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By letter dated November 5, 2020, IRSA Inversiones y Representaciones Sociedad Anónima ("IRSA" or “the Company”), informs to the Shareholders that according to the resolution of the Ordinary and Extraordinary General Shareholders’ Meeting dated October 26, 2020 and the Board of Directors meeting dated November 4, 2020, a dividend in the amount of ARS 484,000,000 will be made available to the Shareholders as of November 17, 2020 (“Date of Provision”) payable in shares of IRSA Propiedades Comerciales SA, according to the share price of that company as of October 23, 2020 that amounts to ARS 320 per share.

The Company will pay the sum of 1,512,500 shares of IRSA Propiedades Comerciales S.A. at a ratio of 0.00261372304655 shares IRSA Propiedades Comerciales S.A. per IRSA share and 0.0261372304655 per IRSA ADR.

The dividend will be charged to the fiscal year ended June 30, 2020, and will be paid to all shareholders who have such quality as of November 16, 2020 according to the record kept by Caja de Valores S.A, who has the character of payment agent. The shareholders who will receive the dividend are the holders of ordinary shares with a nominal value of ARS 1 each and with the right to one vote per share.

Regarding the total amount of dividends to be distributed, it is reported that it has its origin in results accrued in fiscal years beginning prior to January 1, 2018. It is made known that the aforementioned distribution is not subject to the 35% withholding established in the Article 74 of the Income Tax Law, text ordered in 2019, since the dividends to be distributed do not exceed the profits determined based on the application of the general rules of said law.

Additionally, it is reported that in order to harmonize the payment of the dividend in the local market and in the foreign market, the Board of Directors has decided that the dividend will be made available to the Shareholders on November 17, 2020.