches the legal capped amount (20% of total capital and inflation adjustment of share capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Company has not reached the legal limit of this reserve.

<u>Special reserve Resolution CNV 609/12 - Retained earnings</u>

The CNV, through General Ruling N° 562/9 and 576/10, has provided for the application of Technical Resolutions N° 26 and 29 of the FACPCE, which adopt the IFRS, as issued by the IASB, for companies subject to the public offering regime ruled by Law 17,811, due to the listing of their shares or corporate notes, and for entities that have applied for authorization to be listed under the mentioned regime. The Company has applied IFRS, as issued by the IASB, for the first time in the year beginning July 1<sup>st</sup>, 2012, being its transition date July 1<sup>st</sup>, 2011. Pursuant to CNV General Ruling N° 609/12, the Company set up a special reserve reflecting the positive difference between the balance of retained earnings disclosed in the first Financial Statements prepared according to IFRS and the balance of retained earnings disclosed in the last Financial Statements prepared in accordance with previously effective accounting standards. The reserve recorded amounted to ARS 395, which as of June 30, 2017 were fully used to absorb the negative balances in the retained earnings account. During the fiscal year ended June 30, 2017, the Company's Board of Directors decided to change the accounting policy of investment property from the cost method to the fair value method, as allowed by IAS 40, this situation generated the balance currently held by the mentioned reserve. According to the resolution that established it, the reserve may be released for capitalization or to absorb any potential negative balances in the "Accumulated deficit" account.

<u>Special reserve</u>

The Ordinary and Extraordinary General Meeting of Shareholders on October 31, 2017 constituted a special reserve which was subsequently utilized to absorb losses and as of June 30, 2025 amounts to ARS 49,485.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

<u>Additional paid-in capital from treasury shares</u>

Upon sale of treasury shares, the difference between the net realizable value of the treasury shares sold and the acquisition cost will be recognized, whether it is a gain or a loss, under the non-capitalized contribution account and will be known as "Treasury shares trading premium".

<u>Dividends</u>

On October 28, 2022 and April 27, 2023, our shareholders held an Ordinary and Extraordinary Meeting and approved the payment of dividends to ARS 4,340 million and ARS 21,900 million, respectively.

On October 5, 2023, the General Ordinary and Extraordinary Shareholders' Meeting resolved to pay dividends for the sum of ARS 64,000 million. Furthermore, on May 2, 2024, during a Board of Directors meeting in accordance with the delegation resolved by the General Ordinary and Extraordinary Shareholders' Meeting of IRSA held on October 28, 2022, regarding the use and allocation of the discretionary reserve, the payment of a cash dividend for the sum of ARS 55,000 million was approved.

The amounts are expressed in currency defined as approved by the Ordinary and Extraordinary Shareholders' Meeting.

On October 28, 2024, the General Ordinary and Extraordinary Shareholders' Meeting was held, where it was resolved to distribute a dividend to shareholders in proportion to their shareholdings, payable in cash for the sum of ARS 90,000 million. These were fully paid on the date of these Consolidated Financial Statements. The amounts are expressed in currency defined as approved by the Ordinary and Extraordinary Shareholders' Meeting.

Likewise, it was approved to distribute the amount of 25,700,000 treasury shares in the portfolio of nominal value ARS 10, derived from the share repurchase programs, to the shareholders in proportion to their shareholdings, and the request for the issuance and public offer of complementary common shares to those authorized by the CNV on February 8, 2021, within the agreement of the share capital increase by subscription of shares approved by the Shareholders´ Meeting held on October 30, 2019 and the Board of Directors on January 20, 2021 for a total of 80,000,000 common shares of par value ARS 1 (currently par value ARS 10) and with the right to one vote per share and 80,000,000 options with the right to receive common shares.

**18. Trade and other payables**

Group's trade and other payables as of June 30, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Customers´ advances (\*) | 64245 | 54135 |
| Trade payables | 24079 | 13189 |
| Accrued invoices  | 14224 | 10852 |
| Admission fees (\*) | 45336 | 41002 |
| Other income to be accrued  | 565 | 659 |
| Tenant deposits | 643 | 673 |
| **Total trade payables** | **149092** | **120510** |
| Taxes payable | 10736 | 7801 |
| Other payables | 22009 | 26451 |
| **Total other payables** | **32745** | **34252** |
| **Total trade and other payables** | **181837** | **154762** |
| Non-current | 60944 | 53422 |
| Current | 120893 | 101340 |
| **Total** | **181837** | **154762** |

---

(\*) Corresponds mainly to admission rights and rents collected in advance, which will accrue in an average term of 3 to 5 years.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**19. Provisions**

The Group is subject to claims, lawsuits and other legal proceedings in the ordinary course of business, including claims from clients where a third party seeks reimbursement or damages. The Group's responsibility under such claims, lawsuits and legal proceedings cannot be estimated with certainty. From time to time, the status of each major issue is evaluated and its potential financial exposure is assessed. If the potential loss involved in the claim or proceeding is deemed probable and the amount may be reasonably estimated, a liability is recorded. The Group estimates the amount of such liability based on the available information and in accordance with the provisions of the IFRS Accounting Standards. If additional information becomes available, the Group will make an evaluation of claims, lawsuits and other outstanding proceedings, and will revise its estimates.

The following table shows the movements in the Group's provisions categorized by type:

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| | | | |
|:---|:---|:---|:---|
|  | **Legal claims (iii)** | **Investments in associates and joint ventures (ii)** | **Total** |
| **As of 06.30.23** | **35026** | **7** | **35033** |
| Additions (i) | 9437 |  | 9437 |
| Share of loss of associates |  | 15 | 15 |
| Recovery (i) | (105) |  | (105) |
| Used during the year  | (857) |  | (857) |
| Inflation adjustment | (9082) | - | (9082) |
| **As of 06.30.2024** | **34419** | **22** | **34441** |
| Additions (i) | 4890 |  | 4890 |
| Share of loss of associates |  | 93 | 93 |
| Recovery (i) | (1401) | (35) | (1436) |
| Used during the year | (505) |  | (505) |
| Inflation adjustment | (126) | - | (126) |
| **As of 06.30.2025** | **37277** | **80** | **37357** |

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| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Non-Current | 32171 | 29305 |
| Current | 5186 | 5136 |
| **Total** | **37357** | **34441** |

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(i) Additions and recoveries are included in "Other operating results, net" in the Statement of Income and Other Comprehensive Income.

(ii) Corresponds to the equity interest in Puerto Retiro. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures".

(iii) Includes the provision for the IDBD demand.

***IDBD***

The Group lost control of IDBD on September 25, 2020.

On September 21, 2020, IDBD filed a lawsuit against Dolphin Netherlands B.V. ("Dolphin BV") and IRSA before the Tel-Aviv Jaffa District Court (civil case no. 29694-09-20). The amount claimed by IDBD is NIS 140 million, alleging that Dolphin BV and IRSA breached an alleged legally binding commitment to transfer to IDBD 2 installments of NIS 70 million. On December 24, 2020, and following approval by the insolvency court, the IDBD trustee filed a motion to dismiss the claim, maintaining the right as IDBD trustee, to file a new inter alia claim in the same matter, after conduct an investigation into the reasons for IDBD's insolvency. On December 24, 2020, the court entered a judgment to dismiss the claim as requested. On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD.

On December 26, 2021 IDBD filed the lawsuit against Dolphin BV and IRSA for the sum of NIS 140 million.

On January 30, 2023, a copy of the lawsuit was sent to us and we evaluated the legal defense alternatives for the company's interests. During the fiscal year 2023 and to date, the process has followed its natural course and the Company has responded to all the requirements that have been made.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

On January 17, 2024, the Court rejected the request for inhibition of assets and seizure of IRSA requested by IDBD. A hearing date has been set on the file dealing with the appeal of jurisdiction and notification of the lawsuit. A hearing date has also been set for the main claim file, which is in the evidentiary stage.

On April 9, 2024, the Court rejected the appeal filed by IRSA regarding the applicable jurisdiction and the form of notification of the claim, ordering that IRSA and Dolphin pay IDBD the sum of NIS 25,000 as expenses. The Court's decision was appealed to the Supreme Court on June 16, 2024 and on June 18, 2024, the Supreme Court refused to address the issue raised.

September 15, 2024 has been set as the deadline for IDBD, IRSA and Dolphin to report to the Court the status of the documentation exchange process. In this process, the parties show each other the requested documentation as part of the evidentiary stage. A preliminary hearing was held in which the parties discussed the document requests and agreed to attempt to reach a consensus on certain facts of the case. In that hearing, the parties were granted a deadline until October 2024 to present witnesses. A list of witnesses has been submitted, and the parties are negotiating to agree on certain facts of the case to be reflected in a document to be submitted to the Court within the evidentiary stage. On March 30, 2025, a hearing was held in which the Court ordered IDBD to provide all the documents requested by IRSA and Dolphin and, if necessary, to request the relevant documentation from bondholders, setting a deadline of the end of April 2025. Should the bondholders refuse, IRSA and Dolphin would be entitled to file a judicial request to obtain such documentation. The Court has suggested that the parties engage in private negotiations or mediation to reach a settlement of the dispute; however, no dates have yet been set to commence such negotiations.

The company is discussing the origin of the claim in terms of its passive legitimacy and, subsidiarily, refuting the substantive arguments raised by IDBD. Notwithstanding this, based on the analysis of the Company's lawyers based on the actions carried out to date, an accounting provision related to this claim has been recorded under the applicable accounting standards. As of the date of issuance of these Consolidated Financial Statements, the process is still in progress.

**20. Borrowings**

The breakdown and the fair value of the Group borrowings as of June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Book value** | **Book value** | **Fair value** | **Fair value** |
|  | **06.30.2025** | **06.30.2024** | **06.30.2025** | **06.30.2024** |
| Non-convertible notes | 630430 | 457727 | 633552 | 431879 |
| Bank loans and others | 4596 | 9157 | 4596 | 9157 |
| Bank overdrafts  | 6713 | 35825 | 6713 | 35825 |
| Other borrowings | 2535 | 6018 | 2535 | 6018 |
| Loans with non-controlling interests | 2854 | 2602 | 2854 | 2602 |
| **Total borrowings** | **647128** | **511329** | **650250** | **485481** |
| Non-current | 509792 | 258414 |  |  |
| Current | 137336 | 252915 |  |  |
| **Total** | **647128** | **511329** |  |  |

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As of June 30, 2025 and 2024, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of ARS 1,680 and ARS 5,288, respectively. These borrowings are mainly collateralized by trading properties of the Group (Notes 11).

The terms of the loans include standard covenants for this type of financial operations. As of the date of these Consolidated Financial Statements, the Group has complied with the covenants contemplated in its respective loan agreements.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The maturity of the Group's borrowings is as follows:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| **Capital** |  |  |
| Less than 1 year | 123253 | 241161 |
| Between 1 and 2 years | 49377 | 159384 |
| Between 2 and 3 years | 57675 | 35675 |
| Between 3 and 4 years |  | 62740 |
| Between 4 and 5 years | 61464 |  |
| Later than 5 years | 340180 | - |
|  | **631949** | **498960** |
| **Interest** |  |  |
| Less than 1 year | 14083 | 11754 |
| Between 1 and 2 years | 492 | 7 |
| Between 2 and 3 years | 604 |  |
| Between 3 and 4 years | - | 608 |
|  | **15179** | **12369** |
|  | **647128** | **511329** |

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The following table shows a breakdown of Group's borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
| | **06.30.2025** | **06.30.2025** | **06.30.2025** |
| <br>**Rate per currency** | **Argentine Peso** | **Uruguayan Peso** | **Total** |
| **Fixed rate:** |  |  |  |
| Argentine Peso | 11309 |  | 11309 |
| US Dollar | 633748 | 1680 | 635428 |
| **Subtotal fixed-rate borrowings** | **645057** | **1680** | **646737** |
| **Floating rate:** |  |  |  |
| US Dollar | 391 | - | 391 |
| **Subtotal floating-rate borrowings** | **391** | **-** | **391** |
| **Total borrowings as per analysis** | **645448** | **1680** | **647128** |
| **Total borrowings as per Statement of Financial Position** | **645448** | **1680** | **647128** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **06.30.2024** | **06.30.2024** | **06.30.2024** |
| <br>**Rate per currency** | **Argentine Peso** | **Uruguayan Peso** | **Total** |
| **Fixed rate:** |  |  |  |
| Argentine Peso | 43710 |  | 43710 |
| US Dollar | 399030 | 5289 | 404319 |
| **Subtotal fixed-rate borrowings** | **442740** | **5289** | **448029** |
| **Floating rate:** |  |  |  |
| Argentine Peso | 63300 | - | 63300 |
| **Subtotal floating-rate borrowings** | **63300** | **-** | **63300** |
| **Total borrowings as per analysis** | **506040** | **5289** | **511329** |
| **Total borrowings as per Statement of Financial Position** | **506040** | **5289** | **511329** |

---

The following describes the debt issuances made by the Group for the years ended June 30, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Entity** | **Class** | **Issuance / expansion date** | **Amount in original currency** | **Maturity date** | **Interest rate** | **Principal payment** | **Interest payment** |
| IRSA | Series XVIII | feb-24 | USD 21.41 | 2/28/2027 | 7.00% | At expiration | Semi-annually |
| IRSA | Series XIX | feb-24 | ARS 26,203.85 | 2/28/2025 | Badlar + 0.99% | At expiration | Quarterly |
| IRSA | Series XX | jun-24 | USD 23.02 | 6/10/2026 | 6.00% | At expiration | Semi-annually |
| IRSA | Series XXI | jun-24 | ARS 17,012.71 | 6/10/2025 | Badlar + 4.50% | At expiration | Quarterly |
| IRSA | Series XXII | oct-24 | USD 15.80 | 10/23/2027 | 5.75% | At expiration | Semi-annually |
| IRSA | Series XXIII | oct-24 | USD 51.47 | 10/23/2029 | 7.25% | At expiration | Semi-annually |
| IRSA | Series XXIV | mar-25 | USD 300.45 | 3/31/2035 | 8.00% | 33% march-33 - 33% march-34 y 34% march-35 | Semi-annually |

---

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| F-67 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The following table shows a detail of evolution of borrowing during the years ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| **Balance at the beginning of the year** | 511329 | 559121 |
| Borrowings | 373351 | 172502 |
| Payment of borrowings | (184100) | (160940) |
| (Payment) / collection of short term loans, net | (13297) | 53852 |
| Interests paid | (47840) | (85502) |
| Accrued interests | 39366 | 52391 |
| Cumulative translation adjustment and exchange differences, net | 68201 | 228376 |
| Inflation adjustment | (98992) | (309570) |
| Reclassifications and other movements | (890) | 1099 |
| **Balance at the end of the year** | **647128** | **511329** |

---

**<u>Local Notes Issuance – Series XXII & XXIII Notes</u>**

On October 23, 2024, IRSA informed the results of the auction for two series of notes on the local market for a total amount of USD 67.3 million through the following instruments:

· Series XXII: Denominated in dollars for USD 15.8 million, with 5.75% interest rate and semiannual interests' payments (except for the first payment on July 23, 2025, and the last payment at maturity). The Capital amortization will be 100% at maturity, on October 23, 2027. The issuance price will be 100.0%.

· Series XXIII: Denominated in dollars for USD 51.5 million, with 7.25% interest rate and semiannual interests' payments (except for the first payment on July 23, 2025, and the last payment at maturity). The Capital amortization will be 100% at maturity, on October 23, 2029. The issuance price will be 100.0%.

**<u>Series XXIV Notes</u>**

On March 31, 2025, the company issued Series XXIV Notes for a nominal value of USD 300 million.

The Series XXIV Notes were issued under New York Law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semiannually on March 31 and September 30 of each year until maturity. The principal amortization will be made in three installments: (i) 33% of the principal on March 31, 2033, (ii) 33% of the principal on March 31, 2034, and (iii) 34% of the principal on March 31, 2035.

Of the amount issued, USD 242.2 million were subscribed in cash at an issuance price of 96.903% of the nominal value.

Additionally, USD 57.8 million resulted from the early exchange of Series XIV Notes, which had an early exchange consideration of 1.04 times the exchanged amount. Later, on April 11, 2025, because of the late exchange, USD 0.45 million were issued, with an exchange consideration of 1.0 times the exchanged amount. In the settlements corresponding to the exchange, accrued interest on Series XIV Notes was paid up to the issuance and settlement date, as applicable in each case.

On the settlement dates (early and late) of the exchange, partial cancellations of Series XIV Notes were made, leaving an outstanding amount of USD 85.2 million (on June 22, 2024, the first amortization of 17.5% was paid).

The Class XXIV Notes include certain financial covenants related to the incurrence of additional debt, restricted payments, limitations on transactions with affiliates, among others.

**21. Taxes**

The Group's income tax has been calculated on the estimated taxable profit for each year at the rates prevailing in the respective tax jurisdictions. The subsidiaries of the Group in the jurisdictions where the Group operates are required to calculate their income taxes on a separate basis; thus, they are not permitted to compensate subsidiaries' losses against subsidiaries income.

---

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| F-68 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

<u>Submission of income tax presentation – IRSA</u>

IRSA Propiedades Comerciales S.A. for fiscal year 2021 (which was merged into IRSA Inversiones y Representaciones S.A.), and IRSA Inversiones y Representaciones S.A. for fiscal years 2022, 2023, and 2024, filed their income tax returns with the Argentine Tax Authority applying the systemic and comprehensive inflation adjustment mechanism, as detailed below:

---

| |
|:---|
| Restating tax depreciations pursuant to Articles 87 and 88 for assets acquired or constructed prior to July 1, 2018; |
| Adjusting the tax basis of real estate assets acquired or constructed prior to July 1, 2018 and sold in the year, in accordance with Article 63; |
| Adjusting all tax loss carryforwards from prior fiscal years, following the methodology set forth in Article 25; |
| Adjusting the cost of inventories (breeding livestock and sowing) as established in Articles 56 and 57; all the aforementioned articles belong to the Argentine Income Tax Law (as restated in 2019); |
| Adjusting the tax basis of shares acquired prior to July 1, 2018 and sold during the year in accordance with Article 65. |

---

Together with the aforementioned tax returns, the Company filed a multi-note form informing the application of such mechanisms, arguing that the effective tax rate would represent a percentage exceeding reasonable limits of taxation, thereby giving rise to a confiscatory situation in violation of Article 17 of the Argentine National Constitution (pursuant to the doctrine of the ruling "Candy S.A. v. AFIP et al. on Writ of Amparo", judgment dated July 3, 2009, Fallos 332:1571, and subsequent precedents).

As of the issuance date of these Consolidated Financial Statements, there are judicial precedents consistent with the Company's position: the Candy ruling and the Supreme Court of Justice ruling in the case "Telefónica de Argentina S.A. et al. v. EN – AFIP – DGI on Dirección General Impositiva."

Under the same criterion applied in the tax returns filed in the years mentioned, the provision for income tax for fiscal year 2025 was recorded."

Additionally, it is worth mentioning that the calculation of deferred tax for the current fiscal year includes the legal option provided in Article 195 of the Income Tax Law, exercised in fiscal year 2024, which allowed one-third of the tax inflation adjustment to be accounted for in that fiscal year and the remaining two-thirds to be allocated in equal parts over the next two immediate fiscal years, provided that the requirement of certain investments in fixed assets is met in the following two fiscal years. The investment requirement established by law has been met for both fiscal years 2024 and 2025.

The Company analyzes the recoverability of its deferred tax assets when there are events or changes in circumstances that imply a potential indication of revaluation or devaluation. The value in use is determined on the basis of projected tax cash flows.

The aforementioned cash flows are prepared based on estimates regarding the future behavior of certain variables that are sensitive in determining the recoverable value, among which are: (i) sales projections; (ii) expense projections; (iii) macroeconomic variables such as growth rates, inflation rates, exchange rates, among others.

The details of the provision for the Group's income tax, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Current income tax (i) | (80165) | (24246) | 95988 |
| Deferred income tax  | 34985 | 88847 | 238204 |
| **Income tax** | **(45180)** | **64601** | **334192** |

---

(i) As of June 30, 2023, it includes reversal of the income tax provision. See "Submission of income tax presentation".

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| |
|:---|
| F-69 |
| *[**Table of Contents**](#INDEX)* |

---

**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The statutory taxes rates in the countries where the Group operates for all of the years presented are:

---

| | |
|:---|:---|
| **Tax jurisdiction** | **Income tax rate** |
| Argentina | 25% - 35% |
| Uruguay | 0% - 25% |
| U.S.A. | 0% - 21% |
| Bermuda / British Virgin Islands / Netherlands | 0% |
| Israel | 23% - 24% |

---

Below is a reconciliation between income tax expense and the tax calculated applying the current tax rate, applicable in the respective countries, to profit before taxes for years ended June 30, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| **(Profit) / loss for the year at tax rate applicable in the respective countries (i)** | **(85712)** | **40692** | **5196** |
| *Permanent differences:* |  |  |  |
| Share of profit of associates and joint ventures | 11763 | 15007 | 1580 |
| Provision of tax loss carry forwards | (5732) | 898 | (2812) |
| Accounting Inflation adjustment permanent difference | 11864 | 30462 | 143689 |
| Difference between provision and tax return (ii) | (3740) | (25) | 56745 |
| Non-taxable profit, non-deductible expenses and others | 16143 | 1356 | 1935 |
| Tax inflation adjustment permanent difference | 10234 | (23789) | 127859 |
| **Income tax** | **(45180)** | **64601** | **334192** |

---

(i) The applicable income tax rate was calculated based on the legal tax rates in the countries where the Group operates. As of June 30, 2025, the tax rate in the Argentine Republic was 35%, while as of June 30, 2024 and 2023 it was 35% and 34.99%, respectively.

(ii) As of June 30, 2023, it includes reversal of the income tax provision. See "Submission of income tax presentation".

Deferred tax assets and liabilities of the Group as of June 30, 2025 and 2024 will be recovered as follows:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Deferred income tax asset to be recovered after more than 12 months  | 12031 | 22310 |
| Deferred income tax asset to be recovered within 12 months  | 16902 | 16031 |
| **Deferred income tax assets**  | **28933** | **38341** |

---

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Deferred income tax liability to be recovered after more than 12 months  | (737106) | (791453) |
| Deferred income tax liability to be recovered within 12 months  | (29879) | (19925) |
| **Deferred income tax liability**  | **(766985)** | **(811378)** |
| **Deferred income tax liabilities, net**  | **(738052)** | **(773037)** |

---

The movement in the deferred income tax assets and liabilities during the years ended June 30, 2025 and 2024, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2024** | **Charged / (Credited) to the Consolidated Statement of Income and Other Comprehensive Income** | **06.30.2025** |
| **Assets** |  |  |  |
| Investment properties and Property, plant and equipment  | 215 | 160 | 375 |
| Trade and other payables  | 20036 | (1914) | 18122 |
| Tax loss carry-forwards  | 14996 | (7766) | 7230 |
| Borrowings | 237 | 261 | 498 |
| Trade and other receivables  | 163 | (131) | 32 |
| Others  | 2694 | (18) | 2676 |
| **Subtotal assets** | **38341** | **(9408)** | **28933** |
| **Liabilities** |  |  |  |
| Investment properties, trading properties and Property, plant and equipment  | (668353) | (17998) | (686351) |
| Trade and other receivables  | (2588) | (5283) | (7871) |
| Investments  | (17775) | (4917) | (22692) |
| Tax inflation adjustment | (102542) | 64498 | (38044) |
| Intangible assets  | (19604) | 16674 | (2930) |
| Salaries and social security costs |  | (4287) | (4287) |
| Others  | (516) | (4294) | (4810) |
| **Subtotal liabilities** | **(811378)** | **44393** | **(766985)** |
| **Liabilities, net** | **(773037)** | **34985** | **(738052)** |

---

---

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|:---|
| F-70 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2023** | **Charged / (Credited) to the Consolidated Statement of Income and Other Comprehensive Income** | **06.30.2024** |
| **Assets** |  |  |  |
| Investment properties and Property, plant and equipment  | 243 | (28) | 215 |
| Trade and other payables  | 28366 | (8330) | 20036 |
| Tax loss carry-forwards  | 14307 | 689 | 14996 |
| Borrowings | 208 | 29 | 237 |
| Trade and other receivables  |  | 163 | 163 |
| Others  | 1667 | 1027 | 2694 |
| **Subtotal assets** | **44791** | **(6450)** | **38341** |
| **Liabilities** |  |  |  |
| Investment properties, trading properties and Property, plant and equipment  | (838441) | 170088 | (668353) |
| Trade and other receivables  | (5563) | 2975 | (2588) |
| Investments  | (13079) | (4696) | (17775) |
| Tax inflation adjustment | (37259) | (65283) | (102542) |
| Intangible assets  | (9128) | (10476) | (19604) |
| Others  | (3205) | 2689 | (516) |
| **Subtotal liabilities** | **(906675)** | **95297** | **(811378)** |
| **Liabilities, net** | **(861884)** | **88847** | **(773037)** |

---

Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefits through future taxable profits is probable. Tax loss carry-forwards may have expiration dates or may be permanently available for use by the Group depending on the tax jurisdiction where the tax loss carry-forward is generated. Tax loss carry forwards in Argentina and Uruguay generally expire within 5 years.

As of June 30, 2025, the Group's recognized tax loss carry forward prescribed as follows:

---

| | | |
|:---|:---|:---|
| **Date of generation** | **Due date** | **Total** |
| 2021 | 2026 | 379 |
| 2022 | 2027 | 4141 |
| 2023 | 2028 | 404 |
| 2024 | 2029 | 10855 |
| 2025 | 2030 | 6049 |
| **Total cumulative tax loss carry-forwards** |  | **21828** |

---

In order to fully realize the deferred tax asset, the respective companies of the Group will need to generate future taxable income. To this aim, a projection was made for future years when deferred assets will be deductible. Such projection is based on aspects such as the expected performance of the main macroeconomic variables affecting the business, production issues, pricing, yields and costs that make up the operational flows derived from the regular exploitation of fields and other assets of the group, the flows derived from the performance of financial assets and liabilities and the income generated by the Group's strategy of crop rotation. Such strategy implies the purchase and/or development of fields in marginal areas or areas with a high upside potential and periodical sale of such properties that are deemed to have reached their maximum appreciation potential.

Based on the estimated and aggregate effect of all these aspects on the companies' performance, Management estimates that as of June 30, 2025, it is probable that the Company will realize all of the deferred tax assets.

The Group did not recognize deferred income tax assets (tax loss carry forwards) of ARS 4,030 as of June 30, 2025 and ARS 4,024 as of June 30, 2024. Although the Management estimates that the business will generate sufficient income, pursuant to IAS 12, management has determined that, as a result of the recent loss history and the lack of verifiable and objective evidence due to the subsidiary's results of operations history, there is sufficient uncertainty as to the generation of sufficient income to be able to offset losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses.

---

| |
|:---|
| F-71 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**22. Leases**

**The Group as lessee**

In the ordinary course of business, the Group leases property or spaces for administrative or commercial use. The agreements entered into include several clauses, including but not limited, to fixed, variable or adjustable payments. Some leases were agreed upon with related parties (Note 30).

The future minimum payments that the Group must pay under leases are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| No later than one year  | 5576 | 1696 | 1513 |
| Later than one year and not later than five years  | 3648 | 8843 | 7966 |
| Later than five years  | 25 | 16217 | 18331 |
|  | **9249** | **26756** | **27810** |

---

**The Group as lessor**

Leases:

In the Shopping Malls segment and Offices segment, the Group enters into operating lease agreements typical in the business. Given the diversity of properties and lessees, and the various economic and regulatory jurisdictions where the Group operates, the agreements may adopt different forms, such as fixed, variable, adjustable leases, etc. For example, operating lease agreements with lessees of Shopping Malls generally include escalation clauses and contingent payments. Income from leases are recorded in the Statement of Income and Other Comprehensive Income under rental and service income in all of the filed fiscal years.

Rental properties are considered to be investment properties. Book value is included in Note 9. The future minimum proceeds under non-cancellable operating leases from Group's shopping malls, offices and other buildings are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| No later than one year  | 53738 | 58827 | 62682 |
| Later than one year and not later than five years  | 51081 | 45770 | 62283 |
| Later than five years  | 585 | 289 | 2993 |
|  | **105404** | **104886** | **127958** |

---

**23. Revenues**

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Base rent  | 185425 | 141685 | 132119 |
| Contingent rent  | 53631 | 86383 | 100322 |
| Admission rights  | 26762 | 24019 | 20633 |
| Parking fees  | 14914 | 11751 | 10845 |
| Commissions | 10292 | 7899 | 6133 |
| Property management fees  | 2689 | 2392 | 2365 |
| Others | 3463 | 2789 | 2566 |
| Averaging of scheduled rent escalation  | (128) | 2819 | (32) |
| **Rentals and services income**  | **297048** | **279737** | **274951** |
| Revenue from hotels operation and tourism services | 64578 | 85810 | 77496 |
| Sale of trading properties and others | 10864 | 9628 | 19722 |
| **Total revenues from sales, rentals and services**  | **372490** | **375175** | **372169** |
| Expenses and collective promotion fund  | 96036 | 82884 | 90317 |
| **Total revenues from expenses and collective promotion funds**  | **96036** | **82884** | **90317** |
| **Total Group's revenues**  | **468526** | **458059** | **462486** |

---

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|:---|
| F-72 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**24. Expenses by nature**

The Group disclosed expenses in the Consolidated Statement of Income and Other Comprehensive Income by function as part of the line items "Costs", "General and administrative expenses" and "Selling expenses". The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group as of June 30, 2025, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Costs** | **General and administrative expenses** | **Selling expenses** | **06.30.2025** |
| Cost of sale of goods and services | 20226 |  |  | 20226 |
| Salaries, social security costs and other personnel expenses | 63357 | 29313 | 3624 | 96294 |
| Depreciation and amortization | 8126 | 1852 | 532 | 10510 |
| Fees and payments for services | 4224 | 7380 | 1620 | 13224 |
| Maintenance, security, cleaning, repairs and others | 53253 | 5675 | 72 | 59000 |
| Advertising and other selling expenses | 15915 | 53 | 3856 | 19824 |
| Taxes, rates and contributions | 12525 | 2931 | 12903 | 28359 |
| Director´s fees (Note 30) |  | 18302 |  | 18302 |
| Leases and service charges | 2889 | 573 | 32 | 3494 |
| Allowance for doubtful accounts, net |  |  | 1134 | 1134 |
| Other expenses | 3221 | 2560 | 209 | 5990 |
| **Total as of June 30, 2025** | **183736** | **68639** | **23982** | **276357** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Costs** | **General and administrative expenses** | **Selling expenses** | **06.30.2024** |
| Cost of sale of goods and services | 11354 |  |  | 11354 |
| Salaries, social security costs and other personnel expenses | 55028 | 28655 | 3708 | 87391 |
| Depreciation and amortization | 6708 | 1935 | 487 | 9130 |
| Fees and payments for services | 3904 | 9386 | 2594 | 15884 |
| Maintenance, security, cleaning, repairs and others | 44575 | 5678 | 77 | 50330 |
| Advertising and other selling expenses | 17049 | 97 | 3058 | 20204 |
| Taxes, rates and contributions | 8624 | 3279 | 13204 | 25107 |
| Director´s fees (Note 30) |  | 18678 |  | 18678 |
| Leases and service charges | 1641 | 585 | 40 | 2266 |
| Allowance for doubtful accounts, net |  |  | 877 | 877 |
| Other expenses | 3421 | 2856 | 155 | 6432 |
| **Total as of June 30, 2024** | **152304** | **71149** | **24200** | **247653** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Costs** | **General and administrative expenses** | **Selling expenses** | **06.30.2023** |
| Cost of sale of goods and services | 10431 |  |  | 10431 |
| Salaries, social security costs and other personnel expenses | 55879 | 29090 | 3538 | 88507 |
| Depreciation and amortization | 6951 | 2811 | 76 | 9838 |
| Fees and payments for services | 2756 | 9420 | 4858 | 17034 |
| Maintenance, security, cleaning, repairs and others | 42996 | 5138 | 57 | 48191 |
| Advertising and other selling expenses | 24345 | 39 | 1679 | 26063 |
| Taxes, rates and contributions | 10390 | 3015 | 12478 | 25883 |
| Director´s fees (Note 30) |  | 46983 |  | 46983 |
| Leases and service charges | 2901 | 932 | 66 | 3899 |
| Allowance for doubtful accounts, net |  |  | 461 | 461 |
| Other expenses | 2910 | 2642 | 152 | 5704 |
| **Total as of June 30, 2023** | **159559** | **100070** | **23365** | **282994** |

---

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|:---|
| F-73 |
| *[**Table of Contents**](#INDEX)* |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**25. Costs**

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Inventories at the beginning of the year (\*) | 29312 | 33722 | 37507 |
| Purchases and expenses | 172546 | 149373 | 157936 |
| Currency translation adjustment | (662) | (1479) | 76 |
| Transfers | 163301 |  | (2238) |
| Impairment | (19125) |  |  |
| Inventories at the end of the year (\*) | (161636) | (29312) | (33722) |
| **Total costs** | **183736** | **152304** | **159559** |

---

The following table presents the composition of the Group's inventories for the years ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** |
| Real estate | 160415 | 27806 |
| Others | 1221 | 1506 |
| **Total inventories at the end of the year (\*)** | **161636** | **29312** |

---

(\*) Includes trading properties and inventories.

**26. Other operating results, net**

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Realization of currency translation adjustment (\*) |  |  | 2215 |
| Donations  | (1251) | (1191) | (1840) |
| Gain / (loss) from disposal of associates and joint ventures | 2766 | (1903) |  |
| Lawsuits and other contingencies | (3489) | (9332) | (38601) |
| Administration fees | 951 | 472 | 552 |
| Interest and allowances generated by operating credits | 1607 | 2635 | 3424 |
| Gain / (loss) from disposal of property, plant and equipment | 12 | (3) | (3545) |
| Impairment of trading properties | (19125) |  |  |
| Others | 1475 | 2674 | 524 |
| **Total other operating results, net**  | **(17054)** | **(6648)** | **(37271)** |

---

(\*) Corresponds to the liquidation of Condor, Real Estate Investment Group VII LP and Jiwin S.A.

**27. Financial results, net**

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| Finance income: |  |  |  |
| - Interest income  | 6439 | 47250 | 4272 |
| **Total finance income**  | **6439** | **47250** | **4272** |
| Finance costs: |  |  |  |
| - Interest expenses  | (39410) | (56264) | (62836) |
| - Other finance costs  | (5941) | (12116) | (9040) |
| **Total finance costs** | **(45351)** | **(68380)** | **(71876)** |
| Other financial results: |  |  |  |
| - Fair value gain of financial assets and liabilities at fair value through profit or loss, net  | 59581 | 133160 | 38366 |
| - Exchange rate differences, net | 13904 | 20894 | 35028 |
| - Gain / (loss) from repurchase of non-convertible notes | 383 | (252) | 1030 |
| - Gain / (loss) from derivative financial instruments, net | 104 | (1934) | 239 |
| - Other financial results  | (5643) | (4450) | (775) |
| **Total other financial results**  | **68329** | **147418** | **73888** |
| - Inflation adjustment | 11342 | (434) | 74193 |
| **Total financial results, net**  | **40759** | **125854** | **80477** |

---

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**28. Earnings per share**

Below is a reconciliation between the weighted-average number of common shares outstanding and the diluted weighted-average number of common shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** |
| Weighted - average outstanding shares | 747 | 742 | 748 |
| Adjustments for calculation of diluted earnings per share |  |  |  |
| Concepts that affect dilution | 70 | - | 72 |
| **Weighted - average diluted common shares** | **817** | **742** | **820** **(i)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Basic**

Basic earnings per share amounts are calculated in accordance with IAS 33 "Earning per share" by dividing the profit attributable to equity holders of the Group by the weighted average number of common shares outstanding during the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** |
| Profit / (loss) for the year attributable to equity holders of the parent | 195182 | (40607) | 312051 |
| Weighted average number of common shares outstanding | 747 | 742 | 748 |
| **Basic earnings per share** | **261.29** | **(54.73)** | **417.18** **(i)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Diluted**

Diluted earnings per share amounts are calculated by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** |
| Profit / (loss) for the year attributable to equity holders of the parent | 195182 | (40607) | 312051 |
| Weighted average number of common shares outstanding | 817 | 742 | 820 |
| **Diluted earnings per share** | **238.90** | **(54.73** **)(ii)** | **380.55** **(i)** |

---

(i) EPSs for 2023 show the comparative impact in the capital increases, where there was no corresponding change in the entity's resources.

(ii) Given that the result for the year showed losses, there is no diluted effect of such result.

**29. Employee benefits and share-based payments**

*Incentive Plan*

The In September 2011, the Group established a share-based incentive plan aimed at certain employees, directors, and members of the senior management of IRSA and Cresud Under this plan, during fiscal years 2011, 2012, and 2013, the beneficiaries were entitled to receive shares of IRSA and Cresud based on a percentage of their annual bonus, subject to the fulfillment of certain conditions, including the requirement to remain employed for at least five years.

These shares are classified as treasury stock of IRSA and Cresud and are transferred to the beneficiaries who have met the required conditions once they leave the Company, provided that their termination is not for just cause by the Company. Nevertheless, until such termination occurs, the beneficiaries are entitled to the economic rights of said shares, while the political rights are exercised by the trust holding ownership of the assigned shares.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

For the fiscal years ended June 30, 2025 and 2024, the Group has incurred a charge related to the Incentive Plan of ARS 14.49 and ARS 4.25, respectively.

The evolution of the shares allocated to the plan's beneficiaries and delivered during fiscal years 2025, 2024, and 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| **At the beginning**  | **1671877** | **1773528** | **1865505** |
| Delivered | (57475) | (101651) | (91977) |
| **At the end**  | **1614402** | **1671877** | **1773528** |

---

The fair value determined at the time of granting the plan after obtaining all the corresponding authorizations was ARS 23.5 per share of IRSA. This fair value was estimated by taking into account the market price of the shares of the Company on said date.

*Defined contribution plan*

The Group operates a defined contribution plan (the "Plan") which covers certain selected managers. The Plan was effective as from January 1, 2006. Participants can make pre-tax contributions to the Plan of up to 2.5% of their monthly salary ("Base Contributions") and up to 15% of their annual bonus ("Extraordinary Contributions"). Under the Plan, the Group matches employee contributions to the plan at a rate of 200% for Base Contributions and 300% for Extraordinary Contributions.

All contributions are invested in funds administered outside of the Group. Participants or their assignees, as the case may be, will have access to the 100% of the Company contributions under the following circumstances:

(i) ordinary retirement in accordance with applicable labor regulations;

(ii) total or permanent incapacity or disability;

(iii) death.

In case of resignation or termination without fair cause, the manager will receive the Group's contribution only if he or she has participated in the Plan for at least 5 years. Starting from July 1, 2023, contributions will only be made at 100% of the Basic Contributions.

On July 1, 2023, a new ILP plan came into effect, which covers certain key positions. This is a compensation plan in which participants are entitled to receive a defined contribution if the objectives set by the company for the next three fiscal years are achieved. To receive the contribution, beneficiaries are required to remain with the Company until the end of the program on June 30, 2026, and meet the objectives.

Contributions made by the Group under the Plan amount to ARS 2,859 and ARS 1,956 for the fiscal years ended June 30, 2025 and 2024, respectively.

**30. Related party transactions**

In the normal course of business, the Group conducts transactions with different entities or parties related to it.

**Remunerations of the Board of Directors**

The Business Companies Act of Argentina (Law N° 19,550), provides that the remuneration to the Board of Directors, where it is not set forth in the Company's by-laws, shall be fixed by the Shareholders' Meetings. The maximum amount of remuneration that the members of the Board are allowed to receive, including salary and other performance-based remuneration of permanent technical-administrative functions, may not exceed 25% of the profits.

Such maximum amount is limited to 5% where no dividends are distributed to the Shareholders, and will be increased proportionately to the distribution, until reaching such cap where total profits are distributed, except that such remunerations were expressly agreed by the Shareholders' Meeting, for which purpose the matter must be included as one of the items on the agenda.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Some of the Group's Directors are hired under the Employment Contract Law N° 20,744. This Act rules on certain conditions of the work relationship, including remuneration, salary protection, working hours, vacations, paid leaves, minimum age requirements, workmen protection and forms of suspension and contract termination. The remuneration of directors for each fiscal year is based on the provisions established by the Business Companies Act, taking into consideration whether such directors perform technical-administrative functions and depending on the results recorded during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders' Meeting.

**Senior Management remuneration**

The members of the Group's senior management are appointed and removed by the Board of Directors and perform functions in accordance with the instructions delivered by the Board itself.

The Company's Senior Management is composed of as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Date of Birth** | **Position** | **Current position since** |
| Eduardo S. Elsztain | 01/26/1960 | General Manager | 1991 |
| Arnaldo Jawerbaum | 08/13/1966 | Operating Manager | 2022 |
| Jorge Cruces | 11/07/1966 | Investment Manager | 2020 |
| Matías I. Gaivironsky | 02/23/1976 | Administrative and Financial Manager | 2011 |

---

The total remuneration paid to members of senior management for their functions consists of a fixed salary that takes account of the manager's background capacity and experience, plus an annual bonus based on their individual performance and the Group's results. Members of senior management participate in defined contributions and share-based incentive plans that are described in Note 29.

The aggregate compensation to the Senior Management for the year ended June 30, 2025 amounts to ARS 943.

**Corporate Service Agreement with Cresud**

Considering that IRSA and Cresud have operating overlapping areas, the Board of Directors considered it convenient to implement alternatives that allow reducing certain fixed costs of its activity, in order to reduce its impact on operating results, taking advantage of and optimizing the individual efficiencies of each of the companies in the different areas that make up the operational administration.

For this purpose, on June 30, 2004, a Framework Agreement for the Exchange of Corporate Services ("Framework Agreement") was signed, between IRSA, Cresud and IRSA CP. On December 22, 2021, were held the shareholders' meeting approving the merger by absorption of IRSA and IRSA CP, for which IRSA, in its capacity as absorbing company, is the successor of all the rights and obligations assumed by IRSA CP by the Framework Agreement. The last modification to the Framework Agreement was made on July 12, 2022.

Under this Framework Agreement, corporate services are currently provided for different areas including: Corporate Human Resources, Administration and Finance, Planning, Institutional Relations, Compliance and others.

Under this agreement, the companies entrusted an external consultant with the semi-annual review and evaluation of the criteria used in the process of apportionment of costs to be settled for corporate services, as well as the distribution bases and supporting documentation used in the aforementioned process, through the preparation of a semi-annual report.

It should be noted that the operation under comment allows Cresud and IRSA to maintain absolute independence and confidentiality in their strategic and commercial decisions, being the allocation of costs and benefits made on the basis of operational efficiency and equity, without pursuing individual economic benefits for each of the companies.

**Offices and Shopping Malls spaces leases**

The offices of our President are located at 108 Bolivar, in the Autonomous City of Buenos Aires. The property has been rented to Isaac Elsztain e Hajes S.A., a company controlled by some family members of Eduardo Sergio Elsztain, our president, and to Hamonet S.A., a company controlled by Fernando A. Elsztain, one of our directors, and some of his family members.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

Furthermore, we also let various spaces in our shopping malls (stores, stands, storage space or advertising space) to third parties and related parties such as BHSA.

**Donations granted to Fundación IRSA, Fundación Puerta 18 and Fundación Museo de los Niños**

Fundación IRSA is a non-profit charity institution that seeks to support and generate initiatives concerning education, the promotion of corporate social responsibility and the entrepreneurial spirit of the youth. It carries out corporate volunteering programs and fosters donations by the employees. The main members of Fundación IRSA's Board of Directors are: Eduardo S. Elsztain (President); Saul Zang (Vice President I), Alejandro Elsztain (Vice President II) and Mariana C. de Elsztain (secretary). It funds its activities with the donations made by us and Cresud.

Fundación Puerta 18 is a non-profit association established in 2016 by Fundación IRSA. It is a free space for artistic and technological creation aimed at young people between the ages of 13 and 24. Through a non-formal education approach, it fosters the development of skills, vocations, and talents among youth by leveraging the multiple resources offered by technology.

**Legal Services** 

The Group hires legal services from Estudio Zang, Bergel & Viñes, at which Saúl Zang was a founding partner and sits at the Board of Directors of the Group companies.

**Hotel services**

Our company and related parties sometimes rent from NFSA and Hoteles Argentinos S.A. hotel services and conference rooms for events.

**Purchase and sale of goods and/or service hiring**

In the normal course of its business and with the aim of making resources more efficient, in certain occasions purchases and/or hires services which later sells and/or recovers for companies or other related parties, based upon their actual utilization.

**Sale of advertising space in media**

Our company and our related parties frequently enter into agreements with third parties whereby we sell/acquire rights of use to advertise in media (TV, radio stations, newspapers, etc.) that will later be used in advertising campaigns. Normally, these spaces are sold and/or recovered to/from other companies or other related parties, based on their actual use.

**Purchase and sale of financial assets**

The Group usually invests excess cash in several instruments that may include those issued by related companies, acquired at issuance or from unrelated third parties through secondary market deals.

**Investment in investment funds managed by BACS** 

The Group invests part of its liquid funds in mutual funds managed by BACS among other entities.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**Borrowings** 

In the normal course of its activities, the Group enters into diverse loan agreements or credit facilities between the group's companies and/or other related parties. These borrowings generally accrue interests at market rates.

**Financial and service operations with BHSA**

The Group works with several financial entities in the Argentine market for operations including, but not limited to, credit, investment, purchase and sale of securities and financial derivatives. Such entities include BHSA and its subsidiaries. BHSA and BACS usually act as underwriters in Capital Market transactions. In addition, we have entered into agreements with BHSA, which provides collection services for our shopping malls.

