|  ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------------|

| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

|  ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|                                                 |         |   |   |         |                                      |                                              |
|------------------------------------------------------|--------------|--------|--------|--------------|-------------------------------------------|---------------------------------------------------|
| Title of each class                                  |    |   |   |    | Name of each exchange on which registered |
| ADS, each representingforty shares of Common Stock   |    |   |   |         |                                 | Nasdaq National Market of theNasdaq Stock Market  |
| Common Stock, face value ten cents of Peso per share |    |   |   |         |                                 | Nasdaq National Market of theNasdaq Stock Market* |

| * | Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                   |                     |                                                                                                                                                                               |         |   |         |               |
|----------------------------------------|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|--------------|--------------------|
| U.S. GAAP    ̈ |      | International Financial Reporting Standards as issued             ̈by the International Accounting Standards Board |    |   |    | Other  x |

----

Table of Contents

|         |                                                                               |  Page No. |
|--------------|------------------------------------------------------------------------------------|---------------------|
|         | Disclosure Regarding Forward-Looking Information                                   | 5                   |
|    | Certain Measurements and Terms                                                     | 6                   |
|    | Presentation of Financial and Certain Other Information                            | 6                   |
|         | Market Data                                                                        | 7                   |
|         | Part I                                                                             |   8            |
| Item 1  | Identity of Directors, Senior Management and Advisers                              | 8                   |
| Item 2  | Offer Statistics and Expected Timetable                                            | 8                   |
| Item 3  | Key Information                                                                    | 8                   |
|         | (a)    Consolidated Financial Data                             | 8                   |
|         | (b)    Capitalization and Indebtedness                         | 12                  |
|         | (c)    Reasons for the Offer and Use of Proceeds               | 12                  |
|         | (d)    Risk Factors                                            | 12                  |
| Item 4  | Information on the Company                                                         | 21                  |
|         | (a)    History and Development of the Company                  | 21                  |
|         | (b)    Business Overview                                       | 26                  |
|         | (c)    Organizational Structure                                | 53                  |
|         | (d)    Property, Plants and Equipment                          | 54                  |
| Item 4A | Unresolved staff comments                                                          | 55                  |
| Item 5  | Operating and Financial Review and Prospects                                       | 55                  |
|         | (a)    Operating Results                                       | 55                  |
|         | (b)    Liquidity and Capital Resources                         | 69                  |
|         | (c)    Research and Development, Patents and Licenses, etc.    | 71                  |
|         | (d)    Trend Information                                       | 71                  |
|         | (e)    Off-Balance Sheet Arrangements                          | 72                  |
|         | (f)    Tabular Disclosure of Contractual Obligations           | 72                  |
|         | (g)    Safe Harbor                                             | 72                  |
| Item 6  | Directors, Senior Management and Employees                                         | 72                  |
|         | (a)    Directors and Senior Management                         | 72                  |
|         | (b)    Compensation                                            | 75                  |
|         | (c)    Board Practices                                         | 76                  |
|         | (d)    Employees                                               | 76                  |
|         | (e)    Share Ownership                                         | 76                  |
| Item 7  | Major Shareholders and Related Party Transactions                                  | 77                  |
|         | (a)    Major Shareholders                                      | 77                  |
|         | (b)    Related Party Transactions                              | 78                  |
|         | (c)    Interests of Experts and Counsel                        | 81                  |
| Item 8  | Financial Information                                                              | 81                  |
|         | (a)    Consolidated Statements and Other Financial Information | 81                  |
|         | (b)    Significant Changes                                     | 83                  |
| Item 9  | The Offer and Listing                                                              | 83                  |
|         | (a)    The Offer and Listing Details                           | 83                  |
|         | (b)    Plan of Distribution                                    | 84                  |
|         | (c)    Markets                                                 | 84                  |
|         | (d)    Selling Shareholders                                    | 85                  |
|         | (e)    Dilution                                                | 85                  |
|         | (f)    Expenses of the Issue                                   | 85                  |
| Item 10 | Additional Information                                                             | 85                  |
|         | (a)    Share Capital                                           | 85                  |
|         | (b)    Memorandum and Articles of Association                  | 85                  |
|         | (c)    Material Contracts                                      | 88                  |
|         | (d)    Exchange Controls                                       | 88                  |
|         | (e)    Taxation                                                | 92                  |
|         | (f)    Dividends and Paying Agents                             | 96                  |
|         | (g)    Statement by Experts                                    | 96                  |
|         | (h)    Documents on Display                                    | 96                  |
|         | (i)    Subsidiary Information                                  | 96                  |
| Item 11 | Quantitative and Qualitative Disclosures About Market Risk                         | 97                  |
| Item 12      | Description of Securities Other than Equity Securities                             | 98                  |
|         | (a)    Debt Securities                                         | 98                  |
|         | (b)    Warrants and Rights                                     | 98                  |
|         | (c)    Other Securities                                        | 98                  |
|         | (d)    American Depositary Shares                              | 99                  |
|         | Part II                                                                            |                |

----

| Item 13   | Defaults, Dividend Arrearages and Delinquencies                                                         | 99         |
|--------------------------|---------------------------------------------------------------------------------------------------------|------------|
| Item 14             | Material Modifications to the Rights of Security Holders and Use of Proceeds                            | 99         |
| Item 15             | Controls and Procedures                                                                                 | 99         |
|                     | (a)    Disclosure Controls and Procedures                                           | 99         |
|                     | (b)    Management ́s Annual Report on Internal Control Over Financial Reporting | 99         |
|                     | (c)    Attestation Report of the Registered Public Accounting Firm                  | 99         |
|                     | (d)    Changes in Internal Control Over Financial Reporting                         | 99         |
| Item 16             | Reserved                                                                                                | 99         |
|                     | (a)    Audit Committee Financial Expert                                             | 99         |
|                     | (b)    Code of Ethics                                                               | 100        |
|                     | (c)    Principal Accountant Fees and Services                                       | 100        |
|                     | (d)    Exemptions from the Listing Standards for Audit Committees                   | 100        |
|                     | (e)    Purchase of Equity Securities by the Issuer and Affiliated Purchasers        | 100        |
|                     | (f)    Change in Registrant ́s Certifying Account                               | 100        |
|                     | (g)    Corporate Governance                                                         | 100        |
|                     | (h) Mine Safety Disclosures                                                                             | 103        |
|                     | Part III                                                                                                |   103 |
| Item 17             | Financial Statements                                                                                    | 103        |
| Item 18             | Financial Statements                                                                                    | 103        |
| Item 19             | Exhibits                                                                                                | 103        |
|                     | Signatures                                                                                              | 103        |

----

Table of Content

DISCLOSURE REGARDING FORWARD-LOOKING INFORMATION

|   | • |   | changes in general economic, business or political or other conditions in Argentina or changes in general economic or business conditions in Latin America; |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | inflation, currency fluctuations and fluctuations in prevailing interest rates; |
|--------|---------|--------|---------------------------------------------------------------------------------|

|   | • |   | changes in customer demand and preferences, as well as the financial condition of our tenants and customers; |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------|

|   | • |   | competitive conditions in the shopping center industry in Argentina as a whole and particularly in our areas of operations; |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | • |   | our ability to implement our business plan, including our ability to secure financing on terms acceptable to us; |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------|

|   | • |   | changes in the retail market in Argentina; |
|--------|---------|--------|--------------------------------------------|

|   | • |   | existing and future laws and government regulations applicable to our business; |
|--------|---------|--------|---------------------------------------------------------------------------------|

|   | • |   | increases in our costs; |
|--------|---------|--------|-------------------------|

|   | • |   | interests of and actions taken by, our controlling shareholders, including any resulting conflicts of interest; |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | • |   | our ability to integrate businesses or assets we acquire into our existing business; |
|--------|---------|--------|--------------------------------------------------------------------------------------|

|   | • |   | events of force majeure; and                                              |
|--------|---------|--------|---------------------------------------------------------------------------|
|   | • |   | the risk factors discussed under Item 3 (d) Risk Factors on page 12  |

----

Table of Content

CERTAIN MEASUREMENTS AND TERMS

PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION

| i)   | Income taxes |
|----------------|--------------|

|                                                      |   | As of June 30, 2011 |      |   | As of June 30, 2010  |   |      | As of June 30, 2009 |   |   | As of June 30, 2008  |   |
|-----------------------------------------------------------|--------|---------------------|-----------|--------|----------------------|--------|-----------|---------------------|--------|--------|----------------------|--------|
|                                                      |   | As adjusted         |      |   | As previously issued |   |      | As adjusted         |   |   | As previously issued |   |   | As adjusted |   |   | As previously issued |   |   | As adjusted |   |   | As previously issued |   |
| Consolidated Balance Sheets                               |   |                |      |   |                 |   |      |                |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   |                |      |   |                 |   |      |                |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other receivables and prepaid expenses, net (Non-current) |   |                | 55,638    |   |                 |   | 59,681    |                |   |   | 111,926              |   |   |   | 117,240 |   |   |   | 137,520 |   |   |   | 152,894 |   |   |   | 50,232 |   |   |   | 57,706 |   |
| Total Non current assets                                  |   |                | 1,814,706 |   |                 |   | 1,818,749 |                |   |   | 1,882,374            |   |   |   | 1,887,688 |   |   |   | 1,921,785 |   |   |   | 1,937,159 |   |   |   | 1,633,386 |   |   |   | 1,640,860 |   |
| Total Assets                                              |   |                | 2,321,935 |   |                 |   | 2,325,978 |                |   |   | 2,479,236            |   |   |   | 2,484,550 |   |   |   | 2,436,141 |   |   |   | 2,451,515 |   |   |   | 2,224,620 |   |   |   | 2,232,094 |   |
|                                                      |   |                |      |   |                 |   |      |                |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxes payable (Non-current)                               |   |                | 142,213   |   |                 |   | 26,902    |                |   |   | 174,286              |   |   |   | 48,676 |   |   |   | 185,956 |   |   |   | 56,952 |   |   |   | 179,037 |   |   |   | 30,234 |   |
| Total Non current liabilities                             |   |                | 877,080   |   |                 |   | 761,769   |                |   |   | 988,118              |   |   |   | 862,508 |   |   |   | 1,011,717 |   |   |   | 882,713 |   |   |   | 946,912 |   |   |   | 798,109 |   |
| Total Liabilities                                         |   |                | 1,396,134 |   |                 |   | 1,280,823 |                |   |   | 1,648,857            |   |   |   | 1,523,247 |   |   |   | 1,692,102 |   |   |   | 1,563,098 |   |   |   | 1,454,741 |   |   |   | 1,305,938 |   |
|                                                      |   |                |      |   |                 |   |      |                |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minority interest                                         |   |                | 137,527   |   |                 |   | 138,202   |                |   |   | 131,574              |   |   |   | 132,343 |   |   |   | 121,573 |   |   |   | 122,559 |   |   |   | 76,796 |   |   |   | 78,000 |   |
| Shareholders ́s equity                                |   |                | 788,274   |   |                 |   | 906,953   |                |   |   | 698,805              |   |   |   | 828,960 |   |   |   | 622,466 |   |   |   | 765,858 |   |   |   | 693,083 |   |   |   | 848,156 |   |

----

Table of Content

|                              |   | As of June 30, 2011 |     |  As of June 30, 2010 |                 |  As of June 30, 2009 |     |  As of June 30, 2008 |   |
|-----------------------------------|--------|---------------------|----------|---------------------------|----------------------|---------------------------|----------|---------------------------|--------|
|                              |   | As adjusted         |     |                      | As previously issued |                      |     | As adjusted               |   |   | As previously issued |   |   | As adjusted |   |   | As previously issued |   |   | As adjusted |   |   | As previously issued |   |
| Consolidated Statements of Income |   |                |     |                      |                 |                      |     |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expense                |   |                | (106,581 | )                         |                 |                      | (118,151 | )                         |   |   | (65,771 | )  |   |   | (79,225 | ) |   |   | (4,883 | ) |   |   | (16,782 | ) |   |   | (67,431 | ) |   |   | (76,514 | ) |
| Minority interest                 |   |                | (7,199   | )                         |                 |                      | (7,105   | )                         |   |   | (5,093 | )  |   |   | (4,876 | ) |   |   | 11,413 |   |   |   | 11,630 |   |   |   | 888 |   |   |   | 1,105 |   |
| Net income                        |   |                | 272,054  |                      |                 |                      | 260,578  |                      |   |   | 132,339 |   |   |   | 119,102 |   |   |   | (10,378 | ) |   |   | (22,060 | ) |   |   | 88,836 |   |   |   | 79,970 |   |

| ii)   | Cash Flows |
|-----------------|------------|

|                                                |   | As of June 30, 2011 |     |   | As of June 30, 2010  |   |     | As of June 30, 2009 |   |   | As of June 30, 2008  |   |
|-----------------------------------------------------|--------|---------------------|----------|--------|----------------------|--------|----------|---------------------|--------|--------|----------------------|--------|
|                                                |   | As adjusted         |     |   | As previously issued |   |     | As adjusted         |   |   | As previously issued |   |   | As adjusted |   |   | As previously issued |   |   | As adjusted |   |   | As previously issued |   |
| Net cash provided by operating activities           |   |                | 520,193  |   |                 |   | 452,714  |                |   |   | 231,573              |   |   |   | 129,561 |   |   |   | 173,470 |   |   |   | 71,458 |   |   |   | 250,316 |   |   |   | 168,107 |   |
| Net cash used in investing activities               |   |                | (55,258  | )      |                 |   | (55,258  | )                   |   |   | 9,118                |   |   |   | 9,118 |   |   |   | (298,662 | ) |   |   | (298,662 | ) |   |   | 86,884 |   |   |   | 86,884 |   |
| Net cash provided by (used in) financing activities |   |                | (372,805 | )      |                 |   | (305,326 | )                   |   |   | (236,253             | )      |   |   | (134,241 | ) |   |   | (81,712 | ) |   |   | 20,300 |   |   |   | (128,701 | ) |   |   | (46,492 | ) |

Market Data

----

Table of Content

PART I

|     ITEM 1. |  Identity of Directors, Senior Management and Advisers |
|--------------------------------------|-------------------------------------------------------------|

|     ITEM 2. |  Offer Statistics and Expected Timetable |
|--------------------------------------|-----------------------------------------------|

|     ITEM 3. |  Key Information |
|--------------------------------------|-----------------------|

