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INSTITUTIONAL ESPAÑOL

Board of Directors

We are managed by a board of directors. Our by-laws provide that our board of directors will consist of a minimum of eight and a maximum of fourteen full directors and an equal or lesser number of alternate directors. Our directors and alternate directors are elected for three-year terms by a majority vote of our shareholders at a general ordinary shareholders’ meeting. Our directors and alternate directors may be reelected indefinitely. Currently our board of directors is composed of thirteen directors and five alternate directors. Alternate directors will be summoned to exercise their functions in case of absence, vacancy or death of a full director until a new full director is designated.

Our current board of directors was elected during our shareholders’ meetings held on October 29, 2009, on October 29, 2010 and on October 31, 2011, for the terms expiring in 2012, 2013 and 2014, respectively. IRSA‘s current directors are as follows:

Name Date of Birth Position Held Since
Eduardo S. Elsztain 01/26/1960 Chairman 1991
Saúl Zang 12/30/1945 First Vice-Chairman 1994
Alejandro G. Elsztain 03/31/1966 Second Vice-Chairman 2001
Fernando A. Elsztain 01/04/1961 Director 1999
Carlos Ricardo Esteves 05/25/1949 Director 2005
Cedric D. Bridger 11/09/1935 Director 2003
Marcos Fischman 04/09/1960 Director 2003
Fernando Rubín 06/20/1966 Director 2004
Gary S. Gladstein 07/07/1944 Director 2004
Mario Blejer 06/07/1948 Director 2005
Mauricio Wior 10/23/1956 Director 2006
Gabriel A. G.
Reznik
11/18/1958 Director 2008
Ricardo Liberman 12/18/1959 Director 2008
Daniel Ricardo Elsztain 12/22/1972 Alternate Director 2011
Emilio Cárdenas 08/13/1942 Alternate Director 2003
Salvador D. Bergel 04/15/1932 Alternate Director 1996
Enrique Antonini 03/16/1950 Alternate Director 2007

Carlos Ricardo Esteves, Cedric Bridger, Mario Blejer, Emilio Cárdenas, Ricardo H. Liberman and Enrique Antonini are independent directors, pursuant to Comisión Nacional de Valores’ Resolution No. 400/2002.

Eduardo S. Elsztain. Mr. Elsztain studied economic sciences at the University of Buenos Aires. He has been engaged in the real estate business for more than twenty years. He is the chairman of the board of directors of Alto Palermo, Cresud, Consultores Asset Management, Banco Hipotecario and BACS Banco de Crédito & Securitización among other companies. He is also a director of BrasilAgro and Hersha Hospitality Trust among other companies. He is Fernando A. Elsztain’s cousin and Alejandro G. Elsztain’s and Daniel R. Elsztain’s brother.

Saúl Zang. Mr. Zang has a law degree from the University of Buenos Aires. He is a member of the International Bar Association and the Interamerican Federation of Lawyers. He is a founding partner of Zang, Bergel & Viñes law firm. He is also vice-chairman of Alto Palermo, the first vice-chairman of Cresud and vice-chairman of Puerto Retiro, Alto Palermo and Fibesa and a director of Banco Hipotecario, Nuevas Fronteras S.A., Tarshop, Palermo Invest S.A. and BrasilAgro.

Alejandro G. Elsztain. Mr. Elsztain has a degree in agricultural engineering from the University of Buenos Aires. Currently he is chairman of BrasilAgro, second vice-chairman of Cresud and executive vice-chairman of Alto Palermo and SAPSA. He is also vice-chairman of Nuevas Fronteras and Hoteles Argentinos and director of IBOSA. He is the brother of Chairman Eduardo S. Elsztain and a cousin of Director Fernando A. Elsztain.

Fernando A. Elsztain. Mr. Elsztain studied architecture at the University of Buenos Aires. He has been engaged in the real estate business as a consultant and as managing officer of a family-owned real estate company. He is chairman of the board of directors of Llao Llao Resorts S.A., Palermo Invest S.A. and Nuevas Fronteras S.A. He is also a director of Alto Palermo, SAPSA, Hoteles Argentinos and Tarshop and an alternate director of Banco Hipotecario and Puerto Retiro, among others. He is Alejandro Elsztain’s and Eduardo S. Elsztain’s cousin.

Carlos Ricardo Esteves. He has a degree in political science from the Universidad El Salvador. He was a member of the Boards of Directors of Banco Francés del Río de la Plata, Bunge & Born Holding, Armstrong Laboratories, Banco Velox and Supermercados Disco. He was one of the founders of CEAL ( Consejo Empresario de América Latina) and is a member of the board of directors of Encuentro de Empresarios de América Latina (padres e hijos) and is co-President of Foro Iberoamericano.

Cedric D. Bridger. Mr. Bridger is qualified as a certified public accountant in the United Kingdom. From 1992 through 1998, he served as chief financial officer of YPF S.A. Mr. Bridger was also financial director of Hughes Tool Argentina, chief executive officer of Hughes Tool in Brazil and Hughes’ corporate vice-president for South American operations. He is also a director of Banco Hipotecario.

Marcos Fischman. Mr. Fischman studied at the Hebrew University of Jerusalem. He is a pioneer in individual and corporate coaching in Argentina. He provides consulting services to businessmen, scholars and artists. Since 1993, he has provided us with consulting services in organizational communication and development.