The following is a summary presentation of the balances with related parties as of June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **Item** | **06.30.2025**  | **06.30.2024**  |
| Trade and other receivables | 52371 | 45062 |
| Investments in financial assets | 8232 | 5865 |
| Borrowings | (1215) | (1086) |
| Trade and other payables | (20322) | (23951) |
| **Total** | **39066** | **25890** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **06.30.2025**  | **06.30.2024**  | **Description of transaction**  | **Item**  |
| New Lipstick | 292 | 307 | Reimbursement of expenses receivable  | Trade and other receivable  |
| Comparaencasa Ltd. | 2610 | 2765 | Other investments  | Investments in financial assets  |
|  | 365 | 347 | Loans granted  | Trade and other receivable  |
| Banco Hipotecario S.A. | 51 | 54 | Leases and/or rights of use receivable  | Trade and other receivable  |
|  | 18701 | 6596 | Dividends receivable  | Trade and other receivable  |
| La Rural S.A. | 1885 | 1917 | Canon  | Trade and other receivable  |
|  | (493) | (3) | Others  | Trade and other payables  |
|  | 5 | 22 | Others  | Trade and other receivable  |
|  | (1) |  | Leases and/or rights of use payable  | Trade and other payables  |
| Other associates and joint ventures (1) | (855) | (728) | Loans obtained  | Borrowings  |
|  | 9 | 40 | Management Fee  | Trade and other receivable  |
|  | (60) | (29) | Others  | Trade and other payables  |
|  | 49 | 15 | Others  | Trade and other receivable  |
|  | 1 | 1 | Share based payments  | Trade and other receivable  |
|  | 16 | 17 | Loans granted  | Trade and other receivable  |
| **Total associates and joint ventures** | **22575** | **11321** |  |  |
| Cresud  |  | 778 | Reimbursement of expenses receivable  | Trade and other receivable  |
|  | (3169) | (2957) | Corporate services payable  | Trade and other payables  |
|  | 3244 | 591 | Non-convertible notes  | Investments in financial assets  |
|  | (3) | (4) | Share based payments  | Trade and other payables  |
| **Total parent company** | **72** | **(1592)** |  |  |
| Amauta Agro S.A. | 3 | 7 | Others  | Trade and other receivable  |
|  | (4) |  | Others  | Trade and other payables  |
| Helmir S.A. | (360) | (358) | Non-convertible notes  | Borrowings |
| **Total subsidiaries of parent company** | **(361)** | **(351)** |  |  |
| Directors | (6428) | (7774) | Fees for services received  | Trade and other payables  |
|  | 5 |  | Reimbursement of expenses receivable  | Trade and other receivable  |
| Galerias Pacifico |  | 4530 | Loans granted  | Trade and other receivable  |
|  | 3 | 4 | Others  | Trade and other receivable  |
| Sutton | 6120 | 5666 | Loans granted  | Trade and other receivable  |
|  | (101) | (107) | Others  | Trade and other payables  |
| Rundel Global LTD | 2378 | 2509 | Other investments  | Investments in financial assets  |
| Yad Levim LTD | 24739 | 24638 | Loans granted  | Trade and other receivable  |
| Sociedad Rural Argentina S.A. | (9734) | (12846) | Others  | Trade and other payables  |
| Others | (99) | (66) | Leases and/or rights of use receivable  | Trade and other payables  |
|  | 91 | 42 | Others  | Trade and other receivable  |
|  | (30) | (165) | Others  | Trade and other payables  |
|  | (200) |  | Dividends payable  | Trade and other payables  |
|  | 36 | 81 | Reimbursement of expenses receivable  | Trade and other receivable  |
| **Total directors and others** | **16780** | **16512** |  |  |
| **Total at the end of the year** | **39066** | **25890** |  |  |

---

(1) Includes Avenida Compras S.A., Avenida Inc., BHN Vida S.A., Puerto Retiro S.A., Cyrsa S.A. and Nuevo Puerto Santa Fe S.A.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

The following is a summary of the results with related parties for the years ended June 30, 2025, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **06.30.2025** | **06.30.2024** | **06.30.2023** | **Description of transaction** |
| BHN Vida S.A |  | (34) | (17) | Leases and/or rights of use |
| BHN Seguros Generales S.A. |  | (12) | (7) | Leases and/or rights of use |
| Comparaencasa Ltd. | (64) | 2179 | 389 | Financial operations |
| Condor |  |  | 21 | Financial operations |
| Other associates and joint ventures (1) | 27 | 297 | 362 | Financial operations |
|  | (344) | 75 | (326) | Leases and/or rights of use |
|  | 476 | 385 | 477 | Corporate services |
| **Total associates and joint ventures** | **95** | **2890** | **899** |  |
| Cresud | 620 | 110 | 538 | Leases and/or rights of use |
|  | (11743) | (13878) | (14744) | Corporate services |
|  | 33 | (216) | 20590 | Financial operations |
| **Total parent company** | **(11090)** | **(13984)** | **6384** |  |
| Helmir S.A. | (44) | (420) | (130) | Financial operations |
| Futuros y Opciones.com S.A. | (44) |  |  | Financial operations |
| **Total subsidiaries of parent company** | **(88)** | **(420)** | **(130)** |  |
| Directors | (18302) | (18678) | (46983) | Fees and remunerations |
| Senior Management | (943) | (751) | (922) | Fees and remunerations |
| Rundel Globa LTD |  | 4519 | 683 | Financial operations |
| Yad Leviim LTD | 1379 | 1306 | 1114 | Financial operations |
| Sociedad Rural Argentina S.A. | 1697 | 5443 | 349 | Financial operations |
| Others | 116 | 86 | 78 | Corporate services |
|  | (261) | (269) | (93) | Leases and/or rights of use |
|  | (276) | (629) | (467) | Financial operations |
|  | (704) | (494) | (777) | Donations |
|  | (1122) | (1418) | (1114) | Fees and remuneration |
|  | (624) | (680) | (519) | Legal services |
| **Total others** | **(19040)** | **(11565)** | **(48651)** |  |
| **Total at the end of the year** | **(30123)** | **(23079)** | **(41498)** |  |

---

(1) It includes Avenida Inc., Banco Hipotecario S.A., Cyrsa S.A., BHN Sociedad de Inversión S.A., La Rural S.A., Nuevo Puerto Santa Fe S.A. and Quality Invest S.A.

The following is a summary of the transactions with related parties for the years ended June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **06.30.2025**  | **06.30.2024**  | **Description of the operation** |
| Quality Invest S.A. | - | (36195) | Sale of shares |
| **Total sale of shares** | **-** | **(36195)** |  |
| Puerto Retiro S.A. | (35) | - | Irrevocable contributions |
| **Total irrevocable contributions** | **(35)** | **-** |  |
| Cresud | (57099) | (162337) | Dividend distributed |
| Helmir S.A. | (3226) | (8930) | Dividend distributed |
| **Total dividends distributed** | **(60325)** | **(171267)** |  |
| Cyrsa S.A. | 618 |  | Dividends received |
| Banco Hipotecario S.A.  | 20779 | 19852 | Dividends received |
| La Rural S.A. | 4960 | 2027 | Dividends received |
| Nuevo Puerto Santa Fe S.A. | 387 | 616 | Dividends received |
| **Total dividends received** | **26744** | **22495** |  |

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**31. CNV General Resolution N° 622**

As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622, below there is a detail of the notes to the Consolidated Financial Statements that disclose the information required by the Resolution in Exhibits.

---

| | |
|:---|:---|
| Exhibit A - Property, plant and equipment  | Note 9 Investment properties and Note 10 Property, plant and equipment  |
| Exhibit B - Intangible assets | Note 12 Intangible assets |
| Exhibit C - Investment in associates | Note 8 Investments in associates and joint ventures |
| Exhibit D - Other investments | Note 14 Financial instruments by category |
| Exhibit E - Provisions and allowances | Note 15 Trade and other receivables and Note 19 Provisions  |
| Exhibit F - Cost of sales and services provided | Note 25 Costs |
| Exhibit G - Foreign currency assets and liabilities | Note 32 Foreign currency assets and liabilities  |

---

**32. Foreign currency assets and liabilities**

Book amounts of foreign currency assets and liabilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item / Currency (1)** | **Amount** | **Argentinian Peso exchange rate (2)** | **06.30.2025** | **06.30.2024** |
| **Assets** |  |  |  |  |
| **Trade and other receivables** |  |  |  |  |
| US Dollar | 29.28 | 1196.00 | 35015 | 33383 |
| Euros | 0.01 | 1406.62 | 14 | 14 |
| **Receivables with related parties:** |  |  |  |  |
| US Dollar | 26.22 | 1205.00 | 31600 | 25365 |
| **Total trade and other receivables** |  |  | **66629** | **58762** |
| **Investments in financial assets** |  |  |  |  |
| US Dollar | 114.73 | 1196.00 | 137223 | 117802 |
| Pounds | 0.53 | 1639.24 | 874 | 1125 |
| New Israel Shekel | 7.52 | 357.24 | 2687 | 1301 |
| **Investments with related parties:** |  |  |  |  |
| US Dollar | 4.86 | 1205.00 | 5854 | 3357 |
| **Total investments in financial assets** |  |  | **146638** | **123585** |
| **Cash and cash equivalents** |  |  |  |  |
| US Dollar | 136.67 | 1196.00 | 163462 | 25209 |
| Uruguayan pesos | 0.07 | 30.22 | 2 | 17 |
| Pounds |  | 1639.24 | 4 | 3 |
| Euros | 0.01 | 1406.62 | 11 | 6 |
| New Israel Shekel |  | 357.24 | 1 | 1 |
| Brazilian Reais | 0.01 | 220.00 | 2 | - |
| **Total cash and cash equivalents** |  |  | **163482** | **25236** |
| **Total Assets** |  |  | **376749** | **207583** |
| **Liabilities** |  |  |  |  |
| **Trade and other payables** |  |  |  |  |
| US Dollar | 26.89 | 1205.00 | 32401 | 22993 |
| Uruguayan pesos | 0.76 | 30.22 | 23 | 42 |
| **Payables to related parties:** |  |  |  |  |
| US Dollar | 8.00 | 1205.00 | 9641 | 12728 |
| **Total Trade and other payables** |  |  | **42065** | **35763** |
| **Borrowings** |  |  |  |  |
| US Dollar | 539.03 | 1205.00 | 649533 | 404731 |
| **Borrowings with related parties** |  |  |  |  |
| US Dollar | 1.01 | 1205.00 | 1214 | 1058 |
| **Total Borrowings** |  |  | **650747** | **405789** |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | 0.02 | 1205.00 | 29 | 6 |
| **Total derivative financial instruments** |  |  | **29** | **6** |
| **Lease liabilities** |  |  |  |  |
| US Dollar | 3.59 | 1205.00 | 4325 | 15126 |
| **Total lease liabilities** |  |  | **4325** | **15126** |
| **Provisions** |  |  |  |  |
| New Israel Shekel | 89.19 | 357.24 | 31863 | 28322 |
| **Total Provisions** |  |  | **31863** | **28322** |
| **Total Liabilities** |  |  | **729029** | **485006** |

---

(1) Stated in millions of units in foreign currency. Considering foreign currencies those that differ from each Group's functional currency at each year-end.

(2) Exchange rate as of June 30, 2025, according to Banco Nación Argentina and Central Bank of the Argentine Republic records.

(3) The Group uses derivative instruments as a complement in order to reduce its exposure to exchange rate movements (see Note 14).

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

**33. Other relevant events of the year**

**<u>Shares Buyback Program – New program</u>**

On July 11, 2024, the Board of Directors of IRSA approved a new program for the buyback program of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company, under the terms of Article 64. of Law No. 26,831 and the CNV regulations, for up to a maximum amount of ARS 15,000 million and up to 10% of the share capital, up to a daily limit of 25% of the average daily trading volume of the Company's shares, jointly in the markets it is listed, during the previous 90 business days, and up to a maximum price of USD 11 per GDS and ARS 1,550 per share. Likewise, the repurchase period was set at up to 180 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange.

On September 12, 2024, we completed the share buyback program, having acquired 11,541,885 common shares, representing approximately 99.93% of the approved program and 1.56% of the capital stock of IRSA.

**<u>Change in Warrants terms and conditions</u>**

On November 8, 2024, the Company announced that the terms and conditions of the outstanding options (warrants) to subscribe for the Company's ordinary shares had been modified because of the cash dividend payment and the allocation of treasury shares to its shareholders carried out by the Company on November 5, 2024. Below are the terms that have been modified:

· Number of shares to be issued per warrant: Pre-dividend ratio: 1.3070 (nominal value ARS 10). Post-dividend ratio: 1.4818 (nominal value ARS 10).

· Exercise price per new share to be issued: Pre-dividend price: USD 0.3307 (nominal value ARS 10). Post-dividend price: USD 0.2917 (nominal value ARS 10).

The other terms and conditions of the warrants remain the same.

**<u>Warrants exercise</u>**

During the year ended June 30, 2025, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 6.3 million, equivalent to ARS 7,373 million, were received, for converted warrants of 14,704,110 and a total of 21,061,631 common shares of the Company with a nominal value of ARS 10 were issued.

**<u>Banco Hipotecario S.A. – Cash dividend payment</u>**

On March 31, 2025, the Ordinary and Extraordinary General Shareholders' Meeting of Banco Hipotecario S.A. approved the payment of a dividend of ARS 64,893 million, which will be paid in 10 equal, monthly, and consecutive installments, in proportion to each shareholder's equity interest, and calculated in constant currency as of the payment date of each installment. The amount is expressed in the currency defined as approved by the Ordinary and Extraordinary General Shareholders' Meetings. The first installment was collected as of June 30, 2025.

**34. Subsequent events**

**<u>Sales of "Ramblas del Plata" lots – IRSA</u>**

On July 17, 2025, IRSA signed an addendum to the purchase agreement dated January 27, 2025, which consisted of the substitution of one of the lots, with an additional cash payment of USD 3.5 million and the inclusion in the price of sellable square meters valued at USD 3.6 million. This transaction added USD 7.1 million, equivalent to ARS 8,953 million, to the original agreement, corresponding to 5,000 additional sellable square meters as a result of the substitution of the lot in question.

**<u>Related Party Transaction</u>**

On August 29, 2025, we informed that the Company had approved an investment of up to USD 12 million, in cash or in kind, in Golden Juniors Segregated Portfolio, an investment fund composed of different segregated portfolios, whose investment manager is a company directly controlled by Mr. Eduardo Sergio Elsztain, Chairman of the Company.

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**IRSA Inversiones y Representaciones Sociedad Anónima**<br>

This investment is made with the purpose of diversifying part of the Company's liquidity into financial alternatives that allow capturing growth opportunities in emerging sectors of the Argentine economy, particularly in the field of precious metals and the mining industry.

As part of the investment agreement, it was established that IRSA and/or its subsidiaries will not pay performance fees, being required only to bear the proportion of expenses corresponding to their participation in the fund.

In accordance with the provisions of Chapter III of the rules of the Argentine Securities Commission and Article 110, section h) of Capital Markets Law No. 26,831, the Company's Audit Committee has issued its opinion with no objections to the transaction, which is available to shareholders at the Company's headquarters.

**<u>Acquisition of the Al Oeste Shopping</u>**

On September 17, 2025, we informed that the Company has acquired "Al Oeste" shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires.

The shopping mall is currently operating below its potential, and within the framework of the Company's development plan to create opportunities in different districts of the Province of Buenos Aires, it is planned to be converted into an outlet center to be relaunched during next year.

"Al Oeste Shopping" has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm.

The purchase price was USD 9 million, of which USD 4.5 million has been paid to date. The remaining balance will be paid in four annual installments.

With this acquisition, the Company's shopping mall portfolio now includes 17 assets, 16 of which are operated by IRSA, totaling approximately 390,000 GLA sqm.

**<u>General Ordinary and Extraordinary Shareholders' Meeting</u>**

On September 25, 2025, we informed that our Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders' Meeting to be held on October 30, 2025, to address, among other topics, the following:

- Consideration of the financial result for the fiscal year ended June 30, 2025, amounting a profit of ARS 195,678 million. Consideration of the distribution of dividends payable in cash and/or in kind for up to ARS 164,000 million.

**<u>Warrants exercise</u>**

On September 30, 2025, we informed that between September 17, 2025, and September 25, 2025, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 3.1 million, equivalent to ARS 4,199 million, were received, for converted warrants of 7,110,930 and a total of 10,536,907 common shares of the Company with a nominal value of ARS 10 were issued.

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## Exhibit 1.1

**EXHIBIT 1.1**

**RESTATED BY-LAWS OF IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANÓNIMA.**

**<u>TITLE I. NAME, TERM OF DURATION AND DOMICILE</u>. SECTION ONE: NAME**. The Company shall operate under the name of "IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANÓNIMA". A company not adhered to the Optional Statutory Regime of Mandatory Public Tender Offer**. SECTION TWO: TERM OF DURATION**: The term of duration of the Company shall expire on April 5, 2043. **SECTION THREE: DOMICILE:** The Company's registered office shall be located in the City of Buenos Aires, Republic of Argentina, provided, however, that it shall be entitled to set up branches, agencies or any kind of representative offices within Argentina or abroad. **<u>TITLE II. PURPOSE</u>. SECTION FOUR: PURPOSE**: The Company's purpose shall be to engage itself, either per se or through third parties, with third parties or associated with third parties or under contracts entered into with public or private physical or artificial persons, or by means of the organization and/or acquisition of artificial persons in the Republic of Argentina or abroad, in the following businesses: **<u>I) REAL ESTATE INVESTMENTS, OPERATION AND DEVELOPMENT:</u>** through the purchase, sale, swap, acquisition and/or conveyance for any valuable consideration, including permissions acquired by purchase, assignment, conveyance, possession, merger or a grant by the Government and the Company being, to that end, authorized to apply to the national, provincial and municipal governments, for permits and concessions for real estate fit for any use whatsoever, whether urban or rural, within or without Argentina, and/or through the creation, acquisition and/or conveyance, for any valuable consideration, of companies owning such real estate; development, subdivision, (including through the regime of condominium property), urbanization, lotting, organization, use, exploitation, marketing, and/or disposal (including through the regime of condominium property) pursuant to any legal means, contemplated in codified law or not, including purchase and sale, lease, trust, concession, lodging agreement, garage agreement, assignment, agreements pursuant to which real property and/or personal property or credits are created and/or conveyed, etc., over all kinds of real property, whether owned by the Company or by third parties, whether urban or rural, located within or without Argentina, for the purposes and/or uses which, subject to current rules and regulations, are deemed most advisable on a case by case basis, including but not limited to, homes, offices for enterprises and/or professionals, retail stores and/or shopping malls of any size, operation of hotels, apart-hotels, hostels, time-sharing, shopping centers, malls, business strips, multi-storey car parks, parking lots, lots, country clubs, private neighborhoods, private cemeteries, sports centers, entertainment centers, tourist attractions and/or entertainment centers, etc.; **II) <u>INVESTMENTS IN SECURITIES</u>** of any kind: through the purchase, sale, exchange, lease or any other type of authorized transaction involving shares, negotiable obligations, corporate or Government bonds, certificates of ownership interests in any type of assets, any type of securities, issued by the public or private sector, in Argentina or abroad, personal property and animals of any kind, intellectual property, letters patent, trademarks and industrial rights, designs, power supply and, overall, any other type of personal property and/or rights and the operation and use of such personal property and/or rights; **III) <u>CONSTRUCTION AND/OR OPERATION OF PUBLIC WORKS, SERVICES AND PROPERTY</u>:** to build, implement, carry out, operate and/or manage public works, public utilities and/or public property, either as a concessionaire, licensee or under any other legal title or modality, irrespective of the use of such, to participate in concessions and/or licenses for public works and/or services and/or property and/or assets and to acquire ownership interests in investment companies that own interests in licensees or concessionaires; **IV) <u>REPRESENTATIONS</u>**: to accept and carry out representation assignments, agencies, commissions, consignments and/or business management; **V) <u>MANAGEMENT</u>:** to manage all types of real or personal property, funds, portfolios of loans, real or personal property, assets of any type, either the Company's or a third party's, to run homeowners' associations, parking spaces, garages, multi-storey car parks and parking lots, to carry out agency agreements and/or management assignments, to accept the position of trustee, etc.; **VI) <u>CONSTRUCTIONS</u>:** to build, recycle, refurbish, revamp, carry out, develop, etc. real property, either the Company's or a third party's, in the private and in the public sector, irrespective of their use and in compliance with the applicable rules and regulations, through one or more professionals and/or representatives who are duly qualified and licensed to do so; **VII) <u>ADVICE</u>**: advise third parties on the activities mentioned in paragraphs I) to VI) of this Section, as well as on the planning and development of any kind of works, in all cases, as applicable, in compliance with the applicable laws, through qualified and duly licensed experts and/or representatives; and **VIII) <u>FINANCING</u>** for Real Estate Ventures and/or Projects and/or Works and/or Transactions: To grant loans to be applied to funding real estate undertakings, projects, works and/or developments, to third parties in the private or public sector and/or for the acquisition of real estate, either new or used, irrespective of the use to be given to such real estate, to make capital and/or technology and/or know how contributions for the same purposes already quoted, requesting, in each case, the collateral deemed advisable; this expressly includes granting loans to the Company's personnel, irrespective of their position and in accordance with the credit rating of each employee and subject to the establishment of a security interest, either personal or real; all of which shall be in compliance with the applicable rules and regulations and to the extent such transactions are not within the scope of the Law of Financial Institutions of Argentina.

**IX) <u>FINANCING, CREATION, DEVELOPMENT AND OPERATION OF INTERNET-RELATED UNDERTAKINGS, SITES OR PROJECTS</u>:** To finance, create, develop and/or operate any type of Internet undertaking, project or site, related, supplementary or ancillary to any of the activities described in the preceding paragraphs I) through VIII). **SECTION FIVE: MEANS FOR FULFILLMENT OF CORPORATE PURPOSE**: A) For a better fulfillment of its corporate purpose, the Company shall have full legal capacity to acquire rights, undertake obligations and carry out any kind of legal acts related to its corporate purpose and not expressly prohibited by the laws or these Bylaws. B) In particular, the Company may: 1) Acquire through purchase or under any other title, real or personal property and any kind of rights, titles, shares or securities and sell, assign, exchange or otherwise dispose of them under any title, or give them as collateral and encumber them, including by way of guarantee trusts, mortgage, pledge or any other in rem right, and set up easements thereon; 2) Associate with third parties, be they physical or artificial persons, by organizing companies or acquiring interests in companies, entering into temporary business union or pooling agreements; 3) Enter into any kinds of contracts; 4) undertake any kind of obligations, including loans, and execute any kind of transactions with official or private banks, whether national or foreign, international credit agencies and/or any other kind of institutions; 5) Grant commercial loans related to its business; 6) Take and grant powers of attorney; 7) Accept and make donations; 8) Issue negotiable obligations and other debt securities, in Argentina or abroad, denominated in any currency, either secured or unsecured and convertible or not into shares of the Company, as well as other securities. C) In furtherance of the development of the activities included in its corporate purpose, the Company shall be entitled to organize companies or have interests in public or private artificial persons, domiciled in Argentina or abroad. **<u>TITLE III. CAPITAL AND SHARES</u>. SECTION SIX: CAPITAL:** The movements in the corporate capital shall be reflected in the Company's balance sheets, indicating authorized amount, class and category of shares, par value and number of votes per share. **SECTION SEVEN: SHARES:** A) The Company's shares are designated as common, book-entry shares of Ten Pesos ($10) par value each, entitled to one (1) vote per share. B) The Company may issue preferred shares, either with or without voting rights, which shall be issued in book-entry form. Preferred shares shall be entitled to a preferred dividend, either cumulative or not, pursuant to their terms of issue. Preferred shares may also be entitled to an additional share in the net income. **SECTION EIGHT: ISSUE OF SHARES**: A) The capital may be increased by resolution of the general ordinary shareholders' meeting. B) Each issue of shares shall be implemented in compliance with the rules of the Argentine Securities Commission, the Exchanges where the Company's shares are listed, and the Superintendency of Corporations, as well as such foreign rules as may applicable. Any resolution to increase the stock capital shall be cast into a public deed, unless otherwise resolved by the Shareholders' Meeting on each opportunity, and recorded in the Public Registry of Commerce. C) The Shareholders' Meeting that resolves upon the issue shall determine the features of the shares to be issued, and may delegate on the Board of Directors the power to determine the time of issue, method and conditions of payment, and delegate any other powers permitted by applicable laws and regulations. **D) <u>In the event of an increase in the capital stock or convertible negotiable obligations publicly offered pursuant to Law No. 27,440, the preemptive right set forth in Section 194, Law No. 19,550, restated in 1984, as amended, and Section 11, Law No. 23,576, as amended, shall be exercised exclusively through the placement procedure established in the relevant public offering memorandum without giving effect to the term set forth in such section; holders of shares and convertible negotiable obligations who are beneficiaries of preemptive rights shall have priority in the allocation up to the amount of shares to which they are entitled based on their shareholdings percentages. This shall apply always provided that the purchase orders submitted by the shareholders or holders of convertible negotiable obligations who are beneficiaries of preemptive rights (i) contain such price as arises from the placement procedure or a specified price equal to or higher than the subscription price specified in the public offering; and/or (ii) the shareholders or holders of convertible negotiable obligations who are beneficiaries of preemptive rights express their intention to subscribe the shares at such placement price as determined pursuant to the placement procedure used. In addition, the holders of shares who exercise their preemptive rights shall have accretion rights for the same term as the preemptive rights in the event that, upon expiration of the term for exercising preemptive rights, there is a remaining balance of unsubscribed shares; accretion rights shall be exercised concurrently with preemptive rights</u>**. E) Should any capital increase be levied by any tax in the future, it shall be paid on the date of execution of the corresponding registration documents. **SECTION NINE: SHARE TRANSFERS**: 1. Share Transferability. 1.1. Freedom of conveyance; Limitations. The transfer of Company shares is not subject to any limitation, except in the situations described in paragraphs 2. and 3. as in such cases the relevant provisions under this section shall apply. Such relevant provisions are related in scope to the limitations upon transferability contemplated in section 214 of Law No. 19,550.

It is expressly clarified that such limitation shall apply to: (i) the tender offers regulated by **<u>Law No. 26,831, as amended</u>**, the General Resolutions issued by the Argentine Securities Commission (CNV) and/or any other regulation that may amend, supplement or replace them; (ii) the subscription of shares or any other mechanism that permits the effective acquisition or subscription of shares. 1.2. Scope of application. In the application of this section to the mandatory requirements imposed on tender offers, shares shall be understood to refer to (i) share coupons that confer the right to the delivery of shares; (ii) overall, any other instrument or right exercised that entitles to the delivery of shares, including warrants or purchase options, convertible securities or similar securities that enable the acquisition of shares with voting rights; and (iii) Global Depositary Receipts or American Depositary Receipts. From this point onwards, the use in this section of the term securities, shares or any variation thereof shall be understood to have the scope described in the preceding paragraphs. 2. Takeovers. 2.1. Acquisitions of Controlling Interests. Relevant Acquisitions. For the benefit of the Company and of the shareholders who would be adversely affected by a takeover of the Company without payment of sufficient valuable consideration (control premium) if the provisions in paragraph 3. are not complied with, direct or indirect acquisitions of shares that may allow the purchaser to obtain a controlling interest over the Company (takeovers) shall be prohibited. And, even if such control were not conferred, if the shares intended for acquisition were to represent, in the aggregate, thirty-five per cent (35%) or more of capital stock, with the intended acquisition being for such percentage or for a lower percentage which on top of previously acquired shareholdings would reach or exceed 35% (relevant acquisitions), acquisitions shall be prohibited. 2.2. Exclusions. The following cases shall be excluded from the requirements described in paragraph 3: (i) acquisitions by existing shareholders or by those exercising control over shares or convertible securities in accordance with the provisions of **<u>Law No. 26,831, as amended</u>**, irrespective of the application of the regulations imposed by the Argentine Securities Commission; and (ii) when shareholdings exceed thirty-five per cent (35%) of the Company's capital stock, to the extent such excess is due to a distribution of shares or share dividends resolved by the Company's Shareholders' Meeting with the requisite majorities mandatory when dealing with extraordinary points in the agenda or in the framework of an issuance of shares as a result of a merger approved by the Company's Shareholders' Meeting, subject, in both cases, to the disposal of such excess shareholdings on the earlier of a term of one hundred and eighty days (180 days) counted from the moment the shareholdings were credited to the shareholders' account or prior to holding any Shareholders' Meeting. 3. Takeover Bid ("OPA" in Spanish). 3.1. Definition. For all purposes of this section and irrespective of the application of the Regulations of the Argentine Securities Commission to other cases not included herein, as is the case of sub-paragraph 2.2. in the preceding paragraph, tender offers (OPA in Spanish) shall be understood to refer to those pursuant to which, considering all the actions taken, an individual, a legal entity or a group of individuals or legal entities that make the tender offer, aim to obtain an amount of shares such that control over the Company shall be obtained or either a portion of the capital stock equal to or higher than thirty-five per cent (35%), even when such portion of capital stock were not in itself sufficient to obtain control over the Company. For all the purposes of this section, the following holdings shall be accumulated: those in the possession of individuals or legal entities acting in concert or under common management, or being the bidder's controlling or controlled companies as well as holdings in trusts in which the bidder and/or any individual or legal entity acting in concert or under common management or being the bidder's controlling or controlled company are directly or indirectly beneficiaries or holders of voting rights. Without prejudice to any penalties that may be imposed on the parties that acting in concert though failing to express such actions in conformity with applicable statutory and regulatory requirements **<u>and the definition of action in concert as set forth in Law No. 26,831 and the regulations of the Argentine Securities Commission</u>**, an action in concert shall be presumed to exist when: (i) in the case of individuals, there is relationship either by blood or by marriage up to the fourth degree; (ii) in the case of legal entities or other bodies corporate, when there is a common controlling entity, or when, at least a third of management members are the same in those legal entities or bodies corporate. The above notwithstanding, it is expressly understood that no action in concert shall be presumed when there are holdings accumulated by group investment entities with at least 100 members in each one which, and even while under common management, such holdings do not exceed forty-five per cent (45%) of the Company's capital stock and such institutions expressly represent that they do not aim to obtain or exercise control over the Company. 3.2. Requirements and Procedure. 3.2.1. Notice to the Company; content, elements and information. Irrespective of the submission of the tender offer to the Argentine Securities Commission by the bidder, the bidder must simultaneously with such submission, serve the Company with a written notice of the tender offer it intends to make. The notice shall notify the Company, through a presentation addressed to its Board of Directors, of all the terms and conditions of any agreement or preliminary agreement entered or intended to be entered between the bidder and a Company shareholder under which the bidder would be in the situation described in subparagraph 2.1. of the preceding paragraph (hereinafter the "Preliminary Agreement") in the event of consummation.

In addition, the notice to be served upon the Company shall be accompanied through any reliable means by the following information and elements: (i) The bidder's identity, nationality, domicile and telephone number; (ii) Should the bidder be a group of individuals, the identity and domicile of each one and those of the managers of each person or entity making up the group, including the identity of the controlling entity of the bidder; (iii) The consideration offered in exchange for the shares and/or securities, expressly itemized pursuant to the relevant mechanism chosen from amongst those described in paragraph 4 (Price) as well as the origin of the funds required to comply with the covenants arising from the tender offer, **<u>together with the guarantees to be granted for compliance with the obligations under the tender offer</u>**. If the tender offer were subject to the effective acquisition of a minimum number of shares or convertible securities, such minimum number is to be stated, **<u>except in the event that, due to their characteristics, such requirement were not applicable to them, pursuant to the provisions set forth in Law No. 26,831, as amended, and the regulations of the Argentine Securities Commission</u>**; (iv) The term during which the tender offer shall be in force, which should be the maximum term authorized by the regulations of the Argentine Securities Commission, computed as therein established; (v) An express statement that the tender offer is to be open to all shareholders and that the bidder takes on an irrevocable obligation to acquire all the shares offered subject to the sole condition that the aggregate bid is to exceed the minimum amount informed, **<u>except in the event referred to in subsection (iii) above</u>**; (vi) An express waiver of the right to assert any claim whatsoever that may arise from the withdrawal of any acceptance provided that such withdrawal were to take place during the term of legal validity of the tender offer (vii) The formal requirements to be met by the acceptance of the tender offer, which must necessarily include the complete identity of the shareholder, the number of **<u>shares</u>** whose sale has been accepted as well as the establishment by the shareholder tendering acceptance of a domicile of choice for purposes of this section nine; (viii) The accounting records provided for in sections 67 and 234, sub-section 1 of Law No. 19,550 for the last three (3) fiscal years of the bidder or bidders and of their controlling entities, with the minutes documenting approval, if applicable, or the filing of similar documentation in the event the bidder were a person not governed by the provisions of Law No. 19,550; (ix) The policies that the bidder and its controlling entities have in place as regards the distribution of dividends, the formation of reserves, either voluntary or pursuant to the by-laws, if any, when such policies may not be clearly surmised from the accounting documentation or when they have been agreed upon pursuant to agreements amongst the shareholders, and if this were the case, a copy of these agreements must be provided as well and the policies in that respect that the bidder intends to establish in the event the tender offer were successful; (x) The funds necessary for the Company to incur the expenses inherent in transmitting such information to the shareholders; (xi) The statement by the bidder that the tender offer is not within the scope of Law No. 25,156, Defense of Competition or any rule that replaces it, or, if applicable, a copy of all the documentation filed with the antitrust authorities or a commitment to file such documentation simultaneously with the antitrust authorities and with the Company; (xii) a covenant by the bidder that it will provide the Company with any documentation required to be filed with the Argentine Securities Commission or other regulatory agencies in Argentina or abroad in relation to the tender offer simultaneously upon filing such documentation with any such authorities; and; (xiii) a detail of any prior acquisition of shares in the Company by the bidder, by all the individuals or legal entities that had acted in concert or under common management, either as the bidder's controlled or controlling entities, and the acquisitions of shares by trusts in which the bidder, all the individuals or legal entities that may have acted in concert or under common management, either as the bidder's controlled or controlling entities are beneficiaries or holders of voting rights, with a copy of any filing with the Argentine Securities Commission or any other foreign regulatory agency in relation with such acquisition. As a condition precedent for the procedure to continue, and within a term no shorter than 5 (five) business days, the Board of Directors shall require, if applicable, that any related information be completed or clarified and it may also request any other additional information or elements when the Board deems it necessary to be better informed and to proceed to a better assessment of the bid, in compliance with the Board's fiduciary duties to the shareholders and for the benefit of the Company's interests. 3.2.2. Publications. Term of the tender offer. Upon filing the tender offer with the Argentine Securities Commission and serving notice thereof on the Company, the bidder must simultaneously publish a notice containing substantially all the information detailed above, **<u>as well as all other information as determined by the regulations of the Argentine Securities Commission</u>**. The notice is to be published for the term and in the media determined by the regulations of the Argentine Securities Commission and additionally, for three (3) days, at minimum, in a newspaper of general circulation in the City of New York and in any other city in whose stock exchange or market the Company's shares or securities are **<u>listed or traded</u>**, without prejudice of the bidder's duty to comply with any applicable rules and regulations established by foreign authorities. The term of the tender offer shall be the maximum admitted by the regulations of the Argentine Securities Commission and, **<u>once the authorization to make the tender offer has been granted by the Argentine Securities Commission</u>**, it shall start to run the day immediately after the last publication referred to above. 3.2.3. Report by the Board of Directors.

Notice to the addressees of the tender offer. Within ten (10) business days of receipt of the communication mentioned in 3.2.1., **<u>or, if longer, such other term as set forth in the regulations of the Argentine Securities Commission</u>**, or, if all its requirements have been met, as applicable, the Board of Directors shall draft and approve an in-depth report of the implications and likely forecasts that in the opinion of the Board the tender offer would imply for the Company and the shareholders with a specific and duly grounded opinion on the suitability of the transaction proposed to the interests of the Company and the consequential recommendation that the Board of Directors deems advisable, **<u>which shall be accompanied by one or more independent appraisal reports</u>**. Such report must also contain (i) the Board of Directors' opinion on the reasonableness of the price offered in the tender offer and a technical recommendation whether to accept or reject the bid, (ii) information on any decision, either made or to be made or under study that has a reasonable likelihood of succeeding and that in the opinion of the Board is relevant for the purpose of accepting or rejecting the bid and, (iii) information on the acceptance or rejection of the tender offer intended by the Directors - including the Directors members of the Executive Committee - and by first line managers who are shareholders in the Company, **<u>complying with the publications</u>** and filings with the Argentine Securities Commission and Bolsas **<u>y Mercados Argentinos S.A.</u>** or **<u>authorized</u>** exchange where the Company's securities are **<u>listed or traded</u>**. 4. Price. The price per share shall be the same, it shall be monetary and may not be less than the highest price per share or security resulting from any of the following: (i) the highest price per share paid by the bidder, or on behalf of the bidder, for any acquisition of shares within 2 (two) years preceding the notice mentioned in 3.2.1., adjusted to reflect any stock-split, share dividend, subdivision, creation of classes and/or reclassification thereof or any reclassification that affects or relates to the shares; (ii) the highest selling price at closing during the thirty-day period immediately preceding the notice mentioned above, of one share **<u>as listed in Bolsas y Mercados Argentinos S.A.</u>**, in each case adjusted to reflect any of the contingencies listed in the preceding (i) affecting or relating to the shares and/or convertible securities; (iii) the highest price resulting from the calculation made as explained in (i) and (ii), multiplied by the coefficient resulting from such price and the lowest price in the two-year period prior to the period referred in (i) above or (ii) above, as applicable. In each case, the price shall be adjusted taking into account any of the contingencies explained in (i) affecting or relating to the shares and/or convertible securities; (iv) earnings per share recorded by the Company during the last four fiscal quarters complete and known and immediately preceding the date on which the notice of the tender offer was served upon the Company multiplied by the highest price/earnings ratio recorded by the Company in the two-year period immediately preceding the date of the notice referred to above. Said figures shall be determined on the basis of the average **<u>listed</u>** price of the Company's shares and the earnings of the last four fiscal quarters known upon determination; and (v) the book value of the Company's shares at the time it was served with the notice of the tender offer, multiplied by the highest coefficient resulting from the ratio between the price of the Company's share and the most recent book value known at the time of each calculation in the two years preceding the notice of the tender offer served on the Company. 5. Withdrawal. The shareholders or holders of securities who accepted the tender offer may withdraw such acceptance throughout the remaining period of validity of the tender offer and the bidder shall have no right to assert any claim whatsoever. Withdrawals of the acceptance are to be notified to the bidder in the domicile informed in the notice of the tender offer served on the Company; in the event there was more than one bidder, such notice of withdrawal shall be valid when served upon any of them. 6. Scope of the acquisition. The bidder shall acquire all the shares in the possession of all the shareholders who accepted the tender offer. If the number of such shares were less than the minimum number fixed by the bidder as a condition to proceed to the acquisition, the bidder may withdraw the bid, **<u>provided that it is not a tender offer exempted from such requirement pursuant to subsection 3.2.1.(iii) above</u>**. 7. Outcome of the tender offer. Within 48 (forty-eight) hours of expiration of the term of legal validity of the tender offer, or simultaneously with the communications that are to be sent in conformity with the regulations of the Argentine Securities Commission, the bidder must notify the Company, by any reliable means, of the acceptances tendered, detailing for each one the information related to the party tendering the acceptance as described in 3.2.1. (vii). The Board of Directors shall make such information available to the shareholders in the Company's registered office and shall publish it for one (1) day in the same media referred to in 3.2.2. 8. Non-compliance with the requirements. The acquisitions that do not meet the requirements set forth in this section may not be enforced against the Company and they shall not be entered in the Company's Stock Register irrespective of whether this register is kept by the Company or by a third party. If the Stock Register were kept by a third party, any relevant entries shall be made only when the Board of Directors has by any reliable means notified the entity responsible for keeping the Stock Register that the procedure is complete and that all applicable requirements have been met. Irrespective of this preceding sentence, shares acquired in breach of the provisions in this section, even if entered in the Stock Register, shall have no political or economic rights until the situation relating to acquisition thereof has been duly regularized. Neither shall they be computed in order to determine quorum in the Company's shareholders' meetings. 9. Consideration of tender offers in which consideration does not meet the requirements specified in paragraph 4 of this Section Nine.

If all other requirements imposed on tender offers in accordance with this Section Nine have been met but the consideration tendered in exchange for the shares does not meet the requirements specified in paragraph 4 of this Section Nine, **<u>and if such tender offer were exempted pursuant to subsection 3.2.1. (iii) above</u>**, the Board of Directors shall publish the existence of such tender offer for two (2) days in the Bulletin of the Buenos Aires Stock Exchange and in two other publications of general information for investors. If, within 45 (forty-five) days subsequent to publication of the tender offer, at minimum 15% (fifteen per cent) of the shareholders so requested, at its cost the Company shall: (i) hire a leading investment bank to be proposed by the shareholders who made the request for the bank to analyze the tender offer and to issue an opinion on the value of the Company's shares and (ii) call, as soon as practicable after receipt of such opinion, a shareholders' meeting in order to consider any amendments to the by-laws that may be required to accept the bid. Irrespective of these provisions, the limitations upon transfers of shares contemplated in this Section Nine as regards the consideration tendered in exchange, shall not be applicable when the bidder has obtained the express and written agreement of the shareholders representing a percentage of capital stock and votes not below 51% (fifty-one per cent), in which assumption there shall be no need to hire an investment bank or to obtain a resolution by the shareholders' meeting. For all the purposes of this section nine, the shares acquired by the Company shall be considered excluded from the calculation bases used to compute majorities. **SECTION TEN: PUBLIC OFFERING**. The Company may publicly offer its shares in any Argentine or foreign Stock Exchange or Securities or Over-the-Counter Market, by fulfilling all the necessary requirements and procedures. **<u>TITLE IV. NEGOTIABLE OBLIGATIONS AND OTHER SECURITIES.</u> SECTION ELEVEN: NEGOTIABLE OBLIGATIONS. OTHER SECURITIES.** (A) The Company may issue in Argentina or abroad, negotiable obligations or other securities, either typical or atypical in accordance with Law No. 19,550 and any special statutes that may apply. (B) The issue **<u>may</u>** be decided **<u>(i)</u>** by an ordinary or extraordinary general shareholders' meeting, whichever applies, according to the applicable legislation, **<u>or (ii)</u>** by the Board of Directors **<u>as long as</u>** it **<u>is authorized</u>** under **<u>the legislation in force. When the decision is made by the Shareholders' Meeting, it may</u>** delegate upon the Board of Directors to decide on any or all of the conditions of the issue, **<u>pursuant to the applicable legislation</u>**. (C) The Company may issue other securities permitted by applicable laws which may be convertible into shares or not. In the case of convertible securities, shareholders shall have preemptive rights, **<u>to the extent permitted by the applicable legislation</u>**. (D) The Company is also authorized to create classes of shares representing an ownership interest in compliance with the regulations set forth by the Argentine Securities Commission. **<u>TITLE V. MANAGEMENT AND ADMINISTRATION.</u> <u>SECTION TWELVE: BOARD OF DIRECTORS</u><u>:</u> <u>A) Management and administration of the Company's business is vested in the Board of Directors consisting of such number of members as determined by the shareholders' meeting, between a minimum of six (6) and a maximum of fifteen (15) regular members, and an equal or smaller number of Alternate Directors who shall replace Regular Directors for any reason, in their order of election. B) One third out of the total number of Directors shall be replaced each year, and each third will serve for a term of three fiscal years. Directors may be reelected indefinitely. For such purpose, the General Ordinary Shareholders' Meeting that deals with the financial statements as of June 30, 2022 shall determine the initial term of office of the Directors to be elected and shall appoint, for such time only, one third for one fiscal year, one third for two fiscal years, and one third for three fiscal years, so as to satisfy the above mentioned requirement. Without detriment to the foregoing, each Ordinary Shareholders' Meeting to be held thereafter may decide in each particular case an increase or reduction in the number of Directors (within the minimum and maximum number set forth in this Section) for a term of three fiscal years or such lesser number of fiscal years as may be applicable to give effect to the renewal by thirds at the next ordinary shareholders' meeting. If at any Ordinary Shareholders' Meeting the number of directors established were such that, divided by three, would not result in a whole number, such Shareholders' Meeting may establish the term of office of the Board members so that the term of one third of them expires at the closing of the following fiscal year, the term of the second third of the Board members expires at the closing of the second following fiscal year, and the term of remaining number of Board members expires in the third fiscal year. For purposes of calculating each third, the whole number that is closest to one third shall be considered. C) Notwithstanding rules requiring election by cumulative vote, the Directors shall be elected by slate, so long as no shareholder objects. In the event a shareholder objects, voting shall be for each individual nominee. The slate or individual nominees, as the case may be, shall be elected upon receiving a majority of votes. If no slate were to obtain a majority, there shall be a new vote between the two slates or individual nominees receiving the most votes, and the slate or individual nominees with the most votes shall be deemed elected</u>**. **SECTION THIRTEEN**: Regular directors shall deposit in guarantee for the performance of their duties at least Pesos ten thousand ($10,000) or its equivalent in government securities, or where appropriate, through any of the options permitted by the applicable law. **SECTION FOURTEEN: VACANCIES**.

If any position on the Board of Directors becomes vacant in the event of death, disability, disqualification, resignation, removal or temporary absence of one or more Regular Directors, and there are no Alternate Directors available, preventing the Board from holding sessions validly, the Supervisory Committee shall designate Directors to fill all such vacancies until the next general ordinary shareholders' meeting is held. **SECTION FIFTEEN: DISTRIBUTION OF POSITIONS.** At the first Board of Directors' meeting, after each general ordinary shareholders' meeting, the Board of Directors shall appoint, from amongst its members, the Regular Directors who shall hold the offices of Chairman, First Vice-Chairman and Second Vice-Chairman. **SECTION SIXTEEN: MEETINGS**. A) The Board of Directors shall hold meetings with the minimum frequency required by applicable law, provided, however, that the Chairman or his substitute may call a meeting when it is deemed advisable or upon request by any member. B) Notices of meetings shall be made in writing, including by electronic means, by the Chairman, or his substitute, indicating the agenda. C) The Board of Directors shall record all decisions adopted in a book of minutes, either in physical or digital format, in each case complying with the formalities established by applicable regulations. The Company's Board of Directors may act with members present in person, or communicated with each other by other means of simultaneous transmission of sound, images and words, either existing or to be created in the future and in accordance with the laws in force. Members participating remotely shall be counted for purposes of determining quorum. The supervisory committee shall exercise its powers during the course of the remote meeting, whether held in whole or in part through such means, and shall put on record the legality of the communications among participants and of the resolutions adopted, ensuring compliance with legal, regulatory and bylaw provisions. In any event, board minutes shall reflect the kind of participation in the case of members participating from a remote location. In the case of meetings of the Board of Directors held remotely, where all members of the Board of Directors participate through such means, the minutes shall be transcribed in the corresponding corporate book and signed within five (5) business days of the meeting by the legal representative and a representative of the supervisory committee. In the case of meetings of the Board of Directors held with the participation of members both remotely and in person at the registered office or at another location within the Company's jurisdiction as specified in the notice of the meeting, the minutes shall be signed by the legal representative, the directors present in person, and a representative of the supervisory committee. **SECTION SEVENTEEN: QUORUM AND MAJORITIES**. (A) A quorum for a meeting of the Board of Directors is an absolute majority of its regular members or alternates substituting for regular members. (B) Resolutions of the Board of Directors shall be passed upon the affirmative vote of a majority of the Directors in attendance. In case of an impasse, the Chairman or the person substituting for the Chairman shall be entitled to casting vote. (C) The Resolutions of the Board of Directors shall be deemed handed down if quorum had been formed with the directors physically in attendance in the place where the meeting is held, with the remaining directors being authorized to take part in the resolutions adopted to the extent they are able to communicate with the directors physically present through a mechanism that allows them to voice their opinions and cast their votes simultaneously, such as videoconferencing and similar means. **SECTION EIGHTEEN: POWERS OF THE BOARD OF DIRECTORS.** The Board of Directors has broad powers to organize, manage and direct the Company, including matters requiring special powers, according to section 1881 of the Civil Code and section 9 of Decree-Law No. 5965/63. As a result, the Board of Directors may enter into any legal act necessary to fulfill the corporate purpose on behalf of the Company, such as purchase, sell, exchange, lease personal or real property of any kind, being entitled to set up any kind of in rem rights, grant or receive any pledge, mortgage, personal or other guarantees; enter into any kind of private contracts necessary to fulfill the corporate purpose; give or receive money or security loans, operate with any kind of state or private bank, financial company or entity, national or foreign; issue, endorse or discount promissory notes, bills of exchange and checks on funds or overdrafts; grant and revoke general and special powers of attorney, for court matters, management or others, with broad powers, with or without substitution authority; appoint and remove managers, fixing their salaries and powers; commence, pursue, respond or withdraw complaints or criminal actions; and in general, take any legal step necessary related to the purpose of the Company. The Board of Directors shall be further empowered to call shareholders' meetings, either general or special, ordinary or extraordinary, as the case may be, establishing the agenda, and shall annually submit to the consideration of the annual ordinary shareholders' meeting, the annual report and financial statements corresponding to the running fiscal year within the legal term and under due form. The foregoing enumeration is not limitative. Therefore the Board of Directors may, in general, enter into any transaction, act or contract related to the corporate purpose in compliance with the laws. The authority to answer interrogatories during legal proceedings or arbitration shall be vested on the Chairman or on the First or Second Vice-Chairman or on the person/s generally or specially appointed by the Board of Directors. **SECTION NINETEEN: REPRESENTATION OF THE COMPANY.** The representation of the Company is exercised: (A) by the Chairman of the Board of Directors or his (her) substitute in accordance with these By-laws, or (B) by any two of the remaining Regular Directors acting jointly. In this latter case, the Directors acting on behalf of the Company shall require authorization pursuant to a minute of the meeting of the Board of Directors in which the act involved is authorized. In order to respond to interrogatories in legal proceedings on behalf of the Company, the provisions in the final part of SECTION EIGHTEEN shall apply.

