Cruces Jorge Alberto 4

What Happened
Jorge Alberto Cruces, Chief Investment Officer of IRSA Investments & Representations Inc. (IRS), reported a sale of 24,913 ordinary shares on June 30, 2026. The reported U.S. dollar equivalent price was $1.53 per share, for a total value of approximately $38,117. The Form 4 lists the transaction as an open-market or private sale (transaction code S), which is typically a disposal for liquidity or portfolio-management reasons rather than an acquisition.

Key Details

• Transaction date: June 30, 2026
• Shares sold: 24,913 ordinary shares
• Reported price: $1.53 per share (USD equivalent)
• Total reported value: $38,117
• Price conversion note: The $1.53 USD price equals ARS 2,400 per ordinary share, converted using an implied exchange rate of 1,567.3575 ARS/USD based on the issuer's ADS vs. ordinary-share pricing (10 ordinary shares = 1 ADS). (Footnote F1)
• Shares owned after transaction: Not reported on this Form 4
• Filing timeliness: Form 4 filed on June 30, 2026 (same date as the transaction); no late filing indicated
• Transaction code: S = Sale; no 10b5-1 plan, tax-withholding, or other special legend noted in the provided filing details

Context
This filing reports a straightforward sale by a company insider. Sales are common and do not, by themselves, indicate the insider's view of the company's long-term prospects. Purchases tend to carry more informational weight for investors. The USD price shown is an equivalent derived from Argentine peso pricing and ADS market data (see footnote), so currency-valuation effects are relevant when comparing to U.S.-listed securities.