Selected consolidated financial data

|                                                                |   | As of and for the year ended June 30(1) |      |
|---------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                |   | 2012                                    |      |   | 2012 |   |   | 2011 |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
|                                                                |   | (US$)(2)                                |      |   | (Ps.)(1) |   |   | (Ps.)(1) |   |   | (Ps.)(1) |   |   | (Ps.)(1) |   |   | (Ps.)(1) |   |
| STATEMENT OF OPERATIONS DATA                                        |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine GAAP                                                      |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                           |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Leases and services                                                 |   |                                    | 194,896   |   |   |   | 882,293 |   |   |   | 676,922 |   |   |   | 518,355 |   |   |   | 396,733 |   |   |   | 345,395 |   |
| Consumer financing                                                  |   |                                    | 1,068     |   |   |   | 4,836 |   |   |   | 68,576 |   |   |   | 265,346 |   |   |   | 236,827 |   |   |   | 291,030 |   |
| Others                                                              |   |                                    | 8,060     |   |   |   | 36,489 |   |   |   | 110,970 |   |   |   | 1,172 |   |   |   | 9,005 |   |   |   | 3,729 |   |
| Total revenues                                                      |   |                                    | 204,024   |   |   |   | 923,618 |   |   |   | 856,468 |   |   |   | 784,873 |   |   |   | 642,565 |   |   |   | 640,154 |   |
| Costs                                                               |   |                                    | (42,105   | ) |   |   | (190,609 | ) |   |   | (257,760 | ) |   |   | (258,832 | ) |   |   | (238,517 | ) |   |   | (205,987 | ) |
| Gross profit (loss):                                                |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Leases and services                                                 |   |                                    | 160,158   |   |   |   | 725,033 |   |   |   | 511,853 |   |   |   | 359,796 |   |   |   | 287,811 |   |   |   | 246,575 |   |
| Consumer financing                                                  |   |                                    | 713       |   |   |   | 3,231 |   |   |   | 45,913 |   |   |   | 165,401 |   |   |   | 113,221 |   |   |   | 187,442 |   |
| Others                                                              |   |                                    | 1,048     |   |   |   | 4,745 |   |   |   | 40,942 |   |   |   | 844 |   |   |   | 3,016 |   |   |   | 150 |   |
| Total gross profit                                                  |   |                                    | 161,919   |   |   |   | 733,009 |   |   |   | 598,708 |   |   |   | 526,041 |   |   |   | 404,048 |   |   |   | 434,167 |   |
| Selling expenses                                                    |   |                                    | (12,067   | ) |   |   | (54,629 | ) |   |   | (68,440 | ) |   |   | (162,739 | ) |   |   | (206,958 | ) |   |   | (219,833 | ) |
| Administrative expenses                                             |   |                                    | (19,935   | ) |   |   | (90,247 | ) |   |   | (76,308 | ) |   |   | (81,434 | ) |   |   | (60,851 | ) |   |   | (51,050 | ) |
| Net income (loss) from retained interest in securitized receivables |   |                                    | -         |   |   |   | - |   |   |   | 4,707 |   |   |   | 37,470 |   |   |   | (46,012 | ) |   |   | (1,261 | ) |
| Gain from recognition of inventories at net realizable value        |   |                                    | 1,959     |   |   |   | 8,870 |   |   |   | 14,964 |   |   |   | 1,162 |   |   |   | - |   |   |   | 185 |   |
| Operating income (loss):                                            |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Leases and services                                                 |   |                                    | 128,636   |   |   |   | 582,335 |   |   |   | 402,500 |   |   |   | 266,522 |   |   |   | 215,780 |   |   |   | 183,250 |   |
| Consumer financing                                                  |   |                                    | 589       |   |   |   | 2,668 |   |   |   | 18,524 |   |   |   | 52,075 |   |   |   | (128,452 | ) |   |   | (22,053 | ) |
| Others                                                              |   |                                    | 2,651     |   |   |   | 12,000 |   |   |   | 52,607 |   |   |   | 1,903 |   |   |   | 2,899 |   |   |   | 1,011 |   |
| Total operating income                                              |   |                                    | 131,876   |   |   |   | 597,003 |   |   |   | 473,631 |   |   |   | 320,500 |   |   |   | 90,227 |   |   |   | 162,208 |   |
| Gain (loss) on equity investees                                     |   |                                    | 2,237     |   |   |   | 10,125 |   |   |   | 9,117 |   |   |   | - |   |   |   | - |   |   |   | (14 | ) |
| Amortization of goodwill and negative goodwill                      |   |                                    | 466       |   |   |   | 2,105 |   |   |   | 1,883 |   |   |   | (1,645 | ) |   |   | (1,531 | ) |   |   | (2,202 | ) |
| Financial results, net(3)                                           |   |                                    | (17,573   | ) |   |   | (79,551 | ) |   |   | (107,144 | ) |   |   | (112,348 | ) |   |   | (108,879 | ) |   |   | (13,388 | ) |
| Other income (expenses), net                                        |   |                                    | (3,575    | ) |   |   | (16,182 | ) |   |   | 8,347 |   |   |   | (3,304 | ) |   |   | 3,275 |   |   |   | 8,775 |   |
| Income (loss) before taxes and minority interest                    |   |                                    | 113,431   |   |   |   | 513,500 |   |   |   | 385,834 |   |   |   | 203,203 |   |   |   | (16,908 | ) |   |   | 155,379 |   |
| Income tax expense                                                  |   |                                    | (37,934   | ) |   |   | (171,725 | ) |   |   | (106,581 | ) |   |   | (65,771 | ) |   |   | (4,883 | ) |   |   | (67,431 | ) |
| Minority interest                                                   |   |                                    | (3,078    | ) |   |   | (13,933 | ) |   |   | (7,199 | ) |   |   | (5,093 | ) |   |   | 11,413 |   |   |   | 888 |   |
| Total net income (loss)                                             |   |                                    | 72,419    |   |   |   | 327,842 |   |   |   | 272,054 |   |   |   | 132,339 |   |   |   | (10,378 | ) |   |   | 88,836 |   |
| Basic net income (loss) per common share                            |   |                                    | 0.06      |   |   |   | 0.26 |   |   |   | 0.24 |   |   |   | 0.17 |   |   |   | (0.01 | ) |   |   | 0.11 |   |
| Basic net income (loss) per ADS                                     |   |                                    | 2.04      |   |   |   | 9.22 |   |   |   | 9.63 |   |   |   | 6.77 |   |   |   | (0.53 | ) |   |   | 4.54 |   |
| Diluted net income (loss) per common share(8)                       |   |                                    | 0.03      |   |   |   | 0.13 |   |   |   | 0.12 |   |   |   | 0.06 |   |   |   | (0.01 | ) |   |   | 0.04 |   |
| Diluted net income per ADS                                          |   |                                    | 1.01      |   |   |   | 4.59 |   |   |   | 4.79 |   |   |   | 2.30 |   |   |   | 0.11 |   |   |   | 1.72 |   |
| Number of shares outstanding                                        |   |                                    | 1,259,886 |   |   |   | 1,259,886 |   |   |   | 1,259,608 |   |   |   | 782,064 |   |   |   | 782,064 |   |   |   | 782,054 |   |

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Table of Content

| U.S. GAAP                                                              |   | 2012   |     |   | 2012   |   |      | 2011            |   |   | 2011              |   |   | 2010   |     |   | 2009   |   |      | 2008   |   |
|------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|-----------|-----------------|--------|--------|-------------------|--------|--------|--------|----------|--------|--------|--------|-----------|--------|--------|
|                                                                   |   | (US$)  |     |   | (Ps.)  |   |      | Successor (Ps.) |   |   | Predecessor (Ps.) |   |   | (Ps.)  |     |   | (Ps.)  |   |      | (Ps.)  |   |
| Revenues(4)                                                            |   |   | 304,174  |   |   |   | 1,376,994 |            |   |   | 793,697           |   |   |   | 351,968  |   |   |   | 1,004,462 |   |   |   | 820,329 |   |   |   | 774,395 |   |
| Costs(4)                                                               |   |   | (135,918 | )      |   |   | (615,300  | )               |   |   | (393,524          | )      |   |   | (175,585 | )      |   |   | (498,435  | )      |   |   | (427,630 | ) |   |   | (339,084 | ) |
| Gross profit                                                           |   |   | 168,256  |   |   |   | 761,694   |            |   |   | 400,173           |   |   |   | 176,383  |   |   |   | 506,027   |   |   |   | 392,699 |   |   |   | 435,311 |   |
|                                                                   |   |   |     |   |   |   |      |            |   |   |              |   |   |   |     |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Selling expenses                                                       |   |   | (11,561  | )      |   |   | (52,338   | )               |   |   | (37,073           | )      |   |   | (31,886  | )      |   |   | (155,668  | )      |   |   | (189,120 | ) |   |   | (203,294 | ) |
| Administrative expenses                                                |   |   | (19,830  | )      |   |   | (89,769   | )               |   |   | (52,423           | )      |   |   | (23,390  | )      |   |   | (80,291   | )      |   |   | (58,776 | ) |   |   | (48,730 | ) |
| Net (loss) income from retained interest in securitization receivables |   |   | -        |   |   |   | -         |            |   |   | (307              | )      |   |   | 5,543    |   |   |   | 58,115    |   |   |   | (42,652 | ) |   |   | (12,460 | ) |
| Loss from recognition of inventories at net realizable value           |   |   | -        |   |   |   | -         |            |   |   | -                 |   |   |   | 1,162    |   |   |   | -         |   |   |   | (2,569 | ) |   |   | - |   |
| Gain on bargain purchase                                               |   |   | -        |   |   |   | -         |            |   |   | 9,866             |   |   |   | 18,499   |   |   |   | 58,470    |   |   |   | - |   |   |   | - |   |
| Dispositions of business                                               |   |   | -        |   |   |   | -         |            |   |   | 5,312             |   |   |   | 28,837   |   |   |   | -         |   |   |   | - |   |   |   | - |   |
| Operating income                                                       |   |   | 136,865  |   |   |   | 619,587   |            |   |   | 325,548           |   |   |   | 175,148  |   |   |   | 386,653   |   |   |   | 99,582 |   |   |   | 170,827 |   |
|                                                                   |   |   |     |   |   |   |      |            |   |   |              |   |   |   |     |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Net income (loss) on equity investees                                  |   |   | 1,142    |   |   |   | 5,168     |            |   |   | 14,073            |   |   |   | 1,545    |   |   |   | (842      | )      |   |   | (18,135 | ) |   |   | (14 | ) |
| Amortization of goodwill                                               |   |   | 411      |   |   |   | 1,859     |            |   |   | -                 |   |   |   | -        |   |   |   | 2,681     |   |   |   | 1,037 |   |   |   | - |   |
| Financials results, net                                                |   |   | (17,579  | )      |   |   | (79,578   | )               |   |   | (64,845           | )      |   |   | (23,632  | )      |   |   | (96,229   | )      |   |   | (161,314 | ) |   |   | 2,662 |   |
| Other income (expenses), net                                           |   |   | (2,767   | )      |   |   | (12,528   | )               |   |   | (3,396            | )      |   |   | (219     | )      |   |   | (2,892    | )      |   |   | 2,223 |   |   |   | (2,922 | ) |
| (Loss) income before taxes and minority interest                       |   |   | 118,071  |   |   |   | 534,508   |            |   |   | 271,380           |   |   |   | 152,842  |   |   |   | 289,371   |   |   |   | (76,607 | ) |   |   | 170,553 |   |
|                                                                   |   |   |     |   |   |   |      |            |   |   |              |   |   |   |     |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Income tax expense                                                     |   |   | (43,106  | )      |   |   | (195,142  | )               |   |   | (112,870          | )      |   |   | (11,326  | )      |   |   | (62,481   | )      |   |   | (42,674 | ) |   |   | (58,959 | ) |
| Total Net Income                                                       |   |   | 74,965   |   |   |   | 339,366   |            |   |   | 158,510           |   |   |   | 141,516  |   |   |   | 226,890   |   |   |   | (119,281 | ) |   |   | 111,594 |   |
|                                                                   |   |   |     |   |   |   |      |            |   |   |              |   |   |   |     |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Minority interest                                                      |   |   | (2,803   | )      |   |   | (12,687   | )               |   |   | (5,039            | )      |   |   | (1,553   | )      |   |   | (5,486    | )      |   |   | (1,158 | ) |   |   | (2,121 | ) |
| Net Income Attibutable to APSA                                         |   |   | 72,162   |   |   |   | 326,679   |            |   |   | 153,471           |   |   |   | 139,963  |   |   |   | 221,404   |   |   |   | (120,439 | ) |   |   | 109,473 |   |

|                                         |   | As of and for the year ended June 30(1) |    |
|----------------------------------------------|--------|-----------------------------------------|---------|
|                                         |   | 2012                                    |    |   | 2012 |   |   | 2011 |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
|                                         |   | (US$)(2)                                |    |   | (Ps.)(1) |   |   | (Ps.)(1) |   |   | (Ps.)(1) |   |   | (Ps.)(1) |   |   | (Ps.)(1) |   |
| BALANCE SHEET DATA                           |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine GAAP                               |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Assets:                              |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and banks and other investments, net    |   |                                    | 33,152  |   |   |   | 150,078 |   |   |   | 174,948 |   |   |   | 189,732 |   |   |   | 207,693 |   |   |   | 361,276 |   |
| Accounts receivable, net                     |   |                                    | 56,918  |   |   |   | 257,667 |   |   |   | 200,404 |   |   |   | 322,663 |   |   |   | 232,376 |   |   |   | 175,847 |   |
| Other receivables and prepaid expenses, net  |   |                                    | 19,187  |   |   |   | 86,860 |   |   |   | 96,307 |   |   |   | 70,170 |   |   |   | 73,572 |   |   |   | 53,459 |   |
| Inventory, net                               |   |                                    | 1,702   |   |   |   | 7,705 |   |   |   | 35,570 |   |   |   | 14,297 |   |   |   | 715 |   |   |   | 652 |   |
| Total current assets                         |   |                                    | 110,959 |   |   |   | 502,310 |   |   |   | 507,229 |   |   |   | 596,862 |   |   |   | 514,356 |   |   |   | 591,234 |   |
| Non-Current Assets:                          |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts receivable, net                     |   |                                    | 495     |   |   |   | 2,241 |   |   |   | 562 |   |   |   | 25,572 |   |   |   | 5,253 |   |   |   | 10,128 |   |
| Other receivables and prepaid expenses, net  |   |                                    | 10,308  |   |   |   | 46,664 |   |   |   | 55,638 |   |   |   | 111,926 |   |   |   | 137,520 |   |   |   | 50,232 |   |
| Inventory, net                               |   |                                    | 7,266   |   |   |   | 32,896 |   |   |   | 26,753 |   |   |   | 7,644 |   |   |   | 11,031 |   |   |   | 3,387 |   |
| Fixed assets, net                            |   |                                    | 349,408 |   |   |   | 1,581,770 |   |   |   | 1,504,230 |   |   |   | 1,529,571 |   |   |   | 1,581,723 |   |   |   | 1,312,544 |   |
| Other investments, net                       |   |                                    | 61,868  |   |   |   | 280,075 |   |   |   | 212,476 |   |   |   | 167,682 |   |   |   | 176,860 |   |   |   | 267,924 |   |
| Intangible assets, net                       |   |                                    | 12,591  |   |   |   | 57,000 |   |   |   | 42,226 |   |   |   | 53,502 |   |   |   | 15,514 |   |   |   | 1,166 |   |
| Negative goodwill, net                       |   |                                    | (3,221  | ) |   |   | (14,582 | ) |   |   | (27,179 | ) |   |   | (13,523 | ) |   |   | (6,116 | ) |   |   | (11,995 | ) |
| Total non-current assets                     |   |                                    | 438,715 |   |   |   | 1,986,064 |   |   |   | 1,814,706 |   |   |   | 1,882,374 |   |   |   | 1,921,785 |   |   |   | 1,633,386 |   |
| Total Assets                                 |   |                                    | 549,674 |   |   |   | 2,488,374 |   |   |   | 2,321,935 |   |   |   | 2,479,236 |   |   |   | 2,436,141 |   |   |   | 2,224,620 |   |
| Current Liabilities:                         |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade accounts payable                       |   |                                    | 20,331  |   |   |   | 92,039 |   |   |   | 83,830 |   |   |   | 225,335 |   |   |   | 213,715 |   |   |   | 227,341 |   |
| Short-term debt                              |   |                                    | 18,159  |   |   |   | 82,206 |   |   |   | 121,615 |   |   |   | 204,303 |   |   |   | 235,824 |   |   |   | 105,993 |   |
| Salaries and social security payable         |   |                                    | 5,834   |   |   |   | 26,411 |   |   |   | 24,061 |   |   |   | 25,692 |   |   |   | 23,857 |   |   |   | 24,018 |   |
| Taxes payable                                |   |                                    | 30,501  |   |   |   | 138,076 |   |   |   | 102,053 |   |   |   | 76,842 |   |   |   | 125,546 |   |   |   | 60,979 |   |
| Customer advances                            |   |                                    | 33,506  |   |   |   | 151,681 |   |   |   | 131,011 |   |   |   | 91,239 |   |   |   | 76,721 |   |   |   | 68,306 |   |
| Dividends payable                            |   |                                    | 1,346   |   |   |   | 6,092 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Other liabilities                            |   |                                    | 12,140  |   |   |   | 54,960 |   |   |   | 56,217 |   |   |   | 35,585 |   |   |   | 3,718 |   |   |   | 20,536 |   |
| Total debts                                  |   |                                    | 121,817 |   |   |   | 551,465 |   |   |   | 518,787 |   |   |   | 658,996 |   |   |   | 679,381 |   |   |   | 507,173 |   |
| Provisions                                   |   |                                    | -       |   |   | - |   |   |   | 267 |   |   |   | 1,743 |   |   |   | 1,004 |   |   |   | 656 |   |
| Total current liabilities                    |   |                                    | 121,817 |   |   |   | 551,465 |   |   |   | 519,054 |   |   |   | 660,739 |   |   |   | 680,385 |   |   |   | 507,829 |   |
| Non-Current Liabilities:                     |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade accounts payable                       |   |                                    | -       |   |   |   | 4 |   |   |   | 47 |   |   |   | 23,368 |   |   |   | 19,681 |   |   |   | 3,241 |   |
| Long-term debt                               |   |                                    | 154,181 |   |   |   | 697,979 |   |   |   | 615,503 |   |   |   | 678,145 |   |   |   | 692,134 |   |   |   | 662,302 |   |
| Taxes payable                                |   |                                    | 28,219  |   |   |   | 127,746 |   |   |   | 142,213 |   |   |   | 174,286 |   |   |   | 185,956 |   |   |   | 179,037 |   |
| Customer advances                            |   |                                    | 25,200  |   |   |   | 114,079 |   |   |   | 95,021 |   |   |   | 89,164 |   |   |   | 93,528 |   |   |   | 84,092 |   |
| Other liabilities                            |   |                                    | 1,996   |   |   |   | 9,035 |   |   |   | 11,467 |   |   |   | 15,242 |   |   |   | 14,926 |   |   |   | 10,427 |   |
| Total debts                                  |   |                                    | 209,596 |   |   |   | 948,843 |   |   |   | 864,251 |   |   |   | 980,205 |   |   |   | 1,006,225 |   |   |   | 939,099 |   |
| Provisions                                   |   |                                    | 2,561   |   |   |   | 11,593 |   |   |   | 12,829 |   |   |   | 7,913 |   |   |   | 5,492 |   |   |   | 7,813 |   |
| Total non-current liabilities                |   |                                    | 212,157 |   |   |   | 960,436 |   |   |   | 877,080 |   |   |   | 988,118 |   |   |   | 1,011,717 |   |   |   | 946,912 |   |
| Total Liabilities                            |   |                                    | 333,974 |   |   |   | 1,511,901 |   |   |   | 1,396,134 |   |   |   | 1,648,857 |   |   |   | 1,692,102 |   |   |   | 1,454,741 |   |
| Minority interest                            |   |                                    | 32,787  |   |   |   | 148,426 |   |   |   | 137,527 |   |   |   | 131,574 |   |   |   | 121,573 |   |   |   | 76,796 |   |
| Accumulated retained earnings (déficit) |   |                                    | 7,946   |   |   |   | 35,972  |   |   |   | 11,074 |   |   |   | (11,053 | )  |   |   | (165,451 | ) |   |   | (75,103 | )  |
| Shareholders’ Equity                   |   |                                    | 182,913 |   |   |   | 828,047 |   |   |   | 788,274 |   |   |   | 698,805 |   |   |   | 622,466 |   |   |   | 693,083 |   |

