<SEC-DOCUMENT>0001292814-15-002696.txt : 20151112
<SEC-HEADER>0001292814-15-002696.hdr.sgml : 20151112
<ACCEPTANCE-DATETIME>20151112070840
ACCESSION NUMBER:		0001292814-15-002696
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20151112
DATE AS OF CHANGE:		20151112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRSA INVESTMENTS & REPRESENTATIONS INC
		CENTRAL INDEX KEY:			0000933267
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13542
		FILM NUMBER:		151221372

	BUSINESS ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>irs20151111_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

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<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 18pt" face="times new roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 12pt" face="times new roman">Washington, D.C.&nbsp;&nbsp;20549</FONT></B></FONT></DIV>

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<FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;</FONT><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 18pt" face="times new roman">FORM 6-K</FONT></B></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</DIV>

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<FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;</FONT></B><FONT><B><FONT style="FONT-SIZE: 12pt" face="times new roman">REPORT OF FOREIGN ISSUER</FONT></B></FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 12pt" face="times new roman">PURSUANT TO RULE 13a-16 OR 15b-16 OF</FONT></B></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 12pt" face="times new roman">THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">For the month of <FONT style="FONT-SIZE: 10pt" face="Times New Roman">Novem</FONT>ber, 2015</FONT></B></FONT></DIV>

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<FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;</FONT><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 18pt" face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 10pt" face="times new roman">(Exact name of Registrant as specified in its charter)</FONT></FONT></DIV>

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<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 18pt" face="times new roman">IRSA Investments and Representations Inc.</FONT></B></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 10pt" face="times new roman">(Translation of registrant&#180;s name into English)</FONT></FONT></DIV>

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<FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;</FONT><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">Republic of Argentina</FONT></B></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 10pt" face="times new roman">(Jurisdiction of incorporation or organization)</FONT></FONT></DIV>

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<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">Bol&#237;var 108</FONT></B></FONT></DIV>

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<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">Buenos Aires, Argentina</FONT></B></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;(</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="times new roman">Address of principal executive offices)</FONT></FONT></DIV>

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<FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;<FONT style="DISPLAY: inline">Form 20-F&nbsp;</FONT></FONT><FONT style="DISPLAY: inline"><FONT style="DISPLAY: inline"><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 10pt" face=wingdings>x</FONT></FONT></FONT><FONT id=TAB2><FONT style="LETTER-SPACING: 3pt; FONT-SIZE: 10pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="times new roman">Form 40-F&nbsp;&nbsp;<FONT style="DISPLAY: inline" face=Wingdings>o</FONT></FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 10pt" face="times new roman">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</DIV>

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<DIV style="WIDTH: 100%" id=GLHDR align=right><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 8pt" face="times new roman">&nbsp; </FONT></FONT></DIV></DIV></DIV><FONT style="FONT-SIZE: 10pt" face="times new roman"><BR></FONT>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="times new roman">IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD AN&#211;NIMA<BR></FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">(THE &#8220;COMPANY&#8221;)</FONT></B></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">REPORT ON FORM 6-K</FONT></B></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=justify><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Attached is an English translation of the letter dated&nbsp;November&nbsp;11, 2015 filed by the Company with the&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Comisi&#243;n Nacional de Valores&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">and the&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Bolsa de Comercio de Buenos Aires</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">:</FONT></P></FONT></DIV></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="times new roman">IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD AN&#211;NIMA</FONT></B></P>

