FOURTEENTH AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT

EXHIBIT 4.7

TRADUCCIÓN PÚBLICA

SWORN TRANSLATION

[All the pages of the original document are initialed at the bottom.]

FOURTEENTH AGREEMENT FOR THE IMPLEMENTATION OF

AMENDMENTS

TO THE CORPORATE SERVICES MASTER AGREEMENT

Agreement made in the Autonomous City of Buenos Aires on the 12^th day of July of 2022 by and between:

(i) CRESUD S.A.C.I.F. y A., domiciled at Xxxxx Xxxxxxx 261, 9th Floor, Autonomous City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact (hereinafter “CRESUD”), party of the first part;

(ii) IRSA Inversiones y Representaciones Sociedad Anónima, domiciled at Xxxxx Xxxxxxx 261, 9th Floor, Autonomous City of Buenos Aires, acting on its behalf and on behalf of IRSA Propiedades Comerciales S.A. (IRSA PC), as merger administrator, represented hereat by the undersigned attorneys-in-fact, party of the second part (hereinafter “IRSA” and collectively with XXXXXX referred to as “THE PARTIES”).

WHEREAS:

(i) On June 00, 0000 XXXXXX, XXXX and IRSA PC (hereinafter referred to as “THE ORIGINAL PARTIES” executed a Master Agreement for the Exchange of Corporate Services (hereinafter “the Master Agreement”);

(ii) On August 23, 2007 THE ORIGINAL PARTIES executed the First Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “First Agreement”), whereby certain amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases, and new Individually Responsible Persons were appointed;(iii) On August 14, 2008 and November 27, 2009, THE ORIGINAL PARTIES executed the Second Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Second Agreement”) and the Third Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Third Agreement”), respectively, whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases;

(iv) On March 12, 2010, THE ORIGINAL PARTIES executed an Addendum to the Master Agreement for the Exchange of Corporate Services (hereinafter the “Addendum”) whereby THE ORIGINAL PARTIES agreed to unify in CRESUD the services of the Areas of Exchange of Corporate Services, for which purposes the employment agreements of most of the employees of such areas were transferred and the procedure to allocate the costs of potential labor expenses arising from departure of employees was established;

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(v) On July 11, 2011, THE ORIGINAL PARTIES executed the Fourth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Fourth Agreement”); on October 15, 2012, THE ORIGINAL PARTIES executed the Fifth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Fifth Agreement"); on November 12, 2013, THE ORIGINAL PARTIES executed the Sixth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Sixth Agreement”); and on February 18, 2015, THE ORIGINAL PARTIES executed the Seventh Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Seventh Agreement” and together with the First Agreement, the Second Agreement, the Third Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth Agreement, the “Agreements”), whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases;

(vi) Pursuant to the structuring process of a new organizational model of division of areas by business, an agreement was reached to transfer to IRSA and/or IRSAPC the employment agreements of those employees who render services related to the Technical, Infrastructure and Services, Purchases, Architecture and Design and Works Development Area, Real Estate Business Management, Real Estate Business Human Resources, Safety and Real Estate Areas, all of them related to the real estate business. On February 24, 2014 THE ORIGINAL PARTIES executed a Second Addendum to the Master Agreement for the Exchange of Corporate Services (hereinafter the “Second Addendum”) whereby the mechanisms to be used for the allocation of the costs of potential labor expenses that such process would involve were established.

(vii) On November 12, 2015, THE ORIGINAL PARTIES executed the Eighth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Eighth Agreement”)

(viii) On May 5, 2017, THE ORIGINAL PARTIES executed the Ninth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Ninth Agreement”). 

(ix) On June 29, 2018, THE ORIGINAL PARTIES executed the Tenth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Tenth Agreement”). 

(x) On June 28, 2019, THE ORIGINAL PARTIES executed the Eleventh Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Eleventh Agreement”).        

(xi) On June 30, 2020, THE ORIGINAL PARTIES executed the Twelfth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Twelfth Agreement”).          

(xii) On June 30, 2021, THE ORIGINAL PARTIES executed the Thirteenth Agreement for Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Thirteenth Agreement”).      

