<SEC-DOCUMENT>0001654954-25-003371.txt : 20250327
<SEC-HEADER>0001654954-25-003371.hdr.sgml : 20250327
<ACCEPTANCE-DATETIME>20250327074541
ACCESSION NUMBER:		0001654954-25-003371
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250326
FILED AS OF DATE:		20250327
DATE AS OF CHANGE:		20250327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRSA INVESTMENTS & REPRESENTATIONS INC
		CENTRAL INDEX KEY:			0000933267
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13542
		FILM NUMBER:		25775336

	BUSINESS ADDRESS:	
		STREET 1:		CARLOS M. DELLA PAOLERA 261
		STREET 2:		9TH FLOOR
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1C1001ADA
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		CARLOS M. DELLA PAOLERA 261
		STREET 2:		9TH FLOOR
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1C1001ADA
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a17-14104_106k.htm
<DESCRIPTION>SERIES XXIV NOTES
<TEXT>
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<title>a17-14104_106k</title>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Washington,
D.C.&#xA0;&#xA0;20549</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">FORM&#xA0;6-K</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">REPORT
OF FOREIGN ISSUER</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">PURSUANT
TO RULE 13a-16 OR 15b-16 OF</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">THE
SECURITIES EXCHANGE ACT OF 1934</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the month of</font> <font style="font-weight: bold; font-size: 13px;">March</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">,
2025</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Exact name of
Registrant as specified in its charter)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">IRSA
Investments and Representations Inc.</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Translation of
registrant&#xB4;s name into English)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Republic
of Argentina</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Jurisdiction of
incorporation or organization)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carlos
M. Della Paolera 261 9th Floor<br></font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(C1001ADA)</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buenos
Aires, Argentina</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(</font></font>Address
of principal executive offices)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-size: 13px; font-family: Times New Roman">Form&#xA0;20-F&#xA0;</font>&#x2327;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Form&#xA0;40-F&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 24px"><font style="font-size: 13px; font-family: Times New Roman">Indicate by check
mark whether the registrant by furnishing the information contained
in this Form&#xA0;is also thereby furnishing the information to the
Commission pursuant to Rule&#xA0;12g3-2(b)&#xA0;under the
Securities Exchange Act of 1934.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px"><font style="font-size: 13px; font-family: Times New Roman">Yes&#xA0;</font>&#x2610;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;No
&#x2327;</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
INVERSIONES Y REPRESENTACIONES SOCIEDAD
AN&#xD3;NIMA</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(THE
&#x201C;COMPANY&#x201D;)</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">REPORT
ON FORM&#xA0;6-K</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div>
<div>
<div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div>
<div><font style="font-size: 13px"><font style="font-size: 15px"><font style="font-size: 13px"><font style="font-size: 11px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<div style="line-height: 1.2;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Attached is the English translation
of the summary of the letter dated March 25, 2025, filed by the
Company with the <font style="font-style: italic">Bolsa de Comercio
de Buenos Aires</font>&#xA0; and the <font style="font-style: italic">Comisi&#xF3;n Nacional de
Valores</font>.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-size: 13px">&#xA0;&#xA0;
<font style="font-family: Times New Roman;"><br>
</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">BUENOS AIRES, ARGENTINA &#x2013;
March 25, 2025 &#x2013; IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima (the &#x201C;Company&#x201D;) (NYSE: IRS), <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">announces that
it will issue notes for a total amount of USD 300
million,</font></font> o<font style="font-family: Times New Roman;">f which USD 57.8 million result
from the early exchange of the Series XIV Notes maturing in June
2028,</font> <font style="font-family: Times New Roman"><font style="color: #000000; font-family: Times New Roman">
according to the following information</font>:</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font style="font-size: 13px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font>
<font style="font-family: Times New Roman;"><br>
</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;"><font style="font-weight: bold; text-decoration: underline; color: #000000">Series
XXIV Notes</font><font style="color: #000000"><br></font></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="color: rgb(0, 0, 0); font-family: Times New Roman;"><font style="font-weight: bold">Amount to be Issued</font>:&#xA0;USD
<font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">
300,000,000 composed as follows:</font></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font>&#xA0;&#xA0;&#xA0; a) Nominal Value of Series XXIV Notes
subscribed in US Dollars: USD 242,205,175</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font>&#xA0;&#xA0;&#xA0; b) Nominal Value of the New Series XXIV