**SECTION TWENTY: CHAIRMAN**. In addition to the powers and duties concerning any Regular Director, the Chairman shall represent the Company under the provisions set forth in the previous section, and has a casting vote in the event of a tie at a meeting of the Board of Directors. The Chairman shall have the duty to comply with and cause the Company to comply with applicable laws, decrees and other regulations, these By-laws and shareholders' and Board of Directors' resolutions. **SECTION TWENTY-ONE: VICE-CHAIRMAN**: (A) The First Vice Chairman shall replace the Chairman in the event of death, disability, disqualification, resignation, removal, or absence, whether permanent or temporary. (B) Should the First Vice Chairman be unable to assume the duties of the Chairman for any of the foregoing reasons, the Second Vice Chairman shall replace the Chairman. (C) In any event, with the exception of a temporary absence, the Board of Directors shall elect a new Chairman within thirty days of a vacancy arising. **SECTION TWENTY-TWO: COMMITTEES**. A) <u>AUDIT COMMITTEE</u>. The Company shall have an Audit Committee which shall act collectively. It shall be composed of three regular directors, who shall be elected by the Board of Directors from among its members, and an equal or lower number of alternate directors, who shall be elected by the Board of Directors from among its members. All of its members shall be independent. The Audit Committee may act with the members present in person, or communicated with each other by means of simultaneous transmission of sound, images and words, either existing at present or to be created in the future and in accordance with the laws in force. Members communicated remotely shall be computed for the purposes of quorum. The Audit Committee shall adopt resolutions by a majority vote of those present, computing as well the members communicated remotely. In any event, the minutes shall state the kind of participation in the case of members participating from a remote location, indicating the characteristics of the means of communication used. In the case of Audit Committee's meetings held remotely, where all members participate by such means, the minutes shall be transcribed and signed within five (5) business days from the date of the meeting by one of the members of the Audit Committee designated for such purposes, and the representative of the supervisory committee, who shall put on record their attendance to the meeting, verify the legality of the remote communication and that the resolutions have been adopted in accordance with the provisions of this Section. In case of meetings held with the participation of members both remotely and in person at the registered office or at another location within the Company's jurisdiction as specified in the notice of the meeting, the minutes shall be signed by the members present in person and by a representative of the supervisory committee, who shall put on record their attendance to the meeting and verify the legality of the remote communication and that the resolutions have been adopted in accordance with the provisions of this Section. The Audit Committee shall make its own regulations. The remaining members of the Board of Directors and the statutory auditors may attend and participate in the Committee's meetings but they are not entitled to vote. The Audit Committee's rights and duties shall be those set forth in Section 110, Law No. 26,831 on Capital Markets and in Article V, Chapter III, Title II of the Argentine Securities Commission Rules, and all other rights and duties that may be determined in the future. B) **EXECUTIVE COMMITTEE**. (A) The day-to-day business of the Company is managed by an Executive Committee consisting of no fewer than five (5) and not more than nine (9) regular members. Regular members of the Executive Committee are elected from among the Board of Directors at the first meeting held after the annual ordinary general shareholders' meeting. The Chairman, Vice Chairman and Second Vice Chairman of the Board of Directors have to, necessarily, be members of the Executive Committee; a like or lesser number of alternate members may be elected, who shall be other Regular Director(s) and who shall take office in the event of a temporary or permanent vacancy of any of the regular members. The members of the Executive Committee shall remain in office until they are replaced by a resolution of the Board of Directors. Stepping down from the office of Regular Director for any reason whatsoever shall automatically imply stepping down from the office of member of the Executive Committee with no need of an express decision. (B) The Executive Committee shall, at its first meeting, designate from among its members a Chairman and a Vice-Chairman, with the latter substituting for the former in the event of absence or permanent or temporary inability to discharge functions. (C) A quorum is achieved at a meeting of the Executive Committee by the presence of three (3) members and adoption of a resolution requires a majority of these three members. In the event of an impasse, the Chairman or the person substituting for the Chairman is entitled to two votes. The Executive Committee may hold meetings with members attending in person or communicating with one another by means of simultaneous transmission of sound, images, and words, whether now existing or to be created in the future, and in accordance with applicable regulations. Members participating remotely shall be counted for purposes of determining quorum. The Executive Committee shall adopt its resolutions by the vote of a majority of the members present, including those participating remotely. In all cases, the minutes shall record the type of participation of members attending remotely and specify the characteristics of the communication method used. In the case of meetings of the Executive Committee held remotely, where all members participate through such means, the minutes shall be transcribed in the corresponding corporate book and signed within five (5) business days of the meeting by the chair of the Executive Committee and a representative of the supervisory committee.

In the case of meetings of the Executive Committee held with the participation of members both remotely and in person at the registered office or at another location within the Company's jurisdiction, the minutes shall be transcribed and signed within five (5) business days of the meeting by the members present in person and by a representative of the supervisory committee. In the case of remote meetings, whether held in whole or in part through such means, the representative of the supervisory committee attending the meeting shall record his or her attendance, the legality of the communication among participants, and the resolutions adopted ensuring compliance with legal, regulatory, and bylaw provisions. (D) The Executive Committee, in its first meeting, shall establish the frequency of its meetings, irrespective of the meetings to be held when summoned by its Chairman or the person substituting for the Chairman or in response to a request by any of its members, which requested meeting is to be held within forty-eight (48) hours of the request. Under no circumstances shall these meetings require an agenda previously established and informed. Evidence of these meetings shall be recorded in a book of minutes, either in physical or digital format, in each case complying with the formalities established by applicable regulations. (E) The Executive Committee may divide its functions by creating special three-member (3) Sub-committees and any of these three members may be replaced by the alternate member referred to above. The sub-committees shall abide by the rules of operation previously set forth. (F) Notwithstanding the powers granted to the Board of Directors either by law or these By-laws, the Executive Committee shall manage the day-to-day businesses which are not directly managed by the Board of Directors by reason of its original powers or by delegation. As a result, the Executive Committee may: (1) subject to the strategic objectives established and the decisions made by the Board of Directors, lay down and implement the business, loan, financial and human resources policies to be abided by the Company, as well as any other policy related to the Company's corporate purpose, executing and conducting any agreement and transaction necessary, including those requiring instrumentation through a notarial deed, (2) subject to the structural guidelines established by the Board of Directors, create, maintain, remove, restructure or transfer any administrative and functional areas and departments within the Company; (3) Create Special Committees, appoint Executive Vice Chairmen, Executive Directors and/or analogous functional structures or levels, appoint the persons who shall fill such positions and determine the scope of their duties; **4)** Approve the Company's headcount, appoint managers, including the general managers and deputy managers and determine their duties, hire personnel of any rank or hierarchy, establish the levels of compensation to be earned by each position in the payroll as well as working conditions and make any other decision related to the Company's human resources, including promotions and dismissals, with the Chairman of the Executive Committee being authorized to decide transfers, relocations and/or removals and to impose any penalties applicable; **5)** Propose to the Board of Directors the creation, opening, transfer or closure of branches, agencies or representative offices within or without Argentina, as well as any involvement in the creation of other companies, including pursuant to acquisitions in other companies domiciled in Argentina or abroad and the disposal, either in whole or in part, of any ownership interests related thereto and supervise the operation of all of them, imparting instructions as applicable in relation to the exercise of corporate rights; **6)** Manage and dispose of corporate property on the basis of the general guidelines established by the Board of Directors and irrespective of the attributes of the Board and, with the same scope, borrow funds to apply them to the Company's operations; **7)** Prepare and submit to the consideration of the Board of Directors any plans necessary to develop the policies referred to in sub-section 1) of this paragraph as well as the regime applicable to agreements, the annual budget and the estimates related to expenses, investments and levels of indebtedness; **8)** Approve reductions, waiting periods, refinancings, novations, debt cancellations and/or waivers of rights whenever necessary and/or advisable to the Company's day to day operations; **9)** Establish its own internal regulations, if deemed necessary. The preceding list is merely illustrative and the Executive Committee is authorized to carry out any actions necessary inherent in the day-to-day conduct of its corporate business. It is expressly set forth that the above functions may be discharged by assigning them to the Special Committees whose creation is contemplated in paragraph E). Irrespective of the attributes of the Board of Directors and of the attributes vested in the Company's legal representatives, the Minutes of the Executive Committee shall be sufficient documentation to authorize the conduct of any ordinary transaction of the Company, and the only transactions excluded from this requirement are those whose amounts exceed 10% of the Company's net shareholders' equity, calculated in accordance with the most recent audited financial statements available at the time of the transaction.**<u> </u>SECTION TWENTY-THREE: SUPERVISORY COMMITTEE**. A) The Company's supervision is the responsibility of a Supervisory Committee composed of three (3) regular and three (3) alternate members. Members are elected at the general ordinary shareholders' meeting. In the first meeting following the General Ordinary Shareholders' Meeting, the Supervisory Committee shall appoint a Chairman among its members. B) Members shall be elected for a term of one (1) fiscal year. C) The Supervisory Committee shall meet and adopt its resolutions with a majority of its members present or communicating with one another by means of simultaneous transmission of sound, images, and words, whether now existing or to be created in the future, and in accordance with applicable regulations.

The Committee shall adopt resolutions by a majority vote of the members present or participating remotely, and shall meet whenever it is so required to fulfill its responsibilities and to comply with any applicable rules and regulations. D) The Supervisory Committee shall record its decisions in a book of minutes, either in physical or digital format, in each case complying with the formalities established by applicable regulations. If meetings are held with members participating remotely, the minutes shall include their full names, their vote, and a record of the legality of the decisions adopted. The minutes shall be prepared and signed within five (5) business days of the meeting. In all cases, the minutes shall indicate the type of participation of the members attending remotely and describe the characteristics of the communication method used. E) In the event of death, disability, disqualification, resignation, removal or absence, whether permanent or temporary of the regular members, the alternate members shall substitute for them in the order of appointment. F) The members of the Supervisory Committee shall have the powers and duties set forth under the Argentine General Companies Law. G) The General Ordinary Shareholders' Meeting shall fix the Supervisory Committee's compensation pursuant to the provisions of the applicable laws. **<u>TITLE VII. SHAREHOLDERS' MEETINGS</u>. SECTION TWENTY-FOUR: NOTICE OF MEETING.** (A) Shareholders' meetings are convened by the Board of Directors or the Supervisory Committee as required by law or as requested by the holders of at least five percent (5%) of the capital stock of the Company. A meeting requested by the shareholders must be held within thirty (30) days after receipt of such request. B) The first and second notice of ordinary shareholders' meetings may be made simultaneously pursuant to Section 237 of Law No. 19,550, notwithstanding the provision for unanimous meetings. If simultaneous notice was not given, a Shareholders' Meeting that is held on second notice for failure to reach quorum at its first notice must be held within thirty (30) days thereafter, in compliance with the publications of notices required by the laws. C) Shareholders' Meetings, irrespective of their kind, may be held from remote locations and may proceed with shareholders present in person or communicated with each other by means of simultaneous transmission of sound, images and words, such as video conferences or other comparable means, always provided that the accreditation, registration, quorum and representation rules are observed and the virtual confluence and simultaneous participation of the attendants, as well as immediacy in the oral communication and vote casting processes, are ensured. The Supervisory Committee shall put on record the legality of the resolutions adopted. The Board of Directors shall establish the rules and further technical matters governing remote attendance at such meetings and their correct registration, all in compliance with the laws in force and the rules issued by the controlling authority. In all cases, remote Shareholders' Meetings shall maintain the same jurisdiction as the Company's. The computation of quorum at remote Shareholders' Meetings shall include the shareholders who are present through the means of simultaneous transmission of sound or image and sound, either existing at present or to be created in the future, and in accordance with the laws in force. **SECTION TWENTY-FIVE: SHAREHOLDERS' REPRESENTATION**. A) Shareholders may be represented at any shareholders' meeting by granting a proxy by private instrument certified by a notary, judicial or bank officer. B) The rights to shares held jointly must be exercised in unison**. SECTION TWENTY-SIX: CHAIRMANSHIP**. Shareholders' Meetings shall be presided by the Chairman of the Board of Directors, or the Director then acting as Chairman of the Board of Directors. **SECTION TWENTY-SEVEN: QUORUM AND MAJORITIES**. Quorum and majority systems are ruled by Sections 243 and 244 of Law No. 19,550 according to the meeting, except for the quorum for an Extraordinary Shareholders' Meeting on second notice which shall be held regardless of the number of shareholders with a right to vote present at the meeting. **<u>TITLE VIII. BALANCE SHEETS AND ACCOUNTS</u>. SECTION TWENTY-EIGHT: FISCAL YEAR**. Fiscal years shall begin on July 1 and end on June 30 of the following year. The financial statements required by law and by legal and technical resolutions in force shall be drawn up as of such date. **SECTION TWENTY-NINE: ALLOCATION OF PROFITS**. (A) Net income shall be allocated in the following order: (1) 5% (five per cent) is retained in a legal reserve until the amount of such reserve equals 20% (twenty per cent) of the Company's subscribed capital; (2) such amount as fixed by the Shareholders' Meeting is allocated to fees payable to the Board of Directors and the Supervisory Committee; and (3) the balance to dividends on shares and to the additional share in profits conferred to preferred shares, as applicable, and to dividends on common shares, or to voluntary reserve or contingency reserve funds, carried forward or used for any purpose as determined by the shareholders' meeting. B) Cash dividends shall be paid proportionally to the corresponding holdings within thirty (30) days of their approval and the right to receive payment on dividends shall expire three (3) years after they were made available to the shareholders. (C) Annual dividends may be paid in cash or in shares and in cash, jointly, except for those corresponding to employee stock ownership programs, if issued, which shall be paid solely in cash in the term established in sub-paragraph (B). Any other dividends are to be made available to the shareholders in a term not in excess of the term established by the regulations of the Argentine Securities Commission, computed in the manner therein established. Irrespective of the provisions under Section 7, when the terms and conditions of issuance of preferred shares do not expressly provide for the manner of payment of the economic preference, the Shareholders' meeting may establish that it should be paid in shares of the same class as those issued. (D) Quarterly dividend payments may be made in accordance with applicable rules and regulations and the by-laws. (E) Should distribution of dividends in cash be approved, upon including the issue in the agenda as deserving special consideration, payment thereof may be established to be paid in as many installments as the shareholders' meeting may have decided, subject to the formalities and in the conditions and the total term applicable in conformity with the regulations in force upon making each decision. **<u>TITLE IX. DISSOLUTION AND WINDING-UP.</u> SECTION THIRTY: DISSOLUTION AND WINDING-UP**. A) When the Company shall decide its dissolution, liquidation shall be performed by the Board of Directors and the Supervisory Committee, unless the shareholders' meeting shall appoint a liquidation committee, in which case, the Shareholders' Meeting shall establish the liquidators' powers. B) Once corporate liabilities have been met and the capital repaid, the surplus amount shall be distributed ratably among the shareholders according to their respective holdings, with the preferences as herein stated.

10<br>

## Exhibit 2.5

**EXHIBIT 2.5**

IRSA Inversiones y Representaciones Sociedad Anónima

as Issuer,

The Bank of New York Mellon

as Trustee, Co-Registrar,

Paying Agent and Transfer Agent,

and

Banco Santander Argentina S.A.

as Registrar, Paying Agent, Transfer Agent and

Representative of the Trustee in Argentina

INDENTURE

Dated as of March 31, 2025

US$300,000,000

8.000% Senior Notes due 2035

i

**TABLE OF CONTENTS**

_______________________

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I GENERAL | ARTICLE I GENERAL | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 1.1. | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 1.2. | Agents | 19 |
| ARTICLE II SECURITIES | ARTICLE II SECURITIES | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.1. | Forms | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.2. | Form of Trustee's Certificate of Authentication | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.3. | Additional Securities | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.4. | Authentication and Delivery of Securities | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.5. | Execution of Securities | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.6. | Certificate of Authentication | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.7. | Global Securities | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.8. | Denomination and Date of Securities. | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.9. | Payments of Principal and Interest | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.10. | Registration, Transfer and Exchange of Securities | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.11. | Mutilated, Defaced, Destroyed, Stolen and Lost Securities; Cancellation and Destruction of Securities | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 2.12. | Purchase. | 31 |
| ARTICLE III COVENANTS OF IRSA | ARTICLE III COVENANTS OF IRSA | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.1. | Payment of Principal and Interest | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.2. | Offices for Payments, etc | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.3. | Appointment to Fill a Vacancy in Office of Trustee | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.4. | Payments and Paying Agents | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.5. | Taxation | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.6. | Maintenance of Books and Records | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.7. | Status and Ranking | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.8. | Listing | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.9. | Maintenance of Corporate Existence; Properties | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.10. | Compliance with Law | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.11. | Reports to Holders | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.12. | Other Information | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.13. | Notice of Default | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.14. | Further Actions | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.15. | Suspension of Covenants | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.16. | Limitation on Incurrence of Additional Indebtedness | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.17. | Limitation on Restricted Payments | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.18. | Limitation on Liens | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.19. | Limitation on Transactions with Affiliates | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.20. | Conduct of Business | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 3.21. | Change of Control | 42 |

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ii

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| | | |
|:---|:---|:---|
| ARTICLE IV DEFAULTS AND REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT | ARTICLE IV DEFAULTS AND REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.1. | Events of Default | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.2. | Collection of Indebtedness by Trustee | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.3. | Application of Proceeds | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.4. | Suits for Enforcement | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.5. | Restoration of Rights on Abandonment of Proceedings | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.6. | Limitations on Suits by Securityholders | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.7. | Unconditional Right of Securityholders to Institute Certain Suits | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.8. | Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.9. | Control by Securityholders | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.10. | Waiver of Past Defaults | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.11. | Payments after a Default | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 4.12. | Notice of Events of Default | 50 |
| ARTICLE V CONCERNING THE TRUSTEE | ARTICLE V CONCERNING THE TRUSTEE | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.1. | Duties and Responsibilities of the Trustee | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.2. | Certain Rights of the Trustee | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.3. | Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.4. | Trustee and Agents May Hold Securities; Collections, etc | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.5. | Moneys Held By Trustee | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.6. | Compensation and Indemnification of Trustee and Its Prior Claim | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.7. | Right of Trustee to Rely on Officer's Certificate, etc | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.8. | Persons Eligible for Appointment as Trustee | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.9. | Resignation and Removal; Appointment of Successor Trustee | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.10. | Acceptance of Appointment by Successor Trustee | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.11. | Merger, Conversion, Consolidation or Succession to Business of Trustee | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.12. | Representative of the Trustee in Argentina | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.13. | Application to Agents and to the Representative of the Trustee in Argentina | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 5.14. | Application to Agents | 59 |
| ARTICLE VI CONCERNING THE SECURITYHOLDERS | ARTICLE VI CONCERNING THE SECURITYHOLDERS | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 6.1. | Evidence of Action Taken by Securityholders | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 6.2. | Proof of Execution of Instruments and of Holding of Securities; Record Date | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 6.3. | Holders to Be Treated as Owners | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 6.4. | Securities Owned by IRSA Deemed Not Outstanding | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 6.5. | Right of Revocation of Action Taken | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 6.6. | Securityholders' Meetings | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 6.7. | Preservation of Information; Communications to Holders | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 6.8. | Reports by IRSA. | 63 |

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iii

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| | | |
|:---|:---|:---|
| ARTICLE VII SUPPLEMENTAL INDENTURES | ARTICLE VII SUPPLEMENTAL INDENTURES | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 7.1. | Supplemental Indentures Without Consent of Securityholders | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 7.2. | Supplemental Indentures With Consent of Securityholders | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 7.3. | Effect of Supplemental Indenture | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 7.4. | Documents to Be Given to the Trustee | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 7.5. | Notation on Securities in Respect of Supplemental Indentures | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 7.6. | Conformity with Argentine Negotiable Obligations Law | 66 |
| ARTICLE VIII MERGER, CONSOLIDATION, SALE OR CONVEYANCE | ARTICLE VIII MERGER, CONSOLIDATION, SALE OR CONVEYANCE | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 8.1. | IRSA May Consolidate, etc., on Certain Terms | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 8.2. | Surviving Entity Substituted | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 8.3. | Documents to Trustee | 68 |
| ARTICLE IX SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS | ARTICLE IX SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 9.1. | Satisfaction and Discharge of Indenture | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 9.2. | Application by Trustee of Funds Deposited for Payment of Securities | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 9.3. | Repayment of Moneys Held by Paying Agent | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 9.4. | Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years | 70 |
| ARTICLE X REDEMPTION AND REPURCHASE OF SECURITIES | ARTICLE X REDEMPTION AND REPURCHASE OF SECURITIES | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 10.1. | Notice of Redemption; Partial Redemptions | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 10.2. | Payment of Securities Called for Redemption | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 10.3. | Exclusion of Certain Securities from Eligibility for Selection for Redemption | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 10.4. | Redemption at the Option of IRSA for Taxation Reasons | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 10.5. | Optional Redemption Following Offer to Purchase or Exchange Offer | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 10.6. | Optional Make-Whole Redemption | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 10.7. | Optional Scheduled Redemption | 75 |
| ARTICLE XI DEFEASANCE | ARTICLE XI DEFEASANCE | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 11.1. | IRSA's Option to Effect Total Defeasance or Partial Defeasance | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 11.2. | Total Defeasance | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 11.3. | Partial Defeasance | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 11.4. | Conditions to Total Defeasance and Partial Defeasance | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 11.5. | Deposit in Trust; Miscellaneous | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 11.6. | Reinstatement | 79 |

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iv

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| | | |
|:---|:---|:---|
| ARTICLE XII MISCELLANEOUS | ARTICLE XII MISCELLANEOUS | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.1. | Shareholders, Officers and Directors of IRSA Not Subject to Individual Liability | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.2. | Provisions of Indenture for the Sole Benefit of Parties and Securityholders | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.3. | Successors and Assigns of IRSA Bound by Indenture | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.4. | Notices and Demands on IRSA, Trustee and Securityholders | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.5. | Officer's Certificates and Opinions of Counsel; Statements to Be Contained Therein | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.6. | Payments Due on Non-Business Days | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.7. | Governing Law; Consent to Jurisdiction; Waiver of Immunity; Currency Indemnity | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.8. | Waiver of Jury Trial | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.9. | Severability | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.10. | Counterparts | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.11. | Effect of Headings | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.12. | USA PATRIOT Act | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section 12.13. | Sanctions | 86 |

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v

<u>EXHIBITS</u>

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| | |
|:---|:---|
| Exhibit A -- | Form of Global Security |
| Exhibit B -- | Form of Certificated Security |
| Exhibit C -- | Form of Certificate for Exchange or Transfer from Rule 144A Global Security to Regulation S Global Security during the Restricted Period |
| Exhibit D -- | Form of Certificate for Exchange or Transfer from Rule 144A Global Security to Regulation S Global Security after the Restricted Period |
| Exhibit E -- | Form of Certificate for Exchange or Transfer from Regulation S Global Security to Rule 144A Global Security |

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vi

THIS INDENTURE, dated as of March 31, 2025 (this "<u>Indenture</u>"), among IRSA Inversiones y Representaciones Sociedad Anónima, a *sociedad anónima* organized under the laws of the Republic of Argentina ("<u>Argentina</u>") and domiciled at Carlos M. Della Paolera 261, 9<sup>th</sup> Floor (C1001ADA), City of Buenos Aires, Argentina ("<u>IRSA</u>"), incorporated, organized and registered with the Public Registry of Commerce of the City of Buenos Aires (IGJ) on June 23, 1943, under Number 284, Page 291, Book 46, volume A, with a term of duration which expires on April 5, 2043, The Bank of New York Mellon, a corporation organized under the laws of the State of New York authorized to conduct a banking business, as trustee (in such capacity, the "<u>Trustee</u>"), co-registrar (in such capacity, the "<u>Co-Registrar</u>"), paying agent (in such capacity, the "<u>Paying Agent</u>", and together with any other paying agents appointed by IRSA in their respective capacities as such, the "<u>Paying Agents</u>") and transfer agent (in such capacity, a "<u>Transfer Agent</u>", and together with any other transfer agents appointed by IRSA in their respective capacities as such, the "<u>Transfer Agents</u>"), and Banco Santander Argentina S.A., a bank duly incorporated and existing under the laws of Argentina, as registrar (in such capacity, the "<u>Registrar</u>"), Paying Agent, Transfer Agent and representative of the Trustee in Argentina (in such capacity, the "<u>Representative of the Trustee in Argentina</u>").

W I T N E S S E T H :

WHEREAS, IRSA was incorporated as a *sociedad anónima* under the laws of Argentina and registered on June 23, 1943 under No. 284, Page 291, Book 46, volume A of the Public Registry of Commerce of the City of Buenos Aires, with a term of duration expiring on June 23, 2043 and its registered domicile is at Carlos M. Della Paolera 261, 9th Floor, City of Buenos Aires, Argentina;

WHEREAS, IRSA has duly authorized the issuance of its 8.000% Senior Notes due 2035 (the "<u>Securities</u>") pursuant to its Board of Directors' meeting held on March 10, 2025;

WHEREAS, the Securities will be issued under IRSA's Global Security Program, authorized, by resolution of its shareholders at meetings held on October 31, 2017, October 30, 2019, December 22, 2021 and October 5, 2023, and resolution of its Board of Directors at meetings held on July 3, 2018, March 2, 2022 and September 11, 2024 (the "<u>Program</u>") which provides for the issuance from time to time of up to an aggregate principal amount outstanding at any one time of US$750,000,000 (or its equivalent in other currencies or units of value) of debt securities in one or more series as may be determined by IRSA from time to time;

WHEREAS, the Program has been authorized by the Argentine *Comisión Nacional de Valores* (the "<u>CNV</u>") (National Securities Commission) by its Resolution No. RESFC-2019-20153-APN-DIR#CNV dated March 20, 2019, Disposition No. DI-2020-32-APN-GE#CNV dated June 29, 2020, Disposition No. DI-2022-8-APN-GE#CNV dated April 22, 2022, and Disposition No. DI-2024-15-APN-GE#CNV dated March 18, 2024;

WHEREAS, the Securities will qualify as "*obligaciones negociables simples no convertibles*" under Argentine Law No. 23,576, as amended (the "<u>Argentine Negotiable Obligations Law</u>") will be entitled to the benefits set forth therein and subject to the procedural requirements established therein, and will be issued and placed in accordance with such law, the Capital Markets Law and the CNV Rules (both terms as defined below), and any other Argentine applicable laws and regulations;

WHEREAS, the aggregate principal amount of US$300,000,000 of Securities to be issued on the Issue Date in fully registered form under this Indenture, includes (i) US$242,205,175 of Securities being delivered pursuant the Offering Memorandum (as defined below), and (ii) US$57,794,825 of Securities being delivered as consideration for the early settlement of the Concurrent Exchange Offer (as defined below);

WHEREAS, IRSA has duly authorized the execution and delivery of this Indenture to provide, among other things, for the authentication, delivery and administration of Securities issued on and after the date hereof;

WHEREAS, IRSA is an Argentine company engaged mainly in the real estate business in Argentina, and as of December 31, 2024, its (i) capital stock was Ps. 7,483 million; (ii) its net worth was Ps. 1,236,540 million; and (iii) its unsecured indebtedness was Ps. 451,287 million and it had no financial secured indebtedness;

WHEREAS, the Issuer has the following outstanding series of Notes: Series XIV Notes, Series XVI Notes, Series XVII Notes, Series XVIII, Series XIX Notes, Series XXI, Series XXII and Series XXIII;

WHEREAS, the Trustee has agreed to act as Trustee under this Indenture on the following terms and conditions; and

WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done.

NOW, THEREFORE, in consideration of the premises and the purchases of the Securities by the Holders (as defined below) thereof, the parties hereto mutually covenant and agree for the equal and proportionate benefit of the Holders from time to time of the Securities as follows:

ARTICLE I<br>GENERAL

Section 1.1. *Definitions*. The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this <u>Section 1.1</u>. References to the schedules and exhibits shall be construed to refer to the schedules and exhibits to this Indenture. The words "herein", "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article <u>I</u> have the meanings assigned to them in this Article <u>I</u> and include the plural as well as the singular.

"<u>A3</u>" means the A3 Mercados S.A. (successor of Mercado Abierto Electrónico S.A.).

"<u>Acquired Indebtedness</u>" means Indebtedness of a Person existing at the time such Person merges or consolidates with IRSA or is assumed by IRSA in connection with the acquisition of assets from such Person. Such Indebtedness will be deemed to have been Incurred at the time such Person merges or consolidates with IRSA or at the time such Indebtedness is assumed by IRSA in connection with the acquisition of assets from such Person.

"<u>Additional Amounts</u>" has the meaning set forth in Section <u>3.5(a)</u>.

"<u>Additional Securities</u>" means IRSA's 8.000% Senior Notes due 2035 originally issued after the Issue Date pursuant to <u>Section 2.3</u>, including any replacement Securities issued therefor.

"<u>Affiliate</u>" means, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms "controlling," "controlled by" and "under common control with" have correlative meanings.

"<u>Affiliate Transaction</u>" has the meaning set forth in Section <u>3.19</u>.

"<u>Agent</u>" or "<u>Agents</u>" means any Registrar, Co-Registrar, Transfer Agent, Paying Agent or other agent appointed by IRSA pursuant to this Indenture.

"<u>Applicable Jurisdiction</u>" has the meaning set forth in <u>Section 10.4(a)</u>.

"<u>Applicable Tax Law</u>" has the meaning set forth in <u>Section 3.1(b)</u>.

"<u>Applicable Taxes</u>" has the meaning set forth in Section <u>3.5(a)</u>.

"<u>Argentina</u>" has the meaning set forth in the preamble to this Indenture.

"<u>Argentine Civil and Commercial Code</u>" means the Argentine Law No. 26,994, as amended and supplemented from time to time (*Código Civil y Comercial de la Nación*).

"<u>Argentine Discount Bonds</u>" means the Discount Bonds due December 2033 denominated in U.S. dollars, euro and Pesos, issued by Argentina.

"<u>Argentine General Corporation Law</u>" means the Argentine Law No. 19,550, as amended and supplemented from time to time (*Ley General de Sociedades*).

"<u>Argentine Negotiable Obligations Law</u>" has the meaning set forth in the fifth recital to this Indenture.

"<u>Argentine Par Bonds</u>" means the Par Bonds due December 2038 denominated in U.S. dollars, euro and Pesos, issued by Argentina.

"<u>Argentine Productive Financing Law</u>" means Argentine Law No. 27,440 on Productive Financing.

"<u>Asset Acquisition</u>" means:

(1) an investment by IRSA or any Subsidiary in any other Person pursuant to which such Person will become a Subsidiary, or will be merged with or into IRSA or any Subsidiary; or

(2) the acquisition by IRSA or any Subsidiary of the assets of any Person (other than a Subsidiary of IRSA) which constitute all or substantially all of the assets of such Person or comprises any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business.

"<u>Asset Sale</u>" means any direct or indirect sale, disposition, issuance, conveyance, transfer, lease, assignment or other transfer, including a sale and leaseback transaction (each, a "<u>disposition</u>") by IRSA or any Restricted Subsidiary of:

(a) any Capital Stock of any Subsidiary (but not Capital Stock of IRSA); or

(b) any property or assets (other than cash or cash equivalents or Capital Stock of IRSA) of IRSA or any Subsidiary;

Notwithstanding the foregoing, the following items will not be deemed to be Asset Sales:

(1) the disposition of all or substantially all of the assets of IRSA and its Subsidiaries as permitted under Article <u>VIII</u>;

(2) sales, leases, conveyances or other dispositions, including, without limitation, exchanges or swaps of real estate (including properties under development for sale and completed properties for sale) in the ordinary course of business;

(3) a disposition to IRSA or a Subsidiary, including a Person that is or will become a Subsidiary immediately after the disposition;

(4) any transaction that involves assets or Capital Stock of a Subsidiary of IRSA having a Fair Market Value of less than US$2,000,000 (or the equivalent thereof in another currency at the time of determination);

(5) an issuance or sale of Capital Stock by a Subsidiary of IRSA that is offered on a pro rata basis to IRSA and its Subsidiaries, on the one hand, and minority holders of Capital Stock of a Subsidiary, on the other hand (or on less than a pro rata basis to any minority holder);

(6) any sale or other disposition of damaged, worn-out, obsolete or no longer useful assets or properties in the ordinary course of business;

(7) any sale or other disposition of assets received by IRSA or any of its Subsidiaries upon the foreclosure on a Lien in the ordinary course of business;

(8) any transfer, assignment or other disposition deemed to occur in connection with creating or granting any Permitted Lien;

(9) a disposition of accounts receivable in connection with a Receivables Transaction; and

(10) the good faith surrender or waiver of contract rights, tort claims or statutory rights in connection with a settlement.

"<u>Asset Sale Transaction</u>" means any Asset Sale and, whether or not constituting an Asset Sale, (1) any sale or other disposition of Capital Stock and (2) any sale or other disposition of property or assets excluded from the definition of Asset Sale under the second paragraph of that definition.

"<u>Authorized Person</u>" means (i) in the case of the execution of any Security on behalf of IRSA, a member of the Board of Directors and a member of the Supervisory Committee of IRSA, and (ii) in the case of any other action to be taken by or on behalf of IRSA pursuant hereto, any Officer of IRSA duly authorized in writing to take actions under this Indenture on behalf of IRSA and notified to the Trustee in writing.

"<u>Bankruptcy Law</u>" has the meaning set forth in <u>Section 4.1(d)</u>.

"<u>Board of Directors</u>" means, as to any Person, the board of directors, management committee or similar governing body of such Person or any duly authorized committee thereof.

"<u>BYMA</u>" means Bolsas y Mercados Argentinos S.A.

"<u>Business Day</u>" means, any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in New York City or the City of Buenos Aires.

"<u>Capital Markets Law</u>" means Argentine Law No. 26,831 on Capital Markets, as amended, including but not limited to, by the Argentine Productive Financing Law.

"<u>Capital Stock</u>" means:

(1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person;

(2) with respect to any Person that is not a corporation, any and all partnership or other equity or ownership interests of such Person; and

(3) any warrants, rights or options to purchase any of the instruments or interests referred to in clause (1) or (2) above.

"<u>Capital Lease Obligations</u>" means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations under IFRS accounting standards. For purposes of this definition, the amount of such obligations at any date will be the capitalized amount of such obligations at such date, determined in accordance with IFRS accounting standards.

"<u>Certificated Security</u>" means a Security issued in certificated, non-global form, substantially in the form of <u>Exhibit B</u> hereto.

"<u>Change in Tax Law</u>" has the meaning set forth in Section <u>10.4(a)</u>.

"<u>Change of Control</u>" shall be deemed to occur if any Person (as defined below) or Group other than one or more of the Permitted Holders is or becomes the Beneficial Owner (as defined below), directly or indirectly, in the aggregate of more than 50% of the total voting power of the Voting Stock of IRSA and such other Person or Group is entitled to elect a majority of the Board of Directors of IRSA (including a Surviving Entity, if applicable).

For purposes of this definition:

(a) " <u>Beneficial Owner</u> " will have the meaning specified in Rules 13d-3 and 13d-5 under the Exchange Act;

(b) " <u>Person</u> " will have the meaning for "person" as used in Section 13(d) and 14(d) of the Exchange Act; and

(c) the Permitted Holders or any other Person or Group will be deemed to be Beneficial Owners of any Voting Stock of a corporation held by any other corporation (the " <u>parent corporation</u> ") so long as the Permitted Holders or such other Person or Group, as the case may be, beneficially own, directly or indirectly, in the aggregate at least 50% of the voting power of the Voting Stock of the parent corporation.

"<u>Change of Control Payment</u>" has the meaning set forth under Section <u>3.21(a)</u>.

"<u>Change of Control Payment Date</u>" has the meaning set forth under <u>Section 3.21(b)</u>.

"<u>Change of Control Triggering Event</u>" means the occurrence of a Change of Control.

"<u>CNV</u>" has the meaning set forth in the fourth recital to this Indenture.

"<u>CNV Rules</u>" means the rules and regulations of the CNV approved by General Resolution No. 622/2013, as amended from time to time.

"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended as of the date of the Exchange Offer Memorandum.

"<u>Commodity or Raw Material Agreement</u>" means any commodity or raw material futures contract, commodity or raw materials option, or any other agreement designed to protect against or manage exposure to fluctuations in commodity or raw materials prices.

"<u>Common Stock</u>" of any Person means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person's common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common equity interests.

"<u>Company Order</u>" means a written statement, request or order of IRSA signed in its name by an Officer of IRSA and delivered to the Trustee.

"<u>Concurrent Exchange Offer</u>" means the offer to exchange Existing Notes for Securities pursuant the Exchange Offer Memorandum.

"<u>Consolidated EBITDA</u>" of any Person means, on any date of determination, on a consolidated basis, the sum of the following, without duplication:

(1) Consolidated operating income of such Person and its Subsidiaries for the twelve (12)-month period ending on the fiscal quarter immediately preceding such date of determination, plus

(2) Depreciation and amortization and any other Consolidated Non-cash Charges of such Person and its Subsidiaries (to the extent deducted in determining consolidated operating income) for such period,

in each case, as determined in accordance with IFRS accounting standards.

"<u>Consolidated Interest Coverage Ratio</u>" means, for any Person as of any date of determination, the ratio of the aggregate amount of Consolidated EBITDA of such Person and its Subsidiaries for the four most recent full fiscal quarters for which financial statements are available ending prior to the date of such determination (the "<u>Four Quarter Period</u>") to Consolidated Interest Expense for such Person for such Four Quarter Period. For purposes of this definition, "Consolidated EBITDA" and "Consolidated Interest Expense" will be calculated after giving effect on a pro forma basis in accordance with Regulation S-X under the Securities Act for the period of such calculation to:

(1) the Incurrence or repayment or redemption of any Indebtedness (including Acquired Indebtedness) of such Person or any of its Subsidiaries, and the application of the proceeds thereof, including the Incurrence of any Indebtedness (including Acquired Indebtedness), and the application of the proceeds thereof, giving rise to the need to make such determination, occurring during such Four Quarter Period or at any time subsequent to the last day of such Four Quarter Period and on or prior to such date of determination, to the extent, in the case of an Incurrence, such Indebtedness is outstanding on the date of determination, as if such Incurrence and the application of the proceeds thereof, repayment or redemption occurred on the first day of such Four Quarter Period; and

(2) any Asset Sale Transaction or Asset Acquisition by such Person or any of its Subsidiaries, including any Asset Sale Transaction or Asset Acquisition giving rise to the need to make such determination occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to such date of determination, as if such Asset Sale Transaction or Asset Acquisition occurred on the first day of the Four Quarter Period.

Furthermore, in calculating "Consolidated Interest Expense" for purposes of determining the denominator (but not the numerator) of this "Consolidated Interest Coverage Ratio,"

(a) interest on outstanding Indebtedness determined on a fluctuating basis as of the date of determination and which will continue to be so determined thereafter will be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on such date of determination;

(b) if interest on any Indebtedness actually Incurred on such date of determination may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on such date of determination will be deemed to have been in effect during the Four Quarter Period;

(c) notwithstanding clause (a) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by Hedging Transactions, will be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements;

(d) interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of IRSA to be the rate of interest implicit in such Capital Lease Obligation in accordance with IFRS accounting standards; and

(e) for purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period.

"<u>Consolidated Interest Expense</u>" means, for any Person for any period, the cash and non-cash interest expense of such Person and its Subsidiaries for such period, net of all interest income and fair value gains of financial assets and liabilities at fair value through profit or loss, net for such period, determined on a consolidated basis in accordance with IFRS accounting standards.

"<u>Consolidated Non-cash Charges</u>" means, for any Person for any period, the aggregate depreciation, amortization and other non-cash expenses or losses of such Person and its Subsidiaries for such period, determined on a consolidated basis in accordance with IFRS accounting standards.

"<u>Consolidated Tangible Assets</u>" means, for any Person at any time, the total consolidated assets of such Person and its Subsidiaries as set forth on the balance sheet as of the most recent fiscal quarter of such Person, prepared in accordance with IFRS accounting standards, less Intangible Assets.

"<u>Control</u>" of any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

"<u>Co-Registrar</u>" has the meaning set forth in the preamble to this Indenture and any successors and assigns thereto.

"<u>Corporate Trust Office</u>" means in the case of the Trustee or the Registrar, the office of the Trustee or the Registrar at which the corporate trust business of the Trustee or Registrar, as the case may be, shall, at any particular time, be principally administered, which office, in the case of the Trustee, is located on the date hereof at 240 Greenwich Street, Floor 7 East, New York, New York 10286, Attention: Corporate Trust Department, and means, in the case of the Registrar, the office or agency of the Registrar at which at any particular time the corporate trust business of the Registrar shall be principally administered, which office, at the date of this Indenture is located at Av. Juan de Garay 151, City of Buenos Aires, Argentina, or such other location as the Trustee or the Registrar may advise IRSA in writing.

"<u>Covenant Suspension Event</u>" has the meaning set forth in Section <u>3.15</u>.

"<u>Currency Agreement</u>" means, in respect of any Person, any foreign exchange contract, currency swap agreement or other similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person.

"<u>Deeply Subordinated Indebtedness</u>" means all Indebtedness of IRSA (1) which will not have the benefit of any negative pledge covenant, collateral or security interest, (2) the terms of which provide that, in the event that (a) an installment of interest with respect to such Indebtedness is not paid on the applicable Interest Payment Date or (b) the principal of, or premium, if any, on any such Indebtedness is not paid on the stated maturity or other date set for redemption, then the obligation to make such payment on such Interest Payment Date, maturity date or other redemption date will not be a default under such Indebtedness until after the maturity date of the Securities, and (3) the terms of which provide that no amount will be payable in bankruptcy, liquidation or any similar proceeding with respect to IRSA until all claims of senior creditors of IRSA, including, without limitation, the Holders of the Securities, admitted in such proceeding have been satisfied.

"<u>Defeasance Trustee</u>" has the meaning set forth in Section <u>11.4(a)</u>.

"<u>Default</u>" means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default.

"<u>Depositary</u>" means DTC or any other depositary institution hereinafter appointed by IRSA that is a clearing agency registered under the Exchange Act or other applicable statute or legislation.

"<u>DTC</u>" means The Depository Trust Company (or its successors).

"<u>Electronic Means</u>" has the meaning set forth in Section <u>12.4</u>.

"<u>Event of Default</u>" means any event or condition specified as such in Section <u>4.1</u>.

"<u>Exchange Act</u>" means the United States Securities Exchange Act of 1934 (or any successor statute), as amended, and the rules and regulations of the SEC promulgated thereunder.

"<u>Exchange Offer Memorandum</u>" means the exchange offer memorandum prepared by IRSA, dated as of March 10, 2025, in connection with the offer to exchange the Existing Notes for the Securities.

"<u>Existing Notes</u>" means IRSA's 8.750% notes due 2028 issued pursuant to the terms of the indenture dated July 8, 2022, as supplemented and amended by the first supplemental indenture on December 30, 2022, entered among IRSA, as issuer, The Bank of New York Mellon, as trustee and Banco Santander Argentina S.A. as the representative of the trustee in Argentina.

"<u>Fair Market Value</u>" means, with respect to any asset, the price (after deducting any liabilities relating to such assets) which could be negotiated in an arm's-length free market transaction, for cash, between an informed and willing seller and an informed and willing buyer, neither of which is under any compulsion to complete the transaction; <u>provided</u> that the Fair Market Value of any such asset or assets will be determined conclusively by the Board of Directors of IRSA acting in good faith; and provided further that with respect to any asset having a price less than US$10,000,000 (or the equivalent thereof in another currency at the time of determination), only the good faith determination of IRSA's senior management shall be required.

"<u>FATCA</u>" means (a) Sections 1471 to 1474 of the Code (including regulations and official guidance thereunder), (b) any successor version thereof that is substantially comparable and not materially more onerous to comply with, (c) any agreement entered into pursuant to Section 1471(b) of the Code or (d) any law, regulation, rule or practice implementing an intergovernmental agreement entered into in connection with the implementation of such Sections of the Code.

"<u>First Call Date</u>" has the meaning set forth in Section <u>10.6</u>.

"<u>Fitch</u>" means Fitch Ratings Ltd. and its successors and assigns.

"<u>Four Quarter Period</u>" has the meaning set forth in the definition of Consolidated Interest Coverage Ratio.

"<u>Global Security</u>" means a Security issued in global form and registered in the name of a Depositary or its nominee, substantially in the form of <u>Exhibit A</u>. The term "<u>Global Security</u>" includes any Rule 144A Global Security and any Regulation S Global Security.

"<u>Group</u>" means two or more Persons that act together as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding, voting or disposing of Capital Stock of another Person.

"<u>Hedging Transactions</u>" means the obligations of any Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity or Raw Material Agreement.

"<u>Holder</u>", "<u>Holder of Securities</u>", "<u>Securityholder</u>" or other similar terms mean, with respect to any Security, the Person in whose name at the time such Security is registered in the Register.

"<u>IFRS</u>" means International Financial Reporting Standards, as issued by the International Accounting Standards Board, as in effect from time to time.

"<u>Incur</u>" means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur (including by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in respect of such Indebtedness or other obligation on the balance sheet of such Person (and "<u>Incurrence</u>," "<u>Incurred</u>" and "<u>Incurring</u>" will have meanings correlative to the preceding).

"<u>Indebtedness</u>" means, with respect to any Person, without duplication: (a) all obligations of such Person for borrowed money; (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (c) all obligations of such Person under any lease that are required to be classified and accounted for as capital lease obligations under IFRS accounting standards; (d) all obligations due and payable under letters of credit, banker's acceptances or similar credit transactions, including reimbursement obligations in respect thereof; (e) guarantees of such Person in respect of Indebtedness referred to in clauses (a) through (d) above and clause (f) below; and (f) all Indebtedness of any other Person of the type referred to in clauses (a) through (e) which is secured by any Lien on any property or asset of such Person.

"<u>Indenture</u>" means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented or both, and such term shall include any such amendment or supplement.

"<u>Independent Financial Advisor</u>" means an accounting firm, appraisal firm, investment banking firm or consultant of recognized standing that is, in the judgment of IRSA's Board of Directors, qualified to perform the task for which it has been engaged and which is independent in connection with the relevant transaction.

"<u>Instructions</u>" has the meaning set forth in Section <u>12.4</u>.

"<u>Intangible Assets</u>" means with respect to any Person, all unamortized debt discount and expense, unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights and all other items which would be treated as intangibles on the consolidated balance sheet of such Person prepared in accordance with IFRS accounting standards.

"<u>Interest Payment Date</u>" means March 31 and September 30 of each year.

"<u>Interest Rate Agreement</u>" of any Person means any interest rate hedging agreement (including, without limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such Person.

"<u>Investment Grade Rating</u>" means a rating equal to or higher than (i) Baa3 (or the equivalent) by Moody's, and its successors and assigns or (ii) BBB– (or the equivalent) by S&P or Fitch and their successors and assigns, or the equivalent of such global ratings.

"<u>IRSA</u>" has the meaning set forth in the preamble to this Indenture.

"<u>Issue Date</u>" means the first date of issuance of Securities under this Indenture.

"<u>Lien</u>" means any lien, mortgage, pledge, security interest or similar encumbrance.

"<u>Moody's</u>" means Moody's Investors Service, Inc. and its successors and assigns.

"<u>Offering Memorandum</u>" means the final offering memorandum dated as of March 25, 2025, prepared by IRSA in relation to the Securities.

"<u>Officer</u>" means, when used in connection with any action to be taken by IRSA, the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, and/or any member of the Board of Directors of IRSA.

"<u>Officer's Certificate</u>" means, when used in connection with any action to be taken by IRSA, a certificate signed by an Officer of IRSA and delivered to the Trustee.

"<u>Opinion of Counsel</u>" means an opinion in writing signed by legal counsel who, unless otherwise indicated, may be an employee of or counsel to IRSA, and who shall be reasonably acceptable to the Trustee.

"<u>Outstanding</u>" when used with reference to Securities, subject to the provisions of Section <u>6.4</u>, shall mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except:

(1) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

(2) Securities or portions thereof that have been called for redemption or tendered for repurchase in accordance with their terms or which have become due and payable at maturity or otherwise and with respect to which monies sufficient to pay the principal thereof and any premium, interest, Additional Amounts or other amount thereon shall have been therefor deposited with the Trustee; or

(3) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to <u>Section 2.11</u>.

"<u>partial defeasance</u>" has the meaning set forth in Section <u>11.3</u>.

"<u>Paying Agents</u>" has the meaning set forth in the preamble to this Indenture and any successors and assigns thereto.

"<u>Payment Date</u>" means each Interest Payment Date, each Principal Payment Date, each Redemption Date, the Stated Maturity, any date fixed for repurchase and any other date on which any payment of principal, interest or any other amount is due.

"<u>Permitted Business</u>" means any business or activity in which IRSA or any of its Subsidiaries or Affiliates is directly or indirectly engaged (including though the ownership of Capital Stock) on the Issue Date, any real estate or retail business or activity and/or any business or activity related, ancillary or complementary to any of the foregoing including, without limitation, any such activities outside of Argentina.

"<u>Permitted Holders</u>" means any one or more of (i) Eduardo S. Elsztain, Saúl Zang and Alejandro G. Elsztain and their respective parents, brothers, sisters, children and other family members and any of the descendants, heirs, legatees and successors and any spouses or former spouses of any of the foregoing, (ii) any estate, guardian, custodian and other legal representative of any of the foregoing and (iii) any Affiliates of any of the foregoing or any other Persons (including any trust, partnership or other entity) controlled by or for the benefit of any of the foregoing.

"<u>Permitted Indebtedness</u>" has the meaning set forth under clause (2) of <u>Section 3.16</u>.

