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- The net result for the first quarter of fiscal year 2021 recorded a gain of ARS 8,340 million compared to ARS 15,017 million in the same period of 2020. The result from continuing operations recorded a gain of ARS 14,736 million mainly due to higher results from changes in the fair value of the investment properties.

- The result of discontinued operations recorded a loss of ARS 6,396 million as a result of the deconsolidation of the investment in Israel since September 30, 2020.

- On March 20, as a consequence of the social, preventive and mandatory lockdown due to the COVID-19 pandemic, the closure of shopping malls and hotels throughout the country took place. This impact has been reflected in the results of the first quarter of the year since the main shopping malls of the company, located in the city of Buenos Aires, opened their doors later, in October and the hotels remain closed.

- Adjusted EBITDA reached ARS 4,786 million in the first quarter of fiscal year 2021, increasing 155.0% compared to the first quarter of 2020, mainly explained by the Sales and Developments segment, whose EBITDA reached ARS 4,923 million due to sales made by our subsidiary IRSA Commercial Properties of the Bouchard 710 and the Boston Tower office buildings. Adjusted EBITDA of the rental segments reached ARS 92 million, which represents a 96% decrease compared to the same period of the previous year.

- After the end of the quarter, we completed an exchange of the Class I Notes for a nominal value of USD 181.5 million. The nominal value of the notes presented and accepted for exchange was approximately USD 178.5 million, which represents a 98.31% acceptance, through the participation of 6,571 orders.

- As a subsequent event, we announced the distribution of a dividend in shares of IRSA Propiedades Comerciales for the sum of ARS 484 million (0.002613 shares of IRSA PC per share of IRSA and 0.02613 per ADR of IRSA). The payment was effective on November 17.