IRSA Inversiones y Representaciones Sociedad Anonima

September 30, 2005 and 2004

1. Period Result

(three month period ended on September 30, 2005 and 2004):

In thousand of $

09/30/05 09/30/04

Ordinary 18,646 17,190

Extraordinary — —

Period Profit 18,646 17,190

2. Net Assets Composition:

Subscribed Capital 368,448 258,253

Treasure shares — —

Integral adjustment of capital 274,387 274,387

Integral adjustment

treasure shares — —

Premium on shares 685,131 604,234

Legal Reserve 19,447 19,447

Retained earnings (56,397) (161,09)

Total Net Assets 1,291,016 995,223