"<u>Permitted Lien</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Lien existing on the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any landlord's, workmen's, carriers', warehousemen's, mechanics', materialmen's, repairmen's or other Liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pledges or deposits under workers' compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts or leases, or deposits to secure public or statutory obligations or deposits of cash or government bonds to secure surety or appeal bonds, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens in favor of issuers of surety or performance bonds or letters of credit or bankers' acceptances or similar obligations issued in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of IRSA or to the ownership of its properties that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of IRSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens securing Hedging Transactions otherwise permitted under this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) that do not materially interfere with the ordinary conduct of the business of IRSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Lien securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of constructing, acquiring or improving any asset, which Lien attaches to such asset or to other assets of IRSA or any of its Subsidiaries concurrently with or within 180 days after the acquisition or the completion of the construction or improvement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lien in favor of IRSA or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Lien on any asset or property (including Capital Stock) (1) existing thereon at the time of acquisition of such asset or property or (2) of any Person, at the time such Person is acquired by, or is merged or otherwise consolidated or combined with or into, IRSA or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Lien securing an extension, renewal or refunding of Indebtedness secured by a Lien permitted hereunder; <u>provided</u> that such new Lien is limited to the property which was subject to the prior Lien immediately before such extension, renewal or refunding; and provided further that the principal amount of Indebtedness secured by the prior Lien immediately before such extension, renewal or refunding is not increased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (1) any Lien for taxes, assessments or governmental charges or levies not yet due (including any relevant extensions) or contested in good faith, or (2) any Lien arising or incurred in connection with judgments or assessments under circumstances not constituting an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens arising in connection with Receivables Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any additional Lien; <u>provided</u> that on the date of the creation or assumption of such Lien, the Indebtedness secured by such Lien, together with all of IRSA's Indebtedness secured by any Lien under this clause (n), will have an aggregate principal amount outstanding of no greater than 15% of IRSA's total consolidated assets as set forth in the consolidated financial statements for its most recent fiscal quarter.

"<u>Person</u>" means an individual, partnership, limited partnership, corporation, company, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof.

"<u>Ps.</u>" and "<u>Pesos</u>" means the currency of Argentina.

"<u>Preferred Stock</u>" of any Person means any Capital Stock of such Person that has preferential rights over any other Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation.

"<u>Principal Payment Date</u>" means March 31, 2033, March 31, 2034 and March 31, 2035.

"<u>Process Agent</u>" has the meaning set forth in Section <u>12.7(d)</u>.

"<u>Program</u>" has the meaning set forth in the third recital of this Indenture.

"<u>Qualified Institutional Buyer</u>" means a qualified institutional buyer within the meaning of Rule 144A.

"<u>Qualified Merger Jurisdiction</u>" means any of (i) Argentina; (ii) the United States, any State thereof or the District of Columbia; (iii) any country which is a member country of the Organization for Economic Cooperation and Development; or (iv) any other nation that has an Investment Grade Rating on its sovereign debt rating from two or more Rating Agencies.

"<u>Rating Agency</u>" means any one of Moody's, S&P or Fitch, or their respective successors.

"<u>Receivables Transaction</u>" means any securitization, factoring, discounting or similar financing transaction or series of transactions that may be entered into by IRSA or any of its Subsidiaries in the ordinary course of business pursuant to which IRSA or any of its Subsidiaries may sell, convey or otherwise transfer to any Person, or may grant a security interest in, any receivables (whether existing as of the Issue Date or arising in the future) of IRSA or any of its Subsidiaries, and any assets related thereto, including all collateral securing such receivables, all contracts and all guarantees or other obligations in respect of such receivables, the proceeds of such receivables and other assets which are customarily transferred, or in respect of which security interests are customarily granted, in connection with securitization, factoring or discounting involving receivables.

"<u>Redemption Date</u>" has the meaning set forth in Section <u>10.1(a)</u>.

"<u>Refinance</u>" means, in respect of any Indebtedness, to issue any Indebtedness in exchange for or to refinance, replace, defease or refund such Indebtedness in whole or in part. "<u>Refinanced</u>" and "<u>Refinancing</u>" will have correlative meanings.

"<u>Refinancing Indebtedness</u>" means Indebtedness of IRSA or any Subsidiary issued to Refinance any other Indebtedness of IRSA or a Subsidiary so long as:

(1) the aggregate principal amount (or initial accreted value, if applicable) of such new Indebtedness as of the date of such proposed Refinancing does not exceed the aggregate principal amount (or initial accreted value, if applicable) of the Indebtedness being Refinanced (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and the reasonable fees, expenses, defeasance costs and accrued but unpaid interest payable by IRSA in connection with such Refinancing);

(2) such new Indebtedness has:

(a) a Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being Refinanced, and

(b) a final maturity that is equal to or later than the final maturity of the Indebtedness being Refinanced; and

(c) if the Indebtedness being Refinanced is Subordinated Indebtedness, then such Refinancing Indebtedness shall be subordinate to the Securities, if applicable, at least to the same extent and in the same manner as the Indebtedness being Refinanced.

"<u>Register</u>" has the meaning set forth in Section <u>2.10</u>.

"<u>Registrar</u>" has the meaning set forth in the preamble to this Indenture and any successors and assigns thereto.

"<u>Regular Record Date</u>" means March 30 and September 29 preceding each Interest Payment Date, whether or not a Business Day.

"<u>Regulation S</u>" means Regulation S under the Securities Act.

"<u>Regulation S Global Security</u>" means a Global Security representing Securities initially sold in reliance on Regulation S, deposited with the Trustee, as custodian for DTC, and registered in the name of Cede & Co., as nominee of DTC and in each case bearing the applicable Restrictive Legend.

"<u>Representative of the Trustee in Argentina</u>" has the meaning set forth in the preamble to this Indenture and any successors and assigns thereto.

"<u>Responsible Officer</u>" when used with respect to the Trustee, means any vice president, any assistant vice president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, any trust officer or assistant trust officer, assigned to the Trustee's Corporate Trust Office or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

"<u>Restricted Payment</u>" has the meaning set forth in Section <u>3.17</u>.

"<u>Restricted Period</u>" means, with respect to any Security sold pursuant to Regulation S, the period of forty (40) days after the completion of the distribution of all Securities, as notified by IRSA to the Trustee in writing.

"<u>Restrictive Legend</u>" has the meaning set forth in Section <u>2.10(e)</u>.

"<u>Reversion Date</u>" has the meaning set forth in <u>Section 3.15</u>.

"<u>Rule 144</u>" means Rule 144 under the Securities Act.

"<u>Rule 144A</u>" means Rule 144A under the Securities Act.

"<u>Rule 144A Global Security</u>" means a Global Security representing Securities initially sold in the United States in reliance on Rule 144A, deposited with the Trustee, as custodian for DTC, and registered in the name of Cede & Co., as nominee of DTC, and bearing the applicable Restrictive Legend.

"<u>S&P</u>" means Standard & Poor's Ratings Services and its successors and assigns.

"<u>Sanctions</u>" has the meaning set forth in Section <u>12.13</u><u>(a)</u>.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Act</u>" means the United States Securities Act of 1933 (or any successor statute), as amended, and the rules and regulations of the SEC promulgated thereunder.

"<u>Security</u>" or "<u>Securities</u>" has the meaning stated in the second recital of this Indenture, or, as the context may require, means Securities that have been authenticated and delivered under this Indenture, including any Additional Securities.

"<u>Stated Maturity</u>" means the final maturity date of the Securities, which is March 31, 2035.

"<u>Subordinated Indebtedness</u>" means, with respect to IRSA, any Indebtedness of IRSA which is expressly subordinated in right of payment to the Securities, as the case may be.

"<u>Subsidiary</u>" means, with respect to any Person, any other Person in which such Person owns, directly or indirectly, more than 50% of the voting power of the other Person's outstanding Voting Stock.

"<u>Supervisory Committee</u>" means the Comisión Fiscalizadora of IRSA.

"<u>Surviving Entity</u>" has the meaning set forth under <u>Section 8.1</u>.

"<u>Suspended Covenants</u>" has the meaning set forth under Section <u>3.15</u>.

"<u>Suspension Period</u>" has the meaning set forth under <u>Section 3.15</u>.

"<u>Taxes</u>" has the meaning set forth in Section<u>3.5(a)</u>.

"<u>total defeasance</u>" has the meaning set forth in <u>Section 11.2</u>.

"<u>Transfer Agents</u>" has the meaning set forth in the preamble to this Indenture and any successors and assigns thereto.

"<u>Trust Indenture Act</u>" means the U.S. Trust Indenture Act of 1939, as amended.

"<u>Trustee</u>" means the Person identified as the "Trustee" in the preamble to this Indenture and, subject to the provisions of Article <u>V</u>, shall also include any successor trustee.

"<u>US$</u>" and "<u>U.S. dollars</u>" and "<u>U.S. Dollars</u>" means the currency of the United States of America which at the relevant time is legal tender for the payment of public or private debts.

"<u>U.S. Government Obligations</u>" has the meaning set forth in Section <u>11.4(a)</u>.

"<u>Voting Stock</u>" with respect to any Person, means securities of any class of Capital Stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the board of directors (or equivalent governing body) of such Person.

"<u>Weighted Average Life to Maturity</u>" means, when applied to any Indebtedness at any date, the number of years (calculated to the nearest one-twelfth) obtained by dividing:

(1) the then outstanding aggregate principal amount or liquidation preference, as the case may be, of such Indebtedness into

(2) the sum of the products obtained by multiplying:

(a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference, as the case may be, including payment at final maturity, in respect thereof, by

(b) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment.

Section 1.2. *Agents*. IRSA hereby appoints each of the Registrar, the Co-Registrar, the Transfer Agents and the Paying Agents as its agent in relation to the Securities for the purposes specified in this Indenture and in the terms of the Securities applicable thereto and all matters incidental thereto. Each of the Agents shall have the powers and authority granted to and conferred upon it herein and in the Securities, and such further powers and authority to act on behalf of IRSA as IRSA and such Agent may hereafter agree in writing. By execution of this Indenture, each of the Agents accepts its appointment as agent of IRSA in relation to the Securities and shall comply with the provisions of this Indenture and the Securities applicable thereto.

Subject to Section <u>3.2</u>, IRSA may terminate the appointment of any Agent at any time and from time to time upon giving at least thirty (30) days written notice to such Agent and to the Trustee. Each Agent may at any time resign by giving no less than thirty (30) days written notice to IRSA of such intention on its part, specifying the date on which its desired resignation shall become effective.

In acting under this Indenture and in connection with the Securities, the Agents are each acting solely as an agent of IRSA and do not assume any responsibility for the correctness of the recitals in the Securities or this Indenture, or the offering materials related thereto or any obligation or relationship of agency for or with IRSA or any of the Holders of the Securities.

Each of the Agents shall be protected and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any Security, notice, direction, consent, certificate, affidavit, statement or other document to the extent that such communication conforms to the provisions set forth herein, and is believed by it, in good faith, to be genuine and to have been passed or signed by the proper parties.

Each of the Agents may become the owner of, or acquire any interest in, any Securities, with the same rights that it would have if it were not acting in such capacity and may engage or be interested in any financial or other transaction with IRSA.

None of the Agents shall be liable for any action taken or omitted by it without negligence or willful misconduct.

Each Agent may execute any of its powers or perform any of its duties hereunder either directly or by or through agents or attorneys not regularly in its employ and such Agent shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder.

IRSA covenants and agrees to pay to each Agent from time to time, and each Agent shall be entitled to, such compensation as shall be agreed upon in writing by IRSA and such Agent for all services rendered by it hereunder. IRSA covenants and agrees promptly to pay all such compensation and to reimburse each of the Agents for reasonable and documented out-of-pocket expenses (including the reasonable fees and expenses of its counsel) incurred by it in connection with the services rendered by it hereunder, including, without limitation, any payments made in connection with taxes (other than taxes based upon, measured by or determined by the income of an Agent) or other charges.

None of the provisions contained in this Indenture shall require any of the Agents to expend, advance or risk its own funds or otherwise incur any personal financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

The duties and obligations of each Agent with respect to the Securities and this Indenture shall be determined solely by the express provisions of this Indenture, and each Agent shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against each such Agent. The duties and obligations of each Agent are several and not joint.

ARTICLE II

<br>SECURITIES

Section 2.1. *Forms*. Generally. The Securities shall be issued in one series to be known as the 8.000% Senior Notes due 2035. The Securities shall be issued as registered Securities without interest coupons.

The Securities shall initially be issued in the form of one or more Global Securities substantially in the form of <u>Exhibit A</u>, which shall be exchangeable for Certificated Securities substantially in the form of <u>Exhibit B</u> only in the limited circumstances set forth in Section <u>2.7</u>, in each case, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the Authorized Persons executing such Securities, as evidenced by their execution of such Securities, and all of which shall not affect the rights, duties or obligations of the Trustee or the Agents under this Indenture. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the Authorized Persons executing the same may determine as evidenced by the execution thereof.

The Securities initially sold within the United States to U.S. Persons that are Qualified Institutional Buyers will be issued in the form of one or more Rule 144A Global Securities. The Securities initially sold outside the United States in reliance on Regulation S under the Securities Act will be issued in the form of one or more Regulation S Global Securities.

The Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner permitted by the rules of any securities exchange on which the Securities may be listed and subject to the prior approval of the CNV where applicable, all as determined by the Authorized Persons executing such Securities as evidenced by their execution of such Securities.

IRSA agrees to cause the Securities to comply with Article 7 of the Argentine Negotiable Obligations Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall hold on deposit each Global Security executed and authenticated as provided herein as custodian for DTC, acting as the Depositary for such Global Security, for credit on the date of settlement to the account of the Person(s) entitled thereto. Each Global Security to be deposited with DTC or a custodian for DTC shall be registered in the name of Cede & Co, as DTC's nominee, and shall bear a legend substantially to the following effect:

"UNLESS (1) THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC") TO IRSA INVERSIONES Y REPRESENTACIONES S.A. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, (2) ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND (3) ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE, AND TRANSFERS OF INTERESTS IN THIS SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN."

Upon the issuance of any Global Security, the Co-Registrar shall record Cede & Co., as DTC's nominee, as the registered Holder of such Global Security.

Section 2.2. *Form of Trustee's Certificate of Authentication*.. The Trustee's certificate of authentication on all Securities shall be in substantially the following form:

This is one of the Securities referred to in the within-mentioned Indenture.

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| |
|:---|
| The Bank of New York Mellon,<br> as Trustee |
| By: |
| Name:  |
| Title:  |

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Section 2.3. *Additional Securities*. IRSA may from time to time, without the consent of Holders of Securities outstanding, create and issue Additional Securities; <u>provided</u> that such Additional Securities have the same terms and conditions as the previously outstanding Securities in all respects (except for the date of issue, the issue price, the applicable legends, and the initial Interest Payment Date); and <u>provided</u> <u>further</u> that if the Additional Securities are not fungible for U.S. federal income tax purposes with the previously outstanding Securities, such Additional Securities shall have separate CUSIP numbers and ISINs. The Additional Securities shall be consolidated with and form a single series with the previously outstanding Securities.

Section 2.4. *Authentication and Delivery of Securities*. At any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available for delivery Securities upon receipt of a Company Order. A Company Order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. The Trustee shall have the right to decline to authenticate and deliver any Securities under this <u>Section 2.4</u> if the Trustee (x) being advised by counsel, and after having consulted with counsel to IRSA, determines that such action may not lawfully be taken, (y) acting in good faith through its board of directors or board of trustees, executive committee, or a trust committee of directors or trustees or a Responsible Officer shall determine that such action would expose the Trustee to personal liability to existing Holders or (z) determines that such action will affect its rights, duties, obligations or immunities hereunder in a manner not reasonably acceptable to it.

Section 2.5. *Execution of Securities*. The Securities shall be executed on behalf of IRSA by each of a member of its Board of Directors and a member of its Supervisory Committee. Such signatures, in accordance with applicable laws and regulations, shall be the manual or facsimile signatures of such Authorized Persons. Typographical and other minor errors or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee.

In case any Authorized Person of IRSA who shall have executed any of the Securities shall cease to be such Authorized Person before the Security so executed shall be authenticated and delivered by the Trustee or disposed of by or on behalf of IRSA, such Security nevertheless may be authenticated and delivered or disposed of as though the Person who executed such Security had not ceased to be such Authorized Person of IRSA; and any Security may be executed on behalf of IRSA by such Persons as, at the actual date of the execution of such Security, shall be proper Authorized Persons of IRSA, although at the date of the execution and delivery of this Indenture any such Person was not such an Authorized Person.

Section 2.6. *Certificate of Authentication*. Only such Securities as shall bear thereon a certificate of authentication substantially in the form herein before recited, executed by the Trustee by the manual, facsimile or electronic signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by or on behalf of IRSA shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by IRSA, and IRSA shall deliver such Security to the Trustee for cancellation together with a written statement executed by an Authorized Person (which need not comply with <u>Section 12.5</u> and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by IRSA, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

Section 2.7. *Global Securities*. Global Securities shall be subject to the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interests in a Global Security deposited with a Depositary pursuant to this Section <u>2.7</u> shall only be exchanged for Certificated Securities only if such exchange complies with Section <u>2.10</u> and DTC notifies IRSA and the Trustee that it is unwilling or unable to continue as Depositary for such Global Security or if at any time DTC ceases to be a "clearing agency" registered under the Exchange Act, and a successor depositary so registered is not appointed by IRSA within ninety (90) days of such notice, an Event of Default has occurred and is continuing with respect to the Securities and a request for such exchange has been made by the Holder, or IRSA in its sole discretion notifies the Trustee in writing that Certificated Securities shall be delivered in exchange for such Global Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If interests in any Global Security in whole or, from time to time, in part, are to be exchanged for Securities in the form of Certificated Securities pursuant to <u>Section 2.7(a)</u>, such Global Security shall be surrendered by the Depositary to the Trustee to be so exchanged, without charge, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver, upon such exchange of interests in such Global Security, an equal aggregate principal amount of Certificated Securities. The Certificated Securities exchanged pursuant to this <u>Section 2.7</u> shall be registered by the Co-Registrar in such names as the Depositary shall direct in writing in accordance with its records. Any Certificated Security delivered in exchange for any interest in any Rule 144A Global Security or Regulation S Global Security shall, except as provided by <u>Section 2.10</u><u>,</u> bear the applicable Restrictive Legend as set forth on the face of the form of the Certificated Securities set forth in <u>Exhibit B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Trustee or any Agent shall have any responsibility or obligation to any beneficial owner of an interest in a Global Security, a member of, or a participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant member thereof, with respect to any ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial owner or other person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount or delivery of the Securities (or other security or property) under or with respect to the Securities. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Securities shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee and each Agent may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners.

Section 2.8. *Denomination and Date of Securities*. The Securities shall be issued only in minimum denominations of US$1.00 and integral multiples of US$1.00 in excess thereof. Each Security shall be dated the date of its authentication.

Section 2.9. *Payments of Principal and Interest*. (a) Interest (and principal, if any, payable other than at Stated Maturity or upon acceleration) shall be paid in immediately available funds to the Person in whose name a Security is registered at the close of business on the Regular Record Date next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or exchange thereof subsequent to such Regular Record Date and prior to such Interest Payment Date; <u>provided</u> that interest payable at Stated Maturity shall be paid to the Person to whom principal will be payable; <u>provided</u> <u>further</u> that if and to the extent IRSA defaults in the payment of the interest, including any Additional Amounts, due on such Payment Date, such defaulted interest, including any Additional Amounts, shall be paid to the Persons in whose names such Securities are registered at the end of a subsequent record date established by IRSA by notice given by or on behalf of IRSA to the Holders of the Securities in accordance with Section <u>12.4</u> not less than fifteen (15) days preceding such subsequent record date, such record date to be not less than fifteen (15) days preceding the date of payment in respect of such defaulted interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments of the principal of and any premium, Additional Amounts and other amounts on or in respect of any Certificated Security at Stated Maturity or upon acceleration, or repurchase shall be made to the registered Holder on such date in immediately available funds upon presentation (and if final payment) surrender of such Security at the Corporate Trust Office or at the specified office of any other Paying Agent; <u>provided</u> that the Security is presented to the Paying Agent in time for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of the principal of and any premium, interest, Additional Amounts and other amounts on or in respect of Certificated Securities to be made other than at Stated Maturity or upon redemption shall be made by wire transfer or check mailed on or before the due date for such payments to the address of the Person entitled thereto as it appears in the Register; <u>provided</u> that DTC, as registered Holder of the Global Securities, shall be entitled to receive payments of interest by wire transfer of immediately available funds, and a Holder of US$1,000,000 in aggregate principal of Certificated Securities shall be entitled to receive payments of interest by wire transfer of immediately available funds to an account maintained by such Holder at a bank located in the United States as may have been appropriately designated by such Holder to IRSA and the Trustee in writing no later than fifteen (15) days prior to the date such payment is due.

Section 2.10. *Registration, Transfer and Exchange of Securities*. The Co-Registrar will keep a register (the "<u>Register</u>") in the English language at its office in New York City for the registration of ownership, exchange and transfer of Securities. In the case of the replacement of the Securities, the Register will include notations of the Security so replaced, and the Security issued in replacement thereof. In the case of the cancellation of the Securities, the Register will include notations of the Security so cancelled and the date on which such Security was cancelled. The Register will show the amount of the Securities, the date of issue, all subsequent transfers and changes of ownership in respect thereof and the names, tax identification numbers (if relevant to a specific Holder) and addresses of the Holders of the Securities and any payment instructions with respect thereto (if different from a Holder's registered address). The Co-Registrar shall at all reasonable times during office hours make the Register available to IRSA or any Person authorized by IRSA in writing for inspection and for taking copies thereof or extracts therefrom, and at the expense and written direction of IRSA, the Co-Registrar shall deliver to such Persons all lists of Holders of Securities, their addresses and amounts of such holdings as IRSA may request.

The Registrar shall maintain a duplicate register at its office in the City of Buenos Aires, Argentina to the extent permitted by applicable Argentine law in written or electronic form in the Spanish language.

None of the Trustee, the Co-Registrar or any Transfer Agent shall register the transfer of or exchange of Certificated Securities for a period of fifteen (15) days preceding the due date for any payment of interest on the Security or during the period of thirty (30) days ending on the due date for any payment of principal on the Security. Neither the Co-Registrar or any Transfer Agent shall register the transfer of or exchange any Securities previously called for redemption or tendered for repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Global Securities — DTC Book Entry Provisions*. Interests in Global Securities will be transferable in accordance with the rules and procedures from time to time of DTC. Members of, or participants in, DTC shall have no rights under this Indenture with respect to any Global Security held on their behalf by DTC, and DTC or its nominee may be treated by IRSA, the Trustee, any Agent or any other agent hereunder as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent IRSA, the Trustee, any Agent or any other agent hereunder from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its agent members, the operation of customary practices governing the exercise of the rights of a Holder of any Global Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Transfers of Global Securities in Whole*. Subject to the provisions of <u>Section 2.10(c)</u>, transfers of a Global Security shall be limited to transfers of a Global Security in whole, but not in part, to DTC, nominees of DTC or to a successor of DTC or such successor's nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision to the contrary herein, so long as Global Securities remain Outstanding and are held by or on behalf of a Depositary, transfers or exchanges of interests between Global Securities, in whole or in part, shall only be made in accordance with this <u>Section 2.10(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Transfers From Rule 144A Global Security to Regulation S Global Security*. If a holder of a beneficial interest in the Rule 144A Global Security wishes at any time to exchange its interest in the Rule 144A Global Security for an interest in the Regulation S Global Security, or to transfer its interest in the Rule 144A Global Security to a Person who wishes to take delivery thereof in the form of an interest in the Regulation S Global Security, such holder may, subject to the rules and procedures of DTC, exchange or cause the exchange or transfer or cause the transfer of such interest for an equivalent beneficial interest in the Regulation S Global Security. Upon receipt by the Trustee, of (1) written instructions given in accordance with procedures of DTC, directing the Trustee to credit or cause to be credited a beneficial interest in the Regulation S Global Security in an amount equal to the beneficial interest in the Rule 144A Global Security to be exchanged or transferred, such instructions to contain information regarding the participant account of DTC to be credited with such increase and information regarding the participant account with DTC to be debited with such decrease and (2) a certificate which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) for transfers or exchanges made during the Restricted Period, is in the form of <u>Exhibit C</u> hereto given by the holder of such beneficial interest stating that the exchange or transfer of such interest has been made in compliance with the transfer restrictions applicable to the Securities and pursuant to, and in accordance with, Regulation S; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) for transfers or exchanges made after the expiration of the Restricted Period, is in the form of <u>Exhibit D</u> hereto given by the holder of such beneficial interest stating that the exchange or transfer of such interest has been made in compliance with the transfer restrictions applicable to the Securities and (A) that such transfer or exchange has been made pursuant to, and in accordance with, Regulation S or (B) that such transfer or exchange has been made in a transaction permitted by Rule 144,

then, subject to the rules and procedures of DTC, the Trustee or applicable Transfer Agent shall instruct DTC to reduce the Rule 144A Global Security by the aggregate principal amount of the beneficial interest to be so exchanged or transferred, and the Trustee or applicable Transfer Agent shall instruct DTC concurrently with such reduction, to increase the principal amount of the Regulation S Global Security by the aggregate principal amount of the beneficial interest in the Rule 144A Global Security to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Regulation S Global Security equal to the reduction in the principal amount of the Rule 144A Global Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Transfers From Regulation S Global Security to Rule 144A Global Security*. If a holder of a beneficial interest in the Regulation S Global Security wishes at any time to exchange its interest in the Regulation S Global Security for an interest in the Rule 144A Global Security, or to transfer its interest in the Regulation S Global Security to a Person who wishes to take delivery thereof in the form of an interest in the Rule 144A Global Security, such holder may, subject to the rules and procedures of DTC exchange or transfer such interest for an equivalent beneficial interest in the Rule 144A Global Security. Upon receipt by the Trustee of (1) written instructions given in accordance with the procedures of DTC from a participant, directing the Trustee to credit or cause to be credited a beneficial interest in the Rule 144A Global Security in an amount equal to the beneficial interest in the Regulation S Global Security to be exchanged or transferred, such instructions to contain information regarding the participant's account with DTC to be credited with such increase, and information regarding the participant's account with DTC to be debited with such decrease, and (2) with respect to an exchange or transfer of an interest in the Regulation S Global Security during the Restricted Period for an interest in the Rule 144A Global Security, a certificate in the form of <u>Exhibit E</u> hereto given by the holder of such beneficial interest and stating that the Person transferring such interest in the Regulation S Global Security reasonably believes that the Person acquiring such interest in the Rule 144A Global Security is a Qualified Institutional Buyer and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A, then, subject to the rules and procedures of DTC, the Trustee or applicable Transfer Agent shall instruct DTC to reduce the Regulation S Global Security by the aggregate principal amount of the beneficial interest to be so exchanged or transferred, and the Trustee or applicable Transfer Agent shall instruct DTC, concurrently with such reduction, to increase the principal amount of the Rule 144A Global Security by the aggregate principal amount of the beneficial interest in the Regulation S Global Security to be so exchanged or transferred, and to credit the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Security equal to the reduction in the principal amount of the Regulation S Global Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Certificated Security Transfers*. Certificated Securities may be exchanged or transferred in whole or in part in the principal amount of authorized denominations by surrendering such Certificated Securities at the Corporate Trust Office, the office of the Trustee or the office of any Transfer Agent with a written instrument of transfer as provided in the assignment form attached to the form of Certificated Securities in <u>Exhibit B</u> hereto duly executed by the Holder thereof or his attorney duly authorized in writing. The provisions of Section <u>2.10(c)(i)</u> for transfer or exchange of an interest in the Rule 144A Global Security for an interest in the Regulation S Global Security and the provisions of <u>Section 2.10(c)(ii)</u> for transfer or exchange of an interest in the Regulation S Global Security for an interest in the Rule 144A Global Security shall also apply for the same types of transfers with respect to Certificated Securities.

In exchange for any Certificated Security properly presented for transfer, the Trustee shall, upon Company Order, promptly authenticate and deliver or cause to be authenticated and delivered at the Corporate Trust Office or at the office of the Co-Registrar or at the office of any Transfer Agent, as the case may be, to the transferee or send by mail (at the risk of the transferee) to such address as the transferee may request, a Certificated Security or Securities in the name of such transferee and for the same aggregate principal amount as shall have been transferred. No transfer of any Certificated Securities shall be made unless the request for such transfer is made by the registered Holder or his attorney duly authorized in writing at the Corporate Trust Office and is accompanied by a completed instrument of transfer in the form of assignment form attached to the form of Certificated Securities in <u>Exhibit B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Legends*. If Securities are issued upon the transfer, exchange or replacement of Securities not bearing the restrictive legends set forth in the respective applicable form of Security attached hereto (collectively, a "<u>Restrictive Legend</u>"), the Securities so issued shall not bear a Restrictive Legend. If Securities are issued upon the transfer, exchange or replacement of Securities bearing a Restrictive Legend, or if a request is made to remove a Restrictive Legend of a Security, the Securities so issued shall bear a Restrictive Legend as set forth on the applicable form of Security attached hereto, or the Restrictive Legend shall not be removed, as the case may be, unlessthere is delivered to IRSA and the Trustee such evidence as shall be satisfactory to IRSA, which may include an opinion of New York counsel, as may be reasonably required by IRSA (at the Holder's expense) that neither the Restrictive Legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply, as the case may be, with the provisions of Rule 144A, Rule 144 or Regulation S or that such Securities are not "restricted securities" within the meaning of Rule 144, and the Trustee, upon Company Order, shall authenticate and deliver a Security that does not bear the Restrictive Legend. If the Restrictive Legend is removed from the face of a Security and such Security is subsequently held by IRSA or an Affiliate of IRSA and a Responsible Officer of the Trustee subsequently receives written notice from IRSA that such Security is a "restricted security" within the meaning of Rule 144, the Restrictive Legend shall be reinstated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to satisfaction of the applicable requirements in this <u>Section 2.10</u> for registration of transfer, IRSA, the Trustee and each Agent may deem and treat the registered Holder as appears in the Register of any Security as the absolute owner of such Security, in each case for the purpose of receiving payment of the principal and any interest in respect of such Security and for all other purposes whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Transfer, registration and exchange of any Security or Securities shall be permitted and executed as provided in this <u>Section 2.10</u> without any charge to the Holder of any such Security or Securities, other than any taxes or governmental charges payable on transfers or exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any tax or securities laws with respect to any restrictions on transfer imposed under this Indenture or under applicable law (including any transfers between or among any clearing systems or the Depositary's participant, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All the provisions and undertakings set forth above concerning registration of ownership, exchange and transfer of Securities shall be exclusively performed by The Bank of New York Mellon, acting as Co-Registrar.

If the Registrar is required to perform any of the provisions and undertakings set forth above concerning registration of ownership, exchange and transfer of Securities, with the agreement of IRSA, the Registrar may delegate such duties to another entity acting in Argentina with legal capacity to carry out such activities in accordance with the provisions of this Indenture and applicable Argentine law. The Registrar shall promptly notify IRSA if it is required to undertake any such activities so that IRSA shall designate the entity to whom the Registrar shall delegate such duties. All costs related to the delegation of such activities shall be borne by the Registrar.

Once any such delegation is made, and is accepted by the delegated entity, the Registrar shall not be liable for the breach of any of the obligations assumed by such delegated entity pursuant to this Indenture and shall be indemnified by IRSA for and held harmless against, any and all losses, damages, liabilities, judgments, claims, causes of action, costs and expenses (including reasonable and documented fees and disbursements of legal counsel) incurred directly or indirectly, without negligence or bad faith on the part of the Registrar, arising out of or in connection with the performance of the duties assumed by the delegate Registrar under this Indenture.

For the avoidance of doubt, the obligations of the Registrar and Co-Registrar hereunder are several and not joint.

Section 2.11. *Mutilated, Defaced, Destroyed, Stolen and Lost Securities; Cancellation and Destruction of Securities*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall, in accordance with any terms and conditions set forth in this Indenture, and upon provision of evidence satisfactory to the Trustee and to IRSA that any Security was mutilated, defaced, destroyed, stolen or lost, together with such indemnity as the Trustee and IRSA may require to hold each of them harmless, upon receipt of a Company Order, authenticate and deliver from time to time such Securities in exchange for or in lieu of such Securities that become mutilated, defaced, destroyed, stolen or lost. Each Security delivered in exchange for or in lieu of any other Security shall carry all the rights to interest (including rights to accrued and unpaid interest and Additional Amounts) that were carried by such other Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Securities surrendered for payment, transfer or exchange shall be delivered to the Trustee. The Trustee shall cancel and dispose of all such Securities surrendered for payment, transfer or exchange, in accordance with its security destruction policy, and shall, upon written request, deliver written confirmation thereof to IRSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the issuance of any substitute Security, the Holder of such Security, if so requested by IRSA, will pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expense (including the fees and expenses of the Trustee, its counsel and its agents) in connection with the preparation and issuance of the substitute Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Securities issued upon any transfer or exchange of Securities shall be valid obligations of IRSA, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.

Section 2.12. *Purchase*.

IRSA, its Affiliates and its Subsidiaries may at any time purchase or otherwise acquire any Security in the open market or otherwise at any price and may resell or otherwise dispose of such Security at any time, provided that if any such Securities that are resold are not fungible with the Securities initially offered for U.S. federal securities laws or income tax purposes, such resold Securities will have one or more separate CUSIP numbers and ISINs.

ARTICLE III

<br>COVENANTS OF IRSA

Section 3.1. *Payment of Principal and Interest*. IRSA covenants and agrees for the benefit of the Holders of the Securities that it will duly and punctually pay or cause to be paid the principal of and interest on the Securities (including Additional Amounts), and any other payments to be made by IRSA under the Securities and this Indenture, at the place or places, at the respective times and in the manner provided in the Securities and this Indenture.

**(**a) In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities) related to the Securities and this Indenture in effect from time to time ("<u>Applicable Tax Law</u>") that a foreign financial institution, IRSA, the Trustee or any Paying Agent is or has agreed to be subject, IRSA hereby covenants with the Trustee and each Paying Agent that it will use commercially reasonable efforts to provide each of the Trustee and the Paying Agents with sufficient information so as to enable the Trustee and the Paying Agents to determine whether or not the Trustee or such Paying Agent, as applicable, has tax related obligations under Applicable Tax Law. The Trustee and each Paying Agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable Tax Law for which the Trustee and each Paying Agent shall not have any liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any foreign exchange restriction (including, but not limited to *de facto* restrictions) or prohibition in Argentina, IRSA shall make any and all payments in respect of interest on, or principal of, the Securities, to the extent permitted by applicable law, in U.S. dollars by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) purchasing, with Pesos any series of Argentine Discount Bonds or Argentine Par Bonds or any other securities or public or private bonds issued in Argentina and denominated in U.S. dollars and transferring and selling such securities outside Argentina for U.S. dollars, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by means of any other legal procedure existing in Argentina for the purchase of U.S. dollars and their subsequent transfer abroad.

All costs and taxes payable in connection with the procedures referred to above shall be borne by IRSA. IRSA's payment obligations may only be deemed satisfied and discharged upon receipt by the relevant Holder or the Trustee, as the case may be, of the U.S. dollar amounts obtained through the transactions specified above necessary to satisfy the relevant amount owing on the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Section 765 of the Argentine Civil and Commercial Code is reverted and the amendments introduced by Decree No.70/2023 are no longer applicable, IRSA covenants and agrees that Section 765 will not be applicable with respect to any payments to be made in connection with the Securities and forever and irrevocably waives any right that might assist IRSA in any claim that payments made or to be made in connection with the Securities and this Indenture are payable in any currency other than in U.S. dollars. IRSA waives the right to invoke any defense of payment impossibility (including any defense under Section 1,091 of the Argentine Civil and Commercial Code), impossibility of paying in U.S. Dollars (assuming liability for any force majeure or act of God), or similar defenses or principles (including, without limitation, equity or sharing of efforts principles).

Section 3.2. *Offices for Payments, etc*. So long as any of the Securities remain Outstanding, IRSA will maintain in New York City the following: an office or agency where the Securities may be presented for payment, where the Securities may be presented for exchange, transfer or registration of transfer as in this Indenture provided and where notices and demands to or upon IRSA (other than the type contemplated by Section <u>12.7</u>) in respect of the Securities or of this Indenture may be served. IRSA hereby initially appoints the Trustee at its office or agency for each such purpose and designates the Corporate Trust Office as the office to be maintained by it for each such purpose. In case IRSA shall fail to so designate or maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands (other than the type contemplated by Section <u>12.7</u>) may be made and notices may be served at all times at the Corporate Trust Office and IRSA hereby appoints the Trustee as its agent to receive all such presentations, demands and notices. As required by Argentine law and by the CNV, IRSA will maintain a Registrar, a Paying Agent and a Transfer Agent in Argentina. Banco Santander Argentina S.A. at its office at Av. Juan de Garay 151, City of Buenos Aires, Argentina, will initially act as such Registrar, Paying Agent and Transfer Agent in Argentina, as well as the Representative of the Trustee in Argentina. The Registrar, the Co-Registrar, each of the Paying Agents and each of the Transfer Agents may change their respective specified offices set forth herein to some other specified offices in the same city. IRSA will promptly give to the Trustee and the Holders (and, if so required, the CNV, BYMA, A3 or such other securities exchange on which the Securities may be listed) written notice of any change of location of specified offices, or of any resignation, termination or appointment of any Agent.

Section 3.3. *Appointment to Fill a Vacancy in Office of Trustee*. IRSA, whenever necessary to avoid or fill a vacancy in the office of the Trustee, will appoint, in the manner provided in Section <u>5.9</u>, a Trustee, so that there shall, at all times, be a Trustee with respect to the Securities.

Section 3.4. *Payments and Paying Agents*. IRSA will, on or before 10:00 AM (New York City time) at least one (1) Business Day prior to each Payment Date deposit with the Trustee a sum in U.S. Dollars sufficient to pay such principal, premium or interest (including Additional Amounts) so becoming due. IRSA shall request that the bank through which any such payment is to be made agrees to supply to the Trustee two (2) Business Days prior to the due date for any such payment an irrevocable confirmation (by tested telex or authenticated SWIFT) of its intention to make such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least five (5) Business Days prior to the first Payment Date of interest or principal and, if there has been any change with respect to the matters set forth in the below-mentioned Officer's Certificate, at least five (5) Business Days prior to each Payment Date of interest or principal thereafter, IRSA shall furnish the Trustee with an Officer's Certificate instructing the Trustee as to any circumstances in which payments of principal of or interest on any Securities (including Additional Amounts) due on such Payment Date shall be subject to deduction or withholding for or on account of any taxes and the rate of any such deduction or withholding. If any such deduction or withholding shall be required and if IRSA therefore becomes liable to pay Additional Amounts, then such Officer's Certificate shall specify (i) the amount required to be deducted or withheld and the Additional Amounts due to Holders of such Securities, (ii) that IRSA shall pay in a timely manner such amount to be deducted or withheld to the appropriate governmental authority, and (iii) that IRSA will pay to the Trustee such Additional Amounts as shall be required to be paid to such Holders. IRSA agrees to indemnify the Trustee and each Paying Agent for, and to hold each harmless against, any loss, claim, damage, cost, liability or expense reasonably incurred by them without negligence or willful misconduct on their respective parts, arising out of or in connection with actions taken or omitted by them in reliance on any Officer's Certificate furnished pursuant to this <u>Section 3.4(b)</u> or the failure to furnish any such certificate. The obligations of IRSA under the preceding sentence shall survive the payment of the Securities, the resignation or removal of the Trustee or any Paying Agent and/or the termination of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Paying Agents hereby agrees (and whenever IRSA shall appoint a Paying Agent with respect to the Securities other than those specified in Section <u>3.2</u>, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such Agent shall agree), subject to the provisions of this <u>Section 3.4</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that it will hold all sums received by it as such agent for the payment of the principal of or interest due on any Securities (whether such sums have been paid to it by or on behalf of IRSA or by any other obligor on the Securities) in trust for the benefit of the Holders of such Securities or of the Trustee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that it will give the Trustee written notice of any failure by IRSA (or by any other obligor on the Securities) to make any payment of the principal of or interest on any Securities (including Additional Amounts) and any other payments to be made by or on behalf of IRSA under this Indenture or such Securities when the same shall be due and payable, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that it will transfer any such sums so held in trust by it to the Trustee upon the Trustee's written request at any time during the continuance of the failure referred to in clause (ii) above.

IRSA shall give, at its expense, notice of the appointment of any Paying Agents (other than those specified in Section <u>3.2</u>) to the Holders as specified in <u>Section 12.4</u>, and to the CNV if required under Argentine law.

The Trustee, in its capacity as Paying Agent, shall arrange with all other Paying Agents for the payment, from funds furnished by IRSA to the Trustee pursuant to this Indenture, of the principal of and interest on the Securities (including Additional Amounts).

If IRSA shall act as its own Paying Agent with respect to any Securities, it will, on or before each Payment Date on the Securities, set aside, segregate and hold in trust for the benefit of the Holders of the Securities a sum sufficient to pay such principal or interest (including Additional Amounts) so becoming due. IRSA will promptly notify the Trustee in writing of any failure to take such action.

Anything in this <u>Section 3.4</u> to the contrary notwithstanding, IRSA may at any time, for the purpose of obtaining a satisfaction and discharge with respect to any Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for such Securities by IRSA or any Paying Agent hereunder, as required by this <u>Section 3.4</u>, such sums to be held by the Trustee upon the trusts herein contained.

Anything in this <u>Section 3.4</u> to the contrary notwithstanding, the agreements to hold sums in trust as provided in this Section are subject to the provisions of <u>Sections</u> <u>9.3</u> and 9.4.

Section 3.5. *Taxation*. All payments of principal, premium or interest by IRSA in respect of each Security shall be made without deduction or withholding for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature (including penalties and interest related thereto) ("<u>Taxes</u>"), unless IRSA is compelled by law to deduct or withhold such Taxes. If any withholding or deduction from payments made with respect to the Securities is required for or on account of Taxes imposed or levied by or on behalf of an Applicable Jurisdiction ("<u>Applicable Taxes</u>"), IRSA shall pay such additional amounts ("<u>Additional Amounts</u>") in respect of such Applicable Taxes as may be necessary to ensure that the net amounts received by the Holders of the Securities after such withholding or deduction shall equal the respective amounts that would have been receivable in respect of the Securities in the absence of such withholding or deduction, except that no such Additional Amounts shall be payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to or on behalf of a Holder or beneficial owner of a Security that is liable for Applicable Taxes in respect of such Security by reason of having a present or former connection with an Applicable Jurisdiction other than merely holding or beneficially owning such Security or enforcing rights with respect to such Security or the receipt of income or any payments in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to or on behalf of a Holder or beneficial owner of a Security in respect of Applicable Taxes that would not have been imposed but for the failure of the Holder or beneficial owner of a Security to comply with any certification, identification, information, documentation or other reporting requirement (within thirty (30) calendar days following a written request from IRSA to the Holder for compliance) if such compliance is required by applicable law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Applicable Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to or on behalf of a Holder or beneficial owner of a Security in respect of any estate, inheritance, gift, sales, use, excise, value added, transfer, personal assets or similar tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to or on behalf of a Holder or beneficial owner of a Security in respect of Applicable Taxes payable otherwise than by withholding from payment of principal of, premium, if any, or interest on the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to or on behalf of a Holder or beneficial owner of a Security in respect of Applicable Taxes that would not have been imposed but for the fact that the Holder presented such Security for payment (where presentation is required) more than thirty (30) days after the later of (x) the date on which such payment became due and (y) if the full amount payable has not been received by the Trustee on or prior to such due date, the date on which, the full amount having been so received, notice to that effect shall have been given to the Securityholders by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any Security presented for payment (where presentation is required) at an office of a Paying Agent in Argentina (provided the Securities can also be presented at an office of a Paying Agent outside of Argentina without any such withholding or deduction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) with respect to any Taxes imposed under FATCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) with respect to any Applicable Taxes imposed by Argentina or any political subdivision thereof or any authority therein to the extent that IRSA has determined, based on information obtained directly from the recipient or from third parties, that such Applicable Taxes are imposed (x) due to the residence of the foreign recipient of the payment in a jurisdiction designated as a non-cooperating jurisdiction (*jurisdicción no cooperante*), or (y) due to the fact that the funds invested by the foreign recipient of the payment are originated in a jurisdiction designated as a non-cooperating jurisdiction (*jurisdicción no cooperante*), in each case as determined under applicable Argentine laws or regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with respect to any combination of items (i) through (viii) above;

nor shall Additional Amounts be paid with respect to any payment of the principal of, or any premium or interest on, any Securities to any Holder of a Security who is a fiduciary or partnership (including an entity treated as a partnership for United States federal income tax purposes) or limited liability company or any person other than the sole beneficial owner of such payment to the extent that a beneficiary or settlor with respect to such fiduciary or a member of such partnership or limited liability company or the beneficial owner of such payment would not have been entitled to such Additional Amounts had it been the Holder of such Securities.

All references in this Indenture to principal, premium or interest payable with respect to the Securities shall be deemed to include references to any Additional Amounts payable under this Section <u>3.5</u> with respect to such principal, premium or interest. IRSA will provide the Trustee with the receipts (or other evidence of payment) reasonably satisfactory to the Trustee evidencing payment of any Tax with respect to amounts deducted or withheld in accordance with this Section <u>3.5</u> promptly upon IRSA's payment thereof, and copies of such documentation will be made available by the Trustee to Holders upon written request to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) IRSA will pay promptly when due any present or future stamp, court or documentary taxes or any excise or property taxes, charges or similar levies that arise in any jurisdiction from the execution, delivery or registration of the Securities or any other document or instrument referred to herein or therein, excluding any such taxes, charges or similar levies imposed by any jurisdiction outside any Applicable Jurisdiction except those resulting from, or required to be paid in connection with, the enforcement of the Securities after the occurrence and during the continuance of any Event of Default.

Section 3.6. *Maintenance of Books and Records*. IRSA will maintain books, accounts and records in accordance with IFRS accounting standards.

Section 3.7. *Status and Ranking*. IRSA will ensure that its obligations under each Security will rank at least *pari passu* in right of payment with all other existing and future unsecured and unsubordinated indebtedness of IRSA (other than obligations preferred by statute or by operation of law, including, without limitation, tax and labor related claims).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IRSA will ensure that each Security will at all times qualify as "*obligaciones negociables simples no convertibles*" under the Argentine Negotiable Obligations Law and will be entitled to the benefits set forth therein and subject to the procedural requirements thereof.

Section 3.8. *Listing*. IRSA will use all reasonable efforts to cause the Securities to be accepted for trading on BYMA and the A3, as applicable.

Section 3.9. *Maintenance of Corporate Existence; Properties*. IRSA will, and will cause each of its Subsidiaries to, maintain in effect its corporate existence and all registrations necessary therefore (except for transactions not otherwise prohibited by <u>Article VIII</u>), take all actions to maintain all rights, privileges, titles to property or franchises necessary in the normal conduct of its business and keep all its property used or useful in the conduct of its business in good working order and condition; <u>provided</u> that this Section <u>3.9</u> shall not require IRSA to do so if in each case the Board of Directors of IRSA shall determine in good faith that the maintenance or preservation thereof is no longer necessary or desirable in the conduct of business of IRSA or the failure to so comply would not have a material adverse effect on the business, assets, operations or financial condition of IRSA and its Subsidiaries taken as a whole.

Section 3.10. *Compliance with Law*. IRSA will, and will cause each of its Subsidiaries to, comply with all applicable laws, rules, regulations, orders and resolutions of each Government Agency having jurisdiction over it or its business except where the failure to so comply would not have a material adverse effect on the business, assets, operations or financial condition of IRSA and its Subsidiaries taken as a whole.

Section 3.11. *Reports to Holders*. For so long as any Securities remain Outstanding, IRSA will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Provide the Trustee with copies of its(i) annual financial statements audited by an internationally recognized firm of independent public accountants within 135 days after the end of IRSA's fiscal year (which, as of the date of this Indenture, is June 30 of each year) and (ii) quarterly financial statements (including a balance sheet, income statement and statement of cash flow for the fiscal quarter or quarters then ended and the corresponding fiscal quarter or quarters from the prior year) within 60 days of the end of each of the first three (3) fiscal quarters of each fiscal year. Such annual and quarterly financial statements will be accompanied by a "management's discussion and analysis" or other report of management providing an overview in reasonable detail of the results of operations and financial condition of IRSA and its Subsidiaries for the periods presented. English translations of the foregoing documents will be provided for any documents prepared in a language other than English; <u>provided</u> that IRSA will not be required to provide such copies of public filings which may be obtained from the SEC via EDGAR System or the CNV via its Financial Information System (*Autopista de Información Financiera*), or their respective successors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provide the Trustee with copies (including English translations of documents prepared in a language other than English) of certain material public filings made with any securities exchange or securities regulatory agency or authority promptly after such filing; <u>provided</u> that IRSA will not be required to provide such copies of public filings which may be obtained from the SEC via the EDGAR System or its successor or through the CNV via its Financial Information System (*Autopista de Información Financiera*), or its successor.

