Document:

EXHIBIT
10.6

 

Labour

CONTRACT

in
Shenzhen

(Full-time
employment applicable)

 

Shenzhen
Municipal Bureau of Human Resources and Social Security

 

    	 

    	 

    

 

	Party
    A (employer)	 	Party
    B (employee)
	 	 	 	 	 
	Name	Muyan
    (Shenzhen) Block Chain Technology Co., Ltd	 	Name	Sun
    Chenchen
	 	 	 	 	 
	Address	1906
    Zhongzhou Building,3088Jintian Road,	 	 	 
	 	 	 	 	 
	 	Futian
    Street, Futian District, Shenzhen	 	Gender	Female
	 	 	 	 	 
	Legal
    Representative	 	Identity
    Card (Passport)
	 	 	 	 	 
	(Principal
    Officer)	Wang
    Zhen	 	Number	23232119890428902X
	 	 	 	 	 
	Contact	Wang
    Zhen 	 	Contact
    Address	Beilin District,Yanhua city,Hei Longjiang Province
	 	 	 	 	 
	 	 	 	Current
    address	Liantang street,Luohu District,Shenzhen

	 	 	 	 	 
	Tel
    :	0755-8325
    7679 	 	Telephone	18645791641

 

In
accordance with the relevant laws and regulations, such as the Labor Law of the People’s Republic of China (hereinafter
referred to as the Labor Law), the Labor Contract Law of the People’s Republic of China (hereinafter referred to as the
Labor Contract Law), and the Regulations of Shenzhen Municipality on the Payment of Employees’ Wages (hereinafter referred
to as the Regulations on the Payment of Wages), both parties shall, in accordance with the principles of legality, fairness, equality,
voluntariness, consensus and good faith, sign this labor contract and jointly abide by the provisions of this labor contract.

 

I.
Duration of the labour contract

 

Party
A and Party B agree to determine the term of this labor contract in the following manner.   1   

 

1.
fixed period: from November 11th,2019 to November 10th ,2020 the day
ends.

 

2.
No fixed period: from year                Month         
Day after day.

 

3.
deadlines for completing certain tasks: from year to year From the day of the month to the completion of the task. The mark
of completing the task is.                          

 

    	1

    	 

    

 

(2)
The probationary period shall be 1 month from November 11th,2019to December 10th,2019 the
day ends.(The probationary period is included in the term of the labor contract, if there is no probationary period, fill in “none
“).

 

II.
Content and duty station

 

Party
B’s work content (post or type of work) Administrative secretary assist leaders in handling all kinds of letters,drafting letters,speeches,reports,etc.

 

Party
B’s working place is 1906 Zhongzhou Building ,3088 Jintian Road, Futian Street, Futian District, Shenzhen City.

 

III.
Working hours and rest and leave

 

Party
A and Party B agree to determine the working hours of Party B in the following manner.  1  

 

1.
standard working hours, is 8 hours per day (no more than 8 hours) per week 48 hours (no more than 40 hours), rest at least one
day per week.

 

2.
irregular work system, that is, approved by the human resources security (labor) department, Party B’s position to implement
irregular work system.

 

3.
the comprehensive calculation of working hours, that is, approved by the human resources security (labor) department, Party B
shall implement the comprehensive calculation of working hours.

 

(2)
If Party A needs to extend working hours due to production and operation, it shall be executed in accordance with Article 41 of
the Labor Law.

 

Party
B shall enjoy statutory holidays, annual leave, marriage leave, maternity leave and funeral leave according to law.

 

(4)
Party B’s other rest and leave arrangements shall be adjusted according to the company’s working arrangements _______________________

 

___________________________________________.

 

    	2

    	 

    

 

IV.
Remuneration for work

 

(1)
Party A shall formulate a wage distribution system and inform Party B accordingly. The wages paid by Party A to Party B shall
not be lower than the minimum wage for the year announced by the municipal government.

 

After
consultation with Party B, Party A agrees to pay Party B wages in the following manner. 1

 

1.
Party B’s monthly normal working hours salary RMB 8000.

 

2.
both parties agree _____________________________________________________________________

 

________________________________________________________
Determine Party B’s salary.

 

Party
A shall pay daily wages before 15th of every month. Party A shall pay Party B wages at least once a month
in monetary form.

 

Party
B shall pay overtime wages, holiday wages and wages under special circumstances in accordance with the relevant laws and regulations.

 

(5)
Other wage agreements between Party A and Party B _______________________________________________

 

_______________________________________________________

 

_______________________________________________.

 

V.
Social insurance and welfare benefits

 

(1)
Both parties shall participate in social insurance and pay social insurance premiums in accordance with the relevant regulations
of the state, provinces and municipalities.

 

(2)
If Party B is ill or not injured by work, Party A shall, in accordance with the relevant regulations of the State, the provinces
and municipalities, give Party B the treatment of medical treatment period and medical treatment period.

 

    	3

    	 

    

 

(3)
If Party B suffers from occupational disease or is injured by work, Party A shall comply with the provisions of the Law of the
People’s Republic of China on Prevention and Control of Occupational Diseases and the Regulations on Industrial Injury Insurance.

 

Party
A shall provide Party B with the following benefits Five risks “maternity insurance” “medical insurance”
“old-age insurance” “unemployment insurance” “industrial injury insurance”.