----

Table of Content

| BALANCE SHEET DATA                          |   |   |    |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |
|---------------------------------------------|--------|--------|---------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|
| U.S. GAAP                                   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |
| Current Assets:                             |   |   |    |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |
| Cash and banks and other investments, net   |   |   | 32,642  |   |   |   | 147,770   |   |   |   | 174,948   |   |   |   | 181,737   |   |   |   | 189,600 |   |   |   | 360,413 |   |
| Accounts receivable, net                    |   |   | 64,220  |   |   |   | 290,724   |   |   |   | 198,316   |   |   |   | 292,483   |   |   |   | 186,565 |   |   |   | 129,466 |   |
| Other receivables and prepaid expenses, net |   |   | 20,174  |   |   |   | 91,327    |   |   |   | 102,419   |   |   |   | 115,277   |   |   |   | 134,507 |   |   |   | 100,357 |   |
| Inventory, net                              |   |   | 1,322   |   |   |   | 5,986     |   |   |   | 20,606    |   |   |   | 13,135    |   |   |   | 715 |   |   |   | 652 |   |
| Total current assets                        |   |   | 118,358 |   |   |   | 535,807   |   |   |   | 496,289   |   |   |   | 602,632   |   |   |   | 511,387 |   |   |   | 590,888 |   |
| Non-Current Assets:                         |   |   |    |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Accounts receivable, net                    |   |   | 9,144   |   |   |   | 41,397    |   |   |   | 562       |   |   |   | 24,281    |   |   |   | 5,253 |   |   |   | 10,128 |   |
| Other receivables and prepaid expenses, net |   |   | 23,565  |   |   |   | 106,677   |   |   |   | 130,315   |   |   |   | 106,703   |   |   |   | 116,080 |   |   |   | 42,441 |   |
| Inventory, net                              |   |   | 4,476   |   |   |   | 20,264    |   |   |   | 15,312    |   |   |   | 4,925     |   |   |   | 8,312 |   |   |   | 3,237 |   |
| Fixed assets, net                           |   |   | 299,687 |   |   |   | 1,356,685 |   |   |   | 1,381,923 |   |   |   | 1,425,354 |   |   |   | 1,472,481 |   |   |   | 1,253,937 |   |
| Investments                                 |   |   | 39,539  |   |   |   | 178,991   |   |   |   | 5,332     |   |   |   | -         |   |   |   | - |   |   |   | - |   |
| Other investments, net                      |   |   | 38,198  |   |   |   | 172,921   |   |   |   | 212,476   |   |   |   | 167,682   |   |   |   | 176,860 |   |   |   | 262,636 |   |
| Intangible assets, net                      |   |   | 18,781  |   |   |   | 85,022    |   |   |   | 86,013    |   |   |   | 99,460    |   |   |   | 217 |   |   |   | 874 |   |
| Goodwill, net                               |   |   | 7,345   |   |   |   | 33,252    |   |   |   | 32,902    |   |   |   | 34,261    |   |   |   | 39,948 |   |   |   | 39,776 |   |
| Total non-current assets                    |   |   | 440,735 |   |   |   | 1,995,209 |   |   |   | 1,864,835 |   |   |   | 1,862,666 |   |   |   | 1,819,151 |   |   |   | 1,613,029 |   |
| Total Assets                                |   |   | 559,093 |   |   |   | 2,531,016 |   |   |   | 2,361,124 |   |   |   | 2,465,298 |   |   |   | 2,330,538 |   |   |   | 2,203,917 |   |
| Current Liabilities:                        |   |   |    |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Trade accounts payable                      |   |   | 20,136  |   |   |   | 91,155    |   |   |   | 83,830    |   |   |   | 216,119   |   |   |   | 220,264 |   |   |   | 236,617 |   |
| Short-term debt                             |   |   | 14,262  |   |   |   | 64,562    |   |   |   | 121,615   |   |   |   | 204,303   |   |   |   | 235,824 |   |   |   | 105,626 |   |
| Salaries and social security payable        |   |   | 5,781   |   |   |   | 26,170    |   |   |   | 24,061    |   |   |   | 25,471    |   |   |   | 23,453 |   |   |   | 23,418 |   |
| Taxes payable                               |   |   | 33,151  |   |   |   | 150,074   |   |   |   | 109,675   |   |   |   | 75,897    |   |   |   | 122,578 |   |   |   | 60,098 |   |
| Customer advances                           |   |   | 39,111  |   |   |   | 177,057   |   |   |   | 126,695   |   |   |   | 91,239    |   |   |   | 76,721 |   |   |   | 68,306 |   |
| Related parties                             |   |   | -       |   |   |   | -         |   |   |   | -         |   |   |   | -         |   |   |   | - |   |   |   | (3,607 | )  |
| Dividends payable                           |   |   | 1,346   |   |   |   | 6,092     |   |   |   | -         |   |   |   | -         |   |   |   | - |   |   |   | - |   |
| Other liabilities                           |   |   | 12,147  |   |   |   | 54,988    |   |   |   | 56,217    |   |   |   | 36,547    |   |   |   | 5,521 |   |   |   | 20,536 |   |
| Total debts                                 |   |   | 125,933 |   |   |   | 570,098   |   |   |   | 522,093   |   |   |   | 649,576   |   |   |   | 684,361 |   |   |   | 510,994 |   |
| Provisions                                  |   |   | -       |   |   |   | -         |   |   |   | 267       |   |   |   | 1,732     |   |   |   | 1,004 |   |   |   | 656 |   |
| Total current liabilities                   |   |   | 125,933 |   |   |   | 570,098   |   |   |   | 522,360   |   |   |   | 651,308   |   |   |   | 685,365 |   |   |   | 511,650 |   |
| Non-Current Liabilities:                    |   |   |    |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Trade accounts payable                      |   |   | 1       |   |   |   | 4         |   |   |   | 47        |   |   |   | 24,732    |   |   |   | 19,681 |   |   |   | 3,241 |   |
| Long-term debt                              |   |   | 150,344 |   |   |   | 680,606   |   |   |   | 615,065   |   |   |   | 676,674   |   |   |   | 690,122 |   |   |   | 659,965 |   |
| Taxes payable                               |   |   | 29,852  |   |   |   | 135,140   |   |   |   | 149,721   |   |   |   | 148,244   |   |   |   | 164,241 |   |   |   | 138,471 |   |
| Customer advances                           |   |   | 29,261  |   |   |   | 132,464   |   |   |   | 87,238    |   |   |   | 89,164    |   |   |   | 93,528 |   |   |   | 84,092 |   |
| Related parties                             |   |   | -       |   |   |   | -         |   |   |   | -         |   |   |   | -         |   |   |   | (7,339 | ) |   |   | - |   |
| Other liabilities                           |   |   | 1,996   |   |   |   | 9,035     |   |   |   | 11,467    |   |   |   | 18,587    |   |   |   | 19,345 |   |   |   | 12,848 |   |
| Total debts                                 |   |   | 211,453 |   |   |   | 957,249   |   |   |   | 863,538   |   |   |   | 957,401   |   |   |   | 979,578 |   |   |   | 898,617 |   |
| Provisions                                  |   |   | 2,561   |   |   |   | 11,593    |   |   |   | 12,829    |   |   |   | 7,913     |   |   |   | 5,492 |   |   |   | 7,812 |   |
| Total non-current liabilities               |   |   | 214,014 |   |   |   | 968,842   |   |   |   | 876,367   |   |   |   | 965,314   |   |   |   | 985,070 |   |   |   | 906,429 |   |
| Total Liabilities                           |   |   | 339,947 |   |   |   | 1,538,940 |   |   |   | 1,398,727 |   |   |   | 1,616,622 |   |   |   | 1,670,435 |   |   |   | 1,418,079 |   |
| Shareholders APSA                           |   |   | 182,788 |   |   |   | 827,480   |   |   |   | 803,957   |   |   |   | 695,789   |   |   |   | 528,898 |   |   |   | 711,937 |   |
| Minority interest                           |   |   | 36,359  |   |   |   | 164,596   |   |   |   | 158,440   |   |   |   | 152,887   |   |   |   | 131,205 |   |   |   | 73,901 |   |
| Shareholders’ Equity                  |   |   | 219,146 |   |   |   | 992,076   |   |   |   | 962,397   |   |   |   | 848,676   |   |   |   | 660,103 |   |   |   | 785,838 |   |

| CASH FLOW DATA                                               |   |   |          |    |   |   |     |    |   |   |     |   |   |   |     |   |   |   |
|--------------------------------------------------------------|--------|--------|---------------|---------|--------|--------|----------|---------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|
| Argentine GAAP:                                              |   |   |          |    |   |   |     |    |   |   |     |   |   |   |     |   |   |   |
| Net cash provided by operating activities                    |   |   | 137,785       |    |   |   | 623,753  |    |   |   | 520,193  |   |   |   | 231,573  |   |   |   | 173,470 |   |   |   | 250,316 |   |
| Net cash provided by (used in) investing activities          |   |   | (55,541       | )       |   |   | (251,436 | )       |   |   | (55,258  | )      |   |   | 9,118    |   |   |   | (298,662 | ) |   |   | 86,884 |   |
| Net cash (used in) provided by financing activities          |   |   | (91,433       | )       |   |   | (413,915 | )       |   |   | (372,805 | )      |   |   | (236,253 | )      |   |   | (81,712 | ) |   |   | (128,701 | ) |
|                                                         |   |   |          |    |   |   |     |    |   |   |     |   |   |   |     |   |   |   |   |   |   |   |   |   |
| U.S. GAAP: (6)                                               |   |   |          |    |   |   |     |    |   |   |     |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Net cash provided by operating activities                    |   |   | 122,575  |    |   |   | 554,897  |    |   |   | 414,187  |   |   |   | 126,146  |   |   |   | 69,876 |   |   |   | 175,085 |   |
| Net cash (used in) provided by investing activities          |   |   | (57,303       | )  |   |   | (259,410 | )  |   |   | (16,658  | )      |   |   | 17,094   |   |   |   | (309,431 | ) |   |   | 79,507 |   |
| Net cash (used in) provided by financing activities          |   |   | (74,738       | )       |   |   | (338,341 | )       |   |   | (305,676 | )      |   |   | (135,815 | )      |   |   | 20,300 |   |   |   | (46,492 | ) |
| Effect of exchange rate changes on cash and cash equivalents |   |   | 654      |    |   |   | 2,962    |    |   |   | 2,259    |   |   |   | 664      |   |   |   | 8,700 |   |   |   | 755 |   |
|                                                         |   |   |          |    |   |   |     |    |   |   |     |   |   |   |     |   |   |   |   |   |   |   |   |   |
| OTHER FINANCIAL DATA                                         |   |   |          |    |   |   |     |    |   |   |     |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Argentine GAAP:                                              |   |   |          |    |   |   |     |    |   |   |     |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Capital expenditures(5)                                      |   |   | 26,040        |    |   |   | 117,883  |    |   |   | 51,999   |   |   |   | 53,829   |   |   |   | 247,384 |   |   |   | 270,171 |   |
| Depreciations and amortizations (7)                          |   |   | 24,949        |    |   |   | 112,945  |    |   |   | 115,921  |   |   |   | 121,959  |   |   |   | 94,725 |   |   |   | 79,185 |   |
| Ratio of current assets to current liabilities               |   |   | 0.91          |    |   |   | 0.91     |    |   |   | 0.98     |   |   |   | 0.90     |   |   |   | 0.76 |   |   |   | 1.16 |   |
| Ratio of non-current assets to total assets                  |   |   | 0.80          |    |   |   | 0.80     |    |   |   | 0.78     |   |   |   | 0.76     |   |   |   | 0.79 |   |   |   | 0.73 |   |
| Dividends per share                                          |   |   | 0.05          |    |   |   | 0.19     |    |   |   | 0.19     |   |   |   | 0.07     |   |   |   | 0.08 |   |   |   | 0.07 |   |
| Dividends per ADS                                            |   |   | 1.88          |    |   |   | 7.74     |    |   |   | 7.74     |   |   |   | 2.86     |   |   |   | 3.20 |   |   |   | 2.80 |   |
| Working capital                                              |   |   | (10,858       | )       |   |   | (49,155  | )       |   |   | (11,825  | )      |   |   | (63,877  | )      |   |   | (166,029 | ) |   |   | 83,405 |   |