In addition, at any time when IRSA is not subject to Section 13 or 15(d) of the Exchange Act or is exempt from the reporting requirements thereunder pursuant to Rule 12g3-2(b) of the Exchange Act, IRSA will make available, upon request, to the Holders or prospective purchasers the information required pursuant to Rule 144A(d)(4) under the Securities Act.

Delivery of the above reports and the information described in this <u>Section 3.11</u> to the Trustee is for informational purposes only and the Trustee's receipt of such reports shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including IRSA's or any other Person's compliance with any of the covenants in this Indenture (as to which the Trustee is entitled to rely exclusively on an Officer's Certificate). The Trustee shall have no obligation or responsibility to monitor or determine whether IRSA is required to file any reports or other information with any regulatory authority, or whether IRSA or any other Person has otherwise delivered or posed to any website any notice or report in accordance with this Section <u>3.11</u>.

Section 3.12. *Other Information*. For so long as any of the Securities remain Outstanding and are "restricted securities" within the meaning of Rule 144(a)(3) under the Securities Act, IRSA will, during any period in which it is neither subject to Section 13 or 15(d) under the Exchange Act nor exempt from reporting under the Exchange Act pursuant to Rule 12g3-2(b) thereunder, make available to any Holder or any owner of a beneficial interest in a Global Security, to a prospective purchaser of a Security or beneficial interest therein who is a Qualified Institutional Buyer, in connection with any sale thereof, in each case, at the Holder's written request to IRSA, the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act.

Section 3.13. *Notice of Default*. IRSA will notify the Trustee in writing promptly after IRSA becomes aware of the occurrence and continuance of any Event of Default. Each notice pursuant to this Section <u>3.13</u> shall state that it constitutes a "notice of default" hereunder and shall be accompanied by an Officer's Certificate signed by the Chief Executive Officer or the Chief Financial Officer of IRSA setting forth the details of such Event of Default and stating what action IRSA proposes to take with respect thereto.

Section 3.14. *Further Actions*. IRSA will use its reasonable efforts to take any action, satisfy any condition or do anything (including the obtaining or effecting of any necessary consent, approval, authorization, exemption, filing, license, order, recording or registration) at any time required in accordance with the applicable laws and regulations to be taken, fulfilled or done in order to enable it lawfully to enter into, exercise its rights and perform and comply with its payment obligations under the Securities and this Indenture, as the case may be, to ensure that those obligations are legally binding and enforceable and to make the Securities and this Indenture admissible in evidence in the courts of Argentina.

Section 3.15. *Suspension of Covenants*. During any period of time that the Securities achieve Investment Grade Ratings from at least one of the three Rating Agencies and no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a "<u>Covenant Suspension Event</u>"), with respect to the Securities, IRSA and its Subsidiaries will not be subject to the provisions described under <u>Sections</u> <u>3.16</u>, <u>3.17</u> and <u>3.19</u> (collectively, the "<u>Suspended Covenants</u>").

In the event that IRSA and its Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the "<u>Reversion Date</u>") one of the Rating Agencies withdraws its Investment Grade Rating or downgrades its rating assigned to the Securities below an Investment Grade Rating, and as a result of such withdrawal or downgrade, the Securities no longer have Investment Grade Ratings from at least one (1) of the three (3) Rating Agencies, then with respect to the Securities, IRSA and its Subsidiaries will thereafter again be subject to the Suspended Covenants. The period of time between the Suspension Date and the Reversion Date is referred to as the "<u>Suspension Period</u>." Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during the Suspension Period).

On the Reversion Date, all Indebtedness incurred during the Suspension Period will be classified to have been Incurred pursuant to the first paragraph of <u>Section 3.16</u> (to the extent such Indebtedness would be permitted to be incurred thereunder as of the Reversion Date and after giving effect to Indebtedness incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to the first paragraph of <u>Section 3.16</u> such Indebtedness will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under <u>clause</u> <u>(f)</u> of the second paragraph of <u>Section 3.16</u>.

IRSA shall promptly notify the Trustee in writing of the occurrence of any Covenant Suspension Event pursuant to this <u>Section 3.15</u>. In the absence of such notice, the Trustee shall assume that the Suspended Covenants are in full force and effect. IRSA shall promptly notify the Trustee in writing upon the reinstatement of the Suspended Covenants after a Reversion Date. In the absence of such notice, the Trustee shall assume that the Suspension Period continues to remain in effect. The Trustee will have no obligation to (i) independently determine or verify if any of the events described in this <u>Section 3.15</u> have occurred, (ii) make any determination regarding the impact of actions taken during the Suspension Period on IRSA' s or any of its Subsidiary's future compliance with their covenants or (iii) notify the Holders of the commencement of the Suspension Period or the Reversion Date.

Section 3.16. *Limitation on Incurrence of Additional Indebtedness*. IRSA will not Incur any Indebtedness, including Acquired Indebtedness, except that IRSA may Incur Indebtedness, including Acquired Indebtedness, if, at the time of and immediately after giving pro forma effect to the Incurrence thereof and the application of the proceeds therefrom, the Consolidated Interest Coverage Ratio of IRSA is greater than 2.00 to 1, calculated as of the end of the most recent fiscal quarter ending prior to the date of such Incurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Notwithstanding clause (1) above, IRSA may Incur the following Indebtedness ("<u>Permitted Indebtedness</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness in respect of the Securities, excluding Additional Securities, other than Additional Securities issued in the Concurrent Exchange Offer or in the offer of Securities pursuant to the Offering Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Guarantees of obligations permitted to be Incurred in accordance with this Section <u>3.16</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hedging Transactions entered into in the ordinary course of business and not for speculative purposes, including, without limitation, Hedging Transactions in respect of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness Incurred for the purpose of financing all or any part of the cost of constructing, acquiring or improving any asset used or useful in a Permitted Business of IRSA or a Subsidiary in an aggregate outstanding principal amount not to exceed 10% of total Consolidated Tangible Assets of IRSA, calculated as of the end of the most recent fiscal quarter ending prior to the date of such Incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness between or among IRSA on the one hand, and any of its Subsidiaries, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness outstanding on the Issue Date, including, for the avoidance of doubt, any Existing Notes that have not been accepted for exchange pursuant to the Concurrent Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness in respect of any obligations under workers' compensation claims, severance payment obligations, payment obligations in connection with health or other types of social security benefits, unemployment or other insurance or self-insurance obligations, reclamation, statutory obligations, bankers' acceptances, performance, surety or similar bonds, letters of credit or completion or performance guarantees and factoring and other financing of payables or receivables or other similar obligations in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; <u>provided</u> that such Indebtedness is extinguished within five Business Days of its Incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Refinancing Indebtedness in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Indebtedness (other than Indebtedness owed to any Subsidiary of IRSA) Incurred pursuant to clause (1) of this <u>Section 3.16</u> (it being understood that no Indebtedness outstanding on the Issue Date is Incurred pursuant to such clause (1)), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Indebtedness Incurred pursuant to clauses (2)(a), (d), (f), (i) or (j) of this <u>Section 3.16</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Acquired Indebtedness if the Consolidated Interest Coverage Ratio for IRSA's most recently completed four fiscal quarters determined immediately after giving effect to such Incurrence and the related acquisition (including through a merger, consolidation or otherwise) is equal to or greater than the Consolidated Interest Coverage Ratio of IRSA determined immediately before giving effect to such Incurrence and the related acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred in connection with the disposition of any business, assets or Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; <u>provided</u> that the maximum aggregate liability in respect of all such Indebtedness will at no time exceed the gross proceeds actually received by IRSA in connection with such disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness to the extent the net proceeds thereof are promptly used to redeem the Securities in full or deposited to defease or discharge the Securities, in each case in accordance with this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Deeply Subordinated Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness represented by working capital Indebtedness in an aggregate outstanding principal amount not to exceed US$40,000,000 (or the equivalent thereof in another currency at the time of determination); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Additional Indebtedness in an aggregate outstanding principal amount not to exceed 15.0% of consolidated total assets of IRSA, calculated as of the end of the most recent fiscal quarter ending prior to the date of such Incurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For purposes of determining compliance with, and the outstanding principal amount of, any particular Indebtedness Incurred pursuant to and in compliance with this Section <u>3.16</u>, the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with IFRS accounting standards. Accrual of interest, the accretion or amortization of original issue discount, the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument with the same terms will not be deemed to be an Incurrence of Indebtedness for purposes of this <u>Section 3.16</u>; <u>provided</u> that any such outstanding additional Indebtedness paid in respect of Indebtedness Incurred pursuant to any provision of clause (2) of this <u>Section 3.16</u> will be counted as Indebtedness outstanding thereunder for purposes of any future Incurrence under such provision. For purposes of determining compliance with this Section <u>3.16</u>, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (2)(a) through (2)(o) of this <u>Section 3.16</u>, or is entitled to be incurred pursuant to paragraph (1) of this Section <u>3.16</u>, IRSA will be permitted to classify such item of Indebtedness on the date of its incurrence and may, in its sole discretion, divide and classify an item of Indebtedness in one or more of the types of Indebtedness and may later re-divide or reclassify all or a portion of such item of Indebtedness in any manner that complies with this Section <u>3.16</u>. Notwithstanding any other provision of this Section <u>3.16</u>, the maximum amount of Indebtedness that IRSA may incur pursuant to this Section <u>3.16</u> shall not be deemed to be exceeded as a result solely of fluctuations in exchange rates or currency values.

Section 3.17. *Limitation on Restricted Payments*. IRSA shall not take any of the following actions (each, a "<u>Restricted Payment</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare or pay any dividend or make any distribution, whether in cash or in kind, on or in respect of shares of Capital Stock of IRSA to holders of such Capital Stock (other than dividends or distributions payable in Capital Stock of IRSA); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase, redeem or otherwise acquire or retire for value any shares of Capital Stock of IRSA (other than any such shares held by IRSA or a Subsidiary);

unless, at the time of the Restricted Payment and immediately after giving effect thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) IRSA is able to Incur at least US$1.00 of additional Indebtedness pursuant to clause (1) of <u>Section</u> <u>3.16</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The aggregate amount of such Restricted Payment and all other Restricted Payments made subsequent to the Issue Date (excluding those permitted to be made pursuant to the further provisions below) shall not exceed the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 100% of cumulative Consolidated EBITDA for the period (treated as one accounting period) from January 1, 2025 through the last day of the last fiscal quarter ended prior to the date of such Restricted Payment minus an amount equal to 150% of cumulative Consolidated Interest Expense for such period, plus dividends collected from affiliated companies that are not reflected in EBITDA and proceeds collected from the sale of such affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any reductions of Indebtedness of IRSA or its Subsidiaries after the Issue Date (other than Indebtedness of Subsidiaries owed to IRSA) by conversion or exchange to Capital Stock of IRSA or its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) US$50,000,000.

Notwithstanding the preceding paragraph, this <u>Section 3.17</u> will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of any dividend or distribution or redemption within sixty (60) days after the date of declaration of such dividend or distribution or notice of redemption if such payment would have been permitted on the date of such declaration or notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the purchase, redemption or other acquisition or retirement of any Capital Stock of IRSA made in exchange for or out of the proceeds of the issuance or sale of Capital Stock of IRSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the purchase, redemption or other acquisition or retirement of any Capital Stock or other securities exercisable or convertible into Capital Stock from any current or former employees, officers, directors or consultants of IRSA or any of its Subsidiaries or their authorized representatives upon the death, disability or termination of employment or directorship of such employees, officers or directors, or the termination of retention of any such consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the purchase, redemption or other acquisition or retirement of any Capital Stock deemed to occur upon the exercise of stock options, warrants or similar rights if such Capital Stock represents a portion of the exercise price of those stock options, warrants or similar rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the purchase, redemption or other acquisition or retirement of any fractional shares arising out of stock dividends, splits or combinations or business combinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) payments or distributions to dissenting stockholders of Capital Stock of IRSA or its Subsidiaries pursuant to applicable law in connection with a consolidation, merger or similar transaction that complies with the provisions of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Restricted Payments in an amount not to exceed the sum of the aggregate net proceeds and the Fair Market Value of any property or other assets received by IRSA or any Subsidiary after the Issue Date from (i) contributions of capital or the issuance or sale of Capital Stock or (ii) the issuance of any Indebtedness of IRSA or any of its Subsidiaries that has been converted into or exchanged for Capital Stock after the Issue Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Restricted Payments in an aggregate amount made subsequent to the Issue Date not to exceed the greater of US$50.0 million (or the equivalent in other currencies) and 10% of the consolidated total assets of IRSA as of the last date of the most recent fiscal quarter of IRSA.

Section 3.18. *Limitation on Liens*. IRSA will not Incur any Liens (except for Permitted Liens) against or upon any of its properties or assets, whether owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, to secure any Indebtedness, without expressly providing that the Securities are secured equally and ratably with the obligations so secured for so long as such obligations are so secured.

Section 3.19. *Limitation on Transactions with Affiliates*. IRSA will not enter into any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any of its Affiliates (each, an "<u>Affiliate Transaction</u>"), unless the terms of such Affiliate Transaction are not materially less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm's-length basis from a Person that is not an Affiliate of IRSA; <u>provided</u> that the foregoing limitation will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliate Transactions with or among IRSA and any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fees and compensation paid to, and any indemnity and insurance provided on behalf of (and entering into related agreement with), officers, directors, employees, consultants or agents of IRSA or any Subsidiary as determined in good faith by IRSA's Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Affiliate Transactions undertaken pursuant to any contractual obligations or rights in existence on the Issue Date and any amendment, modification or replacement of such agreement (so long as such amendment, modification or replacement is not materially more disadvantageous to the Holders of the Securities, taken as a whole, than the original agreement as in effect on the Issue Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) loans and advances to officers, directors and employees of IRSA or any Subsidiary in the ordinary course of business in an aggregate outstanding principal amount not exceeding US$1,000,000 (or the equivalent in other currencies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) transactions in which IRSA delivers to the Trustee a written opinion from an Independent Financial Advisor stating that such transaction or series of transactions is fair to IRSA from a financial point of view or stating that that the terms thereof are not materially less favorable to IRSA than those that could reasonably be expected to have been obtained by IRSA in a comparable transaction at the time of the Affiliate Transaction in arm's length dealings with a Person who is not an Affiliate.

Section 3.20. *Conduct of Business*. IRSA and its Subsidiaries, taken as a whole, will remain primarily engaged in Permitted Business.

Section 3.21. *Change of Control*. Upon the occurrence of a Change of Control Triggering Event, each Holder will have the right to require that IRSA purchase all or a portion (in integral multiples of US$1.00) of the Holder's Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon to (and excluding) the date of purchase (the "<u>Change of Control Payment</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within thirty (30) days following the date upon which the Change of Control Triggering Event occurred, IRSA must deliver a notice to each Holder, with a copy to the Trustee, offering to purchase the Securities as described above (a "<u>Change of Control Offer</u>"). The Change of Control Offer shall state, among other things, the purchase date, which must be no earlier than thirty (30) days nor later than sixty (60) days from the date the notice is given, other than as may be required by law (the "<u>Change of Control Payment Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Business Day immediately preceding the Change of Control Payment Date, IRSA will, to the extent lawful, deposit with the Paying Agent funds in an amount equal to the Change of Control Payment in respect of all Securities or portions thereof so tendered and not withdrawn. On the Change of Control Payment Date, IRSA will, to the extent lawful:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) accept for payment all Securities or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver or cause to be delivered to the Trustee the Securities so accepted together with an Officer's Certificate stating the aggregate principal amount of Securities or portions thereof being purchased by IRSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If only a portion of a Certificated Security is purchased pursuant to a Change of Control Offer, a new Certificated Security in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Certificated Security (or appropriate adjustments to the amount and beneficial interests in a Global Security will be made, as appropriate). In all cases Holders of the Securities shall be treated on an equal basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) IRSA will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by IRSA and purchases all Securities properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption of all Outstanding Securities has been given pursuant to this Indenture as described under <u>Section 10.1</u> unless and until there is a default in payment of the applicable redemption price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that Holders of not less than 95% of the aggregate principal amount of the Outstanding Securities accept a Change of Control Offer and IRSA or a third party purchases all of the Securities held by such Holders, IRSA will have the right, on not less than thirty (30) nor more than sixty (60) days' prior notice, given not more than thirty (30) days following the Change of Control Payment Date described above, to redeem all of the Securities that remain Outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest, if any, on the Securities that remain Outstanding, to, but excluding, the date of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Holders, by acceptance of the Securities, are deemed to acknowledge that other existing and future Indebtedness of IRSA may contain prohibitions on the occurrence of events that would constitute a Change of Control or require that Indebtedness to be repurchased upon a Change of Control. Moreover, the exercise by the Holders of their right to require IRSA to repurchase the Securities upon a Change of Control Triggering Event may cause a default under such Indebtedness even if the Change of Control itself does not.

Holders, by acceptance of the Securities, are deemed to acknowledge that if a Change of Control Triggering Event occurs, there can be no assurance that IRSA will have available funds sufficient to make the Change of Control Payment for all the Securities that might be delivered by Holders seeking to accept the Change of Control Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Holders will not be entitled to require IRSA to purchase their Securities in the event of a takeover, recapitalization, leveraged buyout or similar transaction which does not result in a Change of Control Triggering Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) IRSA will comply with the requirements of Rule 14e-l under the Exchange Act and any other applicable securities laws and regulations to the extent such laws and regulations are applicable in connection with a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with this <u>Section 3.21</u>, IRSA will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders by acceptance of the Securities, are deemed to acknowledge that the definition of Change of Control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of the properties or assets of IRSA and its Subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all," there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a Holder to require IRSA to repurchase its Securities as a result of a sale, lease, transfer, conveyance or other disposition of less than all of the assets of IRSA and its Subsidiaries taken as a whole to another Person or group may be uncertain.

ARTICLE IV

DEFAULTS AND REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

Section 4.1. *Events of Default*. If one or more of the following events (each an "<u>Event of Default</u>") shall have occurred and be continuing with respect to the Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IRSA shall fail to pay any principal, premium or interest (or Additional Amounts, if any) on the Securities on the date when it becomes due and payable in accordance with the terms thereof, and such failure shall continue for a period of seven days (in the case of principal) or fourteen (14) days (in the case of interest or Additional Amounts, if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) IRSA shall fail duly to perform or observe any other covenant or obligation under this Indenture or the Securities, and such failure shall continue for a period of ninety (90) days after written notice to that effect is received by IRSA (with a copy to the Trustee) from the Holders of at least 25% in aggregate principal amount of the Outstanding Securities specifying such failure and requiring it to be remedied and stating that such notice constitutes a "notice of default" under this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) IRSA shall fail to pay when due at the final scheduled maturity thereof principal of any of its Indebtedness in an aggregate past due principal amount of at least US$50,000,000 (or the equivalent thereof in another currency at the time of determination) and such failure shall continue after the cure period, if any, applicable thereto, or any other event of default shall occur under any agreement or instrument relating to any such Indebtedness in an aggregate principal amount of at least US$50,000,000 (or the equivalent thereof in another currency at the time of determination), and in each case such other event of default shall result in the acceleration of the final scheduled maturity thereof in an aggregate past due principal amount of at least US$50,000,000 (or the equivalent thereof at the time of determination) <u>provided</u>, that a failure to pay any amounts due under Existing Notes that are not accepted for exchange pursuant to the exchange offer described in the Exchange Offer Memorandum will not constitute an Event of Default under this Section <u>4.1(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a court having jurisdiction enters a final decree or order for (1) relief in respect of IRSA in an involuntary case under the Argentine Law No. 24,522, as amended (the "<u>Bankruptcy Law</u>"), or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect or (2) the appointment under any applicable bankruptcy, insolvency or other similar law of an administrator, receiver or trustee for IRSA for all or substantially all of the property of IRSA and, in each case, such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) IRSA (1) commences a voluntary case under the Bankruptcy Law or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or (2) consents to the appointment under any applicable bankruptcy, insolvency or other similar law of or taking possession by an administrator, receiver, trustee or intervenor for IRSA for all or substantially all of the properties of IRSA;

then the Trustee shall, upon the written request of the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities, by written notice to IRSA, declare all the Securities then Outstanding to be immediately due and payable. Upon any such declaration of acceleration, the principal of the Securities and the interest accrued thereon and all other amounts payable with respect to such Securities shall become and be immediately due and payable. If the Event of Default or Events of Default giving rise to any such declaration of acceleration are cured following such declaration, such declaration may be rescinded by the Holders of such Securities in the manner set forth in the following paragraph.

At any time after a declaration of acceleration has been made with respect to the Securities, the Holders of a majority in aggregate principal amount of the Outstanding Securities, by written notice to IRSA and the Trustee, may rescind and annul such declaration and its consequences if the rescission would not conflict with any judgment or decree; to the extent that payment of such interest is lawful IRSA has paid or deposited with the Trustee a sum sufficient to pay all overdue installments of interest on the Securities, all overdue principal of the Securities which has become due otherwise than by such declaration of acceleration, and all sums paid or advanced by the Trustee and the Agents hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, the Agents and their respective agents and counsel; and all existing Events of Default with respect to the Securities, other than the nonpayment of the principal, premium or interest on the Securities that has become due solely because of such acceleration, have been cured or waived. No such rescission shall affect any subsequent Default or impair any rights relating thereto.

If an Event of Default set forth in <u>Section 4.1(c)</u> has occurred and is continuing with respect to the Securities, such Event of Default shall be automatically rescinded and annulled once the event of default or payment default triggering such Event of Default pursuant to <u>Section 4.1(c)</u> shall be remedied or cured by IRSA or the relevant Subsidiary waived by the holders of the relevant Indebtedness. No such rescission and annulment shall affect any subsequent Event of Default or impair any right consequent thereto.

Section 4.2. *Collection of Indebtedness by Trustee*. IRSA covenants that in case there shall be a default in the payment of any installment of interest (including Additional Amounts) on the Securities when such interest (including Additional Amounts) shall have become due and payable, and such default shall have continued for a period of fourteen (14) days or in case there shall be a default in the payment of all or any part of the principal of the Securities when the same shall have become due and payable, whether upon maturity or by declaration or otherwise, and such default continues for a period of seven (7) days; then upon demand by the Trustee, IRSA will pay to the Trustee for the benefit of the Holders of the Securities the whole amount that then shall have become due and payable for principal or interest (including Additional Amounts), as the case may be (with interest to the date of such payment upon the overdue principal) and in addition thereto, IRSA will pay such further amount as shall be sufficient to cover the reasonable costs and expenses of collection, including reasonable compensation to, and reimbursement of the expenses of, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, as provided in Section <u>5.6</u>, except as a result of its own negligence or willful misconduct (duly declared as such by a final decision of a competent court).

In case IRSA shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against IRSA or other obligor upon the Securities and collect in the manner provided by law out of the property of IRSA or other obligor upon such Securities, wherever situated, the moneys adjudged or decreed to be payable.

All rights of action and of asserting claims under this Indenture or under the Securities may be enforced by the Trustee without the possession of the Securities or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Securities in respect of which such action was taken.

In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Securities in respect to which such action was taken, and it shall not be necessary to make any Holders of such Securities parties to any such proceedings.

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

Section 4.3. *Application of Proceeds*. Any moneys collected by the Trustee pursuant to this <u>Article IV</u> in respect of Securities shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (including Additional Amounts), upon presentation of the Securities in respect of which moneys have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities in reduced principal amounts in exchange for the presented Securities if only partially paid, or upon surrender thereof if fully paid:

FIRST: To the payment of all amounts due to the Trustee and/or any predecessor Trustee under <u>Section 5.6</u><u>,</u> except for any such amounts that result from its own negligence or willful misconduct (duly declared as such by a final decision of a competent court);

SECOND: To the payment of all amounts due to the Agents under Section <u>1.2</u>;

THIRD: In case the principal shall not have become and be then due and payable, to the payment of overdue interest (including Additional Amounts) on the Securities in the order of the maturity of the installments of such interest (including Additional Amounts), with interest upon the overdue installments of interest (including Additional Amounts) at the rate or rates of interest specified in the Securities, such payments to be made ratably to the Persons entitled thereto, without discrimination or preference;

FOURTH: In case the principal shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities for principal and interest (including Additional Amounts), with interest upon the overdue principal, and upon overdue installments of interest (including Additional Amounts), at the rate or rates of interest specified in the Securities; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities, then to the payment of such principal and interest (including Additional Amounts), without preference or priority of principal over interest (including Additional Amounts), or of interest over principal, or of any installment of interest over any other installment of interest, or of the Security over any other Security, ratably to the aggregate of such principal and accrued and unpaid interest (including Additional Amounts); and

FIFTH: To the payment of the remainder, if any, to IRSA or any other Person lawfully entitled thereto of which the Trustee has received written notice.

Section 4.4. *Suits for Enforcement*. In case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion (but is not required to) proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

Section 4.5. *Restoration of Rights on Abandonment of Proceedings*. In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case IRSA, the Holders and the Trustee shall, subject to any determination in such proceeding and to applicable law, be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of IRSA, the Trustee and the Securityholders shall continue as though no such proceedings had been taken.

Section 4.6. *Limitations on Suits by Securityholders*. Except as provided in Section <u>4.7</u>, no Holder of any Security shall have any right by virtue or by availing itself of any provision of this Indenture or of the Securities, to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless (i) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to the Securities, (ii) Holders of not less than 25% in aggregate principal amount of the Securities then Outstanding shall have made written request upon the Trustee to institute such action or proceedings in its own name as trustee hereunder and shall have offered to the Trustee such indemnity and/or security satisfactory to the Trustee as it may require against the costs, expenses and liabilities to be incurred therein or thereby, (iii) the Trustee for ninety (90) days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding, and (iv) during such ninety (90) day period, no written direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee pursuant to Section <u>4.9</u>; it being understood and intended that no Holder of Securities shall have any right in any manner whatever by virtue of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of Securities, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of the Securities.

Section 4.7. *Unconditional Right of Securityholders to Institute Certain Suits*. Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security (including Additional Amounts) on or after the respective due dates expressed in such Security, or to institute suit, including a summary judicial proceeding (*acción ejecutiva individual*) in Argentina pursuant to Article 29 of the Argentine Negotiable Obligations Law, for the enforcement of any such payment on or after such respective due dates, shall not be impaired or adversely affected without the consent of such Holder.

Section 4.8. *Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default*. Except as provided in <u>Section 4.6</u>, no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

No delay or omission of the Trustee or of any Securityholder to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section <u>4.6</u>, every power and remedy given by this Indenture or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

Section 4.9. *Control by Securityholders*. Subject to <u>Section 5.1(e)</u>, the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities by this Indenture; <u>provided</u> that such direction shall not be otherwise than in accordance with law and the provisions of this Indenture and shall not expose the Trustee to personal liability and shall not be unduly prejudicial to the interests of Holders of the Securities not joining in the giving of said direction, it being understood that the Trustee shall have no duty to ascertain whether or not such actions or forbearance are unduly prejudicial to such Holders.

Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or directions by Securityholders.

Section 4.10. *Waiver of Past Defaults*. The Holders of a majority in aggregate principal amount of the Outstanding Securities may, on behalf of the Holders of all the Securities, waive any past or present default or Event of Default with respect to such Securities and its consequences, except a default in respect of a covenant or provision hereof that cannot be modified or amended without the consent of greater than a majority of the Holders of Outstanding Securities as provided in <u>Section 7.2</u>. In the case of any such waiver, IRSA, the Trustee and the Holders of Securities shall be restored to their former positions and rights hereunder, respectively.

Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred with respect to the Securities, and any Event of Default arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon or affect the Securities.

Section 4.11. *Payments after a Default*. Upon the occurrence of an Event of Default with respect to the Securities and the subsequent declaration by the Trustee or the relevant Holders that the principal amount of all the Securities is due and payable immediately, the Trustee may by notice in writing: to IRSA and any Paying Agent, require each Paying Agent to deliver all Securities and all moneys, documents and records held by it with respect to the Securities to the Trustee or as the Trustee otherwise directs in such notice; and require any Paying Agent to act as agent of the Trustee under this Indenture and the Securities, and thereafter to hold all Securities and all moneys, documents and records held by it in respect to such Securities to the order of the Trustee; <u>provided</u> that the Trustee shall not thereby become obligated, or have any obligation, to compensate or indemnify such Paying Agent or to reimburse such Paying Agent for any expense.

Section 4.12. *Notice of Events of Default*. If an Event of Default occurs and is continuing with respect to the Securities of which the Trustee is deemed to have knowledge in accordance with <u>Section 5.2</u>, the Trustee shall give to the Holders of Securities a notice of the Event of Default in accordance with Section <u>12.4</u> within ninety (90) days after the Trustee is deemed to have knowledge unless such Event of Default shall have been cured or waived. Except in the case of a default in payment on any Security, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders.

ARTICLE V

<br>CONCERNING THE TRUSTEE

Section 5.1. *Duties and Responsibilities of the Trustee*. Except during the continuance of an Event of Default,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such statements, certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise under the circumstances in the conduct of such person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligence or willful misconduct, except that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) this Section <u>5.1(c)</u> shall not be construed to limit the effect of <u>Section 5.1(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) none of the provisions contained in this Indenture shall require the Trustee to expend, advance or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not herein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this <u>Article V</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any provision herein to the contrary, the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture unless such Securityholders shall have offered to the Trustee security and/or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred thereby.

Section 5.2. *Certain Rights of the Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution of the Board of Directors, Officer's Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any request, direction, order or demand of IRSA mentioned herein shall be sufficiently evidenced by a Company Order (unless other evidence in respect thereof is herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the secretary of the Board of Directors of IRSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, guarantee, note, coupon, security, or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document but, in the case of any document which is specifically required to be furnished to the Trustee pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may consult with counsel at IRSA's expense and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee may execute any of its powers or perform any of its duties hereunder either directly or by or through agents or attorneys not regularly in its employ and the Trustee shall not be responsible for any negligence or misconduct on the part of any such agent or attorney appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its rights to be indemnified, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder and each Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee or any Agent be liable under or in connection with this Indenture and the Securities for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee or such Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee shall not be deemed to have notice of any Default or Event of Default with respect to the Securities unless written notice of any event which is in fact such a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trustee may at any time request, and IRSA shall, deliver an Officer's Certificate setting forth the specimen signatures and the names of individuals and/or titles of Officers and Authorized Persons authorized at such time to take specified actions pursuant to this Indenture, which Officer's Certificate may be signed by any Person authorized to sign an Officer's Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Notwithstanding any provision herein to the contrary, in no event shall the Trustee or any Agent be liable for any failure or delay in the performance of its obligations under this Indenture because of circumstances beyond its control, including, but not limited to, acts of God, epidemics, pandemics, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Indenture, inability to obtain material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications or computer facilities, and other causes beyond its control whether or not of the same class or kind as specifically named above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Neither the Trustee nor any Agent shall have any liability or responsibility with respect to, or obligation or duty to monitor, determine or inquire as to IRSA's compliance with any covenant under this Indenture (other than the covenant to make payment on the Securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any resolutions of the Board of Directors of IRSA required to be delivered to the Trustee pursuant to this Indenture may be in Spanish and need not be accompanied by an English translation and the Trustee shall have not duty or obligation to review such resolutions or otherwise inquire as to or confirm the content thereof, except as expressly set forth in <u>Section 5.3</u>, and the Trustee may conclusively rely upon the receipt of any such resolutions as to the requisite authority for the action relating to purpose for which they were delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To the extent that the consent or authorization of the CNV, A3, BYMA or any other Argentine governmental or regulatory authority or compliance with the Argentine Negotiable Obligations Law is required for IRSA's, the Trustee's or any Agent's performance under the Securities or this Indenture, none of the Trustee or any Agent shall have any duty or obligation to determine whether such approval, consent or authorization or compliance is required or any duty or obligation to obtain any consent, approval or authorization or ensure such compliance. IRSA shall notify the Trustee and the Agents, as applicable, in writing if the approval, consent or authorization of the CNV, A3, BYMA or such other Argentine governmental or regulatory authority or compliance with the Argentine Negotiable Obligations Law, as applicable, is required for IRSA's or the Trustee's or any Agent's performance under the Securities or this Indenture and, if applicable, whether or not such consent has been obtained by IRSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Neither the Trustee nor any Agent shall be liable or responsible for determining if the aggregate principal amount of Securities issued under this Indenture (together with any other debt securities issued pursuant to the Program) exceed the maximum amount of debt securities issuable pursuant to the Program. IRSA's delivery of Securities to the Trustee for authentication for time to time pursuant to <u>Section 2.4</u> shall constitute a representation and warranty by IRSA that the issuance and authentication of such Securities shall not cause the maximum aggregate principal amount of outstanding debt securities allowed under the Program to be exceeded.

Section 5.3. *Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof*. The recitals contained herein and in the Securities, except the Trustee's certificates of authentication in the Securities, shall be taken as the statements of IRSA, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Indenture, the Exchange Offer Memorandum or any offering materials or of the Securities; provided that the Trustee represents that (i) it is duly authorized to execute this Indenture and perform its obligations hereunder, and (ii) it has reviewed the English translations of the relevant provisions of IRSA's shareholders' meeting minutes and IRSA's Board of Directors' meeting minutes referenced in the second and third recitals to this Indenture authorizing the creation of the Program and the issuance of the Securities. The Trustee shall not be accountable for the use or application by IRSA of any of the Securities or of the proceeds thereof.

Section 5.4. *Trustee and Agents May Hold Securities; Collections, etc*. The Trustee or any agent of IRSA or the Trustee, in its individual or any other capacity, may become the owner or pledgee of the Securities with the same rights it would have if it were not the Trustee or such agent and may otherwise deal with IRSA and receive, collect, hold and retain collections from IRSA with the same rights it would have if it were not the Trustee or such agent. If the Trustee has or shall acquire a conflicting interest (within the meaning of the Trust Indenture Act), the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided, and subject to the provisions of the Trust Indenture Act and this Indenture.

Section 5.5. *Moneys Held By Trustee*. Subject to the provisions of <u>Section 9.4</u>, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. None of the Trustee, any Agent or any other agent of IRSA or the Trustee shall be under any liability for interest on or investment of any moneys received by it hereunder.

Section 5.6. *Compensation and Indemnification of Trustee and Its Prior Claim*. IRSA covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such amount as shall have been agreed in writing by IRSA and the Trustee (such compensation not to be limited by any provision of law in regards to the compensation of a trustee of an express trust) and reimbursement of its reasonable, documented and invoiced out-of-pocket expenses, disbursements and advances (including the reasonable fees and expenses, disbursements and advances of its agents and counsel) incurred by it in connection with the services rendered by it hereunder.

IRSA also covenants to indemnify each of the Trustee and each Agent for, and to hold each of them harmless against any and all loss, damage, claim, cost, liability or expense (including, without limitation, the reasonable compensation and the expenses and disbursements of its counsel) arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder and the performance of its duties and/or the exercise of its rights hereunder, including the reasonable costs and expenses of defending itself (including, without limitation, the reasonable compensation and the expenses and disbursements of its counsel) against or investigating any claim or liability in the premises, except to the extent such loss, liability or expense is due to its own negligence or willful misconduct (duly declared as such by a final decision of a competent court). The obligations of IRSA under this <u>Section 5.6</u> to compensate and indemnify the Trustee, each Agent and each predecessor Trustee and Agent and to pay or reimburse the Trustee, each Agent and each predecessor Trustee and Agent for expenses, disbursements and advances shall constitute additional Indebtedness hereunder and shall survive payment of the Securities, the resignation or removal of the Trustee or any Agent and/or the satisfaction and discharge of this Indenture. As security for the performance of IRSA's obligations under this Indenture, the Trustee and each Agent shall have a lien prior to the Securities on all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Securities.

When the Trustee or any Agent incurs expenses or renders services after an Event of Default specified in <u>Section 4.1(d)</u> or <u>(e)</u> occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any bankruptcy law.

Section 5.7. *Right of Trustee to Rely on Officer's Certificate, etc*. Whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof shall be herein specifically prescribed) may be deemed to be conclusively proved and established by an Officer's Certificate delivered to the Trustee, and such certificate shall be full warranty to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof.

Section 5.8. *Persons Eligible for Appointment as Trustee*. The Trustee for the Securities hereunder shall at all times be a Person that has a combined capital and surplus of at least US$50,000,000, is authorized under the laws of the jurisdiction in which it is doing business to exercise corporate trust powers, and is subject to supervision or examination by federal, state, territorial or other governmental authority. If such Person publishes reports of condition at least annually, pursuant to the law or to the requirements of such federal, state, territorial or other governmental authority, then for the purposes of this <u>Section 5.8</u>, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

Section 5.9. *Resignation and Removal; Appointment of Successor Trustee* Subject to <u>Section 5.9(d)</u>, the Trustee, or any trustee hereafter appointed, may at any time resign with respect to the Securities by giving thirty (30) days' written notice of resignation to IRSA. If at any time the Trustee shall cease to be eligible in accordance with the provisions of <u>Section 5.8</u>, it shall resign immediately in the manner and with the effect hereinafter specified in this Section <u>5.9</u>. Upon receiving such notice of resignation, IRSA shall promptly appoint a successor trustee for the Securities by written instrument in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Trustee may, at the expense of IRSA, petition any court of competent jurisdiction for the appointment of a successor trustee, or the Holders of at least 10% in aggregate principal amount of the Outstanding Securities may petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and as it may prescribe, appoint a successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In case at any time any of the following shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall cease to be eligible in accordance with the provisions of Section <u>5.8</u> and shall fail to resign after written request therefor by or on behalf of IRSA or by any Securityholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall become incapable of acting with respect to the Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

then, in any such case, (i) IRSA may, by a resolution of the Board of Directors and written notice to the Trustee, remove the Trustee with respect to the Securities and appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or (ii) the Holders of at least 10% in aggregate principal amount of the Outstanding Securities may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such Securities. Such court may thereupon, after such notice, if any, as it may deem proper and as it may prescribe, remove the Trustee and appoint a successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Holders of a majority in aggregate principal amount of the Securities at the time Outstanding may at any time remove the Trustee and appoint a successor trustee by delivering to the Trustee so removed, to the successor trustee so appointed and to IRSA the evidence provided for in Section <u>6.1</u> of the action in that regard taken by such Securityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any resignation or removal of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this <u>Section 5.9</u> shall not become effective prior to acceptance of appointment by the successor trustee as provided in Section <u>5.10</u>.

Section 5.10. *Acceptance of Appointment by Successor Trustee*. Any successor trustee appointed as provided in Section <u>5.9</u> shall execute and deliver to IRSA and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee for the Securities hereunder; but, nevertheless, on the written request of IRSA or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section <u>9.4</u>, pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor trustee, IRSA shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior lien upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of <u>Section 5.6</u>.

Upon acceptance of appointment by any successor trustee as provided in this Section <u>5.10</u>, IRSA shall give, at its expense, notice thereof to the Securityholders as specified in <u>Section 12.4</u> and the CNV, which notice shall include the name of the successor trustee and the address of its Corporate Trust Office. If IRSA fails to give such notice within ten (10) days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be given at the expense of IRSA.

No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under <u>Section 5.8</u>.

Section 5.11. *Merger, Conversion, Consolidation or Succession to Business of Trustee*. Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to substantially all the corporate trust business of the Trustee, including this transaction, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; <u>provided</u> that such Person shall be eligible under the provisions of <u>Section 5.8</u>.

Section 5.12. *Representative of the Trustee in Argentina*. As long as it is required by Argentine law or by the CNV, IRSA shall appoint a representative in Argentina for the sole purpose of receiving notices from the CNV and/or Holders. Banco Santander Argentina S.A. will initially act as the Representative of the Trustee in Argentina for such purposes. The Representative of the Trustee in Argentina accepts its appointment in relation to the Securities and shall perform all matters expressed to be performed by it in, and otherwise comply with, the provisions of Section <u>5.13</u>.

Section 5.13. *Application to Agents and to the Representative of the Trustee in Argentina*. The Representative of the Trustee in Argentina need perform only those duties that are specifically set forth in this <u>Section 5.13</u>, and such duties shall be determined solely by the express provisions of this <u>Section 5.13</u>, or as Representative of the Trustee in Argentina may agree in writing from time to time with the Trustee and IRSA. No implied covenants or obligations shall be read into this <u>Section 5.13</u>, against the Representative of the Trustee in Argentina. The Representative of the Trustee in Argentina shall have only the rights and powers stated below. It is further acknowledged that the Representative of the Trustee in Argentina is not and shall not be considered as if it were the Trustee's general attorney.

The duties of the Representative of the Trustee in Argentina are solely to: receive from Holders, IRSA, the Agents and any governmental or regulatory authority or entity, all letters, claims, requests, memoranda or any other document required by Argentine law or by the CNV Rules to be sent to, and received by, the Trustee, within three (3) Business Days of receipt, notify and/or deliver to the Trustee all such letters, claims, requests, memoranda or documents, and following the express written instructions of the Trustee, and only if such instructions are given by the Trustee, respond to or answer such letters, claims, requests, memoranda or documents.

The Representative of the Trustee in Argentina shall not be liable for any action it takes or omits to take in good faith, which it believes to be authorized or within its discretion, rights or powers.

IRSA shall pay to the Representative of the Trustee in Argentina from time to time, and the Representative of the Trustee in Argentina shall be entitled to, such compensation for its acceptance of this Section <u>5.13</u> and its services hereunder. The fees of the Representative of the Trustee in Argentina shall be in an amount agreed between IRSA and the Representative of the Trustee in Argentina. IRSA shall reimburse the Representative of the Trustee in Argentina promptly upon request for all reasonable disbursements, advances and expenses incurred or made by or on behalf of it in addition to the compensation for its services. Such expenses may include the reasonable compensation, disbursements and expenses of the Representative of the Trustee in Argentina's agents, counsel and other persons not regularly in its employ.

IRSA agrees to indemnify the Representative of the Trustee in Argentina for, and to hold it harmless against, any loss, liability or expense, including, without limitation, the fees and expenses of legal counsel, reasonably incurred without negligence, bad faith or willful misconduct on its part, arising out of or in connection with the acceptance of its commitments hereunder, the performance of its duties hereunder and/or the exercise of its rights hereunder, including, without limitation, the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

Section 5.14. *Application to Agents*. IRSA hereby agrees that the rights, protections, immunities and indemnities in the provisions of Section <u>5.1</u>, <u>5.2</u>, <u>5.3</u>, <u>5.4</u>, <u>5.5</u>, <u>5.6</u>, <u>5.7</u> and <u>5.12</u> shall apply to the Agents and to the Representative of the Trustee in Argentina as if each of the Agents and the Representative of the Trustee in Argentina were expressly named therein.

ARTICLE VI

<br>CONCERNING THE SECURITYHOLDERS

Section 6.1. *Evidence of Action Taken by Securityholders*. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the Holders of a specified percentage in aggregate principal amount the Outstanding Securities may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments is or are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and IRSA, if made in the manner provided in this Article <u>VI</u>.

Section 6.2. *Proof of Execution of Instruments and of Holding of Securities; Record Date*. The execution of any instrument by a Securityholder or his agent or proxy may be proved in accordance with <u>Section 6.6</u> and such reasonable applicable rules and regulations or in such manner as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Register maintained pursuant to <u>Section 2.10</u>. IRSA, by or pursuant to a resolution of its Board of Directors, may set a record date for purposes of determining the identity of Holders of Securities entitled to vote or consent to any action referred to in <u>Section 6.1</u>, which record date may be set by IRSA at any time or from time to time. Any such record date shall be notified to the Trustee in writing not more than sixty (60) days nor less than five (5) days prior to the proposed date of such vote or consent. Notwithstanding any other provisions hereof, only Holders of Securities of record on such record date shall be entitled to so vote or give such consent or revoke such vote or consent. The Trustee shall provide to IRSA at its request a written notice with the details of the Holders of record of each relevant record date.

Section 6.3. *Holders to Be Treated as Owners*. Subject to the rights of the relevant Holders as of a Regular Record Date to receive payments to which they are entitled on the relevant Payment Date and Section<u>2.9</u>, IRSA, the Trustee, the Agents and any agent of IRSA, the Trustee or the Agents may deem and treat any Person in whose name any Security shall be registered upon the Register as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security (including Additional Amounts) and for all other purposes; and none of IRSA, the Trustee, any Agent and any agent of IRSA, the Trustee or any Agent shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent IRSA , the Trustee, the Agents or any agent of IRSA, the Trustee or any Agent, from giving effect to any written certification, proxy or other authorization furnished by any Depositary, as Holder of such Global Security, or impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee), as Holder of such Global Security.

Section 6.4. *Securities Owned by IRSA Deemed Not Outstanding*. In determining whether quorum has been established in accordance with <u>Section 6.6(a)(i)</u> or whether the Holders of the requisite aggregate principal amount of Outstanding Securities have concurred in any request, consent or waiver under this Indenture, Securities that are owned by IRSA or any of its Subsidiaries or any other obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such request, consent or waiver, only Securities with respect to which a Responsible Officer of the Trustee has received written notice that such Securities are so owned shall be so disregarded. Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee's right so to act with respect to such Securities and that the pledgee is not IRSA or any of its Subsidiaries or any other obligor upon such Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, IRSA shall furnish to the Trustee promptly an Officer's Certificate listing and identifying all Securities, if any, known by IRSA to be owned or held by or for the account of any of the above-described Persons, and the Trustee shall be entitled to accept such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination.

Section 6.5. *Right of Revocation of Action Taken*. At any time prior to (but not after) the evidencing to the Trustee, as provided in <u>Section 6.1</u>, of the taking of any action by the Holders of the percentage in aggregate principal amount of Securities specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article <u>VI</u>, revoke such action so far as concerns such Security; <u>provided</u>, however, that such action may only be revoked in respect of such Security if any applicable withdrawal deadline in respect of the applicable consent solicitation or waiver request related to such action has not already passed. Except as aforesaid any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities or of the percentage of votes cast, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon IRSA, the Trustee and the Holders of all the Securities affected by such action.