 

VI.
Labour protection, working conditions and protection against occupational hazards

 

(1)
Party A shall, in accordance with the relevant labor protection regulations of the state, provinces and municipalities, provide
workplaces and necessary labor protective articles that meet the national safety and health standards, and earnestly protect Party
B’s safety and health in production work.

 

(2)
Party A shall, in accordance with the relevant regulations of the state, provinces and municipalities, do a good job in the special
labor protection of female employees and underage workers.

 

	 	(3)	If
    Party B is engaged in Administrative secretary and may cause      /   
    occupational hazards, Party A shall take      /     Protective measures, and in accordance with the provisions
    of the health administration department under the State Council to organize the occupational health examination before, during
    and when leaving the post, and truthfully inform Party B of the results of the inspection. The cost of occupational health
    examination shall be borne by the employer.

 

(4)
Party B shall have the right to refuse Party A’s illegal command and to compel Party A to take risks; Party B shall have
the right to request correction or report to the relevant departments for Party A’s actions that endanger life and health.

 

    	4

    	 

    

 

VII.
REGULATIONS

 

Party
A shall inform Party B of the rules and regulations formulated according to law.

 

Party
B shall abide by the relevant laws and regulations of the state, provinces and municipalities and the rules and regulations formulated
by Party A in accordance with the law, complete its work tasks on time, improve its vocational skills, and abide by safety operating
rules and professional ethics.

 

Party
B shall conscientiously abide by the relevant regulations of the state, provinces and municipalities on family planning.

 

VIII.
Changes in labour contracts

 

Party
A and Party B may change the labor contract by consensus. The change of labor contract shall be in writing. Each party holds one
copy of the revised labor contract.

 

IX.
Termination and termination of labour contracts

 

(1)
A and B may terminate the labor contract by consensus.

 

Party
B may terminate the labor contract by notifying Party A in writing 30 days in advance; Party B may terminate the labor contract
by notifying Party A three days in advance of the probationary period.

 

If
Party A has any of the following circumstances, Party B may notify Party A to terminate the labor contract:

 

1.
failing to provide labor protection or working conditions as stipulated in the labor contract;

 

2.
failing to pay labour remuneration in full and on time;

 

If
the 3. fails to pay the social insurance premium for Party B in accordance with the law, if Party B requests Party A to pay, it
has not paid for more than one month;

 

If
4. rules and regulations violate the provisions of laws and regulations and damage the rights and interests of Party B;

 

5.,
by means of fraud or coercion or taking advantage of the danger of others, make Party B conclude or change this labor contract
in violation of the true meaning, and cause the labor contract to be invalid;

 

6.
exempt oneself from legal responsibility, exclude party b’s right, cause labor contract invalid;

 

    	5

    	 

    

 

7.
violating the mandatory provisions of laws and administrative regulations, resulting in invalid labor contracts;

 

8.
laws and administrative regulations stipulate that Party B may terminate the labor contract in other circumstances.

 

(4)
If Party A forces Party B to work by means of violence, threat or illegal restriction of personal freedom, or if Party A directs
or orders risky operations against Party B, Party B may immediately terminate the labor contract without prior notice to Party
A.

 

If
Party B has any of the following circumstances, Party A may terminate the labor contract:

 

1.
proved not to be eligible for employment during the trial period;

 

2.
serious violation of Party A’s rules and regulations;

 

3.
serious dereliction of duty, malpractice, causing significant damage to Party A;

 

4.
establish labor relations with other employing units at the same time, which will have a serious impact on the completion of the
work tasks of the unit, or if Party A proposes and refuses to correct them;

 

5.,
by means of fraud or coercion or taking advantage of the danger of others, make Party A conclude or change this labor contract
in violation of the true meaning, and cause the labor contract to be invalid;

 

6.
be investigated for criminal responsibility according to law.

 

(6)
If Party A notifies Party B in writing 30 days in advance or pays Party B an additional month’s salary, it may terminate
the labor contract, except in the cases stipulated in Article 42 of the Labor Contract Law:

 

1.
Party B is ill or not injured by work, it can not engage in the original work after the expiration of the prescribed medical treatment,
nor can it engage in the work arranged separately by Party A;

 

    	6

    	 

    

 

2.
Party B is unable to do the job, after training or adjustment of the post, still unable to do the job;

 

3.
the labor contract is concluded on the basis of major changes in the objective circumstances, resulting in the labor contract
can not be performed, after consultation between the two parties, failed to reach an agreement on the change of the content of
the labor contract.

 

(7)
If, under any of the following circumstances, Party A needs to reduce its personnel by more than 20 persons or less than 20 persons
but accounts for more than 10 per cent of the total number of Party A’s employees, Party A shall explain the situation to
the trade union or all its employees 30 days in advance, and after listening to the opinions of the trade union or union or its
employees and reporting the plan for the reduction to the human resources security (labour) department, may reduce its personnel,
except in the case specified in Article 42 of the Labor Contract Law:

 

1.
reorganization in accordance with the provisions of the enterprise insolvency law;

 

2.
serious difficulties in production and operation;

 

3.
the conversion of an enterprise to production, major technological innovation or adjustment of its mode of operation, after changing
its labor contract, it still needs to reduce its personnel;

 

4.
other labor contracts can not be performed due to major changes in the objective economic conditions on which the labor contract
is concluded.