Notes to be issued in exchange for the Existing Series XIV Notes
tendered prior to the Early Participation Date under the Exchange
Offer: USD 57,794,825<font style="font-family: Times New Roman;"><br></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;"><font style="font-weight: bold">Issue and Settlement Date</font>: March 31,
2025.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font>&#xA0; <font style="font-family: Times New Roman;"><br>
</font></font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="color: rgb(0, 0, 0); font-family: Times New Roman;"><font style="font-weight: bold">Maturity Date</font>: March 31,
2035</font>.<br></font></div>
<br>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-weight: bold">Interest Rate</font>:
8.00%<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-weight: bold">Average Life</font>: 9
years.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-weight: bold">Amortization</font>: in three
annual installments</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font>&#xA0;&#xA0;&#xA0; - 33% of the nominal value 8 years after
the Issue and Settlement date,&#xA0;on March 31, 2033;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font>&#xA0;&#xA0;&#xA0; - 33% of the nominal value 9 years after
the Issue and Settlement date, on March 31, 2034;
and&#xA0;&#xA0;&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font>&#xA0;&#xA0; - 34% of
the nominal value 10 years after the Issue and Settlement date, on
March 31, 2035.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;"><font style="font-weight: bold">Interest Payment Dates</font>: Semmiannually,
on March 31 and September 30 of each year, starting on September
30, 2025 and through Maturity Date.&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;"><font style="font-weight: bold">Form and Place of Payment</font>: in United
States Dollars, outside of Argentina, through DTC or its
representative.<br></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<div style="line-height: 1.2;"><font><font style="font-family: Times New Roman;"><font style="font-weight: bold">CUSIP</font>:</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Rule 144A:
450047 AJ4 Regulation S: P58809 BU0</font></font></div>
<div style="line-height: 1.2;"><font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="line-height: 1.2;"><font><font style="font-family: Times New Roman;"><font style="font-weight: bold">ISIN</font>:</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Rule 144A:
US450047AJ43 Regulation S: USP58809BU07</font></font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font><font style="font-family: Times New Roman;">i) <font style="font-weight: bold">Series XXIV Notes
Results</font>:</font></font></div>
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<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<font>&#xA0;&#xA0;&#xA0; -Nominal value of Series XXIV Notes
subscribed in US Dollars: USD 242,205,175</font></div>
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<font>&#xA0;&#xA0;&#xA0; -Issue Price: 96.903%</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font>&#xA0;&#xA0;&#xA0; -Yield to Maturity: 8.500% <font style="font-family: Times New Roman;"><br>
<br>
ii) <font style="font-weight: bold">Exchange Offer Results as of
the Early Participation Date:</font></font></font></div>
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<font><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<font>&#xA0;&#xA0;&#xA0; -<font style="font-family: Times New Roman;">Nominal Value of Existing Notes
tendered and accepted for the exchange as of the Early
Participation Date: USD 67,360,007, corresponding to USD
55,575,005.78 of the total outstanding principal amount of the
Existing Notes (after giving effect to the Amortization
Factor)</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<font>&#xA0;&#xA0;&#xA0; -Nominal Value of Notes to be Issued under
the Exchange Offer (including the Exchange Consideration): USD
57,794,825</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; line-height: 1.2;">
<div style="line-height: 1.2;"><font>&#xA0;&#xA0;&#xA0; -Accrued
Interests on the Existing Notes through the Issue and Settlement
Date: USD 1,337,201.35</font></div>
<div style="line-height: 1.2;"><font>&#xA0;&#xA0;&#xA0; -Issue
Price:100%&#xA0; <font style="font-family: Times New Roman;"><br>
</font></font></div>
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</font><br></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SIGNATURES</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: 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></div>
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Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td>
<td style="width: 43%; padding-bottom: 0px; border-bottom: 2px solid windowtext">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/S/ Sa&#xFA;l
Zang</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 1px; font-family: Times New Roman">&#xA0;</font></div>
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</td>
<td style="width: 43%; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Name: Sa&#xFA;l
Zang</font></div>
</td>
</tr><tr>
<td style="width: 53%; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 1px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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</td>
<td style="width: 43%; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Title: Responsible
of relationship with the markets</font></div>
</td>
</tr></table>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">March
2</font><font style="font-size: 13px;">7</font><font style="font-size: 13px; font-family: Times New Roman">, 2025</font></div>
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