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| (1) | In thousands of Pesos, except ratios. Totals may not sum due to rounding. |
|-----|---------------------------------------------------------------------------|

| (2) | Solely for the convenience of the reader we have translated Peso amounts into U.S. Dollars at the exchange rate quoted by Banco de la Nación Argentina as of June 30, 2012, which was Ps. 4.527 per US$ 1.0 as of June 30, 2012. We make no representation that the Argentine Peso or U.S. Dollar amounts actually represent, could have been or could be converted into U.S. Dollars at the rates indicated, at any particular rate or at all. See “Exchange Rates”. Totals may not sum due to rounding. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes interest income from past-due receivables, effect on the present value accounting, results from financial investments, results from mortgages receivable, foreign currency exchange gain, other results, financial expenses, other interest, interest on taxes payable, foreign currency exchange (loss), (loss) gain from derivate instruments, gain from repurchase of Non-Convertible Notes and Loss from update of advances for leases.  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | As part of the lease agreements, tenants are required to pay their proportionate share of common area maintenance expenses. We do not charge any mark up on reimbursable costs. These expenses are incurred and paid by us and then passed through to tenants as reimbursable costs. Under Argentine GAAP, pass-through expenses, such as these reimbursable costs, are accounted for on a net basis and, as such, excluded from revenues and expenses in the financial statements. Under U.S. GAAP, our account for pass-through revenue and expenses in accordance with Emerging Issues Task Force, or ASC No. 605, “Income Statement Characterization of Reimbursements Received for Out of Pocket Expenses Incurred,” and include these costs incurred as a component of revenue and as a component of operating expenses in the statement of operations. As these expenses are fully reimbursed, without mark-up, by the tenants, there is no impact on operating income, net income, EPS, cash flows or the balance sheet. Prior year amounts have been modified to reflect this disclosure difference. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Capital expenditures include the purchase of fixed assets (including facilities and equipment) and undeveloped parcels of land. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (6) | This table is intended to present cash flows from operating, investing and financing activities under Argentine GAAP but following the classification guidelines of ASC No. 230 under U.S. GAAP. See Note 15 to our Audited Consolidated Financial Statements for details of the differences in classifications affecting the categories of the cash flows.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Corresponds to amortization and depreciation included in operating activities.  |
|-----|--------------------------------------------------------------------------------------|

| (8) | For the year ended June 30, 2009, the computation of diluted income (losses) per share excludes the incremental shares from the assumed conversion of the Convertible Notes because their inclusion would be anti-dilutive. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Our consolidated statement of income data under US GAAP prior to October 15, 2010 reflect the historical accounting basis in our assets and liabilities and are labeled “Predecessor Company”. Our consolidated statement of income data under US GAAP subsequent to October 15, 2010 are labeled “Successor Company” and reflect the push down basis of accounting for the new fair values in our consolidated financial statements. Please see Note 15 to our audited consolidated financial statements for a description of the adjustment related to push down accounting. The amounts shown for the periods prior to and subsequent to October 15, 2010 are not comparable. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                               |   | Exchange Rate |                                        |
|------------------------------------------------------------------------------------|--------|---------------|---------------------------------------------|
|                                                                               |   | High(1)       |                                        |   | Low(2) |   |   | Average(3) |   |   | Period Closing(4) |   |
| Fiscal year ended June 30, 2008                                                    |   |          | 3.1640                                      |   |   |   | 2.9960 |   |   |   | 3.1196 |   |   |   | 3.0050 |   |
| Fiscal year ended June 30, 2009                                                    |   |          | 3.7780                                      |   |   |   | 2.9940 |   |   |   | 3.3862 |   |   |   | 3.7770 |   |
| Fiscal year ended June 30, 2010                                                    |   |          | 3.9130                                      |   |   |   | 3.6360 |   |   |   | 3.8255 |   |   |   | 3.9110 |   |
| Fiscal year ended June 30, 2011                                                    |   |          | 4.0900                                      |   |   |   | 3.9110 |   |   |   | 3.9810 |   |   |   | 4.0900 |   |
| Fiscal year ended June 30, 2012                                                    |   |          | 4.5070                                      |   |   |   | 4.0900 |   |   |   | 4.2808 |   |   |   | 4.5070 |   |
| July, 2012                                                                         |   |          | 4.5650                                      |   |   |   | 4.5050 |   |   |   | 4.5337 |   |   |   | 4.5650 |   |
| August, 2012                                                                       |   |          | 4.6180                                      |   |   |   | 4.5660 |   |   |   | 4.5905 |   |   |   | 4.6180 |   |
| September, 2012                                                                    |   |          | 4.6180                                      |   |   |   | 4.5660 |   |   |   | 4.5905 |   |   |   | 4.6180 |   |
|  As of October 15, 2012          |   |          |        4.7070 |   |   |   | 4.6790 |   |   |   | 4.6915 |   |   |   | 4.7070 |   |

|   | (1) | The high exchange rate stated was the highest closing exchange rate of the month during the fiscal year. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (2) | The low exchange rate stated was the lowest closing exchange rate of the month during the fiscal year. |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (3) | Average exchange rate for the fiscal year, month or partial period described in the table above. |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (4) | Average of the selling rate and buying rate. |
|--------|-----|----------------------------------------------|

|   | Source: Banco de la Nación Argentina |
|--------|-------------------------------------------|

B.     Capitalization and Indebtedness

C.     Reasons for the Offer and Use of Proceeds

D.     Risk Factors

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| ·   | abandonment of development opportunities and renovation proposals; |
|--------------------|--------------------------------------------------------------------|

| ·   | construction costs of a project may exceed our original estimates for reasons including raises in interest rates or increases in the costs of materials and labor, making a project unprofitable; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | occupancy rates and rents at newly completed properties may fluctuate depending on a number of factors, including market and economic conditions, resulting in lower than projected rental rates and a corresponding lower return on our investment; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | pre-construction buyers may default on their purchase contracts or units in new buildings may remain unsold upon completion of construction; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the unavailability of favorable financing alternatives in the private and public debt markets; |
|--------------------|------------------------------------------------------------------------------------------------|

| ·   | sale prices for residential units may be insufficient to cover development costs; |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | construction and lease-up may not be completed on schedule, resulting in increased debt service expense and construction costs; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·   | impossibility to obtain, delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, or building moratoria and anti-growth legislation; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | significant time lags between the commencement and completion of projects subjects us to greater risks due to fluctuation in the general economy; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | construction may not be completed on schedule because of a number of factors, including weather, labor disruptions, construction delays or delays in receipt of zoning or other regulatory approvals, or man-made or natural disasters (such as fires, hurricanes, earthquakes or floods), resulting in increased debt service expense and construction costs; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we may incur capital expenditures that could result in considerable time consuming efforts and which may never be completed due to government restrictions. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| •   |   Decline to extend or renew leases upon expiration; |
|---------------------|-----------------------------------------------------------|

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|     ITEM 4.  |  Information on the Company |
|--------------------------------------------|----------------------------------|

A. History and Development of the Company

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|   | i)   | Receivables from consumption transactions carried out through December 31, 2010 and that are performing or in default for not more than 60 days (both those in Metroshop’s own portfolio and those assigned to Fideicomiso Financiero Metroshop Serie XV). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ii)  | The contractual position in the credit card issuance agreements whose customers did not have as of December 31, 2010 a default for over 60 days in complying with their obligations.                                                                             |
|   | iii) | All credit card customers or accounts and consumer loans.                                                                                                                                                                                                        |
|   | iv)  | Lease agreements on certain branches and their personal property.                                                                                                                                                                                                |
|   | v)   | Labor agreements for payroll personnel.                                                                                                                                                                                                                          |

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Business Overview

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| Shopping Center                     |   | Effective Interest |   | Location |
|-------------------------------------|--------|--------------------|--------|----------|
| Paseo Alcorta                       |   |               | 100    | %        | City of Buenos Aires, Argentina |
| Patio Bullrich                      |   |               | 100    | %        | City of Buenos Aires, Argentina |
| Abasto                              |   |               | 100    | %        | City of Buenos Aires, Argentina |
| Alto Palermo                        |   |               | 100    | %        | City of Buenos Aires, Argentina |
| Buenos Aires Design                 |   |               | 53.684 | %        | City of Buenos Aires, Argentina |
| Dot Baires Shopping                 |   |               | 80     | %        | City of Buenos Aires, Argentina |
| Alto Avellaneda                     |   |               | 100    | %        | Buenos Aires, Argentina |
| Soleil Factory Shopping             |   |               | 100    | %        | Buenos Aires, Argentina |
| Alto Noa                            |   |               | 100    | %        | Salta, Argentina |
| Alto Rosario                        |   |               | 100    | %        | Santa Fe, Argentina |
| Mendoza Plaza                       |   |               | 100    | %        | Mendoza, Argentina |
| Córdoba Shopping Villa Cabrera |   |               | 100    | %        | Córdoba, Argentina |
| La Ribera Shopping                  |   |               | 50     | %        | Santa Fe, Argentina |

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|                                 |   | Fiscal year ended June 30, (1) |          |
|--------------------------------------|--------|--------------------------------|---------------|
|                                 |   | 2010                           |          |   | 2011 |   |   | 2012 |   |
|                                 |   | Ps.                            |          |   | Ps. |   |   | Ps. |   |
| Abasto                               |   |                           | 926,372,674   |   |   |   | 1,227,371,682 |   |   |   | 1,537,349,000 |   |
| Alto Palermo                         |   |                           | 879,728,390   |   |   |   | 1,100,349,096 |   |   |   | 1,304,634,155 |   |
| Alto Avellaneda                      |   |                           | 885,195,429   |   |   |   | 1,132,631,269 |   |   |   | 1,466,931,540 |   |
| Paseo Alcorta                        |   |                           | 414,651,556   |   |   |   | 525,752,301 |   |   |   | 667,798,781 |   |
| Patio Bullrich                       |   |                           | 344,789,105   |   |   |   | 432,319,411 |   |   |   | 498,544,904 |   |
| Alto Noa                             |   |                           | 280,241,284   |   |   |   | 381,181,135 |   |   |   | 500,371,767 |   |
| Buenos Aires Design                  |   |                           | 140,973,530   |   |   |   | 188,474,744 |   |   |   | 235,770,387 |   |
| Mendoza Plaza                        |   |                           | 559,359,204   |   |   |   | 733,370,200 |   |   |   | 929,143,182 |   |
| Alto Rosario                         |   |                           | 419,143,398   |   |   |   | 610,931,563 |   |   |   | 825,191,098 |   |
| Córdoba Shopping- Villa Cabrera |   |                           | 164,257,027   |   |   |   | 244,188,789 |   |   |   | 340,253,887 |   |
| Dot Baires Shopping                  |   |                           | 763,527,536   |   |   |   | 985,671,886 |   |   |   | 1,271,165,087 |   |
| Soleil Factory Shopping              |   |                           | -             |   |   |   | 204,076,974 |   |   |   | 254,050,011 |   |
| La Ribera Shopping (3)               |   |                           | -             |   |   |   | - |   |   |   | 135,223,709 |   |
| Total sales (2)                      |   |                           | 5,778,239,133 |   |   |   | 7,766,319,050 |   |   |   | 9,966,427,508 |   |

| (1) | Retail sales based upon information provided to us by retailers and prior owners. The amounts shown reflect 100% of the retail sales of each shopping center, although in certain cases we own less than 100% of such shopping centers. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Excludes sales from stands and spaces used for special exhibitions.  |
|-----|----------------------------------------------------------------------|
| (3) | Includes accumulated results since acquisition on August 2011.  |

|                                       |   | Acquisition date |   |   | Gross leasable area (1) |   |    | Number of stores |   |   | Occupation rate (2) |   |   | Alto Palermo’s Interest (3) |   |    | Book value as of June 30, 2012 (4) |   |
|--------------------------------------------|--------|------------------|--------|--------|-------------------------|--------|---------|------------------|--------|--------|---------------------|--------|--------|-----------------------------------|--------|---------|------------------------------------|--------|
|                                       |   | /Opening         |   |   | (sqm)                   |   |    |             |   |   | (%)                 |   |   | (%)                               |   |    | (Ps.)                              |   |
| Abasto (5)                                 |   |             | 7/94   |   |                    |   | 37,711  |             |   |   | 173                 |   |   |                              | 99.1   |  % |                               |   | 100 |  % |   |   | 144,547 |   |
| Alto Palermo                               |   |             | 11/97  |   |                    |   | 18,701  |             |   |   | 146                 |   |   |                              | 98.3   |  % |                               |   | 100 |  % |   |   | 93,837 |   |
| Alto Avellaneda                            |   |             | 11/97  |   |                    |   | 36,943  |             |   |   | 140                 |   |   |                              | 96.1   |  % |                               |   | 100 |  % |   |   | 52,737 |   |
| Paseo Alcorta                              |   |             | 6/97   |   |                    |   | 14,107  |             |   |   | 111                 |   |   |                              | 100    |  % |                               |   | 100 |  % |   |   | 60,823 |   |
| Patio Bullrich                             |   |             | 10/98  |   |                    |   | 11,684  |             |   |   | 82                  |   |   |                              | 100    |  % |                               |   | 100 |  % |   |   | 77,947 |   |
| Alto Noa                                   |   |             | 3/95   |   |                    |   | 19,038  |             |   |   | 92                  |   |   |                              | 98.9   |  % |                               |   | 100 |  % |   |   | 18,305 |   |
| Buenos Aires Design                        |   |             | 11/97  |   |                    |   | 13,769  |             |   |   | 62                  |   |   |                              | 100    |  % |                               |   | 53.684 |  % |   |   | 7,031 |   |
| Mendoza Plaza                              |   |             | 12/94  |   |                    |   | 42,237  |             |   |   | 148                 |   |   |                              | 96.4   |  % |                               |   | 100 |  % |   |   | 78,25 |   |
| Alto Rosario (5)                           |   |             | 11/04  |   |                    |   | 27,692  |             |   |   | 146                 |   |   |                              | 97.6   |  % |                               |   | 100 |  % |   |   | 75,755 |   |
| Córdoba Shopping –Villa Cabrera |   |             | 12/06  |   |                    |   | 15,191  |             |   |   | 106                 |   |   |                              | 99.6   |  % |                               |   | 100 |  % |   |   | 61,053 |   |
| Dot Baires Shopping                        |   |             | 05/09  |   |                    |   | 49,527  |             |   |   | 152                 |   |   |                              | 99.4   |  % |                               |   | 80 |  % |   |   | 515,906 |   |
| Soleil                                     |   |             | 07/10  |   |                    |   | 14,712  |             |   |   | 70                  |   |   |                              | 100    |  % |                               |   | 100 |  % |   |   | 64,547 |   |
| La Ribera Shopping                         |   |             | 08/11  |   |                    |   | 7,710   |             |   |   | 48                  |   |   |                              | 98.7   |  % |                               |   | 50 |  % |   |   | 17,822 |   |
| Neuquén (6)                           |   |             | 07/99  |   |                    |   | -       |             |   |   | -                   |   |   |                              | -      |    |                               |   | 98.144 |  % |   |   | 7,679 |   |
| Total                                      |   |             |   |   |                    |   | 309,021 |             |   |   | 1,476               |   |   |                              | 98.4   |  % |                               |   |   |   |   |   | 1,276,241 |   |

| (1) | Corresponds to the total leasable surface area of each property. Excludes common areas and parking spaces. |
|-----|------------------------------------------------------------------------------------------------------------|

| (2) | Calculated by dividing square meters leased under leases in effect by gross leasable area as of the fiscal end of the fiscal year. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Our effective interest in each of its business units. |
|-----|-------------------------------------------------------|

| (4) | Cost of acquisition, plus improvements, less accumulated depreciation, plus adjustment for inflation, if any. Excludes works in progress. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Excludes Museo de los Niños (3,732 sqm in Abasto and 1,261 sqm in Alto Rosario). |
|-----|---------------------------------------------------------------------------------------|

| (6) | Plot for the development of a Shopping Center. |
|-----|------------------------------------------------|

|                                |   | As of June 30, |   |
|-------------------------------------|--------|---------------------|--------|
|                                |   | 2010                |   |   | 2011 |   |   | 2012 |   |
| Abasto                              |   |                | 99.6   |   |   |   | 99.8 |   |   |   | 99.1 |   |
| Alto Palermo                        |   |                | 100.0  |   |   |   | 100.0 |   |   |   | 98.3 |   |
| Alto Avellaneda                     |   |                | 96.0   |   |   |   | 96.3 |   |   |   | 96.1 |   |
| Paseo Alcorta                       |   |                | 97.5   |   |   |   | 99.2 |   |   |   | 100.0 |   |
| Patio Bullrich                      |   |                | 99.7   |   |   |   | 100.0 |   |   |   | 100.0 |   |
| Alto NOA                            |   |                | 99.9   |   |   |   | 100.0 |   |   |   | 98.9 |   |
| Buenos Aires Design                 |   |                | 98.4   |   |   |   | 98.6 |   |   |   | 100.0 |   |
| Mendoza Plaza                       |   |                | 93.1   |   |   |   | 95.2 |   |   |   | 96.4 |   |
| Alto Rosario                        |   |                | 93.7   |   |   |   | 98.1 |   |   |   | 97.6 |   |
| Córdoba Shopping Villa Cabrera |   |                | 98.8   |   |   |   | 98.1 |   |   |   | 99.6 |   |
| Dot Baires Shopping                 |   |                | 100.0  |   |   |   | 99.7 |   |   |   | 99.4 |   |
| Soleil                              |   |                | -      |   |   |   | 87.8 |   |   |   | 100.0 |   |
| La Ribera Shopping                  |   |                | -      |   |   |   | - |   |   |   | 98.7 |   |
| Weighted Average                    |   |                | 97.5   |   |   |   | 97.6 |   |   |   | 98.4 |   |