 

(8)
termination of a labor contract if:

 

1.
labor contract expires;

 

2.
Party B reaches the legal retirement age;

 

3.
Party B dies or is declared dead or missing by a people’s court;

 

4.
Party A is declared bankrupt according to law;

 

    	7

    	 

    

 

5.
Party A is revoked its business license, ordered to close down, revoked or Party A decides to dissolve in advance;

 

6.
other circumstances prescribed by laws and administrative regulations.

 

X.
Economic compensation

 

(1)
Party A shall pay Party B economic compensation if:

 

1.
Party A proposes to terminate the labor contract to Party B in accordance with Article 9(1) of this labor contract and to terminate
the labor contract by consensus with Party B;

 

2.
Party B terminates the labor contract in accordance with Article 9(3) and (4) of this labor contract;

 

3.
Party A terminates the labor contract in accordance with Article 9(6) and (7) of this labor contract;

 

4.
Party B does not agree to renew the labor contract unless Party A maintains or raises the conditions stipulated in the labor contract,
and terminates the fixed term labor contract in accordance with Article 9(8)(1) of this contract;

 

5.
terminate the labor contract in accordance with Article 9(8)(iv) and (v) of this contract;

 

6.
other circumstances prescribed by laws and administrative regulations.

 

If
both parties terminate or terminate this labor contract, the standard of payment of economic compensation shall be implemented
in accordance with the Labor Contract Law and the relevant provisions of the state, provinces and municipalities. If Party A shall
pay Party B economic compensation according to law, it shall be paid when Party B completes the transfer of work.

 

Procedures
for termination and termination of labour contracts

 

If
both parties terminate or terminate this labor contract, Party B shall handle the transfer of work as agreed by both parties.
Party A shall issue a certificate of termination or termination of the labor contract upon termination or termination of the labor
contract, and shall, within 15 days, handle the formalities for the transfer of archives and social insurance relations for Party
B. The certificate of termination or termination of the labor contract issued by Party A shall state the term of the labor contract,
the date of termination or termination of the labor contract, the work position, and the working years in the unit.

 

    	8

    	 

    

 

XII.
Dispute settlement

 

If
a labor dispute arises between Party A and Party B, it shall be settled through consultation first. If consultation fails, it
may seek settlement from the trade union of the unit or apply to the labor dispute mediation committee of the unit for mediation;
it may also directly apply to the labor dispute arbitration committee for arbitration.

 

Other
matters deemed necessary by the Parties:

 

1.
the probation period of three days workers leave the company, do not pay labor remuneration.________________

 

2.
this contract is a provisional version, if in doubt, please confirm with legal affairs. _________________________

 

_________________________________________________________

 

_________________________________________________________

 

_________________________________________________________

 

_________________________________________________________

 

XIV.
OTHER

 

(1)
If the matters not covered in this labor contract or the terms of the labor contract conflict with the provisions of the existing
laws and regulations, they shall be executed in accordance with the existing laws and regulations.

 

(2)
This labor contract shall take effect from the date of signature and seal of both parties and shall be invalid if it is altered
or signed without written authorization.

 

    	9

    	 

    

 

This
labor contract is in duplicate, each party holds one copy.

 

 

Party
A :(stamped) Party B :(signed)

 

Legal
Representative:

 

 

(Principal
responsible person)

 

 

Date
of year

 

    	10

    	 

    

 

Confidentiality
Agreement

 

Party
A (Employer)

 

Name
Muyan (Shenzhen) Block Chain Technology Co., Ltd

 

Residence
1906 Zhongzhou Building,3088Jintian Road,Futian Street,Futian District,Shenzhen

 

Legal
Representative (Principal Person) Wang Zhen

 

Tel
:0755-83257679

 

Party
B (Employee)

 

Name
Sun Chenchen

Gender
Female

ID
(Passport) Number 23232119890428902X

Address
Yanhua city,Hei Longjiang Province

Current
address Luohu District,Shenzhen

Telephone
contact 18645791641

 

In
view of:

 

1.
Party B recognizes the need to contact and understand Party A’s confidential information during Party A’s work;

 

2.
Party B understands and confirms that any disclosure or disclosure of Party A’s confidential information will seriously
damage Party A’s economic interests or put Party A in a very unfavorable competitive position, and Party B shall bear the
obligation of confidentiality;

 

In
accordance with the relevant laws and regulations of the People’s Republic of China, both parties hereby conclude this Agreement
on a voluntary, equal and consensual basis and shall abide by it jointly.

 

Article
1 Confidential information

 

1.1
Where Party B takes office directly or indirectly through written, oral, graphic or through observation, arrangement,
research, meetings, etc any information relating to Party A’s production, operation, economic interests or competitive
advantage, if not in the public media Release, are Party A’s confidential information, Party B undertakes the
obligation of confidentiality.

