|                                 |  Initial Costs    |  SubsequentCosts                        |  Costs at the end of the year  |              |                                    |              |                    |                               |
|--------------------------------------|-----------------------------|---------------------------------------------------|------------------------------------------|-----------------------------|---------------------------------------------------|-----------------------------|-----------------------------------|------------------------------------|
|                                 |  Plot of land     |  Buildings, facilities and improvement  |  Improvement / additions       |  Plot of land     |  Buildings, facilities and improvement  |  Total            |  Capitalized cost, net  |  Fair value adjustments  |  Fair Value at the end of the year (2)  |  Date of construction  | Date of acquisition |
| Shopping malls:                      |              |                                    |                           |              |                                    |              |                    |                     |     |     |   |
| Abasto                               |   9,753      |   251,247                          |   22,455                  |   9,753      |   273,702                          |   283,455    |   1,098            |   6,840,104         |   7,124,657  |  Nov-98  | Jul-94 |
| Alto PalermoShopping                 |   8,694      |   424,322                          |   25,359                  |   8,694      |   449,681                          |   458,375    |   1,480            |   6,710,356         |   7,170,211  |  Oct-90  | Nov-97 |
| AltoAvellaneda                       |   18,089     |   186,584                          |   38,752                  |   18,089     |   225,336                          |   243,425    |   145              |   4,299,645         |   4,543,215  |  Oct-95  | Dec-97 |
| AlcortaShopping                      |   8,006      |   101,992                          |   52,843                  |   8,006      |   154,835                          |   162,841    |   699              |   3,121,973         |   3,285,513  |  Jun-92  | Jun-97 |
| AltoNoa                              |   227        |   46,336                           |   20,633                  |   227        |   66,969                           |   67,196     |   59               |   1,017,381         |   1,084,636  |  Sep-94  | Mar-95 |
| Buenos AiresDesign                   |   -          |   53,083                           |   7,622                   |   -          |   60,705                           |   60,705     |   3                |   (50,270)               |   10,438  |  Nov-93  | Nov-97 |
| PatioBullrich                        |   9,814      |   163,711                          |   22,569                  |   9,814      |   186,280                          |   196,094    |   326              |   1,694,358         |   1,890,778  |  Sep-88  | Oct-98 |
| AltoRosario                          |   25,686     |   74,743                           |   34,160                  |   25,686     |   108,903                          |   134,589    |   2,629            |   3,240,618         |   3,377,836  |  Nov-04  | Nov-04 |
| MendozaPlaza                         |   10,546     |   126,413                          |   31,785                  |   10,546     |   158,198                          |   168,744    |   5,212            |   1,565,482         |   1,739,438  |  Jun-94  | Dec-94 |
| Dot BairesShopping                   |   99,915     |   364,359                          |   22,109                  |   99,915     |   386,468                          |   486,383    |   1,600            |   4,126,580         |   4,614,563  |  May-09  | Nov-06 |
| CórdobaShopping (3)             |   1,141      |   98,714                           |   12,485                  |   1,141      |   111,199                          |   112,340    |   50               |   1,000,157         |   1,112,547  |  Mar-90  | Dec-06 |
| DistritoArcos                        |   -          |   -                                |   294,861                 |   -          |   294,861                          |   294,861    |   -                |   765,253           |   1,060,114  |   -  | Nov-09 |
| AltoComahue                          |   1,143      |   4,467                            |   296,926                 |   1,143      |   301,393                          |   302,536    |   -                |   570,073           |   872,609  |   -  | May-06 |
| PatioOlmos                           |   11,532     |   21,417                           |   -                       |   11,532     |   21,417                           |   32,949     |   530              |   225,003           |   258,482  |  May-95  | Sep-07 |
| Soleil PremiumOutlet                 |   23,267     |   55,905                           |   82,218                  |   23,267     |   138,123                          |   161,390    |   612              |   1,314,698         |   1,476,700  |   -  | Jul-10 |
| Ocampo parkingspace                  |   3,201      |   21,137                           |   207                     |   3,201      |   21,344                           |   24,545     |   -                |   232,084           |   256,629  |   -  | Sep-06 |
| Shopping centers                     |   231,014    |   1,994,430                        |   964,984                 |   231,014    |   2,959,414                        |   3,190,428  |   14,443           |   36,673,495        |   39,878,366  |      |   |
| Office and other rental properties:  |         |                               |                      |         |                               |         |               |                |      |      |   |
| Abastooffices                        |   -          |   -                                |   15,276                  |   -          |   15,276                           |   15,276     |   -                |   93,858            |   109,134  |  Mar-13  | Jul-94 |
| Dotbuilding                          |   13,346     |   39,182                           |   9,664                   |   13,346     |   48,846                           |   62,192     |   729              |   1,241,264         |   1,304,185  |  Sep-10  | Nov-06 |
| Anchorena 545(Chanta IV)             |   812        |   4,495                            |   -                       |   812        |   4,495                            |   5,307      |   -                |   60,824            |   66,131  |   -  | Ago-08 |
| Anchorena665                         |   2,206      |   8,820                            |   -                       |   2,206      |   8,820                            |   11,026     |   -                |   84,097            |   95,123  |   -  | Ago-08 |
| Zelaya3102                           |   1,442      |   -                                |   -                       |   1,442      |   -                                |   1,442      |   -                |   13,094            |   14,536  |   -  | Jul-05 |
| Suipacha664                          |   40,916     |   87,885                           |   1,889                   |   40,916     |   89,774                           |   130,690    |   117              |   332,620           |   463,427  |  Jun-94  | Dec-14 |