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(xiii) On September 30, 2021 IRSA and IRSA PC executed a preliminary merger agreement whereby they initiated a merger process between both companies. In such process, IRSA would be the merging company and IRSA PC would be merged company, which would be dissolved without liquidation. Subsequently, on December 22, 2021, IRSA and IRSA PC held their respective shareholders’ meetings resolving the final approval of the merger. Subsequently, on January 27, 2022 both companies executed the final merger agreement (the “FMA”) giving effect to the corporate reorganization process above mentioned. 

(xiv) Therefore, starting on January 1, 2022 IRSA, as merging company of IRSA PC, became the surviving company assuming all rights and obligations of IRSA PC under the Master Agreement, its addenda and amendments.      

(xv) First THE ORIGINAL PARTIES and then the PARTIES have been performing the Master Agreement based on an Implementation Manual originally drafted by Deloitte & Co. S.R.L., updated in due time;  

(xvi) In accordance with the recommendations made in due course by Deloitte on its reports and currently by external auditors, new operational changes have been implemented in the Areas of Exchange of Corporate Services and the Cost Distribution Bases throughout year 2021, which THE PARTIES wish to acknowledge in writing;  

(xvii) THE PARTIES have disclosed the content of this FOURTEENTH AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT (hereinafter the “Fourteenth Agreement”) to their respective Audit Committees; and    

(xviii) THE PARTIES execute this Fourteenth Agreement ad referendum the effective approval thereof by the Board of Directors of THE PARTIES;

NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES hereby agree to execute this Fourteenth Agreement subject to the following terms and conditions:

ONE: THE PARTIES ratify that the Areas (as defined in the Master Agreement) and the calculation method applicable to the Exchange of Operational Services (also as defined in the Master Agreement) have been changed as from the dates listed below, amending therefore Exhibits I and II, as amended by the Agreements, to the Master Agreement as per the following detail:    

(i) Starting in January 2022, as a result of the merger between IRSA and IRSA PC referred to in (xiii) above, the following areas cease to take part in the Shared Services Agreement: Proceeding and Permits, Investments, Rental Offices, Real Estate Business Management, Real Estate Business Analysis, Real Estate Legal Affairs, Real Estate Budget and Management Control, Real Estate Business HR; and Technical, Infrastructure and Services. As a consequence, Exhibits I and II were modified.

(ii) Starting in January 2022, the corporate Legal area changed its Cost distribution method from “Weighted between the number of minutes of board of directors’ meetings and premium amount of the annual insurance program” to “Weighted between Number of Meetings of board of directors, liquidators and shareholders’ meetings and premium amount of the annual insurance program.” As a consequence, Exhibits I and II were modified.      

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(iii) Starting in January 2022, the Bolivar, Board of Directors’ Safety and General Management Department areas to be distributed changed the distribution cost method from “Proportional among the three companies” to “66.66% IRSA and 33.33% CRESUD. As a consequence, Exhibits I and II were xxxxxxxx.Xx consideration of the foregoing, the PARTIES hereby put on record that, subject to the clarifications detailed in the preceding clauses and for purposes of updating Exhibits I and II, they shall be read as hereto attached for the periods and as from the dates indicated.

TWO: THE PARTIES represent that all the sections of the Master Agreement, the Agreements, the Addendum and the Second Addendum that have not been amended pursuant to this Fourteenth Agreement continue to be in full force and effect.

In witness whereof, this Agreement has been executed in two (2) counterparts of the same tenor and to a single effect in the place and on the date first written.

CRESUD S.A.C.I.F.y A.

__________/ ____________

Attorneys-in-fact

IRSA Inversiones y Representaciones Sociedad Anónima

___________/ ____________

Attorneys-in-fact

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Exhibit I

Description of Corporate Services Exchange Areas

Corporate Human Resources

The Human Resources sector renders to THE PARTIES the service consisting in Human Resources Administration; Human Resources Management, and Organizational Culture Management. Within the main activities of the sector we may mention labor relationships, selection of managerial positions, leadership training and interpersonal skills, compensation and benefits, internal communications, etc.

Administration and Finance

The Administration and Finance sector renders to THE PARTIES the service consisting in Investor Relations, Capital Markets, Financial Risk and Management of Financial Transactions. In addition, it renders to THE PARTIES the service consisting in planning and defining the companies’ fiscal policies.