 

1.2
Party A’s confidential information includes both Party A’s own and Party A’s third party information, including
but not limited to List of items:

 

1.2.1
technical information: including, but not limited to, company applications, information technology design and development documents,
information system configuration Documents, inventions, works, processes, know-how, undisclosed operating manuals, databases,
ideas, concepts and related resources Materials, etc;

 

    	11

    	 

    

 

1.2.2
business information including, but not limited to, business strategy, business direction, business planning, business
projects and business decisions, companies Secret matters in major decisions, development strategies and plans, sales plans,
company financial budget and final accounts, Statistical reports, operating data, customer lists, customer files, price
options, distribution plans, organizational structure, databases, Important management methods, employee personnel files,
salary, labor income and information, published organizational personnel changes Information, customer information, supplier
list, supplier information, procurement plan and business information, contracts held within the company, Important meeting
minutes of agreements, opinions and feasibility reports, company audits, reports and information resulting from audits,
company reports Hold all kinds of information that have not entered the market or have not been made public;

 

1.2.3
other information, including but not limited to other business information, business information and technical information related
to Party A’s competition and benefits, Such as related correspondence, etc.

 

Although
the 1.2.4 is not owned by Party A, it is the information that Party A has, contacts and undertakes the obligation of confidentiality,
including but not limited to Party A Confidential information of suppliers, customers and affiliated enterprises.

 

1.3
Party A’s confidential information may be expressed in physical, chemical, biological or any other form, including but
not limited to official documents, books issues, correspondence, drawings, reports, disks, films, slides, photographs,
audiotapes, emails, etc.

 

1.4
All documents, materials, charts, notes, reports of Party A’s confidential information held or kept by Party B for the
purposes of its duties The information, letters, faxes, disks, instruments and any other form of carrier shall be owned by
Party A regardless of such confidential information There is no commercial value. If the carrier recording the confidential
information is owned by Party B, Party B shall be deemed to have agreed to the carrier Transfer of ownership to Party A or
destruction as required by Party A. When Party A requests Party B to return or destroy the carrier, it will give the
equivalent load Economic compensation for the value of the body itself.

 

Article
2 Confidentiality obligations

 

2.1
Party B’s obligation of confidentiality is based on its duty of loyalty to Party A. Party B shall perform the following
obligations:

 

2.1.1
strictly abide by any written or unwritten rules and regulations stipulated by Party A, and perform the corresponding
protection of its position Confidential duty to prevent the disclosure of confidential information of Party A or others but
Party A has the obligation to keep confidential; such as the relevant confidentiality system or double confidentiality Other
confidentiality agreements and the provisions of the agreement do not coincide, should be in accordance with the strictest
confidentiality provisions or agreements;

 

2.1.2
the confidentiality rules and regulations of Party A are not stipulated or unclear, Party B shall also be cautious and
honest, To take necessary and reasonable measures to safeguard any property owned or owned by Party A or others that is known
or held during the term of office However, Party A undertakes to keep confidential information in order to keep it
confidential;

 

    	12

    	 

    

 

2.1.3
confidential data, information and documents are used only for the purpose of providing services to Party A, Party B shall not
serve other purposes To use or allow such information to be used.

 

2.1.4
shall not make use of the confidential information of Party A or any third party which belongs to others but which Party A undertakes
to keep confidential Lee.

 

2.2
During the period of Party A’s work or after leaving Party A (no matter what reason Party B leaves for), Party B shall
not take any form Disclosure or publication of any confidential information that Party A or Party A undertakes to keep
confidential unless Party A has the right to obtain Any other person or organization other than the person who knows the
trade secret.

 

2.3
The period for which Party B assumes the obligation of confidentiality after leaving office shall be indefinite until Party A
declares that the declassified or confidential information has been made public to the public The crowd was completely
open.

 

2.4
Without the permission of Party A, Party B shall not at any time make copies, abstracts, summaries and expositions of Party A’s
confidential information.

 

2.5
Party B shall return it in accordance with the manner, procedure, time and requirements specified by Party A when leaving
Party A or at the request of Party A All property belonging to Party A (including all property and materials stored inside
and outside Party A), including a record of Party A’s confidential information Cut carrier, can not detain, copy,
transfer others or delete, destroy, take out.

 

Article
3 Disclosure

 

3.1
If Party B commits any of the following acts, it shall be deemed to have intentionally disclosed Party A’s confidential
information:

 

3.1.1
Party A, or the confidential information which belongs to others but which Party A undertakes to keep confidential, shall be provided
privately to others for reading, copying and transmitting, or in violation of the system of keeping, storing and carrying confidential
information;

 

3.1.2
transmit the confidential information of Party A or any other party that Party A undertakes to keep confidential to its competitors
directly or indirectly by oral, written or other means;

 

3.1.3
to release or provide confidential information from Party A or other party without Party A’s authorization, in the name
of Party A or as Party A;

 

3.1.4,
after leaving Party A, to serve or profit from the confidential information obtained in Party A for itself or other organizations,
individuals;

 

3.1.5
any other means or form to disclose Party A’s or Party A’s promise of confidentiality Interest;

 

3.1.6
other non-performance of the obligations of confidentiality, conflict of interest with Party A.

 

3.2
Party B shall not be subject to the agreement if it can provide clear and illustrative documentary evidence that its conduct is
one of the following Binding on confidentiality:

 

3.2.1
use Party A correctly and reasonably within the scope of Party A’s authorization for the performance of Party A’s
duties during Party A’s service Confidential information, or Party A’s authorized supervisor agrees to Party B’s
disclosure within the scope of its authorization, Using confidential information.

