|                                 |   InitialCosts  |   SubsequentCosts                         |   Costs atthe end of the year  |                 |                                           |               |                          |                                     |
|--------------------------------------|--------------------------------|----------------------------------------------------------|-----------------------------------------------|--------------------------------|----------------------------------------------------------|------------------------------|-----------------------------------------|------------------------------------------|
|                                 |   Plot of land  |   Buildings, facilities and improvements  |   Disposals / Transfers        |   Plot of land  |   Buildings, facilities and improvements  |   Total       |   Capitalized cost, net  |   Fair Value adjustments  |   Fair value at the end of the year (2)  |   Date of construction  |  Date of acquisition |
| Shoppingmalls:                       |                 |                                           |                                |                 |                                           |               |                          |                           |     |     |   |
| Abasto                               |   190,605       |   4,701,292                               |   241,719                      |   190,605       |   4,943,011                               |   5,133,616   |   3,050                  |   1,673,143               |   6,809,809  |  Nov-98  | Jul-94 |
| Alto PalermoShopping                 |   169,909       |   7,748,039                               |   512,002                      |   169,909       |   8,260,041                               |   8,429,950   |   5,287                  |   -188,591                |   8,246,646  |  Oct-90  | Nov-97 |
| Alto Avellaneda                      |   339,051       |   3,106,699                               |   775,324                      |   339,051       |   3,882,023                               |   4,221,074   |   8,070                  |   420,103                 |   4,649,247  |  Oct-95  | Dec-97 |
| AlcortaShopping                      |   156,463       |   1,878,959                               |   666,829                      |   156,463       |   2,545,788                               |   2,702,251   |   1,304                  |   1,395,531               |   4,099,086  |  Jun-92  | Jun-97 |
| Alto Noa                             |   6,972         |   830,514                                 |   160,567                      |   6,972         |   991,081                                 |   998,053     |   258                    |   158,144                 |   1,156,455  |  Sep-94  | Mar-95 |
| Patio Bullrich                       |   164,453       |   2,936,721                               |   315,020                      |   164,453       |   3,251,741                               |   3,416,194   |   626                    |   -1,082,091              |   2,334,729  |  Sep-88  | Oct-98 |
| Alto Rosario                         |   737,627       |   272,186                                 |   892,920                      |   737,627       |   1,165,106                               |   1,902,733   |   4,685                  |   2,199,821               |   4,107,239  |  Nov-04  | Nov-04 |
| Mendoza Plaza                        |   205,792       |   1,400,153                               |   955,614                      |   205,792       |   2,355,767                               |   2,561,559   |   10,721                 |   -636,423                |   1,935,857  |  Jun-94  | Dec-94 |
| Dot BairesShopping                   |   628,802       |   518,816                                 |   4,388,332                    |   628,802       |   4,907,148                               |   5,535,950   |   6,235                  |   -303,377                |   5,238,808  |  May-09  | Nov-06 |
| Córdoba Shopping(3)             |   75,160        |   1,326,248                               |   251,940                      |   75,160        |   1,578,188                               |   1,653,348   |   45                     |   -387,265                |   1,266,128  |  Mar-90  | Dec-06 |
| Distrito Arcos                       |   -             |   -                                       |   2,109,075                    |   -             |   2,109,075                               |   2,109,075   |   -                      |   -217,760                |   1,891,315  |  Nov-09  | Nov-09 |
| Alto Comahue                         |   51,129        |   136,588                                 |   2,375,276                    |   51,129        |   2,511,864                               |   2,562,993   |   -                      |   -1,300,245              |   1,262,748  |  May-06  | May-06 |
| Patio Olmos                          |   155,002       |   287,866                                 |   1,013                        |   155,002       |   288,879                                 |   443,881     |   1,089                  |   453,323                 |   898,293  |  May-95  | Sep-07 |
| Soleil PremiumOutlet                 |   165,679       |   558,307                                 |   450,461                      |   165,679       |   1,008,768                               |   1,174,447   |   1,264                  |   680,253                 |   1,855,964  |  Jul-10  | Jul-10 |
| Ocampo parkingspace                  |   48,466        |   320,032                                 |   1,677                        |   48,466        |   321,709                                 |   370,175     |   -                      |   398,804                 |   768,979  |  Sep-06  | Sep-06 |
