IRSA Inversiones y Representaciones Sociedad Anónima, a corporation (sociedad anónima) incorporated under the laws of the Republic of Argentina ("IRSA"), announced it has commenced, subject to the terms and conditions set forth in the exchange offer memorandum dated May 16, 2022 (the "Exchange Offer Memorandum" and, together with the Eligibility Letter, as defined below, the "Exchange Offer Documents") an offer (the "Exchange Offer") to Eligible Holders (as defined below) to exchange any and all of its USD 360,000,000 aggregate principal amount of outstanding 8.750% Notes due 2023 Series No. 2 originally issued by IRSA Propiedades Comerciales S.A. ("IRSA CP") (the "Existing Notes") for 8.750% Senior Notes due 2028 (the "New Notes") to be issued by IRSA and the cash consideration. The Exchange Offer will expire at 5:00 p.m. (New York City time) on June 16, 2022 (such date and time, as the same may be extended in the sole discretion of IRSA, the "Expiration Date").

Existing Notes tendered for exchange may be validly withdrawn at any time at or prior to 5:00 p.m. (New York City time) on June 2, 2022 (such date and time, as the same may be extended in the sole discretion of IRSA, the "Withdrawal Date"), but not thereafter. To be eligible to receive the Early A Consideration or the Early B Consideration, as applicable, Eligible Holders must validly tender and not validly withdraw their Existing Notes at or prior to 5:00 p.m. (New York City time) on June 2, 2022 (such date and time, as the same may be extended in the sole discretion of IRSA, the "Early Participation Date"). The deadlines set by any intermediary or relevant clearing system may be earlier than these deadlines.

Eligible Holders of Existing Notes may choose between two, mutually exclusive, consideration options, detailed in the table above, in the columns under the headings "Option A" and "Option B." Upon the terms and subject to the conditions set forth in the Exchange Offer Documents, Eligible Holders who validly tender Existing Notes under Option A, and whose Existing Notes are accepted for exchange by IRSA, will receive: (i) New Notes in a principal amount equal to 1.015 times the difference between USD 1,000 and the Pro-Rata A Cash Consideration received by each such Eligible Holder for each USD 1,000 principal amount of Existing Notes validly tendered on or before the Early Participation Date and accepted for exchange (the "Early A Consideration"), or (ii) New Notes in a principal amount equal to the difference between USD 1,000 and the Pro-Rata A Cash Consideration received by each such Eligible Holder for each USD 1,000 principal amount of Existing Notes validly tendered after the Early Participation Date but at or prior to the Expiration Date and accepted for exchange (the "Late A Consideration" and, together with the Early A Consideration, the "A Consideration"). See "The Exchange Offer" in the Exchange Offer Memorandum. The A Cash Consideration is an aggregate amount equivalent to the lesser of (x) 30% of the aggregate principal amount of Existing Notes that are validly tendered and accepted for exchange in the Exchange Offer (the "Total Cash Consideration"), and (y) the principal amount of the Existing Notes accepted for exchange under Option A (the "A Cash Consideration").

The Pro-Rata A Cash Consideration that will be payable to Eligible Holders whose Existing Notes are accepted for exchange under Option A will be equivalent to the A Cash Consideration divided by the principal amount of Existing Notes accepted under Option A times 1,000. The company have filed and obtained approval from the Central Bank to make the payment of the Total Cash Consideration.