 

    	13

    	 

    

 

3.2.2
use or disclose Party A’s confidential information in order to fulfill the mandatory legal instructions of the judicial
department; in such case, Party B causes Party B to make The scope of the use or disclosure of Party A’s confidential information
shall be limited to those necessary for the performance of the mandatory legal obligation or the mandatory law The content specified
in the obligation and prior request to the judicial department to take confidentiality measures, and Party B shall use or disclose
such use or disclosure Prior notice to Party A, so that Party A can take appropriate protective measures.

 

Article
4 Liability for breach of contract

 

4.1
Party B shall compensate Party A for any breach of confidentiality obligations, infringement of Party A’s confidential
information, or leakage of information Lost. The calculation method of loss compensation is based on the actual loss suffered
by Party A due to Party B’s infringement. Party B shall bear The reasonable expenses paid by Party A for the
investigation and handling of the infringement of its lawful rights and interests, including, but not limited to, the
investigation and evidence collection fee, evaluation Assessment fees, legal fees, litigation fees, etc. The amount of the
loss may be assessed by the qualified intangible assets appraisal institution entrusted by Party A.

 

4.2
Party A shall have the right to terminate the labor relationship with Party B immediately if Party B violates the agreement of
confidentiality obligation or has leakage behavior and the circumstances are serious Or labor relations.

 

4.3
Party A reserves the right to pursue Party B through judicial channels after Party B has assumed compensation for losses and other
civil liabilities as agreed in this Agreement The right to his responsibility.

 

Article
5 Dispute settlement

 

5.1
In the event of any dispute arising from the performance of this Agreement, either party may submit to Party A for
registration The labor dispute arbitration commission and the people’s court shall settle the dispute in accordance
with the labor dispute settlement procedure.

 

Article
6 Other

 

6.1
This Agreement shall remain in force after the termination or dissolution of the labor or labor relations between the parties.

 

6.2
The parties confirm that they have carefully reviewed the contents of this Agreement before signing it and are fully aware of
the legal implications of the terms of the Agreement, And agree to abide by the implementation.

 

6.3
Agreement in duplicate. This Agreement received by Party B belongs to the custody of Party B.

 

6.4
This Agreement shall enter into force with the signature or seal of both parties, and each Agreement shall have the same legal
effect.

 

    	14

    	 

    

 

	Party
    A (stamped):	 	Party
    B (signature):
	 	 	 
	Legal
    Representative:	 	 
	(Principal
    responsible person)	 	 
	 	 	 
	Date
    of year November 25th, 2019	 	 

 

    	15exhibit415

 

Exhibit
4.15

TRADUCCIÓN PÚBLICA

SWORN TRANSLATION

 

TWELFTH AGREEMENT FOR THE IMPLEMENTATION OF

AMENDMENTS

TO THE CORPORATE SERVICES MASTER AGREEMENT

 

Agreement
made in the Autonomous City of Buenos Aires on the 30th day of June of 2020
by and between:

 

(i)
CRESUD S.A.C.I.F. y A.,
domiciled at Moreno 877, 23th Floor, Autonomous City of Buenos
Aires, represented hereat by the undersigned attorneys-in-fact
(hereinafter “CRESUD”), party of the first
part;

 

(ii)
IRSA Propiedades Comerciales
S.A., domiciled at Moreno 877, 22nd Floor, Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact (hereinafter “IRSAPC”), party of the
second part, and

 

(iii)
IRSA Inversiones y Representaciones
Sociedad Anónima, domiciled at Bolívar 108,
1st Floor,
Autonomous City of Buenos Aires and having established domicile for
purposes hereof at Moreno 877, 22nd Floor, Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact, party of the third part (hereinafter
“IRSA” and collectively with CRESUD and IRSAPC referred
to as “THE PARTIES”).

 

WHEREAS: 

 

(i) On
June 30, 2004 THE PARTIES executed a Master Agreement for the
Exchange of Corporate Services (hereinafter “the Master
Agreement”);

 

(ii) On
August 23, 2007 THE 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 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 PARTIES executed an Addendum to the Master
Agreement for the Exchange of Corporate Services (hereinafter the
“Addendum”) whereby THE 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 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 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 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 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 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 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 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 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 PARTIES executed the Eleventh Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Eleventh
Agreement”).

 

(xi)
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;

 

 

 

 

 

(xii)
In accordance with the recommendations made by Deloitte on its
reports, new operational changes have been implemented in the Areas
of Exchange of Corporate Services and the Cost Distribution Bases
starting in July 2018, which THE PARTIES wish to acknowledge in
writing;

 

(xiii)
THE PARTIES have disclosed the content of the TWELFTH AGREEMENT FOR THE IMPLEMENTATION OF
AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT
(hereinafter the “Twelfth Agreement”) to their
respective Audit Committees; and

 

(xix)
THE PARTIES execute this Twelfth 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 Twelfth 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 2019, the Human Resources department reporting to
the Shared Services Center (CSC) changed its Cost distribution
method from “50% weighing of percentages of the CSC sectors;
and 50% weighing of percentages of the Corporate divisions”
to “75% weighing of percentages of the CSC sectors; and 25%
weighing of percentages of the Corporate divisions.” As a
consequence, Exhibit II was modified to reflect these
changes.

 

(ii)
Starting in July 2019, the Commercial Transactions department
reporting to the Shared Services Center changed the Cost
distribution method from “Hours devoted to each task”
to “Number of agreements signed by company. As a consequence,
Exhibit II was modified to reflect these changes.

