1. Period Results

Ordinary

Extraordinary

Period Profit

2. Net Worth Composition

Subscribed Capital

Treasury Shares

Total Subscribed Capital

Capital integral adjustment

Premium on Shares

Technical Revaluations

Legal Reserve

Transitory conversion difference

Reserve for new projects

Retained Earnings

Total Net Worth

Net income for fiscal 2009 increased to Ps. 158.6 million from the Ps. 54.9 million net income posted a year earlier, reflecting the incidence of the Company’s operating income which rose by 16%, from Ps. 254.8 million in fiscal 2008 to Ps. 295.7 million in fiscal 2009. Other factors influencing the Company’s final results have been the positive impact of the investment in Banco Hipotecario S.A. and the results arising from the acquisition of Alto Palermo notes during the fiscal year.

Regarding the performance of the various segments in terms of net sales, Sales and Developments rose by 42% to Ps. 280 million, Offices and Others rose by 45% to Ps. 148 million, Shopping Centers rose by 15% to Ps. 397 million, Hotels rose by 7% to Ps. 159 million and Consumer Finance fell by 19% to Ps. 236 million.

Thus, total Revenues increased by 13%, up from Ps. 1,084.2 million in FY2008 to Ps. 1,220.6 million in FY2009. Operating income rose by 16%, reflecting a growth rate higher than that shown by revenues. With the consumer finance segment excluded from the analysis, our revenues grew by 24% whereas operating income grew by 55% mainly due to the variations in operating income in the sales and developments segments, the offices segment (45%) and the shopping centers segment (18%).

The Shopping Centers segment continues to perform well despite the downturn in the economy. The sales posted by our shopping centers’ tenants (excluding the Dot Baires shopping center recently added to the portfolio) rose by 11%. Occupancy continues to be high: at the end of the fiscal year it stood at 98.5%.

Last May we opened our eleventh shopping center after a two-year construction process: Dot Baires Shopping, a major undertaking in the City of Buenos Aires’ Saavedra neighborhood, is one of the Company’s most important projects as well as one of the most significant developments in the industry in Argentina in recent years. This property is already fully occupied.

Office Rental segment: This segment posted a 45% increase compared to revenues for the previous period. In the course of the fiscal year we executed title deeds for the sale of more than 19,000 square meters of gross leasable area in non-strategic office properties at attractive prices that reflect the strength of our portfolio, to which we have added the office building located at Puerto Madero’s Dock IV: almost 90% of this building has already been leased.

Sales and Developments segment: the results of this segment in this period have been favorably affected by the sales of office properties mentioned in the preceding paragraph.

Consumer Finance segment: The impact of the financial crisis became apparent particularly in the losses incurred in this segment as a result of a drop in consumption, a rise in systemic delinquency levels and an increase in the cost of funding. However, there was an improvement in the operating results for the second half of the fiscal year when compared to the first thanks to the capitalization made by Alto Palermo combined with a relative stabilization in local financial markets, a reduction in bad loan charges and a decrease in operating expenses.

At the end of the fiscal year, IRSA and Alto Palermo had acquired, on a consolidated basis, Alto Palermo Series I notes due 2017 for US$ 44.6 million in nominal value and Alto Palermo Series II notes due 2012 for US$ 19.9 million in nominal value. These acquisitions improved the consolidated indebtedness ratios. Additionally, in the course of this fiscal year, IRSA increased its direct and indirect ownership interests in Banco Hipotecario S.A. to 21.34%. As already noted, the impact of these decisions has been highly favorable in determining our results for this fiscal year.