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|                                |   | As of June 30, |    |
|-------------------------------------|--------|---------------------|---------|
|                                |   | 2010                |    |   | 2011 |   |   | 2012 |   |
|                                |   | (Ps.)               |    |   | (Ps.) |   |   | (Ps.) |   |
| Abasto                              |   |                | 1,986.8 |   |   |   | 2,549.5 |   |   |   | 3,171.3 |   |
| Alto Palermo                        |   |                | 4,033.8 |   |   |   | 4,995.7 |   |   |   | 6,192.8 |   |
| Alto Avellaneda                     |   |                | 1,469.2 |   |   |   | 1,877.6 |   |   |   | 2,375.6 |   |
| Paseo Alcorta                       |   |                | 810.2   |   |   |   | 959.7 |   |   |   | 1,074.5 |   |
| Patio Bullrich                      |   |                | 2,498.9 |   |   |   | 3,233.6 |   |   |   | 3,871.2 |   |
| Alto NOA                            |   |                | 2,673.9 |   |   |   | 3,201.7 |   |   |   | 3,791.1 |   |
| Buenos Aires Design                 |   |                | 658.6   |   |   |   | 920.3 |   |   |   | 1,230.6 |   |
| Mendoza Plaza                       |   |                | 948.4   |   |   |   | 1,336.5 |   |   |   | 1,906.9 |   |
| Alto Rosario                        |   |                | 598.8   |   |   |   | 804.9 |   |   |   | 1,032.4 |   |
| Córdoba Shopping Villa Cabrera |   |                | 731.6   |   |   |   | 1,104.0 |   |   |   | 1,459.2 |   |
| Dot Baires Shopping                 |   |                | 1,081.9 |   |   |   | 1,288.4 |   |   |   | 1,657.3 |   |
| Soleil                              |   |                | -       |   |   |   | 870.5 |   |   |   | 1,129.1 |   |
| La Ribera Shopping                  |   |                | -       |   |   |   | - |   |   |   | 1,017.3 |   |

|  (1) | Annual rental price per gross leasable square meter reflects the sum of base rent, percentage rent and revenues from admission rights (excluding any applicable tax on sales) divided by gross leasable square meters. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                            |   | Number of Lease Agreements to Expire (1) |   |   | Square Meters of Leases to Expire |   |    | Square Meter Percentage of Leases to Expire |   |   | Amount of Lease Agreements to Expire |   |   | Percentage of Lease Agreements to Expire |        |
|-------------------------------------------------|--------|------------------------------------------|--------|--------|----------------------------------------|--------|---------|------------------------------------------------------------|--------|--------|--------------------------------------|--------|--------|--------------------------------------------------------------|-------------|
| Lease Agreements Expiration as of June 30: |   |                                     |   |   | (sqm)                                  |   |    | (%)                                                        |   |   | (Ps.)                                |   |   | (%)                                                          |        |
| 2013                                            |   |                                     | 664    |   |                                   |   | 103,69  |                                                       |   |   | 33                                   | %      |   |                                                         | 145,092,597 |   |   |   | 36 | % |
| 2014                                            |   |                                     | 376    |   |                                   |   | 52,329  |                                                       |   |   | 17                                   | %      |   |                                                         | 99,292,382  |   |   |   | 25 | % |
| 2015                                            |   |                                     | 321    |   |                                   |   | 49,033  |                                                       |   |   | 16                                   | %      |   |                                                         | 90,799,050  |   |   |   | 23 | % |
| 2016 and subsequent years                       |   |                                     | 115    |   |                                   |   | 103,97  |                                                       |   |   | 34                                   | %      |   |                                                         | 63,471,693  |   |   |   | 16 | % |
| Total (2)                                       |   |                                     | 1,476  |   |                                   |   | 309,022 |                                                       |   |   | 100                                  | %      |   |                                                         | 398,655,722 |   |   |   | 100 | % |

| (1)   | Including the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----------------|---------------------------------------------------------------------------------------------------|

| (2)   | Including the base rent and does not reflect our ownership interest in each property. |
|-----------------|---------------------------------------------------------------------------------------|

----

Table of Content

| Tenant               | Type of Business                   |   | GrossLeaseableArea(sqm) |     |   | % of  GrossLeaseableArea(%) |   |
|----------------------|------------------------------------|--------|-------------------------|----------|--------|---------------------------------------|--------|
| Hoyts General Cinema | Cinema                             |   |                    | 8,021    |   |                                  |   | 21.3 |   |
| Zara                 | Great Shop of Clothes and footwear |   |                    | 1,790    |   |                                  |   | 4.7 |   |
| Frávega         | Houseware                          |   |                    | 885.3    |   |                                  |   | 2.3 |   |
| Garbarino            | Houseware                          |   |                    | 656.7    |   |                                  |   | 1.7 |   |
| Compumundo           | Houseware                          |   |                    | 246.5    |   |                                  |   | 0.7 |   |
| Total                |                               |   |                    | 11,599.5 |   |                                  |   | 30.7 |   |

| Type of Business     |   | Gross Leaseable Area(sqm) |     |   | % of Gross Leaseable Area(%) |   |
|----------------------|--------|---------------------------|----------|--------|----------------------------------------|--------|
| Clothes and footwear |   |                      | 16,168.7 |   |                                   |   | 42.9 |   |
| Entertainment        |   |                      | 11,884.2 |   |                                   |   | 31.5 |   |
| Miscellaneous        |   |                      | 3,390.2  |   |                                   |   | 9.0 |   |
| Home & Houseware |   |                      | 3,218.5  |   |                                   |   | 8.6 |   |
| Restaurant           |   |                      | 2,729.3  |   |                                   |   | 7.2 |   |
| Services             |   |                      | 320.2    |   |                                   |   | 0.8 |   |
| Total                |   |                      | 37,711.1 |   |                                   |   | 100.0 |   |

|                               |   | Fiscal year ended June 30 |     |
|------------------------------------|--------|--------------------------------|----------|
|                               |   | 2010                           |     |   | 2011 |   |   | 2012 |   |
|                               |   |  (in thousand of Ps.)     |     |
| Base rent                          |   |                           | 55,760.2 |   |   |   | 65,475.4 |   |   |   | 81,351.0 |   |
| Percentage rent (1)                |   |                           | 13,872.3 |   |   |   | 25,700.5 |   |   |   | 34,878.9 |   |
| Total rent                         |   |                           | 69,632.5 |   |   |   | 91,175.9 |   |   |   | 116,229.9 |   |
| Revenues from admission rights (2) |   |                           | 12,739.7 |   |   |   | 15,432.6 |   |   |   | 17,898.3 |   |
| Management fees                    |   |                           | 1,440.0  |   |   |   | 1,775.0 |   |   |   | 2,235.2 |   |
| Parking                            |   |                           | 7,209.3  |   |   |   | 10,051.5 |   |   |   | 13,775.0 |   |
| Other                              |   |                           | 282.8    |   |   |   | 265.2 |   |   |   | 308.4 |   |
| Total                              |   |                           | 91,304.3 |   |   |   | 118,700.2 |   |   |   | 150,446.8 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                                     |   | Number ofLeaseAgreements toExpire (1) |   |   | SquareMeters ofLeases  toExpire |   |   | Square MeterPercentageof Leasesto Expire |   |   | Amount ofLeaseAgreementsto Expire |   |   | Percentageof LeaseAgreementsto Expire |       |
|------------------------------------------|--------|--------------------------------------------|--------|--------|-------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------|--------|--------|---------------------------------------|------------|
|  Lease Expiration as of June 30,(3) |   |                                       |   |   | (sqm)                                     |   |   | (%)                                           |   |   | (Ps.)                             |   |   | (%)                                   |       |
| 2013                                     |   |                                       | 77     |   |                                      |   | 9,713  |                                          |   |   | 26                                |   |   |                                  | 20,504,423 |   |   |   | 30 |   |
| 2014                                     |   |                                       | 46     |   |                                      |   | 6,801  |                                          |   |   | 18                                |   |   |                                  | 20,678,434 |   |   |   | 30 |   |
| 2015                                     |   |                                       | 36     |   |                                      |   | 3,982  |                                          |   |   | 11                                |   |   |                                  | 13,678,502 |   |   |   | 20 |   |
| 2016 and subsequent years                |   |                                       | 14     |   |                                      |   | 17,215 |                                          |   |   | 46                                |   |   |                                  | 13,279,054 |   |   |   | 20 |   |
| Total                                    |   |                                       | 173    |   |                                      |   | 37,711 |                                          |   |   | 100                               |   |   |                                  | 68,140,414 |   |   |   | 100 |   |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|--------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant         | Type of Business                   | Gross Leaseable Area(sqm) |   | Gross Leaseable Area(%) |   |
|----------------|------------------------------------|---------------------------|--------|-------------------------|--------|
| Zara           | Great Shop of Clothes and footwear | 1,384.0                   |   |                    | 7.4    |   |
| Just for Sport | Clothes and footwear               | 724.3                     |   |                    | 3.9    |   |
| Rapsodia       | Clothes and footwear               | 256.0                     |   |                    | 1.4    |   |
| Garbarino      | Houseware                          | 185.7                     |   |                    | 1.0    |   |
| Frávega   | Houseware                          | 155.8                     |   |                    | 0.8    |   |
| Total          |                               | 2,705.8                   |   |                    | 14.5   |   |

|                 |   | Gross Leaseable Area(sqm) |     |   | % of Gross Leaseable Area(%) |   |
|----------------------|--------|---------------------------|----------|--------|----------------------------------------|--------|
| Clothes and footwear |   |                      | 10,025.9 |   |                                   |   | 53.6 |   |
| Restaurant           |   |                      | 2,803.1  |   |                                   |   | 15.0 |   |
| Services             |   |                      | 1,634.4  |   |                                   |   | 8.7 |   |
| Miscellaneous        |   |                      | 1,798.4  |   |                                   |   | 9.6 |   |
| Entertainment        |   |                      | 1,308.5  |   |                                   |   | 7.0 |   |
| Home & Houseware |   |                      | 1,131.0  |   |                                   |   | 6.1 |   |
| Total                |   |                      | 18,701.3 |   |                                   |   | 100.0 |   |

|                               |   | Fiscal year ended June 30 (1) |     |
|------------------------------------|--------|------------------------------------|----------|
|                               |   | 2010                               |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)              |     |
| Base rent                          |   |                               | 58,543.4 |   |   |   | 71,131.5 |   |   |   | 91,844.0 |   |
| Percentage rent (1)                |   |                               | 16,939.7 |   |   |   | 22,962.4 |   |   |   | 25,769.2 |   |
| Total rent                         |   |                               | 75,483.1 |   |   |   | 94,093.9 |   |   |   | 117,613.2 |   |
| Revenues from admission rights (2) |   |                               | 13,414.9 |   |   |   | 16,182.6 |   |   |   | 21,194.8 |   |
| Management fees                    |   |                               | 1,260.0  |   |   |   | 1,630.2 |   |   |   | 2,078.1 |   |
| Parking                            |   |                               | 7,257.8  |   |   |   | 8,914.6 |   |   |   | 10,449.8 |   |
| Other                              |   |                               | 604.2    |   |   |   | 333.6 |   |   |   | 178.3 |   |
| Total                              |   |                               | 98,020.0 |   |   |   | 121,154.9 |   |   |   | 151,514.2 |   |

|                              |   | Number ofLeaseAgreementsto Expire(1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreements toExpire |   |   | Percentage ofLeaseAgreements toExpire |       |
|-----------------------------------|--------|-------------------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------------|--------|--------|----------------------------------------|--------|--------|-------------------------------------------------|------------|
|  Lease Agreements Expiration |   |                                      |   |   | (sqm)                               |   |   | (%)                                           |   |   | (Ps.)                                  |   |   | (%)                                             |       |
| 2013                              |   |                                      | 65     |   |                                |   | 8,427  |                                          |   |   | 45                                     |   |   |                                            | 24,618,162 |   |   |   | 35 |   |
| 2014                              |   |                                      | 38     |   |                                |   | 2,955  |                                          |   |   | 16                                     |   |   |                                            | 15,936,816 |   |   |   | 22 |   |
| 2015                              |   |                                      | 33     |   |                                |   | 3,521  |                                          |   |   | 19                                     |   |   |                                            | 20,323,856 |   |   |   | 29 |   |
| 2016 and subsequent years         |   |                                      | 9      |   |                                |   | 3,799  |                                          |   |   | 20                                     |   |   |                                            | 10,207,864 |   |   |   | 14 |   |
| Total                             |   |                                      | 146    |   |                                |   | 18,701 |                                          |   |   | 100                                    |   |   |                                            | 71,086,698 |   |   |   | 100 |   |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant       | Type of Business                   |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|--------------|------------------------------------|--------|-------------------------|----------|--------|--------------------------------------|--------|
| Falabella    | Anchor Store                       |   |                    | 11,629.0 |   |                                 |   | 31.5 |   |
| Zara         | Great shop of Clothes and footwear |   |                    | 1,585    |   |                                 |   | 4.3 |   |
| Garbarino    | Houseware                          |   |                    | 639.8    |   |                                 |   | 1.7 |   |
| Frávega | Houseware                          |   |                    | 512.0    |   |                                 |   | 1.4 |   |
| Compumundo   | Houseware                          |   |                    | 190.6    |   |                                 |   | 0.5 |   |
| Total        |                               |   |                    | 14,556.4 |   |                                 |   | 39.4 |   |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|--------------------------------------|--------|
| Anchor Store         |   |                    | 11,629.0 |   |                                 |   | 31.48 |   |
| Clothes and footwear |   |                    | 12,657.9 |   |                                 |   | 34.26 |   |
| Entertainment        |   |                    | 6,192.7  |   |                                 |   | 16.76 |   |
| Home & Houseware |   |                    | 2,033.4  |   |                                 |   | 5.50 |   |
| Restaurant           |   |                    | 1,993.4  |   |                                 |   | 5.4 |   |
| Miscellaneous        |   |                    | 1,877.2  |   |                                 |   | 5.08 |   |
| Services             |   |                    | 558.7    |   |                                 |   | 1.51 |   |
| Total                |   |                    | 36,942.6 |   |                                 |   | 100.0 |   |