| Beruti parkingspace                  |   -             |   50,509                                  |   -                            |   -             |   50,509                                  |   50,509      |   -                      |   398,739                 |   449,248  |   -  | Mar-20 |
|  Shoppingmalls                  |   3,095,110     |   26,072,929                              |   14,097,769                   |   3,095,110     |   40,170,698                              |   43,265,808  |   42,634                 |   3,662,109               |   46,970,551  |      |   |
| Office and otherrental properties:   |            |                                      |                           |            |                                      |          |                     |                      |      |      |   |
| Abasto Offices                       |   -             |   -                                       |   101,227                      |   -             |   101,227                                 |   101,227     |   -                      |   231,844                 |   333,071  |  Mar-13  | Jul-94 |
| Zetta building                       |   429,415       |   -                                       |   3,325,221                    |   429,415       |   3,325,221                               |   3,754,636   |   118,801                |   8,460,748               |   12,334,185  |  Dec-18  | Dec-18 |
| Dot building                         |   142,400       |   35,738                                  |   1,886,269                    |   142,400       |   1,922,007                               |   2,064,407   |   9,691                  |   2,151,822               |   4,225,920  |  Sep-10  | Nov-06 |
| Anchorena 545 (ChantaIV)        |   9,829         |   54,411                                  |   393                          |   9,829         |   54,804                                  |   64,633      |   -                      |   152,256                 |   216,889  |  Aug-08  | Aug-08 |
| Anchorena 665                        |   26,703        |   106,765                                 |   -                            |   26,703        |   106,765                                 |   133,468     |   -                      |   166,149                 |   299,617  |  Aug-08  | Aug-08 |
| Zelaya 3102                          |   24,427        |   -                                       |   -                            |   24,427        |   -                                       |   24,427      |   -                      |   18,613                  |   43,040  |  Jul-05  | Jul-05 |
| Suipacha 664                         |   207,779       |   446,297                                 |   9,171                        |   207,779       |   455,468                                 |   663,247     |   46                     |   833,840                 |   1,497,133  |  Jun-94  | Dec-14 |
| Bouchard 710                         |   1,712,478     |   917,116                                 |   81,840                       |   1,712,478     |   998,956                                 |   2,711,434   |   3,288                  |   3,603,850               |   6,318,572  |  Dec-14  | Dec-14 |
| Intercontinental Plazabuilding       |   14,620        |   251,447                                 |   2,620                        |   14,620        |   254,067                                 |   268,687     |   1,032                  |   864,826                 |   1,134,545  |  Jun-96  | Dec-14 |
| Repúblicabuilding               |   1,988,142     |   1,608,192                               |   7,356                        |   1,988,142     |   1,615,548                               |   3,603,690   |   859                    |   5,364,570               |   8,969,119  |  Dec-14  | Dec-14 |
| Bank BostonTower                     |   1,501,530     |   1,214,267                               |   2,661                        |   1,501,530     |   1,216,928                               |   2,718,458   |   3,465                  |   3,920,164               |   6,642,087  |  Dec-14  | Dec-14 |
| Paseo del Sol                        |   -             |   12,426                                  |   -                            |   -             |   12,426                                  |   12,426      |   -                      |   24,000                  |   36,426  |  Jul-15  | Jul-15 |
| Phillipsbuilding                     |   -             |   1,350,199                               |   785                          |   -             |   1,350,984                               |   1,350,984   |   304                    |   1,316,507               |   2,667,795  |  Jun-17  | Jun-17 |
| Catalinasbuilding                    |   1,928,928     |   5,735,088                               |   -592,009                     |   1,928,928     |   5,143,079                               |   7,072,007   |   -                      |   6,471,766               |   13,543,773  |   -  | Jun-20 |
| Office and otherrental properties    |   7,986,251     |   11,731,946                              |   4,825,534                    |   7,986,251     |   16,557,480                              |   24,543,731  |   137,486                |   33,580,955              |   58,262,172  |      |   |
| Undevelopedparcels of land           |            |                                      |                           |            |                                      |          |                     |                      |      |      |   |
| Building annexed toDot               |   660,798       |   -                                       |   -                            |   660,798       |   -                                       |   660,798     |   -                      |   3,334,028               |   3,994,826  |   -  | Nov-06 |