Section 6.6. *Securityholders' Meetings*. Each of IRSA (through the Board of Directors or the Supervisory Committee of IRSA) and the Trustee may at any time call a meeting of the Holders of the Securities for the purpose of entering into a supplemental indenture as provided in Section <u>7.2</u> or waiving a past default as provided in Section <u>4.10</u>. In addition, a meeting of the Holders of Securities may be called by IRSA (through IRSA's Board of Directors or Supervisory Committee) at its discretion, or upon request of the Trustee or the Holders of at least 5% in aggregate principal amount of the Outstanding Securities. If a meeting is held pursuant to the written request of Holders of Securities, such meeting will be convened within 40 days from the date such written request is received by IRSA. In the case of a request to call a meeting by Holders, IRSA shall notify the Trustee in writing of such request. In the event the Board of Directors or the Supervisory Committee of IRSA shall fail to call a meeting requested by the Trustee or the Holders as provided in the immediately preceding sentence, the meeting may be called by the CNV or by a competent court at the request of the Holders. Any such meeting shall be held simultaneously in the City of Buenos Aires and New York City by means of telecommunications which permit the participants to hear and speak to each other; provided that meetings may be held virtually (in such case, and for the avoidance of doubt, it shall not be required to be held simultaneously in the City of Buenos Aires and New York City), to the extent permitted by the Argentine Negotiable Obligations Law and shall be subject to the requirements set forth therein. If a meeting is being held pursuant to the written request of Holders, the agenda for the meeting shall be that set forth in the request made by such Holders and such meeting shall be convened within forty (40) days from the date such written request is received by the Trustee or IRSA, as the case may be. Notice of any meeting of Holders of Securities (which shall include the date, place and time of the meeting, the agenda therefor and the requirements to attend) shall be given by IRSA not less than ten (10) days nor more than thirty (30) days prior to the date fixed for the meeting in accordance with Section <u>12.4</u> and in the Official Gazette of Argentina (*Boletín Oficial*), in one other newspaper of wide circulation in Argentina, and also in the manner provided under Section <u>12.4</u> and any publication thereof shall be for five (5) consecutive Business Days in each place of publication. Meetings of Holders may be simultaneously convened for two (2) dates, in case the initial meeting were to be adjourned for lack of quorum. To be entitled to vote at any meeting of Securityholders a Person shall be a Holder of one or more Securities as of the relevant record date determined pursuant to Section <u>6.2</u> or a Person appointed by an instrument in writing as proxy by such Holder. The only Persons who shall be entitled to be present or to speak at any meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel, any representatives of IRSA and its counsel and the Trustee and its counsel. Pursuant to the Argentine Negotiable Obligations Law, approval of any amendment, supplement or waiver by the Holders of Securities requires the consent of such Holders to be obtained pursuant to a meeting of Holders of Securities held in accordance with the provisions of the Argentine Negotiable Obligations Law or pursuant to any other reliable means that ensure Holders of Securities prior access to information and allow them to vote, in accordance with Section 14 of the Argentine Negotiable Obligations Law (as amended by Section 151 of the Argentine Productive Financing Law) and any other applicable regulation. For the purposes of clarification, Holders of Securities may take such actions outside of Argentina in any other manner permitted by New York law (such as via written consent); however, no such action will be valid under Argentine law until (i) it has been ratified by a meeting of Holders (or their representatives) held in accordance with the Argentine Negotiable Obligations Law as described in this Article <u>VI</u>, or (ii) until Holders have granted their consent pursuant to any other reliable means that ensures Holders of Securities prior access to information and allows them to vote, in accordance with Section 14 of the Argentine Negotiable Obligations Law (as amended by Section 151 of the Argentine Productive Financing Law) and other applicable regulations. Notwithstanding the method of approval by Securityholders of the Securities, whether at a meeting of Securityholders or by written action, any modification, amendment or waiver to any provision of this Indenture or to the Securities must be approved by Securityholders holding the applicable aggregate principal amount of Outstanding Securities required by this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The quorum at any meeting of Holders of the Securities called to adopt a resolution will be Persons holding or representing a majority in aggregate principal amount of the Outstanding Securities and at any reconvened adjourned meetings will be the Persons present at such reconvened adjourned meeting. At a meeting or a reconvened adjourned meeting duly convened and at which a quorum is present, any resolution to modify or amend, or to waive compliance with, any provision of the Securities (other than items requiring consent of the Holders of 85% in aggregate principal amount of the Outstanding Securities) will be validly passed and decided if approved by the Persons entitled to vote a majority in aggregate principal amount of the Securities then Outstanding represented and voting at the meeting. Any modifications, amendments or waivers to this Indenture or to the Securities will be conclusive and binding upon all Holders of Securities whether or not they have given such consent or were present at any meeting, and on all Securities; <u>provided</u>, <u>however</u>, that no modifications, amendments or waivers to this Indenture or to the Securities will be effective unless the consent of the Holders of the percentage of aggregate principal amount of Outstanding Securities required by this Indenture has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Securityholder who has executed an instrument in writing appointing a Person as proxy shall be deemed to be present for the purposes of determining a quorum and be deemed to have voted; <u>provided</u> that such Securityholder shall be considered as present or voting only with respect to the matters covered by such instrument in writing. Any resolution passed or decision taken at any meeting of Securityholders duly held in accordance with this Section <u>6.6</u>, shall be binding on all the Securityholders whether or not present or represented at the meeting; <u>provided</u>, <u>however</u>, that no modifications, amendments or waivers to this Indenture or to the Securities will be effective unless the consent of the Holders of the percentage of aggregate principal amount of Outstanding Securities required by this Indenture has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment of any proxy shall be proved by having the signature of the Person executing the proxy guaranteed or certified by any notary public, bank or trust company or judicially certified in the manner provided under Argentine law. The following persons may not act as proxies: members of the Board of Directors or of the Supervisory Committee of IRSA and managers and other employees of IRSA. The holding of Securities shall be proved by the Register maintained in accordance with Section <u>2.10</u>; <u>provided</u> that the holding of a beneficial interest in a Global Security shall be proved by a certificate or certificates of DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee, acting as representative of the Holders, may appoint a representative to act as the chairman of each meeting of the Holders of the Securities. If the Trustee elects not to designate a representative to act as chairman of the meeting, IRSA shall designate a member of the Supervisory Committee to act as chairman of the meeting. If IRSA fails to designate such a person, the chairman of the meeting shall be (i) a person elected by vote of the Holders of a majority in aggregate principal amount of the Outstanding Securities represented at the meeting, (ii) a representative of the CNV or (iii) a person appointed by a competent court. Notwithstanding the foregoing, if the meeting is called by the CNV or by a competent court at the request of the Holders of the Securities, the CNV or the competent court shall designate a Person to act as chairman. The secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Outstanding Securities represented at the meeting. At any meeting of Securityholders, each Securityholder or proxy shall be entitled to cast one vote for each U.S. dollar in the principal amount of the Outstanding Securities held by such Holder or represented by such proxy. No vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote except as a Holder or proxy. Any meeting of Holders duly called at which a quorum is present may be adjourned from time to time, and the meeting may be held as so adjourned without further notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The vote upon any resolution submitted to any meeting of Securityholders shall be by written ballot on which shall be subscribed the signatures of the Securityholders or proxies and on which shall be inscribed the serial number or numbers of the Securities held or represented by them. A record in duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record the ballots of the votes. The record shall be signed and verified by the chairman and secretary of the meeting and one of the duplicates shall be delivered to IRSA and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For avoidance of doubt, the Trustee shall not be required or otherwise obligated to attend any meeting of the Holders of the Securities; <u>provided</u> <u>however</u> that in the event IRSA or the Holders notify the Trustee that a meeting of the Holders of the Securities will be held, upon request of IRSA, the Trustee shall deliver written notice to the requesting party indicating whether or not the Trustee shall attend such meeting.

Section 6.7. *Preservation of Information; Communications to Holders*. The Trustee, in its capacity as Co-Registrar, shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee and the names and addresses of Holders received by the Trustee in its capacity as Co- Registrar. The Trustee may destroy any list furnished to it upon receipt of a new list so furnished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every Holder of Securities, by receiving and holding the same, agrees with IRSA and the Trustee that neither IRSA nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the provisions of this Indenture or the Trust Indenture Act.

Section 6.8. *Reports by IRSA*.IRSA shall file with the Trustee, and transmit to Holders, such information, documents and other reports, and such summaries thereof, if any, as may be required pursuant to this Indenture.

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt thereof shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including compliance by IRSA or its Subsidiaries with any of their respective covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer's Certificate).

ARTICLE VII

SUPPLEMENTAL INDENTURES

Section 7.1. *Supplemental Indentures Without Consent of Securityholders*. IRSA, when authorized by a resolution of the Board of Directors of IRSA, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adding to the covenants of IRSA such further covenants, restrictions, conditions or provisions as are for the benefit of the Holders of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) surrendering any right or power conferred upon IRSA hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidencing the succession of another Person to IRSA and the assumption by any such successor of the covenants and obligations of IRSA in the Securities and in this Indenture pursuant to Article <u>VIII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) complying with any requirement of the CNV, BYMA and/or the A3 in order to effect and maintain the qualification of this Indenture under Argentine law with such institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) complying with any requirements of the SEC in order to qualify this Indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) making any modification to conform this Indenture to the "Description of the New Notes" in the Exchange Offer Memorandum and the "Description of the Notes" in the Offering Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) making any modification which is of a minor or technical nature or correcting or supplementing any ambiguous, inconsistent or defective provision contained in this Indenture or in the Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) making any other modification or granting any waiver or authorization of any breach or proposed breach hereunder of any of the terms and conditions of the Securities or any other provisions of this Indenture in any manner which does not adversely affect the interests of the Holders of Securities in any material respect.

Each of the Trustee and the Agents is hereby authorized to join with IRSA in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but neither the Trustee nor any Agent shall be obligated to enter into any such supplemental indenture that adversely affects the Trustee's own or such Agent's own rights, duties or immunities under this Indenture or otherwise; <u>provided</u>, <u>however</u>, that no supplemental indenture shall amend, modify or supplement the rights, duties or immunities of any Agent unless executed by such Agent.

Any supplemental indenture authorized by the provisions of this Section <u>7.1</u> may be executed without the consent of the Holders of the Securities at the time Outstanding, notwithstanding any of the provisions of <u>Section 7.2</u>.

Promptly after the execution by IRSA and the Trustee of any supplemental indenture pursuant to the provisions of this Section <u>7.1</u>, IRSA, at its expense, shall give notice thereof to the Holders as specified in <u>Section 12.4</u>, and shall give notice to the CNV, BYMA and the A3, as applicable, setting forth in general terms the substance of such supplemental indenture. Any failure of IRSA to give notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

Section 7.2. *Supplemental Indentures With Consent of Securityholders*. Without limiting the provisions of Section <u>7.1</u>, IRSA, when authorized by a resolution of the Board of Directors of IRSA, and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of modifying and amending this Indenture and the Securities and/or waiving future compliance or past Default by IRSA, with the consent of the Holders of a majority in aggregate principal amount of Outstanding Securities represented and voting at a meeting of Holders or an adjourned meeting duly convened at which a quorum is present as provided in <u>Section 6.6(a)(i)</u>, or by any other reliable means as provided in such Section; <u>provided</u> that no such supplemental indenture shall, without the consent of at least 85% of the Holders of all of the Outstanding Securities affected thereby, extend the scheduled due date for the payment of principal of, premium, if any, or any installment of interest on any such Security, reduce the principal amount of, the stated rate of interest on or the premium payable upon redemption of any such Security, reduce the obligation of IRSA to pay Additional Amounts on any such Security, shorten the period during which IRSA is not permitted to redeem any such Security, change the required places at which any such Security or the premium or interest thereon is payable, reduce the percentage of the aggregate principal amount of such Securities necessary to modify, amend or supplement this Indenture or such Securities, or for waiver of compliance with certain provisions hereof or thereof or for waiver of certain defaults, or reduce the percentage of the aggregate principal amount of Outstanding Securities required for the adoption of a resolution or the quorum required at any meeting of Holders of such Securities at which a resolution is adopted or to consent to any amendments through written consent.

Upon the request of IRSA and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by <u>Section 6.1</u> and upon the Trustee's receipt of the documents required by Section <u>7.4</u>, the Trustee shall join with IRSA in the execution of any such supplemental indenture, but neither the Trustee nor any Agent shall be obligated to enter into any such supplemental indenture that adversely affects the Trustee's own or such Agent's own rights, duties or immunities under this Indenture or otherwise; <u>provided</u>, <u>however</u>, that no supplemental indenture shall amend, modify or supplement the rights, duties or immunities of any Agent unless executed by such Agent.

It shall not be necessary for the consent of the Securityholders under this <u>Section 7.2</u> to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

Promptly after the execution by IRSA and the Trustee of any supplemental indenture pursuant to the provisions of this <u>Section 7.2</u>, IRSA, at its expense, shall give notice thereof to the Holders as provided in Section <u>12.4</u>, and to the CNV, setting forth in general terms the substance of such supplemental indenture. If IRSA shall fail to give such notice to the Holders within fifteen (15) days after the execution of such supplemental indenture and a Responsible Officer of the Trustee shall have notice of such failure, the Trustee shall give notice to the Holders as provided in <u>Section 12.4</u> at the expense of IRSA. Any failure of IRSA or the Trustee to give such notice, or defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

Section 7.3. *Effect of Supplemental Indenture*. Upon the execution of any supplemental indenture pursuant to the provisions hereof and upon receipt of any necessary approval of the CNV, if applicable, this Indenture and the Securities shall be and shall be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture with respect to the Trustee, IRSA and the Holders of Securities shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

Section 7.4. *Documents to Be Given to the Trustee*. In connection with any amendment or supplemental indenture, the Trustee shall be entitled to receive, and shall be fully protected in conclusively relying upon, an Officer's Certificate and an Opinion of Counsel and receipt of resolutions of the Board of Directors as conclusive evidence that any supplemental indenture executed pursuant to this <u>Article VII</u> has been duly authorized by IRSA, complies with the applicable provisions of this Indenture and is authorized or permitted by the terms of this Indenture.

Section 7.5. *Notation on Securities in Respect of Supplemental Indentures*. Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this <u>Article VII</u> may and shall if required by IRSA, bear a notation in form and manner approved by IRSA as to any matter provided for by such supplemental indenture or as to any action taken at any such meeting. If IRSA shall so determine, new Securities modified so as to conform to any modification of this Indenture contained in any such supplemental indenture may be prepared by IRSA at its expense, authenticated by the Trustee and delivered in exchange for the Securities then Outstanding.

Section 7.6. *Conformity with Argentine Negotiable Obligations Law*. Every supplemental indenture executed pursuant to this <u>Article VII</u> shall conform to the requirements of the Argentine Negotiable Obligations Law, the Capital Markets Law and the CNV Rules, as then in effect.

ARTICLE VIII

MERGER, CONSOLIDATION, SALE OR CONVEYANCE

Section 8.1. *IRSA May Consolidate, etc., on Certain Terms*. IRSA covenants that it will not, in a single transaction or series of related transactions, consolidate with or merge into, any Person (whether or not IRSA is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of IRSA's properties and assets (determined on a consolidated basis for IRSA and its Subsidiaries), to any Person unless either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) IRSA shall be the surviving or continuing corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Person (if other than IRSA) formed by such consolidation or into which IRSA is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties and assets of IRSA and of IRSA's Subsidiaries (the "<u>Surviving Entity</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) shall be a corporation, organized and validly existing under the laws of a Qualified Merger Jurisdiction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on all of the Securities and the performance and observance of every covenant of the Securities and this Indenture on the part of IRSA to be performed or observed.

For purposes of this <u>Section 8.1</u>, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of related transactions) of all or substantially all of the properties or assets of one or more Subsidiaries of IRSA, the Capital Stock of which constitutes all or substantially all of the properties and assets of IRSA (determined on a consolidated basis for IRSA and its Subsidiaries), will be deemed to be the transfer of all or substantially all of the properties and assets of IRSA.

Section 8.2. *Surviving Entity Substituted*. Upon any such consolidation, merger, sale, transfer, lease or other conveyance or disposal of all or substantially all of the properties and assets of IRSA and its Subsidiaries, in which IRSA is not the continuing entity, such Surviving Entity formed by such consolidation or into which IRSA is merged or to which such conveyance, lease or transfer is made, shall succeed to and be substituted for, and may exercise every right and power of IRSA under this Indenture and the Securities with the same effect as if such Surviving Entity had been named as such. Upon such substitution, IRSA will be released from its obligations under this Indenture.

In case of any such consolidation, merger, sale, transfer, lease or conveyance, such changes in phraseology and form (but not in substance) may be made in this Indenture and/or the Securities thereafter to be issued as may be appropriate.

In the event of any such sale or conveyance (other than a conveyance by way of lease) and assumption by the Surviving Entity, IRSA shall be discharged from all obligations and covenants under this Indenture and the Securities to be performed by IRSA and may be liquidated and dissolved.

By purchasing Securities, Holders expressly waive their right to objection contemplated in Sections 83 and 88, and related provisions of the Argentine Companies Law and Section 4 of the Argentine Law No. 11,867, in the event that the merger or consolidation or the sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all the properties and assets of IRSA (determined on a consolidated basis) is made under the terms and conditions permitted by this Article VIII.

No Surviving Entity shall have the right to redeem any Securities Outstanding unless IRSA would have been entitled to redeem such Securities pursuant to this Indenture in the absence of any such merger, consolidation, sale, transfer, lease or conveyance permitted under <u>Section 8.1</u>.

Section 8.3. *Documents to Trustee*. The Trustee may request, and IRSA shall provide, an Opinion of Counsel stating that any such consolidation, merger, sale, transfer, lease or other conveyance or disposition, and any such liquidation or dissolution, complies with the applicable provisions of this Indenture, the Securities and applicable law and an Opinion of Counsel and an Officer's Certificate stating that all conditions precedent relating to such transaction and the execution of such supplemental indenture, if any, have been satisfied, and the Trustee may conclusively rely on such Opinion of Counsel and Officer's Certificate as conclusive evidence of the matters described therein.

ARTICLE IX

SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

Section 9.1. *Satisfaction and Discharge of Indenture*. If at any time (1) IRSA shall have paid or caused to be paid the principal of and interest (including Additional Amounts) on all the Securities Outstanding hereunder (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid as provided in <u>Section 2.11</u>) as and when the same shall have become due and payable, or IRSA shall have delivered to the Trustee for cancellation all Securities theretofore authenticated (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section <u>2.11</u>, or all the Securities not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one (1) year or are to be called for redemption within one (1) year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and IRSA shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any Paying Agent to IRSA in accordance with <u>Section</u> <u>9.3</u> or <u>9.4</u><u>)</u> sufficient to pay at maturity or upon redemption all Securities (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in <u>Section 2.11</u>) not theretofore delivered to the Trustee for cancellation, including principal and interest (including Additional Amounts) due or to become due on or prior to such date of maturity or redemption, as the case may be, (2) IRSA has paid or caused to be paid all other sums payable hereunder by IRSA, and (3) IRSA has delivered an Officer's Certificate and an Opinion of Counsel to the Trustee certifying that all conditions precedent to the satisfaction and discharge of this Indenture have been satisfied; then this Indenture shall cease to be of further effect (except as to (i) rights of registration of transfer, exchange and replacement of Securities, and IRSA's right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of Holders to receive payments of principal thereof and interest thereon (including Additional Amounts), (iv) the rights, protections, indemnities, and immunities of the Trustee, each of the Agents and the Representative of the Trustee in Argentina hereunder and the obligations of IRSA with respect thereto, and (v) the rights of the Securityholders as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them), and the Trustee, on written demand of IRSA and at the cost and expense of IRSA, shall execute instruments acknowledging such satisfaction of and discharging this Indenture; <u>provided</u> that the rights of Holders of the Securities to receive amounts in respect of principal of and interest on the Securities held by them shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Securities are listed. IRSA agrees to reimburse the Trustee for any costs or expenses thereafter reasonably incurred (including reasonable fees and expenses of counsel) and to compensate the Trustee for any services thereafter rendered by the Trustee in accordance with the terms of this Indenture or the Securities. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of IRSA to the Trustee, the Agents and the Representative of the Trustee in Argentina under <u>Section 2.1</u>, <u>3.4(b)</u>, <u>5.6</u>, <u>5.13</u>, <u>5.14</u> and <u>11.5</u> shall survive.

Section 9.2. *Application by Trustee of Funds Deposited for Payment of Securities*. Subject to <u>Section 9.4</u>, all moneys deposited with the Trustee pursuant to Section <u>9.1</u> shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including IRSA acting as its own paying agent), to the Holders for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon as principal and interest (including Additional Amounts); but such money need not be segregated from other funds except to the extent required by law and the Trustee shall have no liability for interest thereon or the investment thereof.

Section 9.3. *Repayment of Moneys Held by Paying Agent*. In connection with the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture with respect to the Securities shall, upon written demand of IRSA, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

Section 9.4. *Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years*. Any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Security (including Additional Amounts) and not applied but remaining unclaimed for two (2) years after the date upon which such principal or interest (including Additional Amounts) or other amounts shall have become due and payable, shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to IRSA, upon written request, by the Trustee or such Paying Agent and all liability of the Trustee or any Paying Agent with respect to such moneys shall thereupon cease, and the Holder of such Security shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to IRSA for any payment that such Holder may be entitled to collect.

ARTICLE X

REDEMPTION AND REPURCHASE OF SECURITIES

Section 10.1. *Notice of Redemption; Partial Redemptions*. IRSA may redeem the Securities in accordance with this Article <u>X</u>. Notice of redemption to the Holders of Securities to be redeemed pursuant to Section <u>10.4</u>, Section <u>10.5</u>, Section <u>10.6</u>, Section <u>10.7</u> or <u>Section 3.21(f)</u> shall be given by IRSA to Holders as specified in Section <u>12.4</u> and, if applicable, to the CNV. Each notice of redemption at the option of IRSA shall specify the provision of this Indenture pursuant to which the redemption is being made, the aggregate principal amount of each Security held by the Holders to be redeemed, the date fixed for redemption (the "<u>Redemption Date</u>"), the redemption price, the place or places of payment, the CUSIP, ISIN, Common Code or other identifying codes, if any, that no representation is made as to the correctness or accuracy of the CUSIP, ISIN, Common Code or other identifying codes listed on such notice or printed on the Securities, that payment will be made upon presentation and surrender of such Securities, that interest accrued to (but excluding) the Redemption Date and any Additional Amounts will be paid as specified in such notice, that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue (unless IRSA defaults in the payment of any amounts due and owing under such Securities) and any other matter required to be specified therein by Argentine law or regulation. In case any Security is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the Redemption Date, upon surrender of any Certificated Security to be redeemed in part, a new Certificated Security or Securities in principal amount equal to the unredeemed portion thereof will be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IRSA shall deliver to the Trustee any notice of redemption specifying the information set forth above at least five (5) days prior to the date on which such notice of redemption will be given to the Holders or such later date as the Trustee shall agree. The notice of redemption of Securities to be redeemed at the option of IRSA shall be given to Holders by IRSA or, at IRSA's written request at least two (2) Business Days prior to the date notice of redemption is deliverable to the Holders, which such request shall include all of the information required to be set forth in the notice of redemption, by the Trustee in the name and at the expense of IRSA. Notice of redemption shall be given the Holders of the Securities to be redeemed at least five (5) days but not more than sixty (60) days before the Redemption Date; <u>provided</u>, <u>however</u>*,* that (i) notice of redemption pursuant to <u>Section 3.21(f)</u> shall be given to the Holders of the Securities at least thirty (30) days but not more than sixty (60) days before the Redemption Date and (ii) notice of redemption pursuant to Section <u>10.5</u> shall be given to the Holders of the Securities at least ten (10) days but not more than sixty (60) days before the Redemption Date. Such notice of redemption shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If less than all the Securities are to be redeemed at the option of IRSA, the particular Securities to be redeemed shall be selected (a) in the case of Global Securities, in accordance with the applicable procedures of the Depositary and (b) in the case of Certificated Securities, by the Trustee from the Outstanding Securities not previously called for redemption (i) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Securities are listed or (ii) on a pro rata basis to the extent practicable. Upon any partial redemption of Securities, the Trustee shall (i) in the case of Securities represented by a Global Security, adjust the aggregate principal amount of such Global Security to reflect the outstanding aggregate principal amount of the Securities after such redemption and (ii) in the case of Certificated Securities, to the extent required, authenticate and deliver in exchange therefor one or more Securities, of any authorized denomination as requested by the Holder thereof, in an aggregate principal amount equal to the unredeemed portion of the principal of such partially redeemed Security. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Securities or any multiple thereof. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security that has been or is to be redeemed.

Section 10.2. *Payment of Securities Called for Redemption*. On or before 10:00 AM (New York City time) one (1) Business Day prior to the Redemption Date specified in the notice of redemption given as provided in <u>Section 10.1</u>, IRSA will deposit with the Trustee (or, if IRSA is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section <u>3.4</u>) an amount of money sufficient to redeem on the Redemption Date all the Securities so called for redemption at the appropriate redemption price, together with accrued and unpaid interest, if any, to, but excluding the Redemption Date and any Additional Amounts. If notice of redemption has been given to the Holders as provided in <u>Section 10.1</u>, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to, but excluding, the Redemption Date and any Additional Amounts, and on and after said Redemption Date (unless IRSA shall default in the payment of such Securities at the redemption price, together with interest accrued to said date and any Additional Amounts) interest on the Securities or portions of Securities so called for redemption shall cease to accrue and, except as provided in <u>Section</u> <u>9.4</u>, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest accrued to the Redemption Date and any Additional Amounts. On presentation and surrender, of such Securities at a place of payment specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by IRSA at the applicable redemption price, together with interest accrued thereon to, but excluding, the Redemption Date and any Additional Amounts (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date).

From and after the Redemption Date, if IRSA has deposited with the applicable Paying Agent funds in satisfaction of the applicable redemption price together with accrued and unpaid interest and Additional Amounts, if any, thereon pursuant to this Indenture; provided that the Paying Agent is not prohibited from making payment to the Holders in accordance therewith, such Securities shall cease to bear interest, and the only right of the Holders of such Securities shall be to receive payment of the redemption price and all unpaid interest accrued to the Redemption Date and any Additional Amounts.

Notwithstanding any provision to the contrary in this Section <u>10.2</u>, if any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the Redemption Date at the rate specified in the Security.

Upon presentation of any Certificated Security redeemed in part only, IRSA shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of IRSA, a new Certificated Security or Securities, of authorized denominations, in principal amount equal to the unredeemed portion of the Certificated Security so presented.

Section 10.3. *Exclusion of Certain Securities from Eligibility for Selection for Redemption*. Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in an Officer's Certificate delivered to the Trustee at least ten (10) days prior to the date on which notice of redemption will be given as being owned of record and beneficially by, and not pledged or hypothecated by either IRSA or a Person specifically identified in such written statement as directly or indirectly controlled by IRSA.

Section 10.4. *Redemption at the Option of IRSA for Taxation Reasons*. The Securities may be redeemed at the option of IRSA in whole, but not in part, at any time, on giving not less than five (5) nor more than sixty (60) days' written notice (which shall be irrevocable) to the Holders and, if applicable, the CNV as required by <u>Section 10.1</u>, at 100% of the principal amount thereof, together with any accrued but unpaid interest and any Additional Amounts to, but excluding, the Redemption Date, if, as a result of any change in, or amendment to, the laws (or any regulations or rulings issued thereunder) of Argentina or any other jurisdiction in which IRSA (including any Surviving Entity) is organized or is resident for tax purposes or through which payment on the Securities is made, or any political subdivision thereof or any authority therein (each an "<u>Applicable Jurisdiction</u>"), or any change in the application, administration or official interpretation of such laws, regulations or rulings, including without limitation the holding of a court of competent jurisdiction (a "<u>Change in Tax Law</u>"), IRSA has or will become obligated to pay Additional Amounts on or in respect of the Securities, which change or amendment is announced and becomes effective on or after the Issue Date, and IRSA determines in good faith that such obligation cannot be avoided by IRSA taking reasonable measures available to it; <u>provided</u> that reasonable measures shall not include changing IRSA's jurisdiction of organization or the location of its principal executive office or incurring any cost or expense that IRSA deems in good faith to be material; and <u>provided</u> <u>further</u> that no such notice of redemption shall be given earlier than ninety (90) days prior to the earliest date on which IRSA would be obliged to pay such Additional Amounts were a payment in respect of the Securities then due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the distribution of any notice of redemption to the Holders pursuant to this Section <u>10.4</u>, IRSA shall deliver to the Trustee (i) an Officer's Certificate stating that IRSA has or will become obligated to pay Additional Amounts as a result of a Change in Tax Law and that such obligation cannot be avoided by IRSA taking reasonable measures available to it and (ii) an opinion of independent legal counsel qualified under the laws of Argentina to the effect that IRSA is or would become obligated to pay Additional Amounts as a result of a Change in Tax Law. The Trustee shall be entitled to accept such certificate and opinion of counsel as conclusive evidence of the satisfaction of the conditions to redemption by IRSA pursuant to this <u>Section 10.4</u>, in which event it will be conclusive and binding on the Holders.

Section 10.5. *Optional Redemption Following Offer to Purchase or Exchange Offer.*In connection with any tender or exchange offer for, or other offer to purchase the Securities, if Holders of not less than 85% in aggregate principal amount of the Outstanding Securities validly tender and do not withdraw such Securities in such tender or exchange offer (or other offer to purchase) and IRSA, or any third party making a tender offer (or other offer to purchase or exchange offer) in lieu of IRSA, purchases or exchanges all of the Securities validly tendered and not withdrawn by such Holders, all of the Holders of the outstanding Securities will be deemed to have consented to such tender or exchange offer (or other offer to purchase), and accordingly IRSA will have the right, at its option, upon not less than ten (10) nor more than sixty (60) days' prior notice, to redeem or exchange all Securities that remain outstanding following such purchase or exchange at a redemption price in cash or an exchange consideration equal to the greater of par and the price paid to each other Holder (excluding any early tender, incentive or similar fee) in such tender or exchange offer (or other offer to purchase), subject to the applicable procedures of DTC, plus, to the extent not included in the tender offer payment or exchange consideration (or payment pursuant to another offer to purchase), accrued and unpaid interest, if any, to (but excluding) the date of redemption or exchange. In determining whether the Holders of at least 85% of the aggregate principal of the then Outstanding Securities have validly tendered and not withdrawn Securities in a tender or exchange offer or other offer to purchase, such calculation shall include all Securities owned by an Affiliate of IRSA.

Section 10.6. *Optional Make-Whole Redemption.*(a) Prior to March 31, 2029 (the "<u>First Call Date</u>"), IRSA may, at its option, redeem the Securities, in whole at any time or in part from time to time, at a redemption price equal to the greater of (1) 100% of the outstanding principal amount of the Securities and (2) the sum of the present values of each remaining scheduled payment of principal and interest thereon (excluding accrued but unpaid interest to, but excluding, the Redemption Date), discounted to the Redemption Date on a semi- annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points plus, in either case, accrued and unpaid interest to, but excluding, the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Treasury Rate</u>" means, with respect to any Redemption Date, the yield determined by IRSA in accordance with the following two paragraphs.

The Treasury Rate shall be determined by IRSA after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("<u>H.15</u>") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading). In determining the Treasury Rate, IRSA shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the First Call Date (the "<u>Remaining Life</u>"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the First Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.

If on the third Business Day preceding the Redemption Date H.15 or any successor designation or publication is no longer published, IRSA shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the First Call Date, as applicable. If there is no United States Treasury security maturing on the First Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the First Call Date, one with a maturity date preceding the First Call Date and one with a maturity date following the First Call Date, IRSA shall select the United States Treasury security with a maturity date preceding the First Call Date. If there are two or more United States Treasury securities maturing on the First Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, IRSA shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semiannual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

IRSA's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no obligation to calculate or verify any calculation (or component) of the redemption price.

Section 10.7. *Optional Scheduled Redemption.* On and after the First Call Date, IRSA may redeem the Securities, at its option, in whole at any time or in part from time to time, at the following redemption prices (expressed as percentages of the principal amount thereof), plus accrued and unpaid interest to, but excluding, the Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on March 31 of any year set forth below:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Price |
| 2029 | 104.000% |
| 2030 | 102.000% |
| 2031 | 101.000% |
| 2032 and thereafter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000% |

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ARTICLE XI

DEFEASANCE

Section 11.1. *IRSA's Option to Effect Total Defeasance or Partial Defeasance*. IRSA may at its option, by written notice executed by an Authorized Person of IRSA delivered to the Trustee, elect to have either Section <u>11.2</u> or <u>Section 11.3</u> applied to of the Securities in each case upon compliance with the conditions set forth below in this Article <u>XI</u>.

Section 11.2. *Total Defeasance*. If IRSA shall exercise the option provided in <u>Section 11.1</u> to have this Section <u>11.2</u> apply with respect to all Outstanding Securities, IRSA shall be deemed to have been discharged from its obligations with respect to the Securities on the date the conditions set forth in Section <u>11.4</u> with respect to total defeasance are satisfied with respect to the Securities (hereinafter, "<u>total defeasance</u>"). For this purpose, "<u>total defeasance</u>" means that IRSA shall be deemed to have paid and discharged the entire indebtedness represented by the Securities and to have satisfied all its other obligations under the Securities and this Indenture insofar as the Securities are concerned (and IRSA and the Trustee, upon the written request and expense of IRSA, shall execute instruments acknowledging the same), except for the following, which shall survive until otherwise terminated or discharged hereunder: the right of Holders to receive, solely from the trust fund described in Section <u>11.4</u> and as more fully set forth in such <u>Section</u>, payments in respect of the principal of and interest on the Securities when such payments are due, IRSA's obligations under <u>Sections</u> <u>1.2</u>, 2.10<u>,</u> <u>2.11</u>, 3.2, <u>3.3</u>, 3.4<u>(b)</u>, 3.5, <u>3.13</u>, 5.6, <u>5.9</u><u>,</u> 5.10, <u>5.14</u> and <u>12.7</u>; and the provisions of <u>Section 1.2</u>, Article <u>V</u> and this Article <u>XI</u>. Subject to compliance with this <u>Article XI</u>, IRSA may exercise its option under <u>Section 11.1</u> to have this <u>Section 11.2</u> apply to of the Securities notwithstanding the prior exercise of its option under Section <u>11.1</u> to have Section <u>11.3</u> apply to the Securities.

Section 11.3. *Partial Defeasance*. Upon IRSA's exercise of the option provided in Section <u>11.1</u> to have this Section <u>11.3</u> applied to all the Outstanding Securities: IRSA shall be released from its obligations under <u>Sections</u> <u>3.14</u> and <u>3.15</u> and the occurrence of any event with respect to the Securities specified in <u>Section 4.1(b)</u> shall not be deemed an Event of Default (but only insofar as such event relates to the obligations under <u>Sections</u> <u>3.14</u> and 3.15 from which IRSA has been expressly released pursuant to <u>Section 11.3(i)</u>), in each case, on and after the date the conditions set forth in <u>Section 11.4</u> are satisfied (hereinafter, "<u>partial defeasance</u>"). For this purpose, "<u>partial defeasance</u>" means that IRSA may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section to the extent specified above, whether directly or indirectly by reason of any reference elsewhere herein or in the Securities to any such paragraph or by reason of any reference in any such paragraph to any other provision herein or in the Securities or in any other document, but the remainder of IRSA's obligations shall be unaffected thereby.

Section 11.4. *Conditions to Total Defeasance and Partial Defeasance*. The following shall be the conditions to application of either <u>Section 11.2</u> or Section <u>11.3</u> to the Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IRSA shall irrevocably have deposited or caused to be deposited with a trustee, who may be the Trustee and who shall agree to comply with the provisions of this Article <u>XI</u> applicable to it (the "<u>Defeasance Trustee</u>"), as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders, freely transferable U.S. dollars, or U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms shall provide, not later than one day before the due date of any payment, money, or a combination thereof, in each case, in an amount sufficient to pay and discharge, and which shall be applied by the Defeasance Trustee to pay and discharge, the principal of and each installment of interest on the Securities on the maturity of such principal or installment of interest (whether at the stated maturity or by acceleration, redemption or otherwise) and any Additional Amounts in accordance with the terms of this Indenture and of the Securities. For this purpose, "<u>U.S. Government Obligations</u>" means securities that are (x) direct obligations of the United States of America for the payment of which its full faith and credit are pledged or (y) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof or any other obligor thereon, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligation, or any specific payment of principal of or interest on any such U.S. Government Obligation, held by such custodian for the account of the holder of such depositary receipt; <u>provided</u> that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation, or the specific payment of principal of and premium or interest on the U.S. Government Obligation, evidenced by such depositary receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) IRSA shall have delivered to the Trustee a certificate from a firm of independent certified public accountants of internationally recognized standing expressing their opinion that the payments of principal and interest when due and without reinvestment of the deposited U.S. Government Obligations (if any) plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when due on all the Securities to maturity or redemption, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of an election to have Section <u>11.2</u> apply to the Securities, IRSA shall have delivered to the Defeasance Trustee and the Trustee opinions of independent U.S. counsel of nationally recognized standing experienced in such tax matters stating that (x) IRSA has received from, or there has been published by, the U.S. Internal Revenue Service a ruling or (y) since the date of the Exchange Offer Memorandum, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the beneficial owners of the Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit, total defeasance and discharge and will be subject to U.S. federal income tax on the same amount, in the same manner and at the same times as would have been the case if such deposit, total defeasance and discharge had not occurred and independent Argentine counsel of nationally recognized standing experienced in such tax matters to the effect that the beneficial owners of the Securities will not recognize income, gain or loss for Argentine federal income tax purposes as a result of such deposit and total defeasance and will be subject to Argentine federal income tax on the same amount, in the same manner and at the same times as would have been the case if such deposit and total defeasance had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of an election to have <u>Section 11.3</u> apply to the Securities, IRSA shall have delivered to the Defeasance Trustee and the Trustee opinions of independent U.S. and Argentine counsel of nationally recognized standing experienced in such tax matters to the effect that the beneficial owners of the Securities will not recognize income, gain or loss for U.S. or Argentine, as the case may be, federal income tax purposes as a result of such deposit and partial defeasance and will be subject to U.S. or Argentine, as the case may be, federal income tax on the same amount, in the same manner and at the same times as would have been the case if such deposit and partial defeasance had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) IRSA shall have delivered to the Defeasance Trustee and the Trustee an Opinion of Counsel to the effect that payment of amounts deposited in trust with the Defeasance Trustee as provided in Section <u>11.4(a)</u> will not be subject to Applicable Taxes except to the extent that Additional Amounts in respect thereof shall have been deposited in trust with the Defeasance Trustee as provided in Section <u>11.4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Event of Default or event which with notice or lapse of time or both would become such an Event of Default shall have occurred and be continuing on the date of such deposit or at any time on or prior to the 123rd day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until such 123rd day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Such total defeasance or partial defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which IRSA is a party or by which it is bound, and IRSA shall have delivered to the Trustee and the Defeasance Trustee an Opinion of Counsel to that effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) IRSA shall have delivered to the Trustee and the Defeasance Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to either the total defeasance under <u>Section 11.2</u> or the partial defeasance under Section <u>11.3</u>, as the case may be, have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) IRSA shall have delivered to the Trustee and the Defeasance Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the United States Investment Company Act of 1940, as amended, the Holders have a valid first priority perfected security interest in the trust funds, and after passage of 123 days following the deposit (except, with respect to any trust funds for the account of any Holder who may be deemed to be an "insider" for purposes of the U.S. Bankruptcy Code, after one year following the deposit), the trust funds will not be subject to the effect of Section 547 of the U.S. Bankruptcy Law or Section 15 of the New York Debtor and Creditor Law in a case commenced by or against IRSA under either such statute, and either the trust funds will no longer remain the property of IRSA (and therefore, will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally) or if a court were to rule under any such law in any case or proceeding that the trust funds remained property of IRSA, assuming such trust funds remained in the possession of the Defeasance Trustee prior to such court ruling to the extent not paid to Holders, the Defeasance Trustee will hold, for the benefit of the Holders, a valid first priority perfected security interest in such trust funds that is not avoidable in bankruptcy or otherwise except for the effect of Section 552(b) of the U.S. Bankruptcy Law on interest on the trust funds accruing after the commencement of a case under such statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) IRSA shall have delivered to the Trustee an Officer's Certificate to the effect that the Securities, if then listed on any securities exchange, will not be delisted by such exchange as a result of such deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) IRSA shall have paid the Trustee, the Agents and the Representative of the Trustee in Argentina all amounts outstanding to the Trustee, the Agents and the Representative of the Trustee in Argentina (which may include the reasonable fees and expenses of counsel) in connection with this Indenture, the Securities, the partial defeasance or total defeasance (as applicable) or otherwise.

Section 11.5. *Deposit in Trust; Miscellaneous*. All money and U.S. Government Obligations (including the proceeds thereof) deposited with the Defeasance Trustee pursuant to <u>Section 11.4</u> in respect of any Securities shall be held in trust and applied by the Defeasance Trustee, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent as the Defeasance Trustee may determine, to the Holders of the Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, and such money shall be segregated from other funds. Any money deposited with the Defeasance Trustee for the payment of the principal of and any premium or interest on any such Security and remaining unclaimed for two (2) years after such principal, premium or interest has become due and payable shall, upon IRSA's written request, be paid to IRSA and all liability of the Defeasance Trustee with respect to such trust money shall thereupon cease; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to IRSA for payment thereof.

IRSA shall pay and indemnify the Defeasance Trustee against any tax, fee or other charge imposed on or assessed against any U.S. Government Obligations deposited by IRSA pursuant to Section <u>11.4</u> or the principal, premium and interest received in respect thereof, other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities.

Anything in this Article<u>XI</u> to the contrary notwithstanding, the Defeasance Trustee shall deliver or pay to IRSA from time to time upon the written request of IRSA any money or U.S. Government Obligations held by it on behalf of IRSA as provided in Section<u>11.4</u> which, in the opinion of a firm of independent certified public accountants of internationally recognized standing expressed in a written certification thereof delivered to the Defeasance Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent total defeasance or partial defeasance.

Section 11.6. *Reinstatement*. If the Defeasance Trustee is unable to apply any money in accordance with <u>Sections</u> <u>11.2</u> or <u>11.3</u> by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then all the obligations of IRSA under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this <u>Article XI</u> until such time as the Defeasance Trustee is permitted to apply all such money in accordance with <u>Sections</u> <u>11.2</u> or 11.3; <u>provided</u> that if IRSA makes any payment of principal of or any premium or interest on any such Security following the reinstatement of its obligations, IRSA shall be subrogated to the rights of the Holder of the Security to receive such payment from the money held by the Defeasance Trustee and the Defeasance Trustee shall be entitled to promptly make such payment to IRSA.

ARTICLE XII

MISCELLANEOUS

Section 12.1. *Shareholders, Officers and Directors of IRSA Not Subject to Individual Liability*. No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any Indebtedness evidenced thereby, shall be had against any incorporator, as such, or against any past, present or future shareholder, officer or director, as such, of IRSA or of any successor, either directly or through IRSA or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders thereof and as part of the consideration for the issue of the Securities; <u>provided</u> that under Section 34 of the Argentine Negotiable Obligations Law, the directors and members of the Supervisory Committee shall be jointly and severally liable for damages to the Securityholders arising from any violation of the Argentine Negotiable Obligations Law.

Section 12.2. *Provisions of Indenture for the Sole Benefit of Parties and Securityholders*. Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and their successors and the Holders of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities.

Section 12.3. *Successors and Assigns of IRSA Bound by Indenture*. All the covenants, stipulations, promises and agreements in this Indenture contained by or on behalf of IRSA shall bind its successors and assigns, whether so expressed or not.

Section 12.4. *Notices and Demands on IRSA, Trustee and Securityholders*. Any notice, demand or request that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on IRSA shall be sufficient for every purpose hereunder if given or served by hand, facsimile or electronic transmission or by internationally recognized overnight courier (except as otherwise specifically provided herein) addressed (until another address of IRSA is filed by IRSA with the Trustee) to IRSA Inversiones y Representaciones S.A., Carlos M. Della Paolera 261, 9<sup>th</sup> Floor, City of Buenos Aires, Argentina, Attention: Chief Financial and Administrative Officer, Telephone: +54 11 4814-7800. Any notice, direction, request or demand by IRSA or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, upon actual receipt and if in English and in writing and given or made at the Corporate Trust Office by hand, electronic transmission or by internationally recognized overnight courier in accordance with this Indenture.

All notices regarding the Securities will be deemed to have been duly given to the Holders of the Securities with respect to Holders of Certificated Securities, if sent to them by first class mail (or, in the case of joint Holders, to the first named in the Register) at their respective addresses as recorded in the Register, and will be deemed to have been validly given on the fourth Business Day after the date of such mailing, and for notices mailed to Holders of Certificated Securities located in Argentina, upon receipt, with respect to Holders of Global Securities, if delivered to the Depositary, or its nominee (or any successor), in accordance with its applicable procedures, and for so long as the Securities are listed and traded on BYMA, upon publication in the City of Buenos Aires in BCBA's Informative Bulletin, the bulletin of the A3 and in a widely circulated newspaper in Argentina, and to the extent required by applicable law, in the Official Gazette of Argentina. Any such notice will be deemed to have been given on the date of such publication or, if published more than once or on different dates, on the last date on which publication is required and made as so required. In the case of Global Securities, notices shall be delivered by the Depositary to its participants in accordance with its applicable procedures.

In addition, IRSA shall be required to cause all such other publications of such notices as may be required from time to time by applicable law of Argentina. Any and all notices required to be delivered to the CNV or published in Argentina or elsewhere shall be the sole responsibility of IRSA. Neither the failure to give notice nor any defect in any notice given to any particular Holder of a Security will affect the sufficiency of any notice with respect to any other Security.

Any aforementioned notice (a) if sent by internationally recognized overnight courier to IRSA as provided above shall be deemed to have been given, made or served on the day on which such courier confirms delivery to the address specified above; (b) if given by facsimile transmission to IRSA, when such facsimile is transmitted to the telephone number specified in this Section <u>12.4</u> and telephone confirmation of receipt thereof is received; and (iii) if given by publication or by mail, as provided above.

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

Except as otherwise provided herein or in the Securities, IRSA agrees to give the Trustee the English text of any notice that IRSA is required to provide to the Securityholders pursuant hereto and to the Securities, at least two (2) days prior to the earliest date on which such notice is required to be given.

In case, by reason of the suspension of or irregularities in regular mail service, it shall be, in the opinion of the Trustee, impracticable to mail notice to the Securityholders when such notice is required to be given by mailing pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

In case, by reason of the temporary suspension of publication or general circulation of any newspaper or otherwise, it shall be, in the opinion of IRSA, impracticable to publish notice to Securityholders when such notice is required to be published pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to IRSA shall be deemed to be a sufficient publication of such notice.

The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions ("<u>Instructions</u>") given pursuant to this Indenture and the Securities and delivered using the following communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder (collectively, "<u>Electronic Means</u>"); <u>provided</u>, <u>however</u>, that IRSA shall provide to the Trustee an incumbency certificate listing Authorized Persons with the authority to provide such Instructions and containing specimen signatures of such Authorized Persons, which incumbency certificate shall be amended by IRSA whenever a person is to be added or deleted from the listing. If IRSA elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee's understanding of such Instructions shall be deemed controlling. IRSA understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Person listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Person. IRSA shall be responsible for ensuring that only Authorized Persons transmit such Instructions to the Trustee and that IRSA and all Authorized Persons are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by IRSA. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. IRSA agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by IRSA; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.

Section 12.5. *Officer's Certificates and Opinions of Counsel; Statements to Be Contained Therein*. Upon any application or demand by or on behalf of IRSA to the Trustee to take any action under any of the provisions of this Indenture, IRSA shall furnish to the Trustee an Officer's Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. Each such certificate or opinion shall comply with the requirements set forth in this Indenture.

Any certificate, statement or opinion of an Officer of IRSA may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such Officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous. Any certificate, statement or Opinion of Counsel may be based, insofar as it relates to factual matters or information with respect to which is in the possession of IRSA, upon the certificate, statement or opinion of or representations by an officer of officers of IRSA, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous.

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include substantially:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a statement that, in the opinion of each such individual, such individual has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

Any certificate, statement or opinion of an Officer of IRSA or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of IRSA, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous.

Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent.

The Trustee shall make available to any Securityholder as soon as practicable at the Corporate Trust Office or at the office of any Paying Agent, upon request and upon presentation by such Holder of such evidence of its ownership of its Securities as may be satisfactory to the Trustee, copies of all financial statements and certificates delivered to the Trustee by IRSA pursuant to this Indenture or the Securities; <u>provided</u> that the Trustee shall have no liability with respect to any information contained therein or omitted therefrom.

Section 12.6. *Payments Due on Non-Business Days*. If any Payment Date falls on a day which is not a Business Day, then payments of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Payment Date, and no interest shall accrue on such payment for the period after such date on account of such delay.