|                               |   | Fiscal year ended June 30, (1) |     |
|------------------------------------|--------|-------------------------------------|----------|
|                               |   | 2010                                |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)               |     |
| Base rent                          |   |                                | 35,753.3 |   |   |   | 44,994.3 |   |   |   | 57,014.8 |   |
| Percentage rent (1)                |   |                                | 16,308.3 |   |   |   | 22,143.7 |   |   |   | 29,170.3 |   |
| Total rent                         |   |                                | 52,061.6 |   |   |   | 67,138.0 |   |   |   | 86,185.1 |   |
| Revenues from admission rights (2) |   |                                | 6,630.5  |   |   |   | 8,477.2 |   |   |   | 10,975.5 |   |
| Management fees                    |   |                                | 1,020.0  |   |   |   | 1,504.8 |   |   |   | 1,918.2 |   |
| Other                              |   |                                | 120.9    |   |   |   | 73.9 |   |   |   | 18.1 |   |
| Total                              |   |                                | 59,833.0 |   |   |   | 77,193.9 |   |   |   | 99,096.9 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                              |   | Number ofLeaseAgreementsto Expire (1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreements toExpire |   |   | Percentage ofLeaseAgreements toExpire |       |
|-----------------------------------|--------|-------------------------------------------------|--------|--------|------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|----------------------------------------|--------|--------|-------------------------------------------------|------------|
|  Lease Agreements Expiration |   |                                            |   |   | (sqm)                                    |   |   | (%)                                                |   |   | (Ps.)                                  |   |   | (%)                                             |       |
| 2013                              |   |                                            | 47     |   |                                     |   | 8,059  |                                               |   |   | 22                                     | %      |   |                                            | 10,872,257 |   |   |   | 21 | % |
| 2014                              |   |                                            | 31     |   |                                     |   | 3,843  |                                               |   |   | 10                                     | %      |   |                                            | 10,011,626 |   |   |   | 19 | % |
| 2015                              |   |                                            | 44     |   |                                     |   | 4,680  |                                               |   |   | 13                                     | %      |   |                                            | 12,293,887 |   |   |   | 24 | % |
| 2016 and subsequent years         |   |                                            | 18     |   |                                     |   | 20,361 |                                               |   |   | 55                                     | %      |   |                                            | 18,454,714 |   |   |   | 36 | % |
| Total                             |   |                                            | 140    |   |                                     |   | 36,943 |                                               |   |   | 100                                    | %      |   |                                            | 51,632,484 |   |   |   | 100 | % |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant              | Type of Business          |   | GrossLeaseableArea(sqm) |    |   | % of GrossLeaseableArea(%) |   |
|---------------------|---------------------------|--------|-------------------------|---------|--------|--------------------------------------|--------|
| Hard Rock Café | Restaurant                |   |                    | 1,215.9 |   |                                 |   | 8.8 |   |
| Morph               | Bazaar/Gifts              |   |                    | 1,032.3 |   |                                 |   | 7.5 |   |
| Barugel Azulay      | Home                      |   |                    | 311.8   |   |                                 |   | 2.3 |   |
| Bazar Geo           | Bazaar/Gifts              |   |                    | 258.0   |   |                                 |   | 1.9 |   |
| Kalpakian           | Carpets/Textiles/Covering |   |                    | 165.8   |   |                                 |   | 1.2 |   |
| Total               |                      |   |                    | 2,983.8 |   |                                 |   | 21.7 |   |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|--------------------------------------|--------|
| Home & Houseware |   |                    | 7,890.9  |   |                                 |   | 57.3 |   |
| Restaurant           |   |                    | 3,786.9  |   |                                 |   | 27.5 |   |
| Miscellaneous        |   |                    | 2,057.8  |   |                                 |   | 15.0 |   |
| Services             |   |                    | 33.3     |   |                                 |   | 0.2 |   |
| Total                |   |                    | 13,768.9 |   |                                 |   | 100.0 |   |

----

Table of Content

|                               |   | Fiscal year ended June 30, (1) |     |
|------------------------------------|--------|-------------------------------------|----------|
|                               |   | 2010                                |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)               |     |
| Base rent                          |   |                                | 9,280.8  |   |   |   | 10,095.6 |   |   |   | 12,578.1 |   |
| Percentage rent (2)                |   |                                | 1,339.6  |   |   |   | 2,618.0 |   |   |   | 1,953.8 |   |
| Total rent                         |   |                                | 10,620.4 |   |   |   | 12,713.5 |   |   |   | 14,531.9 |   |
| Revenues from admission rights (3) |   |                                | 1,541.3  |   |   |   | 1,572.1 |   |   |   | 1,749.4 |   |
| Management fees                    |   |                                | 789.4    |   |   |   | 973.6 |   |   |   | 1,137.4 |   |
| Parking                            |   |                                | 1,644.0  |   |   |   | 2,118.1 |   |   |   | 2,711.2 |   |
| Other                              |   |                                | 18.1     |   |   |   | (35.17 | ) |   |   | 18.1 |   |
| Total                              |   |                                | 14,613.2 |   |   |   | 17,342.1 |   |   |   | 20,148.0 |   |

| (1) | It does not reflect our interest in Emprendimiento Recoleta SA. |
|-----|-----------------------------------------------------------------|

| (2) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (3) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                         |   | Number ofLeaseAgreementsto Expirer (2) |   |   | SquareMeters ofLeases toExpire |   |   | SquareMeterPercentageof Leasesto Expire |   |   | Amount ofLeaseAgreementsto Expire |   |   | Percentageof LeaseAgreementsto Expire |       |
|-----------------------------------|--------|--------------------------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|--------|---------------------------------------|------------|
|  Lease Agreements expiration |   |                                             |   |   | (sqm)                               |   |   | (%)                                     |   |   | (Ps)                              |   |   | (%)                                   |       |
| 2013                              |   |                                             | 33     |   |                                |   | 5,614  |                                    |   |   | 41                                |   |   |                                  | 5,408,628  |   |   |   | 46 |   |
| 2014                              |   |                                             | 16     |   |                                |   | 6,488  |                                    |   |   | 47                                |   |   |                                  | 3,788,953  |   |   |   | 32 |   |
| 2015                              |   |                                             | 11     |   |                                |   | 1,024  |                                    |   |   | 7                                 |   |   |                                  | 2,222,640  |   |   |   | 19 |   |
| 2016 and subsequent years         |   |                                             | 2      |   |                                |   | 643    |                                    |   |   | 5                                 |   |   |                                  | 360,000    |   |   |   | 3 |   |
| Total                             |   |                                             | 62     |   |                                |   | 13,769 |                                    |   |   | 100                               |   |   |                                  | 11,780,221 |   |   |   | 100 |   |

| (1) | It does not reflect our holding in Emprendimiento Recoleta SA. |
|-----|----------------------------------------------------------------|

| (2) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

| Tenant             | Type of Business                   |   | GrossLeaseableArea(sqm) |    |   | % of GrossLeaseableArea(%) |   |
|--------------------|------------------------------------|--------|-------------------------|---------|--------|--------------------------------------|--------|
| Zara               | Great Shop of Clothes and footwear |   |                    | 1,100.4 |   |                                 |   | 7.8 |   |
| Etiqueta Negra     | Men’s Clothes and footwear   |   |                    | 338.2   |   |                                 |   | 2.4 |   |
| Rapsodia           | Clothes and footwear               |   |                    | 258.2   |   |                                 |   | 1.8 |   |
| Frávega       | Houseware                          |   |                    | 249.0   |   |                                 |   | 1.8 |   |
| Jazmín Chebar | Clothes and footwear     |   |                    | 233.6   |   |                                 |   | 1.6 |   |
| Total              |                               |   |                    | 2,179.4 |   |                                 |   | 15.4 |   |

----

Table of Content

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|--------------------------------------|--------|
| Clothes and footwear |   |                    | 7,904.8  |   |                                 |   | 56.0 |   |
| Services             |   |                    | 1,740.5  |   |                                 |   | 12.3 |   |
| Home & Houseware |   |                    | 757.0    |   |                                 |   | 5.4 |   |
| Miscellaneous        |   |                    | 1,437.3  |   |                                 |   | 10.2 |   |
| Entertainment        |   |                    | 1,183.0  |   |                                 |   | 8.4 |   |
| Restaurant           |   |                    | 1,084.0  |   |                                 |   | 7.7 |   |
| Total                |   |                    | 14,106.6 |   |                                 |   | 100.0 |   |

|                               |   | Fiscal year ended June 30, |     |
|------------------------------------|--------|---------------------------------|----------|
|                               |   | 2010                            |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)           |     |
| Base rent                          |   |                            | 24,663.7 |   |   |   | 31,254.7 |   |   |   | 37,523.4 |   |
| Percentage rent (1)                |   |                            | 6,095.7  |   |   |   | 10,904.8 |   |   |   | 14,664.1 |   |
| Total rent                         |   |                            | 30,759.4 |   |   |   | 42,159.5 |   |   |   | 52,187.5 |   |
| Revenues from admission rights (2) |   |                            | 6,490.9  |   |   |   | 7,442.3 |   |   |   | 8,497.0 |   |
| Management fees                    |   |                            | 480.0    |   |   |   | 510.0 |   |   |   | 677.3 |   |
| Parking                            |   |                            | 1,026.7  |   |   |   | 1,997.0 |   |   |   | 2,757.0 |   |
| Other                              |   |                            | 309.9    |   |   |   | 207.7 |   |   |   | 173.3 |   |
| Total                              |   |                            | 39,066.9 |   |   |   | 52,316.5 |   |   |   | 64,292.1 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                              |   | Number ofLeaseAgreementsto Expire (1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreementsto Expire |   |   | Percentage ofLeaseAgreementsto Expire |       |
|-----------------------------------|--------|-------------------------------------------------|--------|--------|------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------|--------|--------|--------------------------------------------|------------|
|  Lease Agreements Expiration |   |                                            |   |   | (sqm)                                    |   |   | (%)                                           |   |   | (Ps.)                             |   |   | (%)                                        |       |
| 2013                              |   |                                            | 50     |   |                                     |   | 5,856  |                                          |   |   | 42                                |   |   |                                       | 14,128,113 |   |   |   | 43 |   |
| 2014                              |   |                                            | 37     |   |                                     |   | 3,727  |                                          |   |   | 26                                |   |   |                                       | 12,042,197 |   |   |   | 36 |   |
| 2015                              |   |                                            | 21     |   |                                     |   | 3,227  |                                          |   |   | 23                                |   |   |                                       | 6,246,810  |   |   |   | 19 |   |
| 2016 and subsequent years         |   |                                            | 3      |   |                                     |   | 1,296  |                                          |   |   | 9                                 |   |   |                                       | 606,000    |   |   |   | 2 |   |
| Total                             |   |                                            | 111    |   |                                     |   | 14,107 |                                          |   |   | 100                               |   |   |                                       | 33,023,120 |   |   |   | 100 |   |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant              | Type of Business                                            |   | GrossLeaseableArea(sqm) |    |   | % of GrossLeaseableArea(%) |   |
|---------------------|-------------------------------------------------------------|--------|-------------------------|---------|--------|--------------------------------------|--------|
| Zara                | Great shop of Clothes and footwear |   |                    | 786.0   |   |                                 |   | 6.7 |   |
| Rouge Internacional | Perfumery / Drugstore                                       |   |                    | 599.6   |   |                                 |   | 5.1 |   |
| Etiqueta Negra      | Men's clothes and footwear                        |   |                    | 576.1   |   |                                 |   | 4.9 |   |
| Rapsodia            | Clothes and footwear                                        |   |                    | 279.5   |   |                                 |   | 2.4 |   |
| Cacharel            | Clothes and footwear                                        |   |                    | 173.1   |   |                                 |   | 1.5 |   |
| Total               |                                                        |   |                    | 2,414.3 |   |                                 |   | 20.6 |   |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|--------------------------------------|--------|
| Clothes and footwear |   |                    | 7,162.2  |   |                                 |   | 61.3 |   |
| Entertainment        |   |                    | 1,452.0  |   |                                 |   | 12.4 |   |
| Miscellaneous        |   |                    | 1,747.1  |   |                                 |   | 15.0 |   |
| Restaurant           |   |                    | 1,029.6  |   |                                 |   | 8.8 |   |
| Home & Houseware |   |                    | 219.6    |   |                                 |   | 1.9 |   |
| Services             |   |                    | 73.4     |   |                                 |   | 0.6 |   |
| Total                |   |                    | 11,683.9 |   |                                 |   | 100.0 |   |

|                          |   | Fiscal year ended June 30, |     |
|------------------------------------|--------|---------------------------------|----------|
|                               |   | 2010                            |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)           |     |
| Base rent                          |   |                            | 23,058.5 |   |   |   | 26,618.4 |   |   |   | 32,706.1 |   |
| Percentage rent (1)                |   |                            | 4,762.3  |   |   |   | 7,331.2 |   |   |   | 7,477.5 |   |
| Total rent                         |   |                            | 27,820.8 |   |   |   | 33,949.6 |   |   |   | 40,183.6 |   |
| Revenues from admission rights (2) |   |                            | 5,322.4  |   |   |   | 5,829.4 |   |   |   | 7,546.0 |   |
| Management fees                    |   |                            | 1,140.0  |   |   |   | 1,353.0 |   |   |   | 1,639.2 |   |
| Parking                            |   |                            | 2,900.7  |   |   |   | 3,913.4 |   |   |   | 5,260.7 |   |
| Other                              |   |                            | 70.0     |   |   |   | 39.6 |   |   |   | 80.6 |   |
| Total                              |   |                            | 37,253.9 |   |   |   | 45,085.0 |   |   |   | 54,710.1 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                               |   | Number ofLeaseAgreementsto Expire (1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreementsto Expire |   |   | Percentage ofLeaseAgreementsto Expire |       |
|------------------------------------|--------|-------------------------------------------------|--------|--------|------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------|--------|--------|--------------------------------------------|------------|
|   Lease Agreements Expiration |   |                                            |   |   | (sqm)                                    |   |   | (%)                                           |   |   | (Ps.)                             |   |   | (%)                                        |       |
| 2013                               |   |                                            | 42     |   |                                     |   | 5,537  |                                          |   |   | 47                                |   |   |                                       | 14,207,038 |   |   |   | 46 |   |
| 2014                               |   |                                            | 19     |   |                                     |   | 2,877  |                                          |   |   | 25                                |   |   |                                       | 6,159,361  |   |   |   | 20 |   |
| 2015                               |   |                                            | 20     |   |                                     |   | 2,199  |                                          |   |   | 19                                |   |   |                                       | 9,183,552  |   |   |   | 29 |   |
| 2016 and subsequent years          |   |                                            | 1      |   |                                     |   | 1,071  |                                          |   |   | 9                                 |   |   |                                       | 1,547,936  |   |   |   | 5 |   |
| Total                              |   |                                            | 82     |   |                                     |   | 11,684 |                                          |   |   | 100                               |   |   |                                       | 31,097,887 |   |   |   | 100 |   |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant             | Type of Business |   | GrossLeaseableArea(sqm) |    |   | % GrossLeaseableArea(%) |   |
|--------------------|----------------------------|--------|-------------------------|---------|--------|------------------------------|--------|
| Cines Noa          | Cinema                     |   |                    | 3,808.4 |   |                         |   | 20.0 |   |
| Supermercado Norte | Supermarket                |   |                    | 3,080.5 |   |                         |   | 16.2 |   |
| Y.P.F.             | Other                      |   |                    | 1,812.5 |   |                         |   | 9.5 |   |
| Garbarino          | Houseware                  |   |                    | 408.4   |   |                         |   | 2.2 |   |
| Frávega       | Houseware                  |   |                    | 286.3   |   |                         |   | 1.5 |   |
| Total              |                       |   |                    | 9,396.1 |   |                         |   | 49.4 |   |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|--------------------------------------|--------|
| Entertainment        |   |                    | 6,170.0  |   |                                 |   | 32.4 |   |
| Miscellaneous        |   |                    | 6,001.8  |   |                                 |   | 31.5 |   |
| Clothes and footwear |   |                    | 3,726.6  |   |                                 |   | 19.6 |   |
| Home & Houseware |   |                    | 1,555.6  |   |                                 |   | 8.2 |   |
| Restaurant           |   |                    | 1,176.5  |   |                                 |   | 6.2 |   |
| Services             |   |                    | 407.6    |   |                                 |   | 2.1 |   |
| Total                |   |                    | 19,038.1 |   |                                 |   | 100.0 |   |