Planning

The Planning area is responsible for medium- and long-term planning, for aligning THE PARTIES’ objectives and individual goals, for coordinating THE PARTIES’ investment analysis, controlling the Shared Services Center’s, the Board’s and Corporate expenses management and budgeting, and for coordinating all the management information flowing through the businesses and submitted to the respective Boards of Directors.

Institutional Relations

The Institutional Relations department renders to THE PARTIES the service consisting in relations with the media and communities where the company does business, consisting in drafting of newsletters and statements, preparation of brochures and institutional events, CSR strategy, relationship with NGOs and planning and preparation of CSR actions.

Compliance

The Compliance sector is responsible for information security and Internal Control, controlling the proper management of the different processes that constitute the administrative and accounting system and participating in their continuous improvement. In addition, it is in charge of verifying compliance with controls defined in the processes as well as with the regulations, principles and procedures that govern the governing bodies of THE PARTIES. In addition, it provides support and assistance to the Audit Committee for compliance with its duties. Furthermore, it renders to THE PARTIES Corporate Fraud Prevention services.

Shared Services Center

The Shared Services Center provides THE PARTIES with all the transactional and operational services associated with income and expense management, to the services inherent in managing human resources benefits and payroll processing, in commercial contract management, in errand running services and in general services. And it is also responsible for managing, maintaining and providing support to systems, technology and processes and the companies’ tax calculation processes.

Safety

The Safety sector renders to THE PARTIES the surveillance service.

Legal Affairs - Corporate

The Legal Affairs - Corporate sector renders to THE PARTIES the service consisting in aid to the preparation, analysis of and answer to legal briefs, agreements, official letters, etc. In addition, it renders to THE PARTIES the service consisting in managing their assets’ coverage by negotiating, purchasing and monitoring insurance policies, dealing with claims in terms of coverage, collection, etc.    

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Purchases and Hirings

The Purchases and Hirings sector renders to THE PARTIES the services consisting in procuring the most appropriate goods and/or service for the purpose for which they will be used. Quality, costs and terms of delivery are essential when taking the decision to hire. In addition, this sector deals with the necessary means to obtain appropriate financing of the purchases from suppliers.           

Corporate Quality and Environment

The Corporate Environment Sector assesses the environmental impact of projects and activities in order to determine preventive and corrective actions. This sector seeks to minimize potential impacts, following the working methodology set forth in an Environmental Management System. This area also manages the Parties’ environmental records that are required by law.                               

Xxxxxxx

Xxxxxxx includes the employees performing activities of support and assistance to THE PARTIES’ Board of Directors.            

Attorneys-in-Fact

The Attorneys-in-Fact sector groups the employees who perform activities consisting in representing THE PARTIES before different governmental agencies.

General Management Department to be Distributed

The General Management Department to be Distributed sector includes employees performing activities of support and assistance to THE PARTIES’ General Management Departments.

Board of Directors’ Safety

The Board of Directors’ Safety sector renders to THE PARTIES the service consisting in comprehensive safety for the main officers acting in their Board of Directors.

Accounting and Reporting

The Accounting and Reporting sector renders to THE PARTIES the services consisting in accounting and preparation of non-consolidated and consolidated financial statements of IRSA Inversiones y Representaciones S.A. and CRESUD S.A.C.I.F. y A. and of the respective managed subsidiaries.