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<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">By letter dated&nbsp; November 11, 2015 the&nbsp;Company reported that in compliance with the regulations in force, please regard the following information for the three-month periods ended September 30, 2015 and 2014 as duly received: </FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" color=black face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">September 30, 2015 and 2014</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">1. Net income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="35%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">In thousands of ARS</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">09/30/15</FONT></U></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">09/30/14</FONT></U></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Net (loss) / income (three-month period)</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 2.85pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">(315,967) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">135,799</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Income attributable to:</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Controlling company&#8217;s shareholders</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 2.85pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">(275,692)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">3,258</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Non-controlling interest</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 2.85pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">(40,275)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">132,541</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 0.05in 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 0.05in 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">2. Shareholders&#8217; Equity</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="35%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">In thousands of ARS</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">09/30/15</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">09/30/14</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Capital stock</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">574,874 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">573,771 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Treasury shares</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">3,802</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">4,905</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Comprehensive adjustment of capital stock and treasury shares</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">123,329 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">123,329 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Additional paid in capital</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">793,123 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">793,123 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Premium for trading of treasury shares</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">10,733</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Cost of treasury shares</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 2.85pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">(30,130)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 2.85pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">(37,906)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Changes in non-controlling interest</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 2.85pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">(14,258)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 2.85pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">(16,904)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Reserve for share-based payments</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">61,055</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">63,299</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Statutory reserve</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">116,840 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">116,840 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Special reserve</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">3,824</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">375,487</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Reserve for new projects</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">-</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">413,206</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Conversion reserve</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">341,062</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">435,587</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Retained earnings</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">245,248</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 2.85pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">(781,611)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Total attributable to controlling company&#8217;s shareholders</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">2,229,502</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">2,063,126</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Non-controlling interest</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">351,828</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">679,791</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="65%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Total Shareholders&#8217; Equity</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="18%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">2,581,330</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0in 5.65pt 10pt 0in" align=right><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">2,742,917</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 15.9pt 10pt 0in"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt; MARGIN: 0in 15.9pt 10pt 0in"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">In compliance with Section o) of the referred Regulations, we report that as of the closing date of the financial statements, the Company&#8217;s capital stock was ARS 578,676,460 (including treasury shares) divided into 578,676,460 common, registered, non-endorsable shares of ARS 1 par value each and entitled to one vote per share.</FONT></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt; MARGIN: 0in 15.9pt 10pt 0in"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">The Company&#8217;s principal shareholder is Cresud S.A.C.I.F. y A. (Cresud) with 372,112,411 shares, accounting for 64.3% of the issued capital stock.</FONT></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt; MARGIN: 0in 15.9pt 10pt 0in"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">In addition, we report that as of September 30, 2015, after deducting Cresud&#8217;s interest and the treasury shares, the remaining shareholders held 202,823,480 common, registered, non-endorsable shares of ARS 1 par value each and entitled to one vote per share, accounting for 35.0% of the issued capital stock.</FONT></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt; MARGIN: 0in 15.9pt 10pt 0in"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">As of September 30, 2015 no warrants or convertible notes for the purchase of the Company&#8217;s stock were outstanding.</FONT></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Below are the highlights for the period ended September 30, 2015:</FONT></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=wingdings>&#216;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Net loss for the first quarter of fiscal year 2016 was ARS 316.0 million compared to income for ARS 135.9 million in the same period of 2015, mainly due to the change in the valuation method applied with respect to our investment in IDB Development Corporation.&nbsp; </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=wingdings>&#216;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Revenues from sales, leases and services grew 21.2% as compared to the first quarter of 2015, whereas EBITDA rose 14.0%, reaching ARS 778.6 million. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=wingdings>&#216;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Tenant sales in our shopping centers rose 44.5% during the quarter (36.3% considering the same shopping centers) and portfolio occupancy was 98.9%. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=wingdings>&#216;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">During this quarter we sold investment properties for ARS 424.9 million. After period-end, we sold 2 office floors in Maipu 1300 building, located in the City of Buenos Aires, for USD 3.0 million.</FONT></P>

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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 10pt" face="times new roman">Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.</FONT></FONT></DIV>

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   <TD width="52%" colSpan=3><FONT><FONT style="DISPLAY: inline"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></TD></TR>

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   <TD width="3%"><FONT><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;By:</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: black 2px solid" width="42%"><FONT><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;/S/ Sa&#250;l Zang</FONT></FONT></FONT></TD>

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   <TD width="42%"><FONT><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp;Name: Sa&#250;l Zang</FONT></FONT></TD>

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   <TD width="42%"><FONT><FONT style="FONT-SIZE: 10pt" face="times new roman">&nbsp; Responsible for the Relationship with the Markets</FONT></FONT></TD>

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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline"><FONT style="FONT-SIZE: 10pt" face="times new roman">Dated:&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">Novem</FONT>ber <FONT style="FONT-SIZE: 10pt" face="Times New Roman">12</FONT>, 2015</FONT></FONT></DIV></DIV>

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