Section 12.7. *Governing Law; Consent to Jurisdiction; Waiver of Immunity; Currency Indemnity*. This Indenture and the Securities shall be governed by, and construed in accordance with, the law of the State of New York; <u>provided</u> that all matters relating to the due authorization, execution, issuance and delivery of the Securities by IRSA, and matters relating to the legal requirements necessary in order for the Securities to qualify as "*obligaciones negociables simples no convertibles*" under Argentine law, shall be governed by the Argentine Negotiable Obligations Law, together with the Argentine General Corporation Law, the Capital Markets Law, CNV Rules and any other applicable Argentine laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IRSA hereby irrevocably submits to the non-exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan, City and State of New York, of any Argentine court sitting in the City of Buenos Aires, including the ordinary courts for commercial matters and the *Tribunal de Arbitraje General de la Bolsa de Comercio de Buenos Aires* (Permanent Arbitral Tribunal of the Buenos Aires Stock Exchange) under the provisions of Section 46 of the Capital Markets Law, and any competent court in the place of its corporate domicile for purposes of any suit, action or proceeding arising out of or related to this Indenture or the Securities. IRSA hereby irrevocably waives, to the fullest extent permitted by law, any objection which IRSA may have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. IRSA also agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon it and may be enforced in any court to the jurisdiction of which it is subject by a suit upon such judgment; <u>provided</u> that service of process is effected upon IRSA in the manner specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) IRSA acknowledges and agrees that the activities contemplated by the provisions of this Indenture are commercial in nature rather than governmental or public and, therefore, acknowledges and agrees that it is not entitled to any right of immunity on the grounds of sovereignty or otherwise with respect to any such activities or in any legal action or proceeding arising out of or in any way relating to this Indenture. IRSA, in respect of itself and its properties and revenues, expressly and irrevocably waives any such right of immunity (including any immunity from the jurisdiction of any court or from service of process or from any execution of judgment or from attachment prior to judgment or in aid of execution or otherwise) or claim thereto which may now or hereafter exist, and agrees not to assert any such right or claim in any such action or proceeding, whether in the United States or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) IRSA agrees that service of all writs, claims, process and summonses in any suit, action or proceeding described above against it in the State of New York may be made upon Cogency Global Inc. at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, New York 10168, as its authorized agent in the Borough of Manhattan, New York (the "<u>Process Agent</u>"), and IRSA has irrevocably appointed the Process Agent as its agent and true and lawful attorneys-in-fact in its name, place and stead to accept such service of any and all such writs, claims, process and summonses, and agrees that the failure of the Process Agent to give any notice to it of any such service of process shall not impair or affect the validity of such service or of any judgment based thereon. IRSA agrees to maintain at all times an agent with offices in New York City to act as its Process Agent. Nothing herein shall in any way be deemed to limit the ability to serve any such writs, process or summonses in any other manner permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a judgment or order given or made by any court for the payment of any amount in respect of any Security or this Indenture is expressed in a currency (the "<u>judgment currency</u>") other than U.S. dollars (the "<u>denomination currency</u>") in which the Securities are denominated or in which such amount is payable, IRSA will indemnify each of the Trustee and the relevant Holder, as applicable, against any deficiency arising or resulting from any variation in rates of exchange between the date as of which the amount in the denomination currency is notionally converted into the amount in the judgment currency for the purposes of such judgment or order and the date of actual payment thereof. This indemnity will constitute a separate and independent obligation from the other obligations contained in the terms and conditions of the Securities and this Indenture, will give rise to a separate and independent cause of action, will apply irrespective of any indulgence granted from time to time and will continue in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due in respect of the relevant Security, this Indenture or under any such judgment or order.

Section 12.8. *Waiver of Jury Trial*. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY (BUT NO OTHER JUDICIAL REMEDIES) IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 12.9. *Severability*. If any provision of this Indenture shall be held or deemed to be or shall, in fact, be invalid, inoperative or unenforceable as applied in any particular case in any or all jurisdictions because its conflicts with any provision of any constitution, statute, rule or public policy or for any other reason, such circumstances shall not have the effect of rendering the provision in question invalid, inoperative or unenforceable in any other case, circumstances or jurisdiction, or of rendering any other provision or provisions of this Indenture invalid, inoperative or unenforceable to any extent whatsoever.

Section 12.10. *Counterparts*. This Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by electronic transmission shall constitute effective execution and delivery of this Indenture. The words "execution," "signed," "signature," and words of like import in this Indenture shall include images of manually executed signatures transmitted by electronic format (including, without limitation, "pdf," "tif" or "jpg") and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures approved by the Trustee.

Section 12.11. *Effect of Headings*. The Article and Section headings herein and the **Table of Contents** are for convenience only and shall not affect the construction hereof.

Section 12.12. *USA PATRIOT Act*. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, record and update information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee and Agents. The parties to this Indenture agree that they will provide each of the Trustee and the Agents with such information as it may request in order for the Trustee and Agents to satisfy the requirements of the USA PATRIOT Act.

Section 12.13. *Sanctions*. (a) IRSA covenants and represents that neither it nor any of its Affiliates, Subsidiaries, directors or officers are the target or subject of any sanctions enforced by the U.S. Government, (including, the Office of Foreign Assets Control of the U.S. Department of the Treasury), the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions authority (collectively "Sanctions").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) IRSA covenants and represents that neither it nor any of its Affiliates, Subsidiaries, directors or officers will use any payments made pursuant to this Indenture, (i) to fund or facilitate any prohibited activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any prohibited activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of March 31, 2025.

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|:---|:---|
| IRSA INVERSIONES Y REPRESENTACIONES S.A. | IRSA INVERSIONES Y REPRESENTACIONES S.A. |
| By: |  |
|  | Name:  |
|  | Title:  |

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|:---|:---|
| THE BANK OF NEW YORK MELLON, as Trustee, Co-Registrar, Paying Agent and Transfer Agent | THE BANK OF NEW YORK MELLON, as Trustee, Co-Registrar, Paying Agent and Transfer Agent |
| By: |  |
|  | Name:  |
|  | Title:  |

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|:---|:---|
| BANCO SANTANDER ARGENTINA S.A., as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina | BANCO SANTANDER ARGENTINA S.A., as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina |
| By: |  |
|  | Name:  |
|  | Title:  |
| By: |  |
|  | Name:  |
|  | Title:  |

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<u>EXHIBIT A</u> 

<u>FORM OF FACE OF GLOBAL SECURITY</u>

**IRSA INVERSIONES Y REPRESENTACIONES S.A.**

**[Rule 144A][Regulation S] Global Security**

[INCLUDE FOLLOWING RESTRICTIVE LEGEND FOR A RULE 144A GLOBAL SECURITY (UNLESS SUCH LEGEND MAY BE REMOVED PURSUANT TO THE INDENTURE): THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY OTHER SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES THAT THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO IRSA INVERSIONES Y REPRESENTACIONES S.A. OR ITS SUBSIDIARIES (II) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (III) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, REPRESENTS AND AGREES THAT IT WILL NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.]

[INCLUDE FOLLOWING RESTRICTIVE LEGEND FOR A REGULATION S GLOBAL SECURITY (UNLESS SUCH LEGEND MAY BE REMOVED PURSUANT TO THE INDENTURE): THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY OTHER SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES THAT NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE FOREGOING LEGEND MAY BE REMOVED FROM THIS SECURITY AFTER FORTY (40) DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE DATE ON WHICH THE SECURITIES ARE OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) THE ORIGINAL ISSUE DATE OF THIS SECURITY.]

UNLESS (1) THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>") TO IRSA INVERSIONES Y REPRESENTACIONES S.A. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, (2) ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND (3) ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE, AND TRANSFERS OF INTERESTS IN THIS SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

[INCLUDE THE FOLLOWING LEGEND FOR A SECURITY THAT IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES

THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. UPON REQUEST, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO A HOLDER OF THIS SECURITY (1) THE ISSUE PRICE AND ISSUE DATE OF THE SECURITY, (2) THE AMOUNT OF OID ON THE SECURITY, AND (3) THE ORIGINAL YIELD TO MATURITY OF THE SECURITY. SUCH REQUEST SHOULD BE SENT TO THE ISSUER AT CARLOS M. DELLA PAOLERA 261, 9TH FLOOR, CITY OF BUENOS AIRES, ARGENTINA, ATTN: MATÍAS I. GAIVIRONSKY / LEONARDO MAGLIOCCO.]

**IRSA INVERSIONES Y REPRESENTACIONES S.A.**

**8.000% Senior Notes due 2035**

IRSA Inversiones y Representaciones S.A. was organized as a stock corporation (*sociedad anónima*) under the laws of Argentina for a term expiring on April 5, 2043 and was registered on June 23, 1943 under No. 284, Page 291, Book 46, volume A of the Public Registry of Commerce of the City of Buenos Aires, Argentina, and its registered domicile is at Carlos M. Della Paolera 261, 9<sup>th</sup> Floor, City of Buenos Aires, Argentina.

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|:---|:---|
| No. [A-][S-][ ] |  |
| CUSIP No.: | Rule 144A, CUSIP No. 450047 AJ4<br> Regulation S, CUSIP No. P58809 BU0 |
| ISIN No.: | Rule 144A, ISIN US450047AJ43<br> Regulation S, ISIN USP58809BU07 |
| Common Code No: | Rule 144A, 304124644<br> Regulation S, 304124610 |

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IRSA Inversiones y Representaciones S.A., a *sociedad anónima* organized under the laws of Argentina ("<u>IRSA</u>"), for value received, promises to pay to Cede & Co., the nominee for The Depository Trust Company, or registered assigns, the principal sum of __________________ U.S. Dollars (U.S.$[___]), as revised by the Schedule of Increases or Decreases in Global Security attached hereto on March 31, 2033, March 31, 2034 and March 31, 2035 (each, a "<u>Principal Payment Date</u>") in accordance with the amortization table set forth below.

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|:---|:---|
| Interest Rate: | 8.000% |
| Interest Payment Dates: | March 31 and September 30 of each year, commencing September 30, 2025 |
| Regular Record Dates: | March 30 and September 29 preceding each Interest Payment Date, whether or not a Business Day |
| Stated Maturity: | March 31, 2035 |

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|:---|:---|
| **Scheduled Principal Payment Date** | **Percentage of Original Outstanding Principal Amount Payable<sup>(1)</sup>** |
| March 31, 2033 | 33% |
| March 31, 2034 | 33% |
| March 31, 2035<sup>(2)</sup> | 34% |

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<u> </u>

(1) Subject to reduction on a pro rata basis for any decrease in principal amounts outstanding as a result of any partial redemption of the Securities. Subject to increase on a pro rata basis for any increase in principal amounts outstanding as a result of the issuance of Additional Securities.

(2) The final installment of principal will, in any event, equal the then-outstanding aggregate principal balance of the Securities.

Additional provisions of this Security are set forth on the other side of this Security.

[*Signature page follows*]

IN WITNESS WHEREOF, IRSA Inversiones y Representaciones S.A. has caused this Global Security to be duly executed.

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|:---|:---|
| IRSA INVERSIONES Y REPRESENTACIONES S.A. | IRSA INVERSIONES Y REPRESENTACIONES S.A. |
| By: |  |
|  | Name:  |
|  | Title:  |
| By: |  |
|  | Name:  |
|  | Title:  |

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CERTIFICATE OF AUTHENTICATION

This is one of the Securities referred to in the within-mentioned Indenture.

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|:---|:---|
| THE BANK OF NEW YORK MELLON,<br> as Trustee | THE BANK OF NEW YORK MELLON,<br> as Trustee |
| By: |  |
|  | Name:  |
|  | Title: <br>Date: |

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<u>FORM OF REVERSE OF SECURITY</u>

**8.000% Senior Notes Due 2035**

1. <u>Principal and Interest</u>

IRSA Inversiones y Representaciones S.A., a *sociedad anónima* organized under the laws of Argentina ("<u>IRSA</u>") will issue the Securities in denominations of U.S.$1.00 and denominations of U.S.$1.00 in excess thereof. The Stated Maturity of the Securities is March 31, 2035.

The principal amount of the Securities will be payable in consecutive annual installments commencing on March 31, 2033, and annually on every other Principal Payment Date thereafter. The final installment of the principal will, in any event, equal the then outstanding aggregate principal balance of the Securities and will be payable together with the accrued and unpaid interest thereon and any other amounts then owing by IRSA under the Securities.

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| | |
|:---|:---|
| **Scheduled Principal Payment Date** | **Percentage of Original Outstanding Principal Amount Payable<sup>(1)</sup>** |
| March 31, 2033 | 33% |
| March 31, 2034 | 33% |
| March 31, 2035<sup>(2)</sup> | 34% |

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<u> </u>

(1) Subject to reduction on a pro rata basis for any decrease in principal amounts outstanding as a result of any partial redemption of the Securities. Subject to increase on a pro rata basis for any increase in principal amounts outstanding as a result of the issuance of Additional Securities.

(2) The final installment of principal will, in any event, equal the then-outstanding aggregate principal balance of the Securities.

In the case of any partial redemption or repurchase of Securities, the reduction in the principal balance of the Securities will be applied to reduce the remaining scheduled payment of installments of principal and corresponding percentages on a pro rata basis. The foregoing percentages shall also be adjusted pro rata upon the issuance of Additional Securities.

IRSA promises to pay interest on the principal amount of this Security on March 31 and September 30 of each year, commencing September 30, 2025 (each, an "<u>Interest Payment Date</u>", and together with the Principal Payment Dates, each Redemption Date, the Stated Maturity, any date fixed for repurchase and any other date on which any payment of principal, interest or any other amount is due, the "<u>Payment Dates</u>") at the rate of 8.000% per year. Interest shall accrue from the most recent date to which interest has been paid on the Securities, or, if no interest has been paid, from and including March 31, 2025.

2. <u>Payment of Principal and Interest</u>

Interest (and principal, if any, payable other than at Stated Maturity or upon acceleration) shall be paid in immediately available funds to the Person in whose name a Security is registered at the close of business on the Regular Record Date next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or exchange thereof subsequent to such Regular Record Date and prior to such Interest Payment Date; <u>provided</u> that interest payable at Stated Maturity shall be paid to the Person to whom principal will be payable; <u>provided</u> <u>further</u> that if and to the extent IRSA defaults in the payment of the interest, including any Additional Amounts, due on such Payment Date, such defaulted interest, including any Additional Amounts, shall be paid to the Persons in whose names such Securities are registered at the end of a subsequent record date established by IRSA by notice given by or on behalf of IRSA to the Holders of the Securities in accordance with <u>Section 12.4</u> of the Indenture not less than fifteen (15) days preceding such subsequent record date, such record date to be not less than fifteen (15) days preceding the date of payment in respect of such defaulted interest.

Payments of the principal of and any premium, Additional Amounts and other amounts on or in respect of any Certificated Security at Stated Maturity or upon acceleration, or repurchase shall be made to the registered Holder on such date in immediately available funds upon presentation (and if final payment) surrender of such Security at the Corporate Trust Office or at the specified office of any other Paying Agent; <u>provided</u> that the Security is presented to the Paying Agent in time for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of the principal of and any premium, interest, Additional Amounts and other amounts on or in respect of Certificated Securities to be made other than at Stated Maturity or upon redemption shall be made by wire transfer or check mailed on or before the due date for such payments to the address of the Person entitled thereto as it appears in the Register; <u>provided</u> that () DTC, as registered Holder of the Global Securities, shall be entitled to receive payments of interest by wire transfer of immediately available funds, and () a Holder of US$1,000,000 in aggregate principal of Certificated Securities shall be entitled to receive payments of interest by wire transfer of immediately available funds to an account maintained by such Holder at a bank located in the United States as may have been appropriately designated by such Holder to IRSA and the Trustee in writing no later than fifteen (15) days prior to the date such payment is due.

Payments of interest with respect to any Payment Date will include interest accrued to but excluding such Payment Date. Interest will be calculated on the basis of a 360-day year consisting of twelve (12) months of thirty (30) days each and, in the case of an incomplete month, the number of days elapsed.

If any Payment Date is not a Business Day, such Payment Date shall be the next Business Day succeeding such Business Day with the same force and effect as if made on the due date and no interest on such payment will accrue from and after such due date.

In the event of any foreign exchange restriction or prohibition in Argentina, IRSA shall make any and all payments in respect of interest on, or principal of, the Securities, to the extent permitted by applicable law, in U.S. dollars by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchasing, with Pesos any series of Argentine Discount Bonds or Argentine Par Bonds or any other securities or public or private bonds issued in Argentina and denominated in U.S. dollars and transferring and selling such securities outside Argentina for U.S. dollars, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by means of any other legal procedure existing in Argentina for the purchase of U.S. dollars and their subsequent transfer abroad.

All costs and taxes payable in connection with the procedures referred to above shall be borne by IRSA. IRSA's payment obligations may only be deemed satisfied and discharged upon receipt by the relevant Holder or the Trustee, as the case may be, of the U.S. dollar amounts obtained through the transactions specified above necessary to satisfy the relevant amount owing on the Securities.

3. <u>Trustee and Agents</u>

Initially, The Bank of New York Mellon shall act as trustee (the "<u>Trustee</u>"), Co-Registrar, Paying Agent and Transfer Agent. Banco Santander Argentina S.A. shall act as Registrar, Paying Agent, Transfer Agent and representative of the Trustee in Argentina (the "<u>Representative of the Trustee in Argentina</u>"). IRSA may appoint and change any Paying Agent, Registrar or Co-Registrar without notice to any Holder. IRSA may act as Paying Agent, Registrar or Co-Registrar.

4. <u>Indenture</u>

IRSA originally issued the Securities under an Indenture, dated as of March 31, 2025 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the "<u>Indenture</u>"), among IRSA, the Trustee and the Representative of the Trustee in Argentina. The terms of the Securities include those stated in the Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms. Each Holder by accepting a Security, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to time.

The Securities are senior unsecured obligations of IRSA. Subject to the conditions set forth in the Indenture and without the consent of the Holders, IRSA may issue Additional Securities. All Securities shall be treated as a single class of securities under the Indenture. The Indenture imposes certain limitations, subject to certain exceptions, on, among other things, the ability of IRSA to incur additional Indebtedness, make Restricted Payments, incur in certain Liens, enter into certain Affiliate transactions, or consolidate or merge or transfer or convey all or substantially all of IRSA's assets.

5. <u>Optional Redemption</u>

*Redemption for Taxation Reasons*

The Securities may be redeemed at IRSA's option in whole, but not in part, at any time, on giving not less than 5 nor more than 60 days' written notice (which will be irrevocable) to the Holders and, if applicable, the CNV, at 100% of the principal amount thereof, together with any accrued but unpaid interest and any Additional Amounts to, but excluding, the date fixed for redemption, if, as a result of any change in, or amendment to, the laws (or any regulations or rulings issued thereunder) of Argentina or any other jurisdiction in which IRSA (including any Surviving Entity) is organized or is resident for tax purposes or through which payment on the Securities is made, or any political subdivision thereof or any authority therein (each, an "<u>Applicable Jurisdiction</u>"), or any change in the application, administration or official interpretation of such laws, regulations or rulings, including, without limitation, the holding of a court of competent jurisdiction (a "<u>Change in Tax Law</u>"), IRSA has or will become obligated to pay Additional Amounts, which change or amendment is announced and becomes effective on or after the Issue Date, and IRSA determines in good faith that such obligation cannot be avoided by taking reasonable measures available to IRSA (*provided* that reasonable measures shall not include changing IRSA's jurisdiction of organization or the location of IRSA's principal executive office or incurring any cost or expense that IRSA deems in good faith to be material). Prior to the distribution of any notice of redemption to the Holders pursuant to this paragraph, IRSA will deliver to the Trustee (i) an Officer's Certificate stating that IRSA has or will become obligated to pay Additional Amounts as a result of a Change in Tax Law, and that such obligation cannot be avoided by IRSA taking reasonable measures available to IRSA and (ii) an opinion of independent legal counsel qualified under the laws of Argentina to the effect that IRSA is or would become obligated to pay Additional Amounts as a result of a Change in Tax Law. The Trustee will be entitled to accept such certificate and opinion of counsel as conclusive evidence of the satisfaction of the conditions precedent contained in the second preceding sentence, in which event it will be conclusive and binding on the Holders.

*Optional Redemption Following Offer to Purchase or Exchange Offer*

In connection with any tender or exchange offer for, or other offer to purchase, the Securities, if Holders of not less than 85% in aggregate principal amount of the Outstanding Securities validly tender and do not withdraw such Securities in such tender or exchange offer (or other offer to purchase) and IRSA, or any third party making a tender offer (or other offer to purchase or exchange offer) in lieu of IRSA, purchases or exchanges all of the Securities validly tendered and not withdrawn by such Holders, all of the Holders of the outstanding Securities will be deemed to have consented to such tender or exchange offer (or other offer to purchase), and accordingly IRSA will have the right, at its option, upon not less than ten (10) nor more than sixty (60) days' prior notice, to redeem or exchange all Securities that remain outstanding following such purchase or exchange at a redemption price in cash or an exchange consideration equal to the greater of par and the price paid to each other Holder (excluding any early tender, incentive or similar fee) in such tender or exchange offer (or other offer to purchase), subject to the applicable procedures of DTC, plus, to the extent not included in the tender offer payment or exchange consideration (or payment pursuant to another offer to purchase), accrued and unpaid interest, if any, to (but excluding) the date of redemption or exchange. In determining whether the Holders of at least 85% of the aggregate principal of the then Outstanding Securities have validly tendered and not withdrawn Securities in a tender or exchange offer or other offer to purchase, such calculation shall include all Securities owned by an Affiliate of IRSA.

*Optional Make-Whole Redemption*

Prior to March 31, 2029, (the "<u>First Call Date</u>") IRSA may, at its option, redeem the Securities, in whole at any time or in part from time to time, at a redemption price equal to the greater of (1) 100% of the outstanding principal amount of the Securities and (2) the sum of the present values of each remaining scheduled payment of principal and interest thereon (excluding accrued but unpaid interest to, but excluding, the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points plus, in either case, accrued and unpaid interest to, but excluding, the Redemption Date.

"<u>Treasury Rate</u>" means, with respect to any Redemption Date, the yield determined by IRSA in accordance with the following two paragraphs:

The Treasury Rate shall be determined by IRSA after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading). In determining the Treasury Rate, IRSA shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the First Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the First Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.

If on the third Business Day preceding the Redemption Date H.15 or any successor designation or publication is no longer published, IRSA shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the First Call Date, as applicable. If there is no United States Treasury security maturing on the First Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the First Call Date, one with a maturity date preceding the First Call Date and one with a maturity date following the First Call Date, IRSA shall select the United States Treasury security with a maturity date preceding the First Call Date. If there are two or more United States Treasury securities maturing on the First Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, IRSA shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semiannual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

IRSA's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no obligation to calculate or verify any calculation (or component) of the redemption price.

*Optional Scheduled Redemption*

On and after the First Call Date, IRSA may redeem the Securities, at its option, in whole at any time or in part from time to time, at the following redemption prices (expressed as percentages of the principal amount thereof), plus accrued and unpaid interest to, but excluding, the Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on March 31 of any year set forth below:

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| | |
|:---|:---|
| **Year** | **Redemption Price** |
| 2029 | 104.000% |
| 2030 | 102.000% |
| 2031 | 101.000% |
| 2032 and thereafter | 100.000% |

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*Redemption Procedures*

If IRSA is redeeming less than all of the Securities at any time, Securities in global form to be redeemed shall be selected for redemption in accordance with the applicable procedures of DTC, or, in the case of Securities in certificated form, the Trustee will select the Securities to be redeemed (a) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Securities are listed or (b) on a pro rata basis to the extent practicable.

Notices of redemption shall be given at least 5 but not more than 60 days before the Redemption Date (or, at least 30 days but not more than 60 days before the Redemption Date in the event of a redemption as described in Section <u>3.21(f)</u> of the Indenture, or at least 10 but not more than 60 days before the Redemption Date in the event of a redemption as described in <u>Section 10.5</u> of the Indenture) to each Holder of the Securities to be redeemed as set forth under <u>Section 12.4</u>, except that redemption notices may be given more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of the Indenture. If any Security is to be redeemed in part only, any notice of redemption that relates to such Security shall state the portion of the principal amount thereof that has been or is to be redeemed.

6. <u>Mandatory Repurchase Provisions – Change of Control Offer</u>

Upon the occurrence of a Change of Control Triggering Event, each Holder of Securities shall have the right to require that IRSA purchase all or a portion (in integral multiples of U.S.$1.00) of the Holder's Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to (and excluding) the date of purchase. Within 30 days following the date upon which the Change of Control Triggering Event occurs, IRSA must make a Change of Control Offer pursuant to a notice in accordance with the Indenture. This notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice is given, other than as may be required by applicable law.

7. <u>Denominations; Transfer; Exchange</u>

The Securities are in fully registered form without coupons, and only in minimum denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. A Holder may transfer or exchange Securities in accordance with the Indenture. The Co-Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Co-Registrar shall be entitled to request such evidence reasonably satisfactory to it documenting the identity and/or signatures of the transferor and the transferee. None of the Trustee, the Co-Registrar or any Transfer Agent shall register the transfer of or exchange of Certificated Securities for a period of 15 days preceding the due date for any payment of interest on the Security or during the period of 30 days ending on the due date for any payment of principal on the Security. Neither the Co-Registrar or any Transfer Agent shall register the transfer of or exchange any Securities previously called for redemption or tendered for repurchase.

8. <u>Persons Deemed Owners</u>

The registered Holder of this Security shall be treated as the owner of it for all purposes.

9. <u>Unclaimed Money</u>

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to IRSA at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to IRSA and not to the Trustee for payment.

10. <u>Discharge Prior to Redemption or Maturity</u>

Subject to certain conditions set forth in the Indenture, IRSA at any time may terminate some or all of its obligations under the Securities and the Indenture if IRSA deposits with the Trustee U.S. Dollars and/or U.S. Government Obligations for the payment of principal of and interest on the Securities to redemption or maturity, as the case may be.

11. <u>Amendment, Waiver</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without the consent of any Holder, IRSA, when authorized by a resolution of its Board of Directors, and the Trustee may, among other things, supplement the Indenture or the Securities to add to the covenants of IRSA further covenants, restrictions, conditions or provisions for the benefit of the Holders or to surrender any right or power herein conferred upon IRSA; to evidence the succession for another Person to IRSA and the assumption by any such successor of the covenants and obligations of IRSA in the Securities and in the Indenture; to comply with any requirements of the CNV, BYMA, A3 or the SEC in specific cases; to conform the text of the Indenture to any provision of the Exchange Offer Memorandum and the Offering Memorandum; to make modifications which are minor or technical nature, or correcting or supplementing any ambiguous, inconsistent or defective provision; or to make any other changes which do not adversely affect the rights of any of the Holders in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to and in accordance with the Indenture, (i) the Indenture or the Securities may be amended or supplemented with the written consent of the Holders of at least a majority in principal amount of the then Outstanding Securities and (ii) any future compliance or past Default or Event of Default under the Indenture may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then Outstanding Securities. However, without the consent of at least 85% of the Holders of the Outstanding Securities affected thereby, no amendment may, among other things, extend the scheduled due date for the payment of principal of, premium, if any, or any installment of interest on any such Security; reduce the principal amount of, the stated rate of interest on or the premium payable upon redemption of the Securities, reduce IRSA's obligation to pay Additional Amounts on the Securities, shorten the period during which IRSA is not permitted to redeem the Securities, change the required places at which the Securities or the premium or interest thereon is payable, reduce the percentage of the aggregate principal amount of the Securities necessary to modify, amend or supplement the Indenture or the Securities, or for waiver of compliance with certain provisions thereof or for waiver of certain defaults or reduce the percentage of aggregate principal amount of Outstanding Securities required for the adoption of a resolution or the quorum required at any meeting of Holders of such Securities at which a resolution is adopted or to consent to any amendments through written consent.

12. <u>Defaults and Remedies</u>

If an Event of Default occurs and is continuing, the Trustee at the written direction of the Holders of at least 25% in aggregate principal amount of the then Outstanding Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default, which shall result in the Securities being due and payable immediately upon the occurrence of such Events of Default. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity and/or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest.

13. <u>Trustee Dealings with IRSA</u>

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by IRSA and may otherwise deal with IRSA with the same rights it would have if it were not Trustee.

14. <u>No Recourse Against Others</u>

No past, present or future incorporator, director, officer, employee, shareholder or controlling person, as such, of IRSA, shall have any liability for any obligations of IRSA under the Securities, or the Indenture or for any claims based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities.

15. <u>Authentication</u>

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) signs the certificate of authentication on the other side of this Security by manual, facsimile or electronic signature.

16. <u>Abbreviations</u>

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

17. <u>CUSIP or ISIN Numbers</u>

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures IRSA has caused CUSIP or ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

18. <u>Governing Law</u>

This Security shall be governed by, and construed in accordance with, the laws of the State of New York.

19. <u>Currency of Account; Conversion of Currency</u>

U.S. Dollars is the sole currency of account and payment for all sums payable by IRSA under or in connection with the Securities, or the Indenture. IRSA shall indemnify the Holders and the Trustee as provided in respect of the conversion of currency relating to the Securities and the Indenture.

20. <u>Agent for Service; Submission to Jurisdiction; Waiver of Immunities.</u>

IRSA has agreed that any suit, action or proceeding arising out of or based upon the Indenture or the Securities may be instituted in any New York state or U.S. federal court in The City of New York, New York. IRSA has irrevocably submitted to the jurisdiction of such courts for such purpose and waived, to the fullest extent permitted by law, trial by jury, any objection it may now or hereafter have to the laying of venue of any such proceeding, and any claim it may now or hereafter have that any proceeding in any such court is brought in an inconvenient forum and any right to the jurisdiction of any other courts to which it may be entitled, on account of place of residence or domicile. IRSA has appointed Cogency Global Inc., 122 East 42nd Street, 18th Floor, New York, New York, 10168, as its authorized agent upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon the Indenture or the Securities which may be instituted in any New York state or U.S. federal court in The City of New York, New York. To the extent that IRSA has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to it or any of their property, IRSA has irrevocably waived and agreed not to plead or claim such immunity in respect of its obligations under the Indenture or the Securities.

Nothing in the preceding paragraph shall affect the right of the Trustee or any Holder of the Securities to serve process in any other manner permitted by law.

IRSA shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security in larger type. Requests may be made to:

IRSA Inversiones y Representaciones S.A.

Carlos M. Della Paolera 261, 9th floor,

City Of Buenos Aires, Argentina

Attn: Matías I. Gaivironsky / Leonardo Magliocco

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

The initial principal amount of this Global Security is U.S.$[<u> </u>]. The following increases or decreases in this Global Security have been made:

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| | | | | |
|:---|:---|:---|:---|:---|
| Date of Increase or Decrease | Amount of decrease in Principal Amount of this Global Security | Amount of increase in Principal Amount of this Global Security | Principal Amount of this Global Security following such decrease or increase | Signature of authorized signatory of Trustee or Custodian |

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<u>EXHIBIT B</u> 

<u>FORM OF FACE OF CERTIFICATED SECURITY</u>

**IRSA INVERSIONES Y REPRESENTACIONES S.A.**

**<u>[Rule 144A][Regulation S] Certificated Security</u>**

[INCLUDE FOLLOWING RESTRICTIVE LEGEND FOR A RULE 144A SECURITY (UNLESS SUCH LEGEND MAY BE REMOVED PURSUANT TO THE INDENTURE): THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY OTHER SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES THAT THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO IRSA INVERSIONES Y REPRESENTACIONES S.A. OR ITS SUBSIDIARIES (II) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (III) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, REPRESENTS AND AGREES THAT IT WILL NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.]

[INCLUDE FOLLOWING RESTRICTIVE LEGEND FOR A REGULATION S SECURITY (UNLESS SUCH LEGEND MAY BE REMOVED PURSUANT TO THE INDENTURE): THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY OTHER SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES THAT NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE FOREGOING LEGEND MAY BE REMOVED FROM THIS SECURITY AFTER FORTY (40) DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE DATE ON WHICH THE SECURITIES ARE OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) THE ORIGINAL ISSUE DATE OF THIS SECURITY.]

[INCLUDE THE FOLLOWING LEGEND FOR A SECURITY THAT IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES:

THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. UPON REQUEST, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO A HOLDER OF THIS SECURITY (1) THE ISSUE PRICE AND ISSUE DATE OF THE SECURITY, (2) THE AMOUNT OF OID ON THE SECURITY, AND (3) THE ORIGINAL YIELD TO MATURITY OF THE SECURITY. SUCH REQUEST SHOULD BE SENT TO THE ISSUER AT CARLOS M. DELLA PAOLERA 261, 9TH FLOOR, CITY OF BUENOS AIRES, ARGENTINA, ATTN: MATÍAS I. GAIVIRONSKY / LEONARDO MAGLIOCCO.]

**IRSA INVERSIONES Y REPRESENTACIONES S.A.**

**8.000% Senior Notes due 2035**

IRSA Inversiones y Representaciones S.A. was organized as a stock corporation (*sociedad anónima*) under the laws of Argentina for a term expiring on April 5, 2043 and was registered on June 23, 1943 under No. 284, Page 291, Book 46, volume A of the Public Registry of Commerce of the City of Buenos Aires, Argentina, and its registered domicile is at Carlos M. Della Paolera 261, 9<sup>th</sup> Floor, City of Buenos Aires, Argentina.

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| | |
|:---|:---|
| No. [A-][S-][ ] |  |
| CUSIP No.: | Rule 144A, CUSIP No. 450047 AJ4<br> Regulation S, CUSIP No. P58809 BU0 |
| ISIN No.: | Rule 144A, ISIN US450047AJ43<br> Regulation S, ISIN USP58809BU07 |
| Common Code No: | Rule 144A, 304124644<br> Regulation S, 304124610 |

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IRSA Inversiones y Representaciones S.A., a *sociedad anónima* organized under the laws of Argentina ("<u>IRSA</u>"), for value received, promises to pay to __________________, or registered assigns, the principal sum of __________________ U.S. Dollars (U.S.$[___]), on each Principal Payment Date in accordance with the amortization table set forth below.

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| | |
|:---|:---|
| Interest Rate: | 8.000% |
| Interest Payment Dates: | March 31 and September 30 of each year, commencing September 30, 2025 |
| Regular Record Dates: | March 30 and September 29 preceding each Interest Payment Date, whether or not a Business Day |
| Stated Maturity: | March 31, 2035 |

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| | |
|:---|:---|
| **Scheduled Principal Payment Date** | **Percentage of Original Outstanding Principal Amount Payable<sup>(1)</sup>** |
| March 31, 2033 | 33% |
| March 31, 2034 | 33% |
| March 31, 2035<sup>(2)</sup> | 34% |

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<u> </u>

(1) Subject to reduction on a pro rata basis for any decrease in principal amounts outstanding as a result of any partial redemption of the Securities. Subject to increase on a pro rata basis for any increase in principal amounts outstanding as a result of the issuance of Additional Securities.

(2) The final installment of principal will, in any event, equal the then-outstanding aggregate principal balance of the Securities.

Additional provisions of this Security are set forth on the other side of this Security.

[*Signature page follows*]

IN WITNESS WHEREOF, IRSA Inversiones y Representaciones S.A. has caused this Certificated Security to be duly executed.

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| | |
|:---|:---|
| IRSA INVERSIONES Y REPRESENTACIONES S.A. | IRSA INVERSIONES Y REPRESENTACIONES S.A. |
| By: |  |
|  | Name:  |
|  | Title:  |
| By: |  |
|  | Name:  |
|  | Title:  |

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CERTIFICATE OF AUTHENTICATION

This is one of the Securities referred to in the within-mentioned Indenture.

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON,<br> as Trustee | THE BANK OF NEW YORK MELLON,<br> as Trustee |
| By: |  |
|  | Name:  |
|  | Title: <br>Date: |

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<u>FORM OF REVERSE OF SECURITY</u>

**8.000% Senior Notes Due 2035**

1. <u>Principal and Interest</u>

IRSA Inversiones y Representaciones S.A., a *sociedad anónima* organized under the laws of Argentina ("<u>IRSA</u>") will issue the Securities in denominations of U.S.$1.00 and denominations of U.S.$1.00 in excess thereof. The Stated Maturity of the Securities is March 31, 2035.

The principal amount of the Securities will be payable in consecutive annual installments commencing on March 31, 2033, and annually on every other Principal Payment Date thereafter. The final installment of the principal will, in any event, equal the then outstanding aggregate principal balance of the Securities and will be payable together with the accrued and unpaid interest thereon and any other amounts then owing by IRSA under the Securities.

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| | |
|:---|:---|
| **Scheduled Principal Payment Date** | **Percentage of Original Outstanding Principal Amount Payable<sup>(1)</sup>** |
| March 31, 2033 | 33% |
| March 31, 2034 | 33% |
| March 31, 2035<sup>(2)</sup> | 34% |

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<u> </u>

(1) Subject to reduction on a pro rata basis for any decrease in principal amounts outstanding as a result of any partial redemption of the Securities. Subject to increase on a pro rata basis for any increase in principal amounts outstanding as a result of the issuance of Additional Securities.

(2) The final installment of principal will, in any event, equal the then-outstanding aggregate principal balance of the Securities.

In the case of any partial redemption or repurchase of Securities, the reduction in the principal balance of the Securities will be applied to reduce the remaining scheduled payment of installments of principal and corresponding percentages on a pro rata basis. The foregoing percentages shall also be adjusted pro rata upon the issuance of Additional Securities.

IRSA promises to pay interest on the principal amount of this Security on <u>March 31 and September 30</u> of each year, commencing September 30, 2025 (each, an "<u>Interest Payment Date</u>", and together with the Principal Payment Dates, each Redemption Date, the Stated Maturity, any date fixed for repurchase and any other date on which any payment of principal, interest or any other amount is due, the "<u>Payment Dates</u>") at the rate of 8.000% per year. Interest shall accrue from the most recent date to which interest has been paid on the Securities, or, if no interest has been paid, from and including March 31, 2025.

2. <u>Payment of Principal and Interest</u>

Interest (and principal, if any, payable other than at Stated Maturity or upon acceleration) shall be paid in immediately available funds to the Person in whose name a Security is registered at the close of business on the Regular Record Date next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or exchange thereof subsequent to such Regular Record Date and prior to such Interest Payment Date; <u>provided</u> that interest payable at Stated Maturity shall be paid to the Person to whom principal will be payable; <u>provided further</u> that if and to the extent IRSA defaults in the payment of the interest, including any Additional Amounts, due on such Payment Date, such defaulted interest, including any Additional Amounts, shall be paid to the Persons in whose names such Securities are registered at the end of a subsequent record date established by IRSA by notice given by or on behalf of IRSA to the Holders of the Securities in accordance with <u>Section 12.4</u> of the Indenture not less than fifteen (15) days preceding such subsequent record date, such record date to be not less than fifteen (15) days preceding the date of payment in respect of such defaulted interest.

Payments of the principal of and any premium, Additional Amounts and other amounts on or in respect of any Certificated Security at Stated Maturity or upon acceleration or repurchase shall be made to the registered Holder on such date in immediately available funds upon presentation (and if final payment) surrender of such Security at the Corporate Trust Office or at the specified office of any other Paying Agent; <u>provided</u> that the Security is presented to the Paying Agent in time for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of the principal of and any premium, interest, Additional Amounts and other amounts on or in respect of Certificated Securities to be made other than at Stated Maturity or upon redemption shall be made by wire transfer or check mailed on or before the due date for such payments to the address of the Person entitled thereto as it appears in the Register; <u>provided</u> that (i) DTC, as registered Holder of the Global Securities, shall be entitled to receive payments of interest by wire transfer of immediately available funds, and (ii) a Holder of US$1,000,000 in aggregate principal of Certificated Securities shall be entitled to receive payments of interest by wire transfer of immediately available funds to an account maintained by such Holder at a bank located in the United States as may have been appropriately designated by such Holder to IRSA and the Trustee in writing no later than fifteen (15) days prior to the date such payment is due.

Payments of interest with respect to any Payment Date will include interest accrued to but excluding such Payment Date. Interest will be calculated on the basis of a 360-day year consisting of twelve (12) months of thirty (30) days each and, in the case of an incomplete month, the number of days elapsed.

If any Payment Date is not a Business Day, such Payment Date shall be the next Business Day succeeding such Business Day with the same force and effect as if made on the due date and no interest on such payment will accrue from and after such due date.

In the event of any foreign exchange restriction or prohibition in Argentina, IRSA shall make any and all payments in respect of interest on, or principal of, the Securities, to the extent permitted by applicable law, in U.S. dollars by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchasing, with Pesos any series of Argentine Discount Bonds or Argentine Par Bonds or any other securities or public or private bonds issued in Argentina and denominated in U.S. dollars and transferring and selling such securities outside Argentina for U.S. dollars, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by means of any other legal procedure existing in Argentina for the purchase of U.S. dollars and their subsequent transfer abroad.

All costs and taxes payable in connection with the procedures referred to above shall be borne by IRSA. IRSA's payment obligations may only be deemed satisfied and discharged upon receipt by the relevant Holder or the Trustee, as the case may be, of the U.S. dollar amounts obtained through the transactions specified above necessary to satisfy the relevant amount owing on the Securities.

3. <u>Trustee and Agents</u>

Initially, The Bank of New York Mellon shall act as trustee (the "<u>Trustee</u>"), Co-Registrar, Paying Agent and Transfer Agent. Banco Santander Argentina S.A. shall act as Registrar, Paying Agent, Transfer Agent and representative of the Trustee in Argentina (the "<u>Representative of the Trustee in Argentina</u>"). IRSA may appoint and change any Paying Agent, Registrar or Co-Registrar without notice to any Holder. IRSA may act as Paying Agent, Registrar or Co-Registrar.

4. <u>Indenture</u>

IRSA originally issued the Securities under an Indenture, dated as of March 31, 2025 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the "<u>Indenture</u>"), among IRSA, the Trustee and the Representative of the Trustee in Argentina. The terms of the Securities include those stated in the Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms. Each Holder by accepting a Security, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to time.

The Securities are senior unsecured obligations of IRSA. Subject to the conditions set forth in the Indenture and without the consent of the Holders, IRSA may issue Additional Securities. All Securities shall be treated as a single class of securities under the Indenture. The Indenture imposes certain limitations, subject to certain exceptions, on, among other things, the ability of IRSA to incur additional Indebtedness, make Restricted Payments, incur in certain Liens, enter into certain Affiliate transactions, or consolidate or merge or transfer or convey all or substantially all of IRSA's assets.

5. <u>Optional Redemption</u>

*Redemption for Taxation Reasons*

The Securities may be redeemed at IRSA's option in whole, but not in part, at any time, on giving not less than 5 nor more than 60 days' written notice (which will be irrevocable) to the Holders and, if applicable, the CNV, at 100% of the principal amount thereof, together with any accrued but unpaid interest and any Additional Amounts to, but excluding, the date fixed for redemption, if, as a result of any change in, or amendment to, the laws (or any regulations or rulings issued thereunder) of Argentina or any other jurisdiction in which IRSA (including any Surviving Entity) is organized or is resident for tax purposes or through which payment on the Securities is made, or any political subdivision thereof or any authority therein (each, an "<u>Applicable Jurisdiction</u>"), or any change in the application, administration or official interpretation of such laws, regulations or rulings, including, without limitation, the holding of a court of competent jurisdiction (a "<u>Change in Tax Law</u>"), IRSA has or will become obligated to pay Additional Amounts, which change or amendment is announced and becomes effective on or after the Issue Date, and IRSA determines in good faith that such obligation cannot be avoided by taking reasonable measures available to IRSA (*provided* that reasonable measures shall not include changing IRSA's jurisdiction of organization or the location of IRSA's principal executive office or incurring any cost or expense that IRSA deems in good faith to be material). Prior to the distribution of any notice of redemption to the Holders pursuant to this paragraph, IRSA will deliver to the Trustee (i) an Officer's Certificate stating that IRSA has or will become obligated to pay Additional Amounts as a result of a Change in Tax Law, and that such obligation cannot be avoided by IRSA taking reasonable measures available to IRSA and (ii) an opinion of independent legal counsel qualified under the laws of Argentina to the effect that IRSA is or would become obligated to pay Additional Amounts as a result of a Change in Tax Law. The Trustee will be entitled to accept such certificate and opinion of counsel as conclusive evidence of the satisfaction of the conditions precedent contained in the second preceding sentence, in which event it will be conclusive and binding on the Holders.

*Optional Redemption Following Offer to Purchase or Exchange Offer*

In connection with any tender or exchange offer for, or other offer to purchase, the Securities, if Holders of not less than 85% in aggregate principal amount of the Outstanding Securities validly tender and do not withdraw such Securities in such tender or exchange offer (or other offer to purchase) and IRSA, or any third party making a tender offer (or other offer to purchase or exchange offer) in lieu of IRSA, purchases or exchanges all of the Securities validly tendered and not withdrawn by such Holders, all of the Holders of the Outstanding Securities will be deemed to have consented to such tender or exchange offer (or other offer to purchase), and accordingly IRSA will have the right, at its option, upon not less than ten (10) nor more than sixty (60) days' prior notice, to redeem or exchange all Securities that remain outstanding following such purchase or exchange at a redemption price in cash or an exchange consideration equal to the greater of par and the price paid to each other Holder (excluding any early tender, incentive or similar fee) in such tender or exchange offer (or other offer to purchase), subject to the applicable procedures of DTC, plus, to the extent not included in the tender offer payment or exchange consideration (or payment pursuant to another offer to purchase), accrued and unpaid interest, if any, to (but excluding) the date of redemption or exchange. In determining whether the Holders of at least 85% of the aggregate principal of the then Outstanding Securities have validly tendered and not withdrawn Securities in a tender or exchange offer or other offer to purchase, such calculation shall include all Securities owned by an Affiliate of IRSA.

*Optional Make-Whole Redemption*

Prior to March 31, 2029, (the "<u>First Call Date</u>") IRSA may, at its option, redeem the Securities, in whole at any time or in part from time to time, at a redemption price equal to the greater of (1) 100% of the outstanding principal amount of the Securities and (2) the sum of the present values of each remaining scheduled payment of principal and interest thereon (excluding accrued but unpaid interest to, but excluding, the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points plus, in either case, accrued and unpaid interest to, but excluding, the Redemption Date.

"<u>Treasury Rate</u>" means, with respect to any Redemption Date, the yield determined by IRSA in accordance with the following two paragraphs:

The Treasury Rate shall be determined by IRSA after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading). In determining the Treasury Rate, IRSA shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the First Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the First Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.

If on the third Business Day preceding the Redemption Date H.15 or any successor designation or publication is no longer published, IRSA shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the First Call Date, as applicable. If there is no United States Treasury security maturing on the First Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the First Call Date, one with a maturity date preceding the First Call Date and one with a maturity date following the First Call Date, IRSA shall select the United States Treasury security with a maturity date preceding the First Call Date. If there are two or more United States Treasury securities maturing on the First Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, IRSA shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semiannual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

IRSA's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no obligation to calculate or verify any calculation (or component) of the redemption price.

*Optional Scheduled Redemption*

On and after the First Call Date, IRSA may redeem the Securities, at its option, in whole at any time or in part from time to time, at the following redemption prices (expressed as percentages of the principal amount thereof), plus accrued and unpaid interest to, but excluding, the Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on March 31 of any year set forth below:

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| | |
|:---|:---|
| **Year** | **Redemption Price** |
| 2029  | 104.000% |
| 2030 | 102.000% |
| 2031 | 101.000% |
| 2032 and thereafter | 100.000% |

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*Redemption Procedures*

If IRSA is redeeming less than all of the Securities at any time, Securities in global form to be redeemed shall be selected for redemption in accordance with the applicable procedures of DTC, or, in the case of Securities in certificated form, the Trustee will select the Securities to be redeemed (a) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Securities are listed or (b) on a pro rata basis to the extent practicable.

Notices of redemption shall be given at least 5 but not more than 60 days before the Redemption Date (or, at least 30 days but not more than 60 days before the Redemption Date in the event of a redemption as described in Section<u>3.21(f)</u> of the Indenture, or at least 10 but not more than 60 days before the Redemption Date in the event of a redemption as described in Section<u>10.5</u> of the Indenture) to each Holder of the Securities to be redeemed as set forth under <u>Section 12.4</u>, except that redemption notices may be given more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of the Indenture. If any Security is to be redeemed in part only, any notice of redemption that relates to such Security shall state the portion of the principal amount thereof that has been or is to be redeemed.

6. <u>Mandatory Repurchase Provisions – Change of Control Offer</u>

Upon the occurrence of a Change of Control Triggering Event, each Holder of Securities shall have the right to require that IRSA purchase all or a portion (in integral multiples of U.S.$1.00) of the Holder's Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to (and excluding) the date of purchase. Within 30 days following the date upon which the Change of Control Triggering Event occurs, IRSA must make a Change of Control Offer pursuant to a notice in accordance with the Indenture. This notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice is given, other than as may be required by applicable law.

7. <u>Denominations; Transfer; Exchange</u>

The Securities are in fully registered form without coupons, and only in minimum denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. A Holder may transfer or exchange Securities in accordance with the Indenture. The Co-Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Co-Registrar shall be entitled to request such evidence reasonably satisfactory to it documenting the identity and/or signatures of the transferor and the transferee. None of the Trustee, the Co-Registrar or any Transfer Agent shall register the transfer of or exchange of Certificated Securities for a period of 15 days preceding the due date for any payment of interest on the Security or during the period of 30 days ending on the due date for any payment of principal on the Security. Neither the Co-Registrar or any Transfer Agent shall register the transfer of or exchange any Securities previously called for redemption or tendered for repurchase.

8. <u>Persons Deemed Owners</u>

The registered Holder of this Security shall be treated as the owner of it for all purposes.

9. <u>Unclaimed Money</u>

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to IRSA at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to IRSA and not to the Trustee for payment.