|                               |   | Fiscal year ended June 30 |     |
|------------------------------------|--------|--------------------------------|----------|
|                               |   | 2010                           |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)          |     |
| Base rent                          |   |                           | 8,461.6  |   |   |   | 10,736.2 |   |   |   | 13,351.6 |   |
| Percentage rent (1)                |   |                           | 3,968.2  |   |   |   | 6,782.7 |   |   |   | 10,508.8 |   |
| Total rent                         |   |                           | 12,429.8 |   |   |   | 17,518.9 |   |   |   | 23,860.4 |   |
| Revenues from admission rights (2) |   |                           | 1,069.6  |   |   |   | 1,441.5 |   |   |   | 1,703.3 |   |
| Management fees                    |   |                           | 144.0    |   |   |   | 153.0 |   |   |   | 203.1 |   |
| Other                              |   |                           | 57.5     |   |   |   | 181.0 |   |   |   | 108.8 |   |
| Total                              |   |                           | 13,700.9 |   |   |   | 19,294.4 |   |   |   | 25,875.6 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                               |   | Number ofLeases toExpire (1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreementsto Expire |   |   | Percentage ofLeaseAgreements toExpire |       |
|------------------------------------|--------|-----------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------|--------|--------|-------------------------------------------------|------------|
|   Lease Agreements Expiration |   |                              |   |   | (sqm)                               |   |   | (%)                                           |   |   | (Ps.)                             |   |   | (%)                                             |       |
| 2013                               |   |                              | 49     |   |                                |   | 9,108  |                                          |   |   | 48                                |   |   |                                            | 5,571,311  |   |   |   | 47 |   |
| 2014                               |   |                              | 25     |   |                                |   | 1,890  |                                          |   |   | 10                                |   |   |                                            | 3,155,462  |   |   |   | 27 |   |
| 2015                               |   |                              | 12     |   |                                |   | 1,560  |                                          |   |   | 8                                 |   |   |                                            | 1,739,632  |   |   |   | 15 |   |
| 2016 and subsequent years          |   |                              | 6      |   |                                |   | 6,480  |                                          |   |   | 34                                |   |   |                                            | 1,272,049  |   |   |   | 11 |   |
| Total                              |   |                              | 92     |   |                                |   | 19,038 |                                          |   |   | 100                               |   |   |                                            | 11,738,454 |   |   |   | 100 |   |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant          | Type of Business |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|-----------------|----------------------------|--------|-------------------------|----------|--------|---------------------------------|--------|
| Falabella       | Anchor store          |   |                    | 8,563.0  |   |                            |   | 20.3 |   |
| Super Vea Plaza | Supermarket                |   |                    | 4,498.0  |   |                            |   | 10.6 |   |
| Cines Mp        | Cinema                     |   |                    | 3,658.9  |   |                            |   | 8.7 |   |
| Garbarino       | Houseware                  |   |                    | 813.9    |   |                            |   | 1.9 |   |
| Frávega    | Houseware                  |   |                    | 796.3    |   |                            |   | 1.9 |   |
| Total           |                       |   |                    | 18,330.1 |   |                            |   | 43.4 |   |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|--------------------------------------|--------|
| Entertainment        |   |                    | 9,501.6  |   |                                 |   | 22.5 |   |
| Clothes and footwear |   |                    | 9,410.1  |   |                                 |   | 22.3 |   |
| Anchor Store         |   |                    | 8,563.0  |   |                                 |   | 20.3 |   |
| Miscellaneous        |   |                    | 7,680.6  |   |                                 |   | 18.2 |   |
| Restaurant           |   |                    | 2,889.1  |   |                                 |   | 6.8 |   |
| Home & Houseware |   |                    | 2,739.6  |   |                                 |   | 6.5 |   |
| Services             |   |                    | 1,453.0  |   |                                 |   | 3.4 |   |
| Total                |   |                    | 42,237.0 |   |                                 |   | 100.0 |   |

|                               |   | Fiscal year ended June 30, |     |
|------------------------------------|--------|---------------------------------|----------|
|                               |   | 2010                            |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)           |     |
| Base rent                          |   |                            | 15,091.7 |   |   |   | 18,428.5 |   |   |   | 23,143.9 |   |
| Percentage rent (1)                |   |                            | 9,014.2  |   |   |   | 14,044.2 |   |   |   | 21,387.7 |   |
| Total rent                         |   |                            | 24,105.9 |   |   |   | 32,472.7 |   |   |   | 44,531.6 |   |
| Revenues from admission rights (2) |   |                            | 2,376.3  |   |   |   | 2,611.5 |   |   |   | 2,988.3 |   |
| Management fees                    |   |                            | 669.2    |   |   |   | 894.2 |   |   |   | 1,095.7 |   |
| Other                              |   |                            | 54.7     |   |   |   | 490.6 |   |   |   | 448.6 |   |
| Total                              |   |                            | 27,206.1 |   |   |   | 36,469.0 |   |   |   | 49,064.2 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                                |   | Number ofLeaseAgreementsto Expire (1) |   |   | Square Metersof Leases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreementsto Expire |   |   | Percentageof LeaseAgreementsto Expire |       |
|-------------------------------------|--------|--------------------------------------------|--------|--------|--------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------|--------|--------|---------------------------------------|------------|
|   Lease Agreements Expiration: |   |                                       |   |   | (sqm)                                |   |   | (%)                                           |   |   | (Ps.)                             |   |   | (%)                                   |       |
| 2013                                |   |                                       | 70     |   |                                 |   | 13,428 |                                          |   |   | 32                                |   |   |                                  | 6,846,919  |   |   |   | 32 |   |
| 2014                                |   |                                       | 41     |   |                                 |   | 7,882  |                                          |   |   | 19                                |   |   |                                  | 5,864,836  |   |   |   | 28 |   |
| 2015                                |   |                                       | 27     |   |                                 |   | 6,014  |                                          |   |   | 14                                |   |   |                                  | 5,419,980  |   |   |   | 26 |   |
| 2016 and subsequent years           |   |                                       | 10     |   |                                 |   | 14,913 |                                          |   |   | 35                                |   |   |                                  | 2,989,866  |   |   |   | 14 |   |
| Total                               |   |                                       | 148    |   |                                 |   | 42,237 |                                          |   |   | 100                               |   |   |                                  | 21,121,601 |   |   |   | 100 |   |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant        | Type of Business            |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|---------------|-----------------------------|--------|-------------------------|----------|--------|---------------------------------|--------|
| Cines Rosario | Cinemas                     |   |                    | 8,984.0  |   |                            |   | 32.4 |   |
| Sport 78      | Sports Clothes and footwear |   |                    | 612.5    |   |                            |   | 2.3 |   |
| Musimundo     | Houseware                   |   |                    | 406.5    |   |                            |   | 1.5 |   |
| Frávega  | Houseware                   |   |                    | 386.5    |   |                            |   | 1.4 |   |
| Compumundo    | Houseware                   |   |                    | 232.5    |   |                            |   | 0.8 |   |
|  Total   |                        |   |                    | 10,622.0 |   |                            |   | 38.4 |   |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|---------------------------------|--------|
| Clothes and footwear |   |                    | 10,062.1 |   |                            |   | 36.3 |   |
| Entertainment        |   |                    | 9,889.4  |   |                            |   | 35.7 |   |
| Home & Houseware |   |                    | 2,993.8  |   |                            |   | 10.8 |   |
| Restaurant           |   |                    | 2,107.3  |   |                            |   | 7.6 |   |
| Miscellaneous        |   |                    | 1,925.0  |   |                            |   | 7.0 |   |
| Services             |   |                    | 714.3    |   |                            |   | 2.6 |   |
| Total                |   |                    | 27,691.9 |   |                            |   | 100.0 |   |

|                               |   | Fiscal year ended June 30, |     |
|------------------------------------|--------|---------------------------------|----------|
|                               |   | 2010                            |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)           |     |
| Base rent                          |   |                            | 16,407.2 |   |   |   | 19,972.3 |   |   |   | 27,718.1 |   |
| Percentage rent (1)                |   |                            | 10,599.2 |   |   |   | 18,609.3 |   |   |   | 26,080.8 |   |
| Total rent                         |   |                            | 27,006.4 |   |   |   | 38,581.6 |   |   |   | 53,798.9 |   |
| Revenues from admission rights (2) |   |                            | 3,019.0  |   |   |   | 3,283.3 |   |   |   | 4,553.6 |   |
| Management fees                    |   |                            | 570.0    |   |   |   | 605.6 |   |   |   | 804.3 |   |
| Other                              |   |                            | 225.1    |   |   |   | 243.4 |   |   |   | 224.8 |   |
| Total                              |   |                            | 30,820.5 |   |   |   | 42,713.9 |   |   |   | 59,381.6 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                        |   | Number ofLeaseAgreements toExpire (1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreementsto Expire |    |   | Percentage ofLeaseAgreements toExpire |       |
|-----------------------------|--------|--------------------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------|---------|--------|-------------------------------------------------|------------|
| Lease Agreements Expiration |   |                                       |   |   | (sqm)                               |   |   | (%)                                           |   |   | (Ps.)                             |    |   | (%)                                             |       |
| 2013                        |   |                                       | 58     |   |                                |   | 8,159  |                                          |   |   | 29                                |  % |   |                                            | 7,922,897  |   |   |   | 32 |  % |
| 2014                        |   |                                       | 31     |   |                                |   | 3,760  |                                          |   |   | 14                                |  % |   |                                            | 4,340,117  |   |   |   | 18 |  % |
| 2015                        |   |                                       | 45     |   |                                |   | 14,478 |                                          |   |   | 52                                |  % |   |                                            | 9,654,803  |   |   |   | 39 |  % |
| 2016 and subsequent years   |   |                                       | 12     |   |                                |   | 1,295  |                                          |   |   | 5                                 |  % |   |                                            | 2,640,912  |   |   |   | 11 |  % |
| Total                       |   |                                       | 146    |   |                                |   | 27,692 |                                          |   |   | 100                               |  % |   |                                            | 24,558,729 |   |   |   | 100 |  % |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant        | Type of Business |   | GrossLeaseableArea(sqm) |    |   | % of GrossLeaseableArea(%) |   |
|---------------|----------------------------|--------|-------------------------|---------|--------|---------------------------------|--------|
| Cines Cba     | Cinema                     |   |                    | 5,442.5 |   |                            |   | 35.7 |   |
| Garbarino     | Houseware                  |   |                    | 497.0   |   |                            |   | 3.3 |   |
| Mc Donald's   | Food                       |   |                    | 146.0   |   |                            |   | 1.0 |   |
| Rapsodia      | Clothes and footwear       |   |                    | 129.9   |   |                            |   | 0.9 |   |
| Jazmin Chebar | Clothes and footwear       |   |                    | 116.3   |   |                            |   | 0.8 |   |
| Total         |                       |   |                    | 6,331.7 |   |                            |   | 41.7 |   |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of  GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|---------------------------------------|--------|
| Clothes and footwear |   |                    | 6,043.3  |   |                                  |   | 39.8 |   |
| Entertainment        |   |                    | 5,842.0  |   |                                  |   | 38.5 |   |
| Restaurant           |   |                    | 882.6    |   |                                  |   | 5.8 |   |
| Miscellaneous        |   |                    | 977.5    |   |                                  |   | 6.4 |   |
| Services             |   |                    | 564.0    |   |                                  |   | 3.7 |   |
| Home & Houseware |   |                    | 881.2    |   |                                  |   | 5.8 |   |
| Total                |   |                    | 15,190.6 |   |                                  |   | 100.0 |   |

|                               |   | Fiscal year ended June 30 |     |
|------------------------------------|--------|--------------------------------|----------|
|                               |   | 2010                           |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)          |     |
| Base rent                          |   |                           | 7,681.6  |   |   |   | 9,903.8 |   |   |   | 13,105.5 |   |
| Percentage rent (1)                |   |                           | 4,121.4  |   |   |   | 7,003.3 |   |   |   | 10,016.5 |   |
| Total rent                         |   |                           | 11,803.0 |   |   |   | 16,907.1 |   |   |   | 23,122.01 |   |
| Revenues from admission rights (2) |   |                           | 1,115.3  |   |   |   | 1,457.4 |   |   |   | 1,887.7 |   |
| Management fees                    |   |                           | 526.1    |   |   |   | 666.3 |   |   |   | 906.7 |   |
| Other                              |   |                           | 110.2    |   |   |   | 136.4 |   |   |   | 119.2 |   |
| Total                              |   |                           | 13,554.6 |   |   |   | 19,167.2 |   |   |   | 26,035.1 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                               |   | Number ofLeaseAgreements toExpire (1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreements toExpire |   |   | Percentage ofLeaseAgreements toExpire |       |
|------------------------------------|--------|--------------------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------------|--------|--------|----------------------------------------|--------|--------|-------------------------------------------------|------------|
|   Lease Agreements Expiration |   |                                       |   |   | (sqm)                               |   |   | (%)                                           |   |   | (Ps.)                                  |   |   | (%)                                             |       |
| 2013                               |   |                                       | 37     |   |                                |   | 3,105  |                                          |   |   | 20                                     |   |   |                                            | 2,956,506  |   |   |   | 27 |   |
| 2014                               |   |                                       | 38     |   |                                |   | 2,898  |                                          |   |   | 19                                     |   |   |                                            | 4,110,535  |   |   |   | 37 |   |
| 2015                               |   |                                       | 25     |   |                                |   | 2,721  |                                          |   |   | 18                                     |   |   |                                            | 3,025,560  |   |   |   | 27 |   |
| 2016 and subsequent years          |   |                                       | 6      |   |                                |   | 6,467  |                                          |   |   | 43                                     |   |   |                                            | 996,589    |   |   |   | 9 |   |
| Total                              |   |                                       | 106    |   |                                |   | 15,191 |                                          |   |   | 100                                    |   |   |                                            | 11,089,190 |   |   |   | 100 |   |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant               | Type of Business                   |   | GrossLeaseableArea(sqm) |     |   | % of GrossLeaseableArea(%) |   |
|----------------------|------------------------------------|--------|-------------------------|----------|--------|--------------------------------------|--------|
| Walmart              | Supermarket                        |   |                    | 12,600.0 |   |                                 |   | 25.4 |  % |
| Falabella            | Anchor Store                       |   |                    | 8,086.7  |   |                                 |   | 16.3 |  % |
| Hoyts General Cinema | Cinema                             |   |                    | 6,475.7  |   |                                 |   | 13.1 |  % |
| Zara                 | Great shop of Clothes and footwear |   |                    | 1,178.9  |   |                                 |   | 2.4 |  % |
| Garbarino            | Houseware                          |   |                    | 472.5    |   |                                 |   | 1.0 |  % |
| Total                |                               |   |                    | 28,813.8 |   |                                 |   | 58.2 |  % |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of  GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|---------------------------------------|--------|
| Miscellaneous        |   |                    | 14,989.3 |   |                                  |   | 30.3 | % |
| Clothes and footwear |   |                    | 13,005.2 |   |                                  |   | 26.3 | % |
| Anchor Store         |   |                    | 8,086.6  |   |                                  |   | 16.3 | % |
| Entertainment        |   |                    | 7,135.0  |   |                                  |   | 14.4 | % |
| Services             |   |                    | 2,194.2  |   |                                  |   | 4.4 | % |
| Home & Houseware |   |                    | 2,025.5  |   |                                  |   | 4.1 | % |
| Restaurant           |   |                    | 2,091.6  |   |                                  |   | 4.2 | % |
| Total                |   |                    | 49,527.4 |   |                                  |   | 100.0 | % |