 

(iii)
Starting in July 2019, the Financial Planning and Risks department
reporting to the Administration and Finance area changed the Cost
distribution method from “time spent in tasks
performed” to “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. Fifty percent (50%) for Financial Planning
will be distributed pro rata based on the 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.” As a consequence,
Exhibit II was modified to reflect these changes.

 

(iv)
Starting in July 2019, the System Maintenance division reporting to
the Shared Services Center became a party to the Shared Services
Agreement, and it applied the Cost distribution method “Hours
devoted to each task.” As a consequence, Exhibits I and II
were modified to reflect these changes.

 

 

 

 

(v)
Starting in January 2020, the Financial Administration department
reporting to Administration and Finance changed the Cost
distribution method from “total Assets weighted at 40% and
total Liabilities weighted at 60%. The resulting percentage shall
be weighted at 80% over the total. The remaining 20% will
correspond to the percentage that each company consummates over the
total inquiries for special transactions.” to “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%) corresponds 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 the number of inquiries for special
transactions.” As a consequence, Exhibit II was modified to
reflect these changes.

 

(vi)
Starting in March 2020, the functions of the Hotels division were
absorbed by the Investments area. As a consequence, Exhibits I and
II were modified to reflect these changes.

 

(vii)
Starting in March 2020, the Rental Offices segment ceased to report
to the Investments division. As a consequence, Exhibits I and II
were modified to reflect these changes.

 

(viii)
In March 2020, the Governmental Affairs division started reporting
to the Investments area. In addition, starting in July 2020, the
sector changed its Cost distribution method from “Weighing of
allocated projects” to “Tasks performed and time spent
in such tasks.” As a consequence, Exhibits I and II were
modified to reflect these changes.

 

(ix)
Starting in July 2020, the Investments division and the Commercial
Design division, reporting to the Investments area, changed their
cost distribution methods from “By total book value of the
properties in each company” and “IRSA/IRSAPC: Projects
executed,” to the same method for both of them: “Tasks
performed and time spent in each”. As a consequence, Exhibit
II was modified to reflect these changes.

 

(x)
Starting in July 2020, the Internal Control and Internal Audit
departments, reporting to Compliance, were combined into one single
department under the name of “Risk Management and
Audit,” and implemented as Cost distribution method
“Time estimated/projected in the annual plan.” As a
consequence, Exhibit II was modified to reflect these
changes.

 

(xi)
Starting in July 2020, the Compliance Department, Fraud Prevention
and Corporate Governance, reporting to the Compliance department,
were combined into one single department under the name of
“Compliance Department,” and implemented the Cost
distribution method “Proportional among the three
companies.” As a consequence, Exhibit II was modified to
reflect these changes.

 

(xii)
Starting in July 2020, a part of the Corporate Accounting and
Reporting department reporting to the Administration and Finance
area, together with the Accounting and Reporting department of the
Real Estate Business reporting to the Administration department of
the Real Estate Business, and the Accounting and

 

 

 

 

Reporting
department reporting to the Agricultural Business, were combined
into one single department under the name of Accounting and
Reporting, and implemented the Cost distribution method
“Number of vouchers recorded by the three companies and their
managed subsidiaries.” As a consequence, Exhibit II was
modified to reflect these changes.

 

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 Twelfth
Agreement continue to be in full force and effect.

 

In
witness whereof, this Agreement has been executed in three (3)
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. 

 

[Illegible signature]  Mariano Garriga / [Illegible signature] Carlos
Bolusson

Attorneys-in-fact 

 

IRSA Inversiones y Representaciones Sociedad
Anónima 

 

[Illegible signature]  Jose Luis Rinaldini /
[Illegible signature] Roberto
Daniel Sanguinetti

Attorneys-in-fact 

 

IRSA Propiedades Comerciales S.A. 

 

[Illegible signature]  Gaston Lernoud / [Illegible signature] Cristina
Johnson

Attorneys-in-fact 

 

 

 

 

 

Exhibit I

 

Description of Corporate Services Exchange
Areas

 

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
Control and determination of the companies’ accounting
guidelines and policies.

 

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,
controlling the Board’s and corporate expenses management and
budgeting, 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 that govern the governing
bodies of the Parties. 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, to the services inherent in managing human
resources benefits and payroll processing, in commercial contract
management, in errand running services and in general services. And
it is also responsible for managing, maintaining and providing
support to systems, technology and processes and the
companies’ tax calculation processes. In addition, it
controls the expenses management and budgeting of the
area.

 

Safety 

 

The Safety sector renders to THE PARTIES the surveillance
service. 

 

Legal Affairs - Corporate 

 

The Legal Affairs - Corporate sector renders to THE PARTIES the
service consisting in aid to the preparation, analysis of and
answer to legal briefs, agreements, official letters, etc. In
addition, it renders to THE PARTIES the service consisting in
managing their assets’ coverage by negotiating, purchasing
and monitoring insurance policies, dealing with claims in terms of
coverage, collection, etc.

 

 

 

 

Technical, Infrastructure and Services

 

The Technical, Infrastructure and Services sector renders to THE
PARTIES the services consisting in Operation, maintenance and
preservation of real estate assets and land reserves of the
Companies.