| Bouchard710                          |   337,222    |   180,599                          |   4,099                   |   337,222    |   184,698                          |   521,920    |   2,472            |   1,357,763         |   1,882,155  |   -  | Dec-14 |
| IntercontinentalPlaza building       |   2,879      |   49,515                           |   987                     |   2,878      |   50,503                           |   53,381     |   24               |   145,767           |   199,172  |  Jun-96  | Dec-14 |
| Repúblicabuilding               |   391,506    |   316,686                          |   924                     |   391,506    |   317,610                          |   709,116    |   563              |   1,961,672         |   2,671,351  |   -  | Dec-14 |
| Bank Bostontower                     |   295,682    |   239,114                          |   -                       |   295,682    |   239,114                          |   534,796    |   1,105            |   1,472,549         |   2,008,450  |   -  | Dec-14 |
| Paseo delSol                         |   -          |   2,608                            |   -                       |   -          |   2,608                            |   2,608      |   -                |   9,266             |   11,874  |   -  | Jul-15 |
| Phillipsbuilding                     |   -          |   469,034                          |   -                       |   -          |   469,034                          |   469,034    |   136              |   334,266           |   803,436  |   -  | Jun-17 |
| Office and other rental properties   |   1,086,011  |   1,397,938                        |   32,839                  |   1,086,010  |   1,430,778                        |   2,516,788  |   5,146            |   7,107,040         |   9,628,974  |      |   |
| Undeveloped parcels of land          |         |                               |                      |         |                               |         |               |                |      |      |   |
| Buildingannexed to Dot               |   23,992     |   -                                |   -                       |   23,992     |   -                                |   23,992     |   -                |   1,073,962         |   1,097,954  |   -  | Nov-06 |
| Lujánplot of land               |   41,861     |   -                                |   (298)                        |   41,563     |   -                                |   41,563     |   -                |   263,745           |   305,308  |   -  | May-12 |
| Caballito–Ferro plot of land  |   36,890     |   -                                |   74,267                  |   111,157    |   -                                |   111,157    |   -                |   264,747           |   375,904  |   -  | Nov-97 |
| Annexed to Dotplot of land           |   1,980      |   -                                |   -                       |   1,980      |   -                                |   1,980      |   -                |   2,207             |   4,187  |   -  | Feb-17 |
| Mendoza plotof land                  |   3,375      |   -                                |   -                       |   3,375      |   -                                |   3,375      |   -                |   2,663             |   6,038  |   -  | Dec-16 |
| IntercontinentalTower B plot of land |   90,584     |   -                                |   -                       |   90,584     |   -                                |   90,584     |   -                |   260,496           |   351,080  |   -  | Dec-14 |
| Mendoza AvEste 2992 plot of land     |   -          |   -                                |   26,406                  |   26,406     |   -                                |   26,406     |   -                |   9,638             |   36,044  |   -  | Mar-18 |
| La Plata plotof land                 |   154,125    |   -                                |   -                       |   154,125    |   -                                |   154,125    |   -                |   63,937            |   218,062  |   -  | Mar-18 |
| Undeveloped parcels of land          |   352,807    |   -                                |   100,375                 |   453,182    |   -                                |   453,182    |   -                |   1,941,395         |   2,394,577  |      |   |
| Properties under development         |         |                               |                      |         |                               |         |               |                |      |      |   |
| PH OfficePark                        |   31,166     |   -                                |   815,732                 |   31,166     |   815,732                          |   846,898    |   38,036           |   697,669           |   1,582,603  |   -  | Nov-06 |
| Alto PalermoShopping annex           |   36,578     |   -                                |   32,487                  |   36,578     |   32,487                           |   69,065     |   -                |   115,638           |   184,703  |   -  |   Jun-06 |
| Phillipsbuilding                     |   -          |   -                                |   7,266                   |   -          |   7,266                            |   7,266      |   -                |   -                 |   7,266  |   -  | Jun-17 |
| AltoAvellaneda                       |   -          |   -                                |   36,283                  |   -          |   36,283                           |   36,283     |   -                |   -                 |   36,283  |   -  | Dec-97 |
| MendozaPlaza                         |   -          |   -                                |   30,339                  |   -          |   30,339                           |   30,339     |   -                |   -                 |   30,339  |  Jan-18  | - |
| AltoComahue                          |   -          |   -                                |   120,033                 |   -          |   120,033                          |   120,033    |   -                |   -                 |   120,033  |  Apr-17  | - |
| EHUTE                                |   -          |   -                                |   39,292                  |   -          |   39,292                           |   39,292     |   -                |   -                 |   39,292  |  Sep-17  | - |
| Properties under development         |   67,744     |   -                                |   1,081,432               |   67,744     |   1,081,432                        |   1,149,176  |   38,036           |   813,307           |   2,000,519  |      |   |
| Others                               |         |                               |                      |         |                               |         |               |                |      |      |   |
| DirecTV Arenastadium                 |   -          |   -                                |   106,795                 |   -          |   106,795                          |   106,795    |   -                |   45,580            |   152,375  |   -  | Feb-18 |
| Others                               |   -          |   -                                |   106,795                 |   -          |   106,795                          |   106,795    |   -                |   45,580            |   152,375  |      |   |
| Total                                |   1,737,576  |   3,392,368                        |   2,286,425               |   1,837,950  |   5,578,419                        |   7,416,369  |   57,625           |   46,580,817        |   54,054,811  |      |   |