ALTO PALERMO S.A.

09/30/05 09/30/04

Ordinary Period Result

(three month period): profit 9,299,827 2,464,375

Extraordinary Period Result

(three month period): profit - lose — —

Period Profit 9,299,827 2,464,375

- Net Assets Composition:

Authorized capital 78,042,363 77,898,379

Integral adjustment of capital 84,620,909 84,620,909

Premium on shares and on

shares negotiation 522,805,043 522,805,043

Technical revaluations 3,952,571 3,952,571

Legal reserve 8,992,468 8,050,591

Retained earnings 101,894,046 80,640,734

Total Net Assets 800,307,400 777,968,227

- IRSA Inversiones y Representaciones

Sociedad Anonima 47,992,577 61.5%

- Parque Arauco S.A. 23,111,695 29.6%

- Other Shares 6,938,091 8.9%

- IRSA Inversiones y Representaciones

Sociedad Anonima 139,874,846 65.1%

- Parque Arauco S.A. 67,904,386 31.6%

- Other shares 7,142,293 3.3%