 

Purchases and Hirings 

 

The Purchases and Hirings sector renders to THE PARTIES the
services consisting in procuring the most appropriate goods and/or
service for the purpose for which they will be used. Quality, costs
and terms of delivery are essential when taking the decision to
hire. In addition, this sector deals with the necessary means to
obtain appropriate financing of the purchases from
suppliers.

 

Proceedings and Permits 

 

The Proceedings and Permits sector renders to IRSA and IRSA PC the
service consisting in management of national and municipal permits
and licenses before the controlling entities.

 

Corporate Environment 

 

The Corporate Environment Sector assesses the environmental impact
of projects and activities in order to determine preventive and
corrective actions. This sector seeks to minimize potential
impacts, following the working methodology set forth in an
Environmental Management System. This area also manages the
environmental records that are required by operation of
law.

 

Investments 

 

The Investments sector renders to IRSA and IRSA PC the services
consisting in sales, acquisitions, Commercial design and Project
management of real estate. In addition, it takes part in the
businesses of IRSA and IRSA PC arising from governmental grants
(exploitation concessions and private initiatives).

It renders to IRSA the services consisting in the integration of
the different areas of hotels along with their business relations.
It carries out activities to optimize and control hotels’
management and organization.

It renders to IRSA the services consisting in the integration of
the different areas of IRSA International Businesses with its
business relationships and performs tasks intended to optimize and
control management of such companies.

 

Rental Offices 

 

The Rental Offices sector renders to IRSA and IRSA PC the services
consisting in commercial management of offices and other real
properties of the real estate business.

 

Bolívar 

 

Bolívar includes the employees performing activities of
support and assistance to the Parties’ Board of
Directors.

 

Real Estate Business Board of Directors to be
Distributed 

 

The Real Estate Business Board of Directors to be Distributed
sector includes the employees performing activities of support and
assistance to the Board of Directors of IRSA and
IRSAPC.

 

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.

 

Real Estate Business Management 

 

The Real Estate Business Management sector renders the following
services to IRSA and IRSAPC: budget and management control,
analysis of new businesses, marketing and leadership agreements for
the business legal aspects.

 

Real Estate Business HR 

 

The Real Estate Business HR sector renders to IRSA and IRSAPC the
service consisting in Human Resource Administration; Human Resource
Management; Workplace Safety, Hygiene and Environment;
Organizational Culture Management and Project Management. The main
sector activities include, among others: personnel management,
recruitment and training, compensation and benefits, internal
communication, etc.

 

Accounting and Reporting 

 

The Accounting and Reporting sector renders to the Parties the
services consisting in accounting and preparation of
non-consolidated and consolidated financial statements of IRSA
Inversiones y Representaciones S.A., IRSA Propiedades Comerciales
S.A. and CRESUD S.A.C.I.F. y A. and of the respective managed
subsidiaries.

 

 

 

 

Exhibit II

Cost Distribution Bases

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	

Corporate Human Resources

 

	

Corporate
Human Resources

 

	
 

	

By
headcount (non-corporate personnel) and weighting the percentages
of other areas (corporate personnel).

 

	

Administration and Finance

	

Finance
Department

	
 

	

The
percentages of all the sectors making up the area are
weighted.

	

Capital
Markets

	
 

	

Number
of financial
transactions conducted in the period weighted at 70% and the
remaining 30% corresponds to updates of offering memoranda and
“horizontal” works (20F, annual reports, Press Release,
etc.)

	

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. 

 

	

Financial
Planning and Risks

	
 

	

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.
Fifty percent (50%) for Financial Planning will be distributed pro
rata based on the 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.

	

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%) corresponds 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.

 

 

 

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	
 

	

Corporate
Tax

	
 

	

Salaries
are weighted by position and by tasks performed (by
company)

	
 

	

Corporate
Accounting and Reporting

	
 

	

Tasks
performed and time spent in each.

	

Planning

 

	

Planning
Department

 

	
 

	

Each
one of the sectors making up the area is weighted.

 

	

Corporate
Budget and Management Control

 

	
 

	

Overhead
expenses budget for the period is pro-rated.

 

	

Strategic
Analysis

 

	
 

	

Tasks
performed and the time spent in each.

 

	

Institutional Relations

 

	
 

	
 

	

Area
expenses budget for the period is pro-rated

 

	

Compliance

 

	

Compliance
Department

 

	
 

	

Proportional
among the three companies.

 

	

Risk
Management and Audit

 

	
 

	

Time
estimated/projected in the annual plan.

 

	

Information
security

 

	
 

	

Time
spent in each task is weighted

 

	

Shared Services Center (CSC)

 

 

 

 

	

CSC Department

 

	
 

	

The
percentage corresponding to each sector falling within the scope of
the CSC area is weighted on the basis of the impact exerted by the
relevant sector’s projected salaries on the total salaries of
the CSC.

 

	

Revenues
Administration

 

	
 

	

Number
of Revenue Transactions performed for each Company + Direct
Allocation of Resources

 

	

Expenses
Administration

 

	
 

	

Number
of Expense Transactions performed for each Company + Direct
Allocation of Resources

 

	

Customer
Administration

 

	
 

	

Direct
Allocation of Resources

 

	

Collections
Administration

 

	
 

	

Direct
Allocation of Resources

 

	

Treasury
Administration

 

	
 

	

Number
of Treasury Transactions performed for each Company.