10. <u>Discharge Prior to Redemption or Maturity</u>

Subject to certain conditions set forth in the Indenture, IRSA at any time may terminate some or all of its obligations under the Securities and the Indenture if IRSA deposits with the Trustee U.S. Dollars and/or U.S. Government Obligations for the payment of principal of and interest on the Securities to redemption or maturity, as the case may be.

11. <u>Amendment, Waiver</u>

(a) Without the consent of any Holder, IRSA, when authorized by a resolution of its Board of Directors, and the Trustee may, among other things, supplement the Indenture or the Securities to add to the covenants of IRSA further covenants, restrictions, conditions or provisions for the benefit of the Holders or to surrender any right or power herein conferred upon IRSA; to evidence the succession for another Person to IRSA and the assumption by any such successor of the covenants and obligations of IRSA in the Securities and in the Indenture; to comply with any requirements of the CNV, BYMA, A3 or the SEC in specific cases; to conform the text of the Indenture to any provision of the Exchange Offer Memorandum and the Offering Memorandum; to make modifications which are minor or technical nature, or correcting or supplementing any ambiguous, inconsistent or defective provision; or to make any other changes which do not adversely affect the rights of any of the Holders in any material respect.

(b) Pursuant to and in accordance with the Indenture, (i) the Indenture or the Securities may be amended or supplemented with the written consent of the Holders of at least a majority in principal amount of the then Outstanding Securities and (ii) any future compliance or past Default or Event of Default under the Indenture may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then Outstanding Securities. However, without the consent of at least 85% of the Holders of the Outstanding Securities affected thereby, no amendment may, among other things, extend the scheduled due date for the payment of principal of, premium, if any, or any installment of interest on any such Security; reduce the principal amount of, the stated rate of interest on or the premium payable upon redemption of the Securities, reduce IRSA's obligation to pay Additional Amounts on the Securities, shorten the period during which IRSA is not permitted to redeem the Securities, change the required places at which the Securities or the premium or interest thereon is payable, reduce the percentage of the aggregate principal amount of the Securities necessary to modify, amend or supplement the Indenture or the Securities, or for waiver of compliance with certain provisions thereof or for waiver of certain defaults or reduce the percentage of aggregate principal amount of Outstanding Securities required for the adoption of a resolution or the quorum required at any meeting of Holders of such Securities at which a resolution is adopted or to consent to any amendments through written consent.

12. <u>Defaults and Remedies</u>

If an Event of Default occurs and is continuing, the Trustee at the written direction of the Holders of at least 25% in aggregate principal amount of the then Outstanding Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default, which shall result in the Securities being due and payable immediately upon the occurrence of such Events of Default. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity and/or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest.

13. <u>Trustee Dealings with IRSA</u>

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by IRSA and may otherwise deal with IRSA with the same rights it would have if it were not Trustee.

14. <u>No Recourse Against Others</u>

No past, present or future incorporator, director, officer, employee, shareholder or controlling person, as such, of IRSA, shall have any liability for any obligations of IRSA under the Securities, or the Indenture or for any claims based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities.

15. <u>Authentication</u>

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) signs the certificate of authentication on the other side of this Security by manual, facsimile or electronic signature.

16. <u>Abbreviations</u>

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

17. <u>CUSIP or ISIN Numbers</u>

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures IRSA has caused CUSIP or ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

18. <u>Governing Law</u>

This Security shall be governed by, and construed in accordance with, the laws of the State of New York.

19. <u>Currency of Account; Conversion of Currency</u>

U.S. Dollars is the sole currency of account and payment for all sums payable by IRSA under or in connection with the Securities, or the Indenture. IRSA shall indemnify the Holders and the Trustee as provided in respect of the conversion of currency relating to the Securities and the Indenture.

20. <u>Agent for Service; Submission to Jurisdiction; Waiver of Immunities.</u>

IRSA has agreed that any suit, action or proceeding arising out of or based upon the Indenture or the Securities may be instituted in any New York state or U.S. federal court in The City of New York, New York. IRSA has irrevocably submitted to the jurisdiction of such courts for such purpose and waived, to the fullest extent permitted by law, trial by jury, any objection it may now or hereafter have to the laying of venue of any such proceeding, and any claim it may now or hereafter have that any proceeding in any such court is brought in an inconvenient forum and any right to the jurisdiction of any other courts to which it may be entitled, on account of place of residence or domicile. IRSA has appointed Cogency Global Inc., 122 East 42nd Street, 18th Floor, New York, New York, 10168, as its authorized agent upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon the Indenture or the Securities which may be instituted in any New York state or U.S. federal court in The City of New York, New York. To the extent that IRSA has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to it or any of their property, IRSA has irrevocably waived and agreed not to plead or claim such immunity in respect of its obligations under the Indenture or the Securities.

Nothing in the preceding paragraph shall affect the right of the Trustee or any Holder of the Securities to serve process in any other manner permitted by law.

IRSA shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security in larger type. Requests may be made to:

IRSA Inversiones y Representaciones S.A.

Carlos M. Della Paolera 261, 9th floor,

City Of Buenos Aires, Argentina

Attn: Matías I. Gaivironsky / Leonardo Magliocco

FORM OF TRANSFER

[Include the following for Certificated Securities not bearing a Restrictive Legend]

TRANSFER NOTICE

FOR VALUE RECEIVED, the undersigned Holder hereby sells, assigns and transfers unto

(Please print or typewrite name and address including postal code of assignee)

this Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer such amount of said Security on the books of IRSA with full power of substitution in the premises.

Date:

Signed: <br> NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.

FORM OF TRANSFER

[Include the following for Certificated Securities bearing Restrictive Legends]

TRANSFER NOTICE

FOR VALUE RECEIVED, the undersigned Holder hereby sells, assigns and transfers unto

(Please print or typewrite name and address including postal code of assignee)

Insert Taxpayer Identification No.:

this Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer such amount of said Security on the books of IRSA with full power of substitution in the premises.

In connection with any transfer of this Security occurring prior to the date that is one year after the original issue date of this Security (provided that IRSA or any affiliate of IRSA has not acquired this Security during such one-year period), the undersigned confirms that without utilizing any general advertising or general solicitation:

(check one)

☐ (a) This Security is being transferred pursuant to the exception from registration under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"), provided by Rule 144A thereunder ("<u>Rule 144A</u>") and, upon registration of such transfer, each beneficial owner of this Security will be a "qualified institutional buyer" (as defined in Rule 144A), and each such person has been advised that this Security is being sold or transferred to it in reliance upon Rule 144A and has received the information, if any, requested by it pursuant to Rule 144A; or

☐ (b) This Security is being transferred pursuant to the exemption from registration under the Securities Act provided by Regulation S under the Securities Act ("<u>Regulation S</u>"), and the address of the person in whose name this Security is to be registered upon transfer is an address outside the United States (as defined in Regulation S); or

☐ (c) This Security is being transferred to IRSA; or

☐ (d) This Security is being transferred other than in accordance with (a), (b) or (c) above, and documents are being furnished to the Trustee or the transfer agent which comply with the conditions of transfer set forth in this Security and the Indenture.

If none of the foregoing boxes is checked, the Trustee shall not be obligated to register this Security in the name of any person other than the Holder hereof unless and until the conditions to any such registration of transfer set forth herein and in the Indenture shall have been satisfied.

Date:

Signed: ______________________________________ <br> NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.

<u>EXHIBIT C</u> 

<u>FORM OF CERTIFICATE FOR EXCHANGE OR TRANSFER FROM RULE 144A GLOBAL SECURITY TO REGULATION S GLOBAL SECURITY DURING THE</u> 

<u>RESTRICTED PERIOD</u>

(Exchanges or Transfers pursuant to

Section 2.10(c)(i)(I) of the Indenture)

The Bank of New York Mellon,

as Trustee

240 Greenwich Street, 7E

New York, New York 10286

Attention: Corporate Trust Department

Re: IRSA Inversiones y Representaciones S.A.

Ladies and Gentlemen:

Reference is hereby made to the Indenture dated as of March 31, 2025 (as amended, modified or supplemented from time to time the "<u>Indenture</u>"), among IRSA Inversiones y Representaciones S.A. ("<u>IRSA</u>"), The Bank of New York Mellon, as Trustee, co-registrar, paying agent and transfer agent and Banco Santander Argentina S.A., as registrar, paying agent, transfer agent and representative of the Trustee in Argentina. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

This letter relates to U.S.$[ ] principal amount of IRSA's 8.000% Notes due 2035 (the "<u>Securities</u>") that represent a beneficial interest in the Rule 144A Global Security (CUSIP No. 450047 AJ4) (Common Code No. 304124644; ISIN No. US450047AJ43) beneficially owned by the undersigned (the "<u>Transferor</u>"). The Transferor has requested an exchange or transfer of such beneficial interest for an interest in the Regulation S Global Security (CUSIP No. P58809 BU0) (Common Code No. 304124610; ISIN No. USP58809BU07).

In connection with such request and in respect of such Securities, the Transferor does hereby certify that such exchange or transfer has been effected in accordance with the transfer restrictions set forth in the Securities and pursuant to and in accordance with Regulation S, and accordingly the Transferor does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the offer of the Securities was not made to a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) either (i) the transaction was executed in, on or through a physical trading floor of an established foreign securities exchange that is located outside the United States, (ii) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on the Transferor's behalf knows that the transaction was pre-arranged with a transferee in the United States or (iii) the transferee is outside the United States, or the Transferor and any person acting on its behalf reasonably believes that the transferee is outside the United States;

C-1<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no directed selling efforts have been made in contravention of the requirement of Rule 903(a)(2) or 904(a)(2) of Regulation S, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the additional conditions set forth in Rule 903(b) or 904(b), as applicable, have been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

To the extent applicable, the terms used in clauses (1) through (5) above have the meanings given to them in Regulation S.

This certificate and the statements contained herein are made for your benefit and the benefit of IRSA.

---

| | |
|:---|:---|
| [Insert name of Transferor] | [Insert name of Transferor] |
| By: |  |
|  | Name:  |
|  | Title:  |

---

Dated: , 20

C-2<br>

<u>Exhibit D</u><u> </u>

<u>FORM OF CERTIFICATE FOR EXCHANGE OR TRANSFER FROM RULE 144A GLOBAL SECURITY TO REGULATION S GLOBAL SECURITY AFTER THE RESTRICTED PERIOD</u>

(Exchanges or Transfers pursuant to

Section 2.10(c)(i)(II) of the Indenture)

The Bank of New York Mellon,

as Trustee

240 Greenwich Street, 7E

New York, New York 10286

Attention: Corporate Trust Department

Re: IRSA Inversiones y Representaciones S.A.

Ladies and Gentlemen:

Reference is hereby made to the Indenture dated as of March 31, 2025 (as amended, modified or supplemented from time to time the "<u>Indenture</u>"), among IRSA Inversiones y Representaciones S.A. ("<u>IRSA</u>"), The Bank of New York Mellon, as Trustee, co-registrar, paying agent and transfer agent and Banco Santander Argentina S.A., as registrar, paying agent, transfer agent and representative of the Trustee in Argentina. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

This letter relates to U.S.$[ ] principal amount of IRSA's 8.000% Notes due 2035 (the "<u>Securities</u>") that represent a beneficial interest in the Rule 144A Global Security (CUSIP No. 450047 AJ4) (Common Code No. 304124644; ISIN No. US450047AJ43) beneficially owned by the undersigned (the "<u>Transferor</u>"). The Transferor has requested an exchange or transfer of such beneficial interest for an interest in the Regulation S Global Security (CUSIP No. P58809 BU0) (Common Code No. 304124610; ISIN No. USP58809BU07).

In connection with such request and in respect of such Securities, the Transferor does hereby certify that such exchange or transfer has been effected in accordance with the transfer restrictions set forth in the Securities and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to transfers made in reliance on Regulation S:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The offer of the Securities was not made to a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) either (i) the transaction was executed in, on or through a physical trading floor of an established foreign securities exchange that is located outside the United States, (ii) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on the Transferor's behalf knows that the transaction was pre-arranged with a transferee in the United States or (iii) the transferee is outside the United States, or the Transferor and any person acting on its behalf reasonably believes that the transferee is outside the United States;

D-1<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no directed selling efforts have been made in contravention of the requirement of Rule 903(a)(2) or 904(a)(2) of Regulation S, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the additional conditions set forth in Rule 903(b) or 904(b), as applicable, have been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to transfers made in reliance on Rule 144 under the Securities Act, the Securities are being transferred in a transaction permitted by Rule 144 under the Securities Act.

To the extent applicable, the terms used in clauses (a)(1) through (5) above have the meanings given to them in Regulation S.

This certificate and the statements contained herein are made for your benefit and the benefit of IRSA.

---

| | |
|:---|:---|
| [Insert name of Transferor] | [Insert name of Transferor] |
| By: |  |
|  | Name:  |
|  | Title:  |

---

Dated: , 20

D-2<br>

<u>Exhibit E</u><u> </u>

<u>FORM OF CERTIFICATE FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL SECURITY TO RULE 144A</u> 

<u>GLOBAL SECURITY</u>

(Exchanges or Transfers pursuant to

Section 2.10(c)(ii) of the Indenture)

The Bank of New York Mellon

as Trustee

240 Greenwich Street, 7E

New York, New York 10286

Attention: Corporate Trust Department

Re: IRSA Inversiones y Representaciones S.A.

Reference is hereby made to the Indenture dated as of March 31, 2025 (as amended, modified or supplemented from time to time, the "<u>Indenture</u>"), among IRSA Inversiones y Representaciones S.A. ("<u>IRSA</u>"), The Bank of New York Mellon, as Trustee, co-registrar, paying agent and transfer agent and Banco Santander Argentina S.A., as registrar, paying agent, transfer agent and representative of the Trustee in Argentina. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

This letter relates to U.S.$[ ] principal amount of IRSA's 8.000% Senior Notes due 2035 (the "<u>Securities</u>") that represent a beneficial interest in the Regulation S Global Security (CUSIP No. P58809 BU0) (Common Code No. 304124610; ISIN No. USP58809BU07) beneficially owned by the undersigned [transferor] (the "<u>Transferor</u>"). The Transferor has requested an exchange or transfer of such beneficial interest for an interest in the Rule 144A Global Security (CUSIP No. 450047 AJ4) (Common Code No. 304124644; ISIN No. US450047AJ43).

In connection with such request, and in respect of such Securities, the Transferor does hereby certify that such Securities are being transferred in accordance with Rule 144A under the Securities Act to a transferee that the Transferor reasonably believes is purchasing the Securities for its own account or an account with respect to which the transferee exercises sole investment discretion, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. The transferee and any such account are "qualified institutional buyers" within the meaning of Rule 144A, and each such person has been advised that these Securities is being sold or transferred to it in reliance upon Rule 144A and has received the information, if any, requested by it pursuant to Rule 144A.

E-1<br>

This certificate and the statements contained herein are made for your benefit and the benefit of IRSA.

---

| | |
|:---|:---|
| [Insert name of Transferor] | [Insert name of Transferor] |
| By: |  |
|  | Name:  |
|  | Title:  |

---

Dated: , 20

E-2<br>

## Exhibit 4.20

**EXHIBIT 4.20**

**<u>TRADUCCIÓN PÚBLICA</u>**

**<u>SWORN TRANSLATION</u>**

**SEVENTEENTH AGREEMENT FOR THE IMPLEMENTATION OF**

**AMENDMENTS**

**TO THE CORPORATE SERVICES MASTER AGREEMENT**

Agreement made in the Autonomous City of Buenos Aires on the 30<sup>th</sup> day of September of 2025 by and between:

(i) **CRESUD S.A.C.I.F. y A.**, domiciled at Della Paolera 261, 9th Floor, Autonomous City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact (hereinafter "CRESUD"), party of the first part;

(ii) **IRSA Inversiones y Representaciones Sociedad Anónima**, domiciled at Della Paolera 261, 9th Floor, Autonomous City of Buenos Aires, acting on its behalf and on behalf of IRSA Propiedades Comerciales S.A. (IRSA PC), as merger administrator, represented hereat by the undersigned attorneys-in-fact, party of the second part (hereinafter "IRSA" and collectively with CRESUD referred to as "THE PARTIES").

**WHEREAS:**

(i) On June 30, 2004 CRESUD, IRSA and IRSA PC (hereinafter referred to as "THE ORIGINAL PARTIES" executed a Master Agreement for the Exchange of Corporate Services (hereinafter "the Master Agreement");—

(ii) On August 23, 2007 THE ORIGINAL PARTIES executed the First Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "First Agreement"), whereby certain amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases, and new Individually Responsible Persons were appointed;

(iii) On August 14, 2008 and November 27, 2009, THE ORIGINAL PARTIES executed the Second Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Second Agreement") and the Third Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Third Agreement"), respectively, whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases;

(iv) On March 12, 2010, THE ORIGINAL PARTIES executed an Addendum to the Master Agreement for the Exchange of Corporate Services (hereinafter the "Addendum") whereby THE ORIGINAL PARTIES agreed to unify in CRESUD the services of the Areas of Exchange of Corporate Services, for which purposes the employment agreements of most of the employees of such areas were transferred and the procedure to allocate the costs of potential labor expenses arising from departure of employees was established;

(v) On July 11, 2011, THE ORIGINAL PARTIES executed the Fourth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Fourth Agreement"); on October 15, 2012, THE ORIGINAL PARTIES executed the Fifth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Fifth Agreement"); on November 12, 2013, THE ORIGINAL PARTIES executed the Sixth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Sixth Agreement"); and on February 18, 2015, THE ORIGINAL PARTIES executed the Seventh Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Seventh Agreement" and together with the First Agreement, the Second Agreement, the Third Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth Agreement, the "Agreements"), whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases;

(vi) Pursuant to the structuring process of a new organizational model of division of areas by business, an agreement was reached to transfer to IRSA and/or IRSAPC the employment agreements of those employees who render services related to the Technical, Infrastructure and Services, Purchases, Architecture and Design and Works Development Area, Real Estate Business Management, Real Estate Business Human Resources, Safety and Real Estate Areas, all of them related to the real estate business. On February 24, 2014 THE ORIGINAL PARTIES executed a Second Addendum to the Master Agreement for the Exchange of Corporate Services (hereinafter the "Second Addendum") whereby the mechanisms to be used for the allocation of the costs of potential labor expenses that such process would involve were established.

(vii) On November 12, 2015, THE ORIGINAL PARTIES executed the Eighth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Eighth Agreement")

(viii) On May 5, 2017, THE ORIGINAL PARTIES executed the Ninth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Ninth Agreement").

(ix) On June 29, 2018, THE ORIGINAL PARTIES executed the Tenth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Tenth Agreement").

(x) On June 28, 2019, THE ORIGINAL PARTIES executed the Eleventh Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Eleventh Agreement").

(xi) On June 30, 2020, THE ORIGINAL PARTIES executed the Twelfth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Twelfth Agreement").

(xii) On June 30, 2021, THE ORIGINAL PARTIES executed the Thirteenth Agreement for Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Thirteenth Agreement").

(xiii) On September 30, 2021 IRSA and IRSA PC executed a preliminary merger agreement whereby they initiated a merger process between both companies. In such process, IRSA would be the merging company and IRSA PC would be merged company, which would be dissolved without liquidation. Subsequently, on December 22, 2021, IRSA and IRSA PC held their respective shareholders' meetings resolving the final approval of the merger. Subsequently, on January 27, 2022 both companies executed the final merger agreement (the "FMA") giving effect to the corporate reorganization process above mentioned.

(xiv) Therefore, starting on January 1, 2022 IRSA, as merging company of IRSA PC, became the surviving company assuming all rights and obligations of IRSA PC under the Master Agreement, its addenda and amendments.

(xv) On July 12, 2022, THE PARTIES executed the Fourteenth Agreement for Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Fourteenth Agreement").

(xvi) On July 14, 2023, THE PARTIES executed the Fifteenth Agreement for Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Fifteenth Agreement").

(xvii) On August 20, 2024, THE PARTIES executed the Sixteenth Agreement for Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Sixteenth Agreement").

(xviii) First THE ORIGINAL PARTIES and then the PARTIES have been performing the Master Agreement based on an Implementation Manual originally drafted by Deloitte & Co. S.R.L., updated in due time;

(xix) In accordance with the recommendations made in due course by Deloitte on its reports and currently by external auditors, new operational changes have been implemented in the Areas of Exchange of Corporate Services and the Cost Distribution Bases throughout the year 2025 and early 2026, which THE PARTIES wish to acknowledge in writing;

(xx) THE PARTIES have disclosed the content of this **SEVENTEENTH AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT** (hereinafter the "Seventeenth Agreement") to their respective Audit Committees; and

(xxi) THE PARTIES execute this Seventeenth Agreement *ad referendum* the effective approval thereof by the Board of Directors of THE PARTIES;

**NOW, IN CONSIDERATION OF THE FOREGOING,** THE PARTIES hereby agree to execute this Seventeenth Agreement subject to the following terms and conditions:

**ONE:** THE PARTIES ratify that the Areas (as defined in the Master Agreement) and the calculation method applicable to the Exchange of Operational Services (also as defined in the Master Agreement) have been changed as from the dates listed below, amending therefore Exhibits I and II, as amended by the Agreements, to the Master Agreement as per the following detail:

(i) Starting in July 2025, the Asset Purchase and Sale Management sector was created, which had been part of the Shared Services Center area. As a consequence, Exhibits I and II were modified.

(ii) Starting in July 2025, the Service Management sector, which had been part of the Shared Services Center area, modified its distribution method, changing from "Hours devoted to each task" to "Transactions processed per company." As a consequence, Exhibit II was modified.

(iii) Starting in July 2025, the Corporate Budget and Management Control department and the Strategic Analysis department, which had been part of the Planning area, were transferred to the Shared Services Center and Real Estate Business areas, respectively. As a consequence, Exhibits I and II were modified.

(iv) Starting in July 2025, the Bolivar sector changed its distribution method, changing from "66.67% IRSA and 33.33% CRESUD" to "83.67% IRSA and 16.33% CRESUD." As a consequence, Exhibit II was modified.

In consideration of the foregoing, THE PARTIES hereby put on record that, subject to the clarifications detailed in the preceding clauses and for purposes of updating Exhibits I and II, they shall be read as hereto attached for the periods and as from the dates indicated.

**TWO:** THE PARTIES represent that all the sections of the Master Agreement, the Agreements, the Addendum and the Second Addendum that have not been amended pursuant to this Seventeenth Agreement continue to be in full force and effect.

In witness whereof, this Agreement has been executed in two (2) counterparts of the same tenor and to a single effect in the place and on the date first written.

**CRESUD S.A.C.I.F.y A.**

__________/ ____________

Attorneys-in-fact

**IRSA Inversiones y Representaciones Sociedad Anónima**

___________/ ____________

Attorneys-in-fact

**<u>Exhibit I</u>**

**<u>Description of Corporate Services Exchange Areas</u>**

*Corporate Human Resources*

*The Human Resources sector renders to THE PARTIES the service consisting in Human Resources Administration; Human Resources Management, and Organizational Culture Management. Within the main activities of the sector we may mention labor relationships, selection of managerial positions, leadership training and interpersonal skills, compensation and benefits, internal communications, etc.*

*Administration and Finance*

*The Administration and Finance sector renders to THE PARTIES the service consisting in Investor Relations, Capital Markets, Financial Risk and Management of Financial Transactions. In addition, it renders to THE PARTIES the service consisting in planning and defining the companies' fiscal policies and the service consisting in managing their assets' coverage by negotiating, purchasing and monitoring insurance policies, dealing with claims in terms of coverage, collection, etc.*

*Planning*

*The Planning area is responsible for medium- and long-term planning, for aligning THE PARTIES' objectives and individual goals, for coordinating THE PARTIES' investment analysis, and for coordinating all the management information flowing through the businesses and submitted to the respective Boards of Directors.*

*Institutional Relations*

*The Institutional Relations department renders to THE PARTIES the service consisting in relations with the media and communities where the company does business, consisting in drafting of newsletters and statements, preparation of brochures and institutional events, CSR strategy, relationship with NGOs and planning and preparation of CSR actions.*

*Compliance*

*The Compliance sector is responsible for information security and Internal Control, controlling the proper management of the different processes that constitute the administrative and accounting system and participating in their continuous improvement. In addition, it is in charge of verifying compliance with controls defined in the processes as well as with the regulations, principles and procedures to which the governing bodies of THE PARTIES are subject. In addition, it provides support and assistance to the Audit Committee for compliance with its duties. Furthermore, it renders to THE PARTIES Corporate Fraud Prevention services.*

*Shared Services Center*

*The Shared Services Center provides THE PARTIES with all the transactional and operational services associated with income and expense management, human resources benefits management and payroll processing, commercial contract management, asset purchase and sale management, errand running services and management of services. It also includes managing, maintaining and providing support to systems, technology and processes, the companies' tax calculation processes and the services regarding accounting and preparation of separate and consolidated financial statements, and controlling the Shared Services Center's and Corporate expenses management and budgeting.*

*Safety*

*The Safety sector renders to THE PARTIES the surveillance service.*

*Legal Affairs - Corporate*

*The Legal Affairs - Corporate sector renders assistance to THE PARTIES in connection with the analysis, preparation of strategies and follow-up of legal proceedings of institutional importance for THE PARTIES, as well as with the negotiation and drafting of M&A agreements. It also assists THE PARTIES with corporate regulatory compliance matters, the negotiation, drafting and enforcement of shareholders agreements and the definition, drafting and control of powers of attorney, the preparation, analysis of and answer to legal briefs, agreements, official letters, etc.*

*Bolívar*

*Bolívar includes the employees performing activities of support and assistance to THE PARTIES' Board of Directors.*

*Attorneys-in-Fact*

*The Attorneys-in-Fact sector groups the employees who perform activities consisting in representing THE PARTIES before different governmental agencies.*

*General Management Department to be Distributed*

*The General Management Department to be Distributed sector includes employees performing activities of support and assistance to THE PARTIES' General Management Departments.*

*Board of Directors' Safety*

*The Board of Directors' Safety sector renders to THE PARTIES the service consisting in comprehensive safety for the main officers acting in their Board of Directors.*

**<u>Exhibit II</u>**

**<u>Cost Distribution Bases</u>**

---

| | | |
|:---|:---|:---|
| Corporate Departments | Department | Distribution Method |
| **Corporate Human Resources** | Corporate Human Resources  | The percentages of the corporate personnel areas are weighted. |
| **Administration and Finance** | Finance Department | The percentages of all the sectors making up the area are weighted. |
| **Administration and Finance** | Capital Markets | The fifty percent (50%) for Financial Risks will be distributed pro rata based on the following: Number of risk notes made for balance sheets, Valuation of instruments, Fair Value of Liabilities (number of valued debts), yield/risk analysis for assets and liabilities. The fifty percent (50%) for Capital Markets will be distributed pro rata the Number of financial transactions conducted in the period weighted at 70% and the remaining 30% on the basis of updates of offering memoranda and "horizontal" works (20F, annual reports, Press Release, etc.)  |
| **Administration and Finance** | Relations with Investors | Number of business highlights during the six-month period, number of earnings releases, number of meetings with investors (current or potential) to discuss the companies' business and strategy, number of active coverages, number of earnings release conferences, the complexity of the website of each company, number of material events published in the Argentine Securities Commission and the US Securities and Exchange Commission, and number of Roadshows (*Deal* or *Non-Deal*). All items involved are weighted in equal parts.  |
| **Administration and Finance** | Financial Planning  | Number of consolidated companies in each cash report submitted on a monthly basis and those companies in which a quarterly report is separately sent for the company because there is a partner. |
| **Administration and Finance** | Financial Administration | Total Assets weighted at 60% and total Liabilities weighted at 40%. The resulting percentage shall be weighted at 50% over the total. Thirty percent (30%) will correspond to the number of transactions performed for each vehicle and its subsidiaries. The remaining 20% will correspond to the number of vehicles for which transactions are performed and number of inquiries for special transactions. |

---

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| | | |
|:---|:---|:---|
| Corporate Departments | Department | Distribution Method |
|  | Corporate Tax | Salaries are weighted by position and by tasks performed (by company) |
|  | Insurance | Premium amount of the annual insurance program. |
| **Planning** | Planning Department | Each one of the sectors making up the department is weighted. |
| **Institutional Relations** |  | Area expenses budget for the period is pro-rated |
| **Compliance** | Compliance Department | Each one of the sectors making up the department is weighted. |
| **Compliance** | Risk Management and Audit | Time estimated/projected in the annual plan. |
| **Compliance** | Information security | Incidents closed by company. |
| **Shared Services Center (*CSC*)** | *CSC* Department | The percentage corresponding to each sector falling within the scope of the CSC department is weighted on the basis of the impact exerted by the relevant sector's projected salaries on the total salaries of the CSC. |
| **Shared Services Center (*CSC*)** | Revenues Administration | Direct Allocation of Resources |
| **Shared Services Center (*CSC*)** | Expenses Administration | Direct Allocation of Resources |
| **Shared Services Center (*CSC*)** | Customer Administration | Direct Allocation of Resources |
| **Shared Services Center (*CSC*)** | Collections Administration | Direct Allocation of Resources |
| **Shared Services Center (*CSC*)** | Treasury Administration | Number of Treasury Transactions performed for each Company. |
| **Shared Services Center (*CSC*)** | Own Account Administration | Number of Transactions performed for each Company. |
| **Shared Services Center (*CSC*)** | Technology | Weighting of time spent in each task (related to the services). |
| **Shared Services Center (*CSC*)** | IT Services | Number of CASTI incidents processed for each Company. |
| **Shared Services Center (*CSC*)** | Master Data | Number of transactions processed by each Company. |
| **Shared Services Center (*CSC*)** | Systems and Applications | Hours devoted to each task. |
| **Shared Services Center (*CSC*)** | Project Systems | Hours devoted to each task. |
| **Shared Services Center (*CSC*)** | Maintenance Systems  | Hours devoted to each task. |
| **Shared Services Center (*CSC*)** | Commercial Transactions | Number of agreements signed by Company |
| **Shared Services Center (*CSC*)** | Data Management | Hours devoted to each task. |
| **Shared Services Center (*CSC*)** | Process Quality | Weighting of time spent in each task. |
| **Shared Services Center (*CSC*)** | CSC Human Resources | 75% weighting of % of CSC sectors; and 25% weighting of % of Corporate sectors. |
| **Shared Services Center (*CSC*)** | Errand Running Service | Number of errands run. |
| **Shared Services Center (*CSC*)** | Asset Purchase and Sale Management | 100% IRSA. |
| **Shared Services Center (*CSC*)** | Services Management | Transactions processed per company. |
| **Shared Services Center (*CSC*)** | Administrative operations | The percentage of each sector served is weighted. |
| **Shared Services Center (*CSC*)** | Services Control | Direct allocation of resources. |
| **Shared Services Center (*CSC*)** | CSC Taxes | Salaries are weighted by position and by tasks performed (by company) |
|  | Accounting and Reporting | Weighted between payroll for tasks performed and number of vouchers recorded for the companies and their managed subsidiaries. |
| **Safety** |  | Per hour |
| **Legal Affairs - Corporate** |  | Weighted between number of Meetings of board of directors, liquidators and shareholders' meetings. |
| **Attorneys-in-fact** |  | Time spent in tasks performed. |
| **Bolívar** |  | 83.67% IRSA and 16.33% CRESUD.  |
| **Board of Directors' Safety** |  | 66.66% IRSA and 33.33% CRESUD |
| **General Management to be distributed** |  | 66.66% IRSA and 33.33% CRESUD |

---

## Exhibit 8.1

**EXHIBIT 8.1**

 **LIST OF SUBSIDIARIES**

The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Name of the entity** | **Country** | **Main activity** | **Stake at 06.30.2025** |
| **IRSA's direct interest:** |  |  |  |
| E-Commerce Latina S.A.  | Argentina | Investment | 100.00% |
| Hoteles Argentinos S.A.U. | Argentina | Hotel | 100.00% |
| Inversora Bolívar S.A. | Argentina | Investment | 100.00% |
| Llao Llao Resorts S.A. (1)  | Argentina | Hotel | 50.00% |
| Nuevas Fronteras S.A. | Argentina | Hotel | 76.34% |
| Palermo Invest S.A. | Argentina | Investment | 100.00% |
| Ritelco S.A.U. | Argentina | Investment | 100.00% |
| Tyrus S.A. | Uruguay | Investment | 100.00% |
| Arcos del Gourmet S.A. | Argentina | Real estate | 90.00% |
| Emprendimiento Recoleta S.A. (in liquidation) | Argentina | Real estate | 53.68% |
| Fibesa S.A.U. | Argentina | Real estate | 100.00% |
| Panamerican Mall S.A. | Argentina | Real estate | 80.00% |
| Shopping Neuquén S.A. | Argentina | Real estate | 99.95% |
| Torodur S.A. | Uruguay | Investment | 100.00% |
| EHSA | Argentina | Investment | 70.00% |
| We Are Appa S.A. | Argentina | Design and software development | 93.63% |
| Shefa Fiduciaria S.A.U. | Argentina | Trustee company | 100.00% |
| Fideicomiso Shefa V.C. | Argentina | Investment | 100.00% |
| **Tyrus S.A.'s direct interest:** |  |  |  |
| DFL and DN BV | Bermuda's / Netherlands | Investment | 99.65% |
| Shefa Holding LLC | USA | Investment | 100.00% |
| IRSA International LLC | USA | Investment | 100.00% |
| Liveck Ltd. (2) | British Virgin Islands | Investment | 100.00% |
| Real Estate Strategies LLC | USA | Investment | 100.00% |
| **DFL's and DN BV's direct interest:** |  |  |  |
| Dolphin IL Investment Ltd. | Israel | Investment | 100.00% |

---

____________

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

(2) Includes Tyrus' and IRSA's equity interests.

## Exhibit 12.1

**EXHIBIT 12.1**

**SECTION 302 CERTIFICATION**

I, Eduardo S. Elsztain, certify that:

1. I have reviewed this annual report on Form 20-F of IRSA Inversiones y Representaciones S.A. (the "Company") for the fiscal year ended June 30, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period converted by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial position results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervisions, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d. Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
|  | **IRSA Inversiones y Representaciones S.A.** | **IRSA Inversiones y Representaciones S.A.** |
| October 24, 2025. | By: | /s/ Eduardo S. Elsztain |
|  |  | Eduardo S. Elsztain |
|  |  | Chief Executive Officer |

---

## Exhibit 12.2

**EXHIBIT 12.2**

**SECTION 302 CERTIFICATION**

I, Matias Gaivironsky, certify that:

1. I have reviewed this annual report on Form 20-F of IRSA Inversiones y Representaciones S.A. (the "Company") for the fiscal year ended June 30, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period converted by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial position results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervisions, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d. Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
|  | **IRSA Inversiones y Representaciones S.A.** | **IRSA Inversiones y Representaciones S.A.** |
| October 24, 2025. | By: | /s/ Matias I. Gaivironsky |
|  |  | Matias I. Gaivironsky<br> Chief Financial and Administrative Officer |

---

## Exhibit 13.1

**EXHIBIT 13.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C.**

**SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE**

**SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 20-F of IRSA Inversiones y Representaciones S.A. (the "Company") for the fiscal year ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Eduardo S. Elsztain, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that;

(1) The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities and Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
|  | **IRSA Inversiones y Representaciones S.A.** | **IRSA Inversiones y Representaciones S.A.** |
| October 24, 2025. | By: | /s/ Eduardo S. Elsztain |
|  |  | Eduardo S. Elsztain |
|  |  | Chief Executive Officer |

---

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except as to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended

## Exhibit 13.2

**EXHIBIT 13.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C.**

**SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE**

**SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 20-F of IRSA Inversiones y Representaciones S.A. (the "Company") for the fiscal year ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Matias Gaivironsky, as Chief Financial and Administrative Officer of the company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that;

(1) The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities and Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
|  | **IRSA Inversiones y Representaciones S.A.** | **IRSA Inversiones y Representaciones S.A.** |
| October 24, 2025. | By: | /s/ Matias I. Gaivironsky |
|  |  | Matias I. Gaivironsky |
|  |  | Chief Financial and Administrative Officer |

---

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except as to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended.

## Exhibit 99.1

**EXHIBIT 99.1**

Buenos Aires September 3, 2025

IRSA Inversiones y Representaciones S.A.

Carlos M. Della Paolera 261, 8<sup>th</sup> Floor

(C10091ADA)

Ciudad Autónoma de Buenos Aires, Argentina

**<u>CONSENT OF INDEPENDENT APPRAISER</u>**

Newmark Grubb Knight Frank ("NGKF") hereby consents to the reference to NGFK's name, valuation methodologies, assumptions and value conclusions for accounting purposes, with respect to its appraisal reports addressed and previously delivered to the board of directors of IRSA Inversiones y Representaciones S.A. (the "Company"), in the Company's Annual Report on Form 20-F (together with any amendments thereto, the "Annual Report") to be filed with the U.S. Securities and Exchange Commission. NGKF also hereby consents to the filing of this letter as an exhibit to the Annual Report.

---

| | |
|:---|:---|
| **NEWMARK GRUBB KNIGHT FRANK** | **NEWMARK GRUBB KNIGHT FRANK** |
| By: | /s/ Domingo Speranza |
| Name:  | Domingo Speranza |
| Title: | CEO – Executive Director |

---

## Exhibit 99.2

**EXHIBIT 99.2**

**Schedule I** 

The following is a summary of the Company's investment properties as of June 30, 2025 prepared in accordance with SEC Regulation S-X 12-28 (all amounts are in millions of Argentine Pesos):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Initial Costs**  | **Initial Costs**  | Subsequent Costs  | **Costs at the end of the year**  | **Costs at the end of the year**  | **Costs at the end of the year**  | | | | | |
| <br>**Name**  | <br>**Encumbrances**  | **Plot of land**  | **Buildings, facilities and improvement**  | **Improvements / Additions / Disposals / Transfers**  | **Plot of land**  | **Buildings, facilities and improvements**  | **Total**  |<br>**Capitalized cost, net**  |<br>**Fair Value adjustments**  |<br>**Fair value at the end of the year (\*)**  |<br>**Date of construction**  |<br>**Date of acquisition**  |
| **Shopping malls:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Abasto Shopping |  | 5242 | 136364 | 11062 | 5242 | 147426 | 152668 | 49 | 50144 | 202861 | Nov-98 | Nov-99 |
| Alto Palermo |  | 20136 | 219817 | 114568 | 20136 | 334385 | 354521 | 19 | (133032) | 221508 | Oct-90 | Dec-97 |
| Alto Avellaneda |  | 9325 | 89878 | 32874 | 9325 | 122752 | 132077 | 47 | 22301 | 154425 | Oct-95 | Dec-97 |
| Alcorta Shopping |  | 5636 | 63130 | 22221 | 5636 | 85351 | 90987 | 11 | 45905 | 136903 | Jun-92 | Jun-97 |
| Alto Noa Shopping |  | 192 | 23712 | 8009 | 192 | 31721 | 31913 | 15 | 10780 | 42708 | Sep-94 | Mar-95 |
| Patio Bullrich |  | 4523 | 83022 | 10692 | 4523 | 93714 | 98237 | (6) | (34348) | 63883 | Sep-88 | Oct-98 |
| Alto Rosario Shopping |  | 20288 | 9982 | 28940 | 20288 | 38922 | 59210 | (4) | 92141 | 151347 | Nov-04 | Nov-04 |
| Mendoza Plaza Shopping |  | 5660 | 40347 | 30180 | 5660 | 70527 | 76187 | (98) | (19956) | 56133 | Jun-94 | Dec-94 |
| Dot Baires Shopping |  | 17295 | 12588 | 127856 | 17295 | 140444 | 157739 | 50 | (14404) | 143385 | May-09 | May-09 |
| Córdoba Shopping | Antichresis | 2067 | 37025 | 9435 | 2067 | 46460 | 48527 | 9 | (3921) | 44615 | Mar-90 | Dec-06 |
| Distrito Arcos |  |  |  | 59159 |  | 59159 | 59159 | 25 | (26580) | 32604 | Nov-09 | Dec-14 |
| Alto Comahue |  | 1406 | 3982 | 65738 | 1406 | 69720 | 71126 | (1) | (9394) | 61731 | May-06 | Mar-15 |
| Patio Olmos |  | 4263 | 7938 | 28 | 4263 | 7966 | 12229 | (10) | (2196) | 10023 | May-95 | Sep-07 |
| Soleil Premium Outlet |  | 4557 | 15356 | 15971 | 4557 | 31327 | 35884 | 171 | 40661 | 76716 | Jul-10 | Jul-10 |
| Terrazas de Mayo |  |  |  | 31910 |  | 31910 | 31910 |  | 4229 | 36139 | Aug-14 | Dec-24 |
| Beruti Parking Spaces |  | - | 925 | - | - | 925 | 925 | 3 | 3827 | 4755 | n/a | n/a |
| **Shopping malls**  |  | **100590** | **744066** | **568643** | **100590** | **1312709** | **1413299** | **280** | **26157** | **1439736** |  |  |
| **Office and other rental properties:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Abasto Offices  |  |  |  | 2912 |  | 2912 | 2912 |  | 6889 | 9801 | Mar-13 | Nov-99 |
| Zetta building |  | 11811 |  | 93538 | 11811 | 93538 | 105349 | 617 | 45731 | 151697 | Dec-18 | May-19 |
| Dot building |  | 3917 | 1260 | 52098 | 3917 | 53358 | 57275 | (142) | (12959) | 44174 | Sep-10 | Nov-06 |
| Bouchard Plaza 551 |  | 1854 | 1103 |  | 1854 | 1103 | 2957 | (1) | 714 | 3670 | - | Mar-07 |
| Others |  | 1813 | 4948 | 1130 | 1813 | 6078 | 7891 |  | 902 | 8793 | n/a | n/a |
| La Adela |  | 31960 |  | 10220 | 31960 | 10220 | 42180 |  | (27623) | 14557 | - | Aug-14 |
| Intercontinental Plaza building |  | 1075 | 15050 | 5414 | 1075 | 20464 | 21539 | (22) | (12700) | 8817 | Jun-96 | Dec-14 |
| Bank Boston Tower |  | 2385 | 1928 |  | 2385 | 1928 | 4313 | (9) | (3288) | 1016 | Dec-14 | Dec-14 |
| Phillips building  |  |  | 37136 | 3165 |  | 40301 | 40301 | 19 | (17855) | 22465 | Jun-17 | Jun-17 |
| 261 Della Paolera |  | 20278 | - | 7968 | 20278 | 7968 | 28246 | 94 | (2624) | 25716 | Dec-20 | Dec-20 |
| **Office and other rental properties** |  | **75093** | **61425** | **176445** | **75093** | **237870** | **312963** | **556** | **(22813)** | **290706** |  |  |

---

**Schedule I** (Continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Initial Costs**  | **Initial Costs**  | Subsequent Costs  | **Costs at the end of the year**  | **Costs at the end of the year**  | **Costs at the end of the year**  | | | | | |
| <br> **Name**  | <br> **Encumbrances**  | **Plot of land**  | **Buildings, facilities and improvement**  | **Improvements / Additions / Disposals / Transfers**  | **Plot of land**  | **Buildings, facilities and improvements**  | **Total**  |<br> **Capitalized cost, net**  |<br> **Fair Value adjustments**  |<br> **Fair value at the end of the year (\*)**  |<br> **Date of construction**  |<br> **Date of acquisition**  |
| **Undeveloped parcels of land** |  |  |  |  |  |  |  |  |  |  |  |  |
| Building annexed to Dot |  | 18175 |  |  | 18175 |  | 18175 |  | 19692 | 37867 |  | Nov-06 |
| Luján plot of land |  | 9238 |  | 968 | 9238 | 968 | 10206 |  | (316) | 9890 |  | May-08 |
| Caballito –Ferro plot of land |  | 19996 |  | 5681 | 19996 | 5681 | 25677 |  | 11634 | 37311 |  | Jan-99 |
| Annexed to Dot plot of land |  | 169 |  |  | 169 |  | 169 |  | (123) | 46 |  | Feb-17 |
| Mendoza plot of land |  | 479 |  | 1842 | 479 | 1842 | 2321 |  | (361) | 1960 |  | dec-16 |
| La Plata plot of land |  | 10254 |  | 6524 | 10254 | 6524 | 16778 |  | (1980) | 14798 |  | Mar-18 |
| Alto Palermo Shopping - buildable potential |  |  |  |  |  |  |  |  | 13912 | 13912 |  | Dec-97 |
| Patio Bullrich - buildable potential |  |  |  |  |  |  |  |  | 12785 | 12785 |  | Oct-98 |
| Alto Rosario - buildable potential |  |  |  |  |  |  |  |  | 14835 | 14835 |  | Nov-04 |
| Cordoba Shopping - buildable potential |  |  |  |  |  |  |  |  | 2412 | 2412 |  | Dec-06 |
| Beruti and Coronel Diaz building |  |  | 28195 | 19 |  | 28214 | 28214 |  | (17587) | 10627 |  | Jun-22 |
| Ramblas del Plata |  | 72379 | 6986 | (68718) | 72379 | (61732) | 10647 | 10 | 408621 | 419278 |  | Jul-97 |
| Pilar |  | 550 |  |  | 550 |  | 550 |  | 649 | 1199 |  | Jun-14 |
| Pontevedra plot of land |  | 750 |  | 1 | 750 | 1 | 751 |  | 416 | 1167 |  | Feb-98 |
| San Luis plot of land |  | 262 |  |  | 262 |  | 262 |  | (19) | 243 |  | Mar-08 |
| Paseo Colon 245 Building |  |  | 9760 |  |  | 9760 | 9760 |  | (4017) | 5743 |  | May-23 |
| Paseo Colon 275 Parking |  |  | 217 |  |  | 217 | 217 |  | (29) | 188 |  | May-23 |
| Córdoba plot of land |  | 860 |  |  | 860 |  | 860 |  | 917 | 1777 |  | May-15 |
| Conil plot of land |  | 295 |  |  | 295 |  | 295 |  | 232 | 527 |  | Jun-96 |
| Neuquén plot of land |  | 2191 |  |  | 2191 |  | 2191 |  | 3661 | 5852 |  | Jul-99 |
| Av Córdoba 633/637 Building |  |  | 1026 |  |  | 1026 | 1026 |  | (252) | 774 |  | Jul-23 |
| Alto Avellaneda - buildable potential |  |  |  | 14727 |  | 14727 | 14727 |  | 1341 | 16068 |  | Aug-24 |
| Florencio Varela Plot of Land |  |  |  | 152 |  | 152 | 152 |  | 30 | 182 |  | Nov-24 |
| Intercontinental Plaza II |  | - | - | - | - | - | - | - | 2176 | 2176 |  | Feb-98 |
| **Undeveloped parcels of land** |  | **135598** | **46184** | **(38804)** | **135598** | **7380** | **142978** | **10** | **468629** | **611617** |  |  |
| **Properties under development** |  |  |  |  |  |  |  |  |  |  |  |  |
| PH Office Park |  | - | - | 587 | - | 587 | 587 | - | 63 | 650 | in progress | - |
| **Properties under development** |  | **-** | **-** | **587** | **-** | **587** | **587** | **-** | **63** | **650** |  |  |
| **Others** |  |  |  |  |  |  |  |  |  |  |  |  |
| EH UT |  | - | - | 2836 | - | 2836 | 2836 | - | (878) | 1958 |  | Sep-17 |
| **Others** |  | **-** | **-** | **2836** | **-** | **2836** | **2836** | **-** | **(878)** | **1958** |  |  |
| **Total** |  | **311281** | **851675** | **709707** | **311281** | **1561382** | **1872663** | **846** | **471158** | **2344667** |  |  |

---

____________

**(\*)** For the reconciliation of the carrying amount and its variations during the years ended June 30, 2025, 2024 and 2023 please see below:

---

| | | | |
|:---|:---|:---|:---|
|  | **06.30.2025** | **06.30.2024** | **06.30.2023** |
| **Fair value at the beginning of the year** | **2373986** | **2952578** | **3275148** |
| Additions  | 74511 | 18617 | 31225 |
| Capitalized leasing costs | 182 | 320 | 336 |
| Amortization of capitalized leasing costs | (381) | (434) | (181) |
| Transfers (i) | (91960) | (38232) | 18403 |
| Disposals | (9107) | (70054) | (117697) |
| Currency translation adjustment  | (64) | (15) | (89) |
| Net loss from fair value adjustment | (2500) | (488794) | (254567) |
| **Fair value at the end of the year** | **2344667** | **2373986** | **2952578** |

---

(i) Transfers mainly correspond to reclassification from Investment properties to Trading properties or viceversa.