By letter dated March 13, 2015 the Company reports that , in the framework of the continue review of the Master Agreement for Exchange of Corporate Services entered into with IRSA Propiedades Comerciales S.A. (formerly known as Alto Palermo S.A. (APSA)) (“IRPC”) and IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”) on June 30, 2004, as amended from time to time on August 23, 2007, August 14, 2008, November 27, 2009, March 12, 2010, July 11, 2011, October 15, 2012, November 12, 2013 and February 24, 2014 (the “Master Agreement for Exchange of Corporate Services”) , it has subscribed the Seventh Agreement for the Implementation of Amendments to the Master Agreement for Exchange of Corporate Services.
The purpose of this new amendment is to generate a more efficient allocation of corporate resources among the parties and continue the reduction of certain fixed costs incurred in the development of the parties’ businesses in order to decrease their incidence on operating results.
In spite of the terms of the Master Agreement for Exchange of Corporate Services, the parties continue to be independent as regards the execution of their business and strategic decisions. Furthermore, this agreement does not affect the efficiency of the internal control systems nor the internal and external audit procedures.