 

	

Own
Account Administration

 

	
 

	

Number
of Transactions performed for each Company.

 

	

Technology

 

	
 

	

Weighting
of time spent in each task (related to the services).

 

	

IT
Services

 

	
 

	

Number
of CASTI incidents processed for each Company.

 

	

Master
Data

 

	
 

	

Number
of transactions processed by each Company.

 

	

Systems
and Applications

 

	
 

	

Hours
devoted to each task.

 

	

Project
Systems

 

	
 

	

Hours
devoted to each task.

 

	

Systems
Maintenance

 

	
 

	

Hours
devoted to each task.

 

	

Commercial
Transactions

 

	
 

	

Number
of agreements signed by Company

 

	

Data
Management

 

	
 

	

Hours
devoted to each task.

 

	

Process
Quality

 

	
 

	

Weighting
of time spent in each task.

 

	

CSC
Human Resources

 

	
 

	

75%
weighting of % of CSC sectors; and 25% weighting % of Corporate
sectors.

 

	

Errand
Running Service

 

	
 

	

Number
of errands run.

 

	

Back
office

 

	
 

	

Hours
spent in each task.

 

	

General
Services

 

	
 

	

Hours
spent in each task.

 

	

Administrative
operations

 

	
 

	

The
percentage of each sector served is weighted.

 

	

Services
Control

 

	
 

	

Number
of documents controlled by company

 

	

CSC
Taxes

 

	
 

	

Salaries
are weighted by position and by tasks performed (by
company)

 

	

Real Estate Business Management

 

 

 

 

	

Real
Estate Business Administration Department

 

	
 

	

Each of
the Departments comprising the Area is weighted. It does not render
services to Cresud.

 

	

Real
Estate Business Analysis

 

	
 

	

Hours
devoted to reviewed projects as applicable to IRSA PC or
IRSA.

 

	

Real
Estate Legal Affairs

 

	
 

	

Weighting
of hours and salaries.

 

	

Real
Estate Budget and Management Control

 

	
 

	

Actual
revenues per company.

 

	

Real Estate Business Board of Directors to be
Distributed

 

	
 

	
 

	

Proportional
between IRSA and IRSAPC. Excludes Cresud.

 

	

Real Estate Business HR

 

	
 

	
 

	

By
payroll

 

	

Safety

 

	
 

	
 

	

Per
hour

 

	

Legal Affairs - Corporate

 

	
 

	
 

	

Weighted
between number of minutes analyzed and premium amount of the annual
insurance program.

 

 

 

 

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	

Corporate Environment and Quality

 

	
 

	
 

	

Area
expenses budget for the period is pro-rated.

 

	

Technical, Infrastructure and Services

 

	

Technical,
Infrastructure and Services

(IRSAPC
– IRSA: Weighted average from the Departments reporting to it
less the percentage allocated to CRESUD. CRESUD: a percentage is
calculated based on the hours spent in the tasks
performed/planned)

 

 

 

	

Planning
and Control

 

	

By
allocation of resources

 

	

Logistics

 

	

Weighted
between directly assigned personnel and centralized personnel
distributed per square meter of the real property (IRSA and IRSAPC)
and time spent in tasks (CRESUD).

 

	

Distributed
Operations

 

 

 

	

Square
meters of real property held, operated and to which maintenance
services are provided (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

Third
parties' services

 

	

Distribution
by resource allocation.

 

	

Traveling
Personnel

 

	

Maintenance
hours (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

Engineering
and Maintenance

 

	

Square
meters of real property held, to which maintenance, engineering and
other services are provided (IRSA and IRSAPC) and time spent in
tasks (CRESUD).

 

	

Architecture

 

	

Personnel
distributed by footage and number of stores.

 

	

Buildings
Personnel To be distributed

 

	

By
number of buildings in each company.

 

	

Purchases and Hirings

 

	
 

	
 

	

Purchase
orders through a weighting of their volume and amount.

 

	

Proceedings and Permits

 

	
 

	
 

	

Tasks
performed and time spent in each.

 

	

Investments

 

	

Investments

 

	
 

	

Tasks
performed and time spent in each.

 

	

Project Management

 

	
 

	

Tasks
performed and time spent in each.

 

	

Commercial Design

 

	
 

	

Tasks
performed and time spent in each.

 

	

Governmental Affairs

 

	
 

	

Tasks
performed and time spent in each.

 

	

Rental Offices

 

	
 

	
 

	

By
total book value of the properties in each company

 

	

Bolívar

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Attorneys-in-fact

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Board of Directors’ Safety

 

	
 

	
 

	

Proportional
among the three companies.

 

	

General Management to be distributed

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Accounting and Reporting

 

	
 

	
 

	

Number
of vouchers recorded for the three companies and their managed
subsidiaries.

 

 

THIS DOCUMENT IS A TRUE AND
ACCURATE TRANSLATION into English of the document in Spanish
I have had before me in Buenos Aires, on this 25th day of August,
2020.

[For authentication purposes
only:]                                                                                                                              

ES TRADUCCIÓN FIEL al
inglés del documento adjunto redactado en español que he
tenido ante mí y al cual me remito en Buenos Aires, a los 25
días de agosto de 2020.

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