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Exhibit II 

Cost Distribution Bases

Corporate Departments	Department	Division / Subdivision	Distribution Method
Corporate Human Resources	Corporate Human Resources		By headcount (non-corporate personnel) and weighting the percentages of other areas (corporate personnel).
Administration and Finance	Finance Department		The percentages of all the sectors making up the area are weighted.
	Capital Markets		Number of financial transactions conducted in the period weighted at 70% and the remaining 30% corresponds to updates of offering memoranda and “horizontal” works (20F, annual reports, Press Release, etc.)
	Relations with Investors		Number of business highlights during the six-month period, number of earnings releases, number of meetings with investors (current or potential) to discuss the companies’ business and strategy, number of active coverages, number of earnings release conferences, the complexity of the website of each company, number of material events published in the Argentine Securities Commission and the US Securities and Exchange Commission, and number of Roadshows (Deal or Non-Deal). All items involved are weighted in equal parts.
	Financial Planning and Risks		Fifty percent (50 %) for Financial Risks will be distributed pro rata based on the following: Number of risk notes made for balance sheets, Valuation of instruments, Fair Value of Liabilities (number of valued debts), yield/risk analysis for assets and Liabilities. Fifty percent (50%) for Financial Planning will be distributed pro rata based on the number of consolidated companies in each cash report submitted on a monthly basis and those companies in which a quarterly report is separately sent for the company because there is a partner.
	Financial Administration		Total Assets weighted at 60% and total Liabilities weighted at 40%. The resulting percentage shall be weighted at 50% over the total. Thirty percent (30%) corresponds to the number of transactions performed for each vehicle and its subsidiaries. The remaining 20% will correspond to the number of vehicles for which transactions are performed and number of inquiries for special transactions.

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Corporate Departments	Department	Division / Subdivision	Distribution Method
	Corporate Tax		Salaries are weighted by position and by tasks performed (by company)
Planning	Planning Department		Each one of the sectors making up the area is weighted.
	Corporate Budget and Management Control		Overhead expenses budget for the period is pro-rated.
	Strategic Analysis		Tasks performed and the time spent in each.
Institutional Relations			Area expenses budget for the period is pro-rated
Compliance	Compliance Department		Each sector comprising the Management is weighted.
	Risk Management and Audit		Time estimated/projected in the annual plan.
	Information security		Incidents closed by company.
Shared Services Center (CSC)	CSC Department		The percentage corresponding to each sector falling within the scope of the CSC area is weighted on the basis of the impact exerted by the relevant sector’s projected salaries on the total salaries of the CSC.
	Revenues Administration		Number of Revenue Transactions performed for each Company + Direct Allocation of Resources
	Expenses Administration		Number of Expense Transactions performed for each Company + Direct Allocation of Resources
	Customer Administration		Direct Allocation of Resources
	Collections Administration		Direct Allocation of Resources
	Treasury Administration		Number of Treasury Transactions performed for each Company.
	Own Account Administration		Number of Transactions performed for each Company.
	Technology		Weighting of time spent in each task (related to the services).
	IT Services		Number of CASTI incidents processed for each Company.
	Master Data		Number of transactions processed by each Company.
	Systems and Applications		Hours devoted to each task.
	Project Systems		Hours devoted to each task.
	Systems Maintenance		Hours devoted to each task.
	Commercial Transactions		Number of agreements signed by Company
	Data Management		Hours devoted to each task.
	Process Quality		Weighting of time spent in each task.
	CSC Human Resources		75% weighting of % of CSC sectors; and 25% weighting % of Corporate sectors.
	Errand Running Service		Number of errands run.
	Back office		Hours spent in each task.
	General Services		Hours spent in each task.
	Administrative operations		The percentage of each sector served is weighted.
	Services Control		Number of documents controlled by company
	CSC Taxes		Salaries are weighted by position and by tasks performed (by company)
Safety			Per hour
Legal Affairs - Corporate			Weighted between number of Meetings of board of directors, liquidators and shareholders’ meetings and premium amount of the annual insurance program.
Corporate Environment and Quality			Area expenses budget for the period is pro-rated.
Purchases and Hirings			Purchase orders through a weighting of their volume and amount.
Attorneys-in-fact			Time spent in tasks performed.
Bolívar			66.66% IRSA and 33.33% CRESUD.
Board of Directors’ Safety			66.66% IRSA and 33.33% CRESUD
General Management to be distributed			66.66% IRSA and 33.33% CRESUD
Accounting and Reporting			Weighted between payroll for tasks performed and number of vouchers recorded for the three companies and their managed subsidiaries.

THIS DOCUMENT IS A TRUE AND ACCURATE TRANSLATION into English of the document in Spanish I have had before me in Buenos Aires, on this 12^th day of August, 2022.

[For authentication purposes only:]

ES TRADUCCIÓN FIEL xx xxxxxx del documento adjunto redactado en español que he tenido ante mí y al cual me remito en Buenos Aires, a los 00 xxxx xx xxxxxx xx 0000. 

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