Fernando Rubín. Mr. Rubin has a degree in psychology from the University of Buenos Aires and attended a post-graduate course in human resources and organizational analysis at E.P.S.O. Since July 2001, he has been the manager of organizational development at Banco Hipotecario. He served as corporate manager of human resources for us, director of human resources for Moet Hennessy Louis Vuitton in Argentina and Bodegas Chandon in Argentina and Brazil. He also served as manager of the human resources division for the international consulting firm Roland Berger & Partners-International Management Consultants.

Gary S. Gladstein. Mr. Gladstein has a degree in economics from the University of Connecticut and a master’s degree in business administration from Columbia University. He was operations manager in Soros Fund Management LLC and is currently a senior consultant of Soros Fund Management LLC.

Mario Blejer. Dr. Blejer has a degree from Hebrew University and a Ph.D. from the University of Chicago. He lectured courses at Hebrew University, Boston University and New York University. He has published several articles on macroeconomic and financial stability subjects. He served for twenty years in different departments of the IMF. In 2002, he was appointed chairman of the Central Bank and during 2003 was appointed director of the Center for Studies of Central Banks of the Bank of England.

Mauricio Wior. Mr. Wior has a masters degree in finance, as well as a bachelors degree in economics and accounting from Tel Aviv University. Mr. Wior is currently a director of Banco Hipotecario. He has held positions at Bellsouth where he was Vice President for Latin America from 1995 to 2005. Mr. Wior was also CEO of Movicom Bellsouth from 1991 to 2005. 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); U.S. Chamber of Commerce in Argentina and the Israeli-Argentine Chamber of Commerce. He was a director of Instituto para el Desarrollo Empresarial de la Argentina (IDEA), Fundación de Investigaciones Económicas Latinoamericanas (FIEL) and Tzedaka.

Gabriel A. G. Reznik Mr. Reznik has a degree in civil engineering from the University of Buenos Aires. He worked for us from 1992 until May 2005. He has also worked for an independent construction company in Argentina. He is an alternate director of Puerto Retiro S.A., Tarshop S.A. and Fibesa, as well as member of the board of Banco Hipotecario, and a number of other companies.

Ricardo Liberman. Mr. Liberman has a degree in accounting from the University of Buenos Aires. He is an independent consultant, specialized in the areas of auditing and taxes.

Emilio J. Cárdenas. Mr. Cárdenas has a law degree from the University of Buenos Aires and a Ph.D. from University of Michigan. He has been a member of our board of directors since 1996. He was chairman of ABRA, founding partner of Cárdenas, Cassagne & Asociados law firm, Argentina’s Permanent Representative to the United Nations, member of United Nations Security Council and is currently a member of the board of directors of HSBC Bank S.A (Bank Roberts).

Salvador D. Bergel. Mr. Bergel has a law degree and a PhD from the Universidad del Litoral. He is a founding partner of Zang, Bergel & Viñes law firm and a consultant at Repsol YPF S.A. He is also an alternate director of Cresud.

Enrique Antonini. Mr. Antonini has a degree in law from the University of Buenos Aires. He is currently a member of the board of directors of Banco Mariva S.A. (since 1992), Mariva Bursátil S.A. (since 1997). He also served as a director of Inversiones y Representaciones S.A. from 1993 to 2002. He is a member of the Banking Lawyers Committee and the International Bar Association.

Daniel R. Elsztain. Mr. Elsztain has a degree in economic sciences from the Universidad Torcuato Di Tella and has a masters degree in business administration. He has been our Commercial Director since 1998. Mr. Elsztain is the brother of both the Chairman of the Board of Directors, Mr. Eduardo S. Elzstain, and of the Vice-Chairman, Mr. Alejandro G. Elzstain and cousin of the Director Fernando A. Elzstain.

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Senior Management

Name Date of Birth Position Held Since
Eduardo S. Elsztain 26/01/1960 Chief Executive Officer 1991
Matías Gaivironsky 23/02/1976 Chief Financial Officer 2011
Jorge Cruces 07/11/1966 Chief Real State Officer 2007
Daniel R. Elsztain 22/12/1972 Chief Real Estate Business Officer 2007
David A. Perednik 15/11/1957 Chief Administrative Officer 2002

The following is a description of each of our senior managers who are not directors:

Matías Gaivironsky. Mr. Matías Gaivironsky graduated in Business in Universidad de Buenos Aires. He has a Master in Finance from Universidad del CEMA. Since 1997 has performed several functions in Cresud, IRSA and APSA being his current position, since december 2011, Chief Financial Officer. Previously, in 2008 he was CFO in Tarshop and, subsequently Head of Capital Markets and Inverstor Relations of Cresud, IRSA and APSA.

Jorge Cruces. Mr. Jorge Cruces has a degree in architecture and a masters in business administration at the Universidad of Belgrano. Before becoming part of the group, he worked as Business Development-Real Estate Manager in Diveo Diginet and as Real Estate Projects Manager of Giménez Zapiola Binswagner. At present he serves as Chief Real Estate Officer of IRSA and Alto Palermo. He is also Academic coordinator and Professor of the Cluster Portfolio and Asset Management of the Executive program of Real Estate Management at the Torcuato Di Tella University.

David A. Perednik. Mr. Perednik has a degree in accounting from the University of Buenos Aires. He has worked for several companies such as Marifran Internacional S.A., a subsidiary of Louis Dreyfus Amateurs where he worked as financial manager from 1986 to 1997. He also worked as a senior consultant in the administration and systems department of Deloitte & Touche. He also serves as chief administrative officer of Alto Palermo and Cresud.

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