EXHIBIT 8.1
LIST OF SUBSIDIARIES
The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2012:

Subsidiaries |  | Country of Incorporation
Cactus Argentina S.A. |  | Argentina
Futuros y Opciones.Com S.A. |  | Argentina
IRSA Inversiones y Representaciones Sociedad Anónima |  | Argentina
BrasilAgro Companhia Brasileira de Propiedades Agrícolas |  | Brasil
Exportaciones Agroindustriales Argentinas S.A. |  | Argentina
Northagro S.A. |  | Argentina
Pluriagro S.A. |  | Argentina
Agrotech S.A. |  | Argentina
FyO Trading S.A. |  | Argentina
Helmir S.A. |  | Uruguay
Agropecuaria Acres del Sur S.A. |  | Bolivia
Ombú Agropecuaria S.A. |  | Bolivia
Yatay Agropecuaria S.A. |  | Bolivia
Yuchán Agropecuaria S.A. |  | Bolivia