| Luján plot ofland               |   335,890       |   -                                       |   35,188                       |   371,078       |   -                                       |   371,078     |   -                      |   589,312                 |   960,390  |   -  | May-12 |
| Caballito –Ferro plot ofland  |   714,267       |   -                                       |   205,677                      |   919,944       |   -                                       |   919,944     |   -                      |   2,233,307               |   3,153,251  |   -  | Nov-97 |
| Annexed to Dot plot ofland           |   6,148         |   -                                       |   -                            |   6,148         |   -                                       |   6,148       |   -                      |   8,248                   |   14,396  |   -  | Feb-17 |
| Mendoza plot ofland                  |   10,867        |   -                                       |   -                            |   10,867        |   -                                       |   10,867      |   -                      |   6,597                   |   17,464  |   -  | Dec-16 |
| Intercontinental plot of land TowerB |   460,003       |   -                                       |   533,900                      |   993,903       |   -                                       |   993,903     |   -                      |   81,273                  |   1,075,176  |   -  | Dec-14 |
| Mendoza Av Este 2992 plot ofland     |   -             |   -                                       |   66,981                       |   66,981        |   -                                       |   66,981      |   -                      |   50,216                  |   117,197  |   -  | Mar-18 |
| La Plata plot ofland                 |   372,819       |   -                                       |   474                          |   373,293       |   -                                       |   373,293     |   -                      |   562,985                 |   936,278  |   -  | Mar-18 |
| Undevelopedparcels of land           |   2,560,792     |   -                                       |   842,220                      |   3,403,012     |   -                                       |   3,403,012   |   -                      |   6,865,966               |   10,268,978  |      |   |
|                                 |            |                                      |                           |            |                                      |          |                     |                      |      |      |   |
| Properties underdevelopment          |            |                                      |                           |            |                                      |          |                     |                      |      |      |   |
| PH Office Park                       |   -             |   -                                       |   14,723                       |   -             |   14,723                                  |   14,723      |   -                      |   -                       |   14,723  |   -  | Nov-06 |
| Alto Palermo Shoppingannex           |   559,891       |   -                                       |   996,182                      |   559,891       |   996,182                                 |   1,556,073   |   -                      |   206,594                 |   1,762,667  |   -  | Jun-06 |
| Phillipsbuilding                     |   -             |   -                                       |   55,265                       |   -             |   55,265                                  |   55,265      |   -                      |   -1,636                  |   53,629  |   -  | Jun-17 |
| Alto Avellaneda                      |   -             |   -                                       |   92,569                       |   -             |   92,569                                  |   92,569      |   -                      |   -8,819                  |   83,750  |   -  | Dec-97 |
| Properties underdevelopment          |   559,891       |   -                                       |   1,158,739                    |   559,891       |   1,158,739                               |   1,718,630   |   -                      |   196,139                 |   1,914,769  |      |   |
| Others                               |            |                                      |                           |            |                                      |          |                     |                      |      |      |   |
| DirecTV ArenaStadium                 |   -             |   -                                       |   273,651                      |   -             |   273,651                                 |   273,651     |   -                      |   -273,651                |   -  |   -  | Feb-18 |
| EH UTE                               |   -             |   -                                       |   106,234                      |   -             |   106,234                                 |   106,234     |   -                      |   -30,739                 |   75,495  |   -  | Sep-17 |
| Others                               |   -             |   -                                       |   379,885                      |   -             |   379,885                                 |   379,885     |   -                      |   -304,390                |   75,495  |      |   |
| Total                                |   14,202,044    |   37,804,875                              |   21,304,147                   |   15,044,264    |   58,266,802                              |   73,311,066  |   180,120                |   44,000,779              |   117,491,965  |      |   |