|                               |   | Fiscal year ended June 30 (1) |     |
|------------------------------------|--------|------------------------------------|----------|
|                               |   | 2010                               |     |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)              |     |
| Base rent                          |   |                               | 42,309.4 |   |   |   | 46,850.6 |   |   |   | 58,643.7 |   |
| Percentage rent (2)                |   |                               | 8,524.3  |   |   |   | 15,373.9 |   |   |   | 24,884.3 |   |
| Total rent                         |   |                               | 50,833.7 |   |   |   | 62,224.5 |   |   |   | 83,528.0 |   |
| Revenues from admission rights (3) |   |                               | 8,265.9  |   |   |   | 7,455.1 |   |   |   | 7,651.5 |   |
| Management fees                    |   |                               | 1,200.0  |   |   |   | 1,200.0 |   |   |   | 1,354.7 |   |
| Other                              |   |                               | 3,845.4  |   |   |   | 5,440.9 |   |   |   | 8,417.3 |   |
| Parking                            |   |                               | 233.6    |   |   |   | 232,6 |   |   |   | 25.1 |   |
| Total                              |   |                               | 64,378.6 |   |   |   | 76,553.1 |   |   |   | 100,976.6 |   |

| (1) | It does not reflect our interest in the company company Panamerican Mall SA. |
|-----|------------------------------------------------------------------------------|

| (2) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (3) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|                        |   | Number ofLeaseAgreements toExpire (1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreements toExpire |    |   | Percentage ofLeaseAgreements toExpire |       |
|-----------------------------|--------|--------------------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------------|--------|--------|----------------------------------------|---------|--------|-------------------------------------------------|------------|
| Lease Agreements Expiration |   |                                       |   |   | (sqm)                               |   |   | (%)                                           |   |   | (Ps.)                                  |    |   | (%)                                             |       |
| 2013                        |   |                                       | 97     |   |                                |   | 19,092 |                                          |   |   | 39                                     |  % |   |                                            | 28,800,617 |   |   |   | 57 |  % |
| 2014                        |   |                                       | 32     |   |                                |   | 6,396  |                                          |   |   | 13                                     |  % |   |                                            | 9,984,520  |   |   |   | 20 |  % |
| 2015                        |   |                                       | 15     |   |                                |   | 2,548  |                                          |   |   | 5                                      |  % |   |                                            | 3,293,971  |   |   |   | 7 |  % |
| 2016 and subsequent years   |   |                                       | 8      |   |                                |   | 21,491 |                                          |   |   | 43                                     |  % |   |                                            | 8,196,336  |   |   |   | 16 |  % |
| Total                       |   |                                       | 152    |   |                                |   | 49,527 |                                          |   |   | 100                                    |  % |   |                                            | 50,275,444 |   |   |   | 100 |  % |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Tenant            | Type of Business            |   | GrossLeaseableArea(sqm) |    |   | % of GrossLeaseableArea(%) |   |
|-------------------|-----------------------------|--------|-------------------------|---------|--------|--------------------------------------|--------|
| Cinemark          | Cinema                      |   |                    | 4,483.2 |   |                                 |   | 30.5 |   |
| Stock Center      | Sports clothes and footwear |   |                    | 431.3   |   |                                 |   | 2.9 |   |
| Dexter Outlet     | Sports clothes and footwear |   |                    | 366.6   |   |                                 |   | 2.5 |   |
| Grimoldi          | Shoes                       |   |                    | 193.5   |   |                                 |   | 1.3 |   |
| Mc Donald’s | Food                        |   |                    | 193.0   |   |                                 |   | 1.3 |   |
| Total             |                        |   |                    | 5,667.6 |   |                                 |   | 38.5 |   |

| Type of Business     |   | GrossLeaseableArea(sqm) |     |   | % of  GrossLeaseableArea(%) |   |
|----------------------|--------|-------------------------|----------|--------|---------------------------------------|--------|
| Clothes and footwear |   |                    | 7,322.2  |   |                                  |   | 49.8 |  % |
| Entertainment        |   |                    | 5,371.3  |   |                                  |   | 36.5 |  % |
| Miscellaneous        |   |                    | 544.8    |   |                                  |   | 3.7 |  % |
| Restaurant           |   |                    | 809.9    |   |                                  |   | 5.5 |  % |
| Services             |   |                    | 664.0    |   |                                  |   | 4.5 |  % |
| Total                |   |                    | 14,712.2 |   |                                  |   | 100.0 |  % |

|                               |   | Fiscal year ended June 30 |   |
|------------------------------------|--------|--------------------------------|--------|
|                               |   | 2010                           |   |   | 2011 |   |   | 2012 |   |
|                               |   | (in thousands of Ps.)          |   |
| Base rent                          |   |                           | -      |   |   |   | 8,230.3 |   |   |   | 12,468.9 |   |
| Percentage rent (1)                |   |                           | -      |   |   |   | 5,043.7 |   |   |   | 5,145.1 |   |
| Total rent                         |   |                           | -      |   |   |   | 13,274.0 |   |   |   | 17,614.0 |   |
| Revenues from admission rights (2) |   |                           |   |   |   |   | 931.9 |   |   |   | 1,476.3 |   |
| Management fees                    |   |                           | -      |   |   |   | - |   |   |   | - |   |
| Parking                            |   |                           | -      |   |   |   | - |   |   |   | - |   |
| Other                              |   |                           | -      |   |   |   | - |   |   |   | 13.3 |   |
| Total                              |   |                           | -      |   |   |   | 14,205.9 |   |   |   | 19,103.6 |   |

| (1) | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----|----------------------------------------------------------------------------------------------|

| (2) | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

----

Table of Content

| Lease Agreements Expiration: |   | Number ofLeaseAgreements toExpire (1) |   |   | SquareMeters ofLeases toExpire |   |   | Square MeterPercentage ofLeases toExpire |   |   | Amount ofLeaseAgreements toExpire |    |   | Percentage ofLeaseAgreements toExpire |      |
|------------------------------|--------|-------------------------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------------|--------|--------|----------------------------------------|---------|--------|-------------------------------------------------|-----------|
|                         |   |                                            |   |   | (sqm)                               |   |   | (%)                                           |   |   | (Ps.)                                  |    |   | (%)                                             |      |
| 2013                         |   |                                            | 20     |   |                                |   | 3,853  |                                          |   |   | 26                                     |  % |   |                                            | 2,217,974 |   |   |   | 32 |  % |
| 2014                         |   |                                            | 19     |   |                                |   | 1,818  |                                          |   |   | 12                                     |  % |   |                                            | 318,000   |   |   |   | 5 |  % |
| 2015                         |   |                                            | 19     |   |                                |   | 2,470  |                                          |   |   | 17                                     |  % |   |                                            | 1,980,000 |   |   |   | 29 |  % |
| 2016 and subsequent years    |   |                                            | 12     |   |                                |   | 6,571  |                                          |   |   | 45                                     |  % |   |                                            | 2,418,300 |   |   |   | 34 |  % |
| Total                        |   |                                            | 70     |   |                                |   | 14,712 |                                          |   |   | 100                                    |  % |   |                                            | 6,934,274 |   |   |   | 100 |  % |

| (1) | Includes the vacant stores as of June 30, 2012. A lease may be associated to one or more stores. |
|-----|-------------------------------------------------------------------------------------------------------|

|              |                        |   | Gross Leasable Area |   |   | % of Gross Leasable Area |   |
|-------------------|-----------------------------|--------|---------------------|--------|--------|--------------------------|--------|
| Tenant            |   Type Of Business     |   | (sqm)               |   |   | (%)                      |   |
| Cinemark          | Cinema                      |   |                | 1,922  |   |                     |   | 24.9 |   |
| Megatone          | Houseware                   |   |                | 804    |   |                     |   | 10.4 |   |
| Playland Park     | Entertainment               |   |                | 756    |   |                     |   | 9.8 |   |
| Mc Donald’s | Food                        |   |                | 235    |   |                     |   | 3.1 |   |
| Red Sport         | Sports Clothes and footwear |   |                | 222    |   |                     |   | 2.9 |   |
| Total             |                        |   |                | 3,939  |   |                     |   | 51.1 |   |

----

Table of Content

|                   |   | Gross Leasable Area |    |   | % of Gross Leasable Area |   |
|------------------------|--------|---------------------|---------|--------|--------------------------|--------|
|  Type Of Business |   | (sqm)               |    |   | (%)                      |   |
| Clothes and footwear   |   |                | 2,045.4 |   |                     |   | 26.6 |   |
| Entertainment          |   |                | 2,678.0 |   |                     |   | 34.7 |   |
| Restaurant             |   |                | 1,177.8 |   |                     |   | 15.3 |   |
| Miscellaneous          |   |                | 1,004.8 |   |                     |   | 13.0 |   |
| Home and Houseware     |   |                | 804.0   |   |                     |   | 10.4 |   |
| Total                  |   |                | 7,710.0 |   |                     |   | 100.0 |   |

|                               |   | Fiscal year ended June 30 (1) |   |
|------------------------------------|--------|-------------------------------|--------|
|                               |   | 2010                          |   |   | 2011 |   |   | 2012 |   |
|                               |   |                          |   |   | (in thousands of Ps.) |   |   |   |   |
| Base rent                          |   |                          | -      |   |   |   | - |   |   |   | 4,133.3 |   |
| Percentage rent (2)                |   |                          | -      |   |   |   | - |   |   |   | 4,166.6 |   |
| Total rent                         |   |                          | -      |   |   |   | - |   |   |   | 8,299.9 |   |
| Revenues from admission rights (3) |   |                          | -      |   |   |   | - |   |   |   | 93.5 |   |
| Management fees                    |   |                          | -      |   |   |   | - |   |   |   | 218.8 |   |
| Parking                            |   |                          | -      |   |   |   | - |   |   |   | - |   |
| Other                              |   |                          | -      |   |   |   | - |   |   |   | 39.6 |   |
| Total                              |   |                          |   |   |   |   |   |   |   |   | 8,651.8 |   |

| (1)   | Does not reflect our interest in the company NPSF. Revenues correspond to the accumulated period as from the acquisition of the shopping center in August 2011. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Percentage rent is the revenue based on a specific percentage of gross sales of our tenants. |
|-----------------|----------------------------------------------------------------------------------------------|

| (3)   | Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

|                              |   | Number of Lease Agreements to Expire (1) |   |   | Square Meters of Leases to Expire |   |   | Square Meter Percentage of Leases to Expire |   |   | Amount of Lease Agreements to Expire |    |   | Percentage of Lease Agreements to Expire |      |
|-----------------------------------|--------|------------------------------------------|--------|--------|-----------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------------------|---------|--------|------------------------------------------|-----------|
|  Lease Agreements Expiration |   |                                     |   |   | (sqm)                             |   |   | (%)                                         |   |   | (Ps.)                                |    |   | (%)                                      |      |
| 2013                              |   |                                     | 26     |   |                              |   | 3,740  |                                        |   |   | 49                                   |  % |   |                                     | 2,146,086 |   |   |   | 57 |  % |
| 2014                              |   |                                     | 7      |   |                              |   | 994    |                                        |   |   | 12                                   |  % |   |                                     | 562,844   |   |   |   | 15 |  % |
| 2015                              |   |                                     | 6      |   |                              |   | 609    |                                        |   |   | 8                                    |  % |   |                                     | 473,088   |   |   |   | 12 |  % |
| 2016 and subsequent years         |   |                                     | 9      |   |                              |   | 2,367  |                                        |   |   | 31                                   |  % |   |                                     | 585,716   |   |   |   | 16 |  % |
| Total                             |   |                                     | 48     |   |                              |   | 7,710  |                                        |   |   | 100                                  |  % |   |                                     | 3,767,734 |   |   |   | 100 |  % |

----

Table of Content

----

Table of Content

----

Table of Content

|   | • |   | Ps.194,100 in Alto Palermo, |
|--------|---------|--------|-----------------------------|

|   | • |   | Ps.179,200 in Alto Avellaneda, |
|--------|---------|--------|--------------------------------|

|   | • |   | Ps.208,800 in Abasto, |
|--------|---------|--------|-----------------------|

|   | • |   | Ps.153,100 in Patio Bullrich, |
|--------|---------|--------|-------------------------------|

|   | • |   | Ps.75,000 in Alto Rosario, |
|--------|---------|--------|----------------------------|

|   | • |   | Ps.63,300 in Paseo Alcorta, |
|--------|---------|--------|-----------------------------|

|   | • |   | Ps.126,500 in Dot Baires, |
|--------|---------|--------|---------------------------|

|   | • |   | Ps.19,000 in Alto NOA, |
|--------|---------|--------|------------------------|

|   | • |   | 6% of the total amount of the common area maintenance expenses in Córdoba Shopping, |
|--------|---------|--------|------------------------------------------------------------------------------------------|

|   | • |   | 10% of the total amount of the common area maintenance expenses in Buenos Aires Design |
|--------|---------|--------|----------------------------------------------------------------------------------------|

|   | • |   | 5% of the total amount of the common area maintenance expenses in Mendoza Plaza, and  |
|--------|---------|--------|--------------------------------------------------------------------------------------------|
|   | • |   | 5% of the total amount of the common area maintenance expenses in La Ribera Shopping.      |
|   |    |   |                                                                                       |

|   | • |   | obligations will have to be paid in Pesos at a rate of Ps. 1.00 = US$ 1.00. Additionally, these obligations are subject to inflation adjustment through the Coeficiente de Estabilización de Referencia (“CER”). |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | if, as a consequence of this adjustment, the agreement is unfair to any of the parties, as long as the party that has the obligation to pay is not overdue and the adjustment is applicable, either may ask the other for a fairness adjustment. If they do not reach an agreement, a court will make the decision in order to preserve the continuity of the contract relation in a fair way; and |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | new lease agreements may be freely entered into between parties, even U.S. Dollar denominated lease agreements. |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------|

----

Table of Content

| Company         | Shopping Center                  | Location (1)  |   | Gross Leasable Area |      |   | Stores |   |   | % of gross leasable Area at national level (2) |   |   | Stores (2) |   |
|-----------------|----------------------------------|---------------|--------|---------------------|-----------|--------|--------|--------|--------|------------------------------------------------|--------|--------|------------|--------|
|            |                             |          |   |                |      |   |   |   |   | %                                              |   |   | %          |   |
| APSA            |                             |          |   |                |      |   |   |   |   |                                           |   |   |       |   |
|            | Abasto de Buenos Aires           | CABA          |   |                | 41,443    |   |   |   | 174    |                                           |   |   | 2,41       | %      |   |   | 2,84 | %  |
|            | Alto Palermo Shopping            | CABA          |   |                | 18,701    |   |   |   | 143    |                                           |   |   | 1,09       | %      |   |   | 2,34 | %  |
|            | Buenos Airess Design (3)         | CABA          |   |                | 13,769    |   |   |   | 62     |                                           |   |   | 0,8        | %      |   |   | 1,01 | %  |
|            | Dot Baires Shopping (5)          | CABA          |   |                | 49,527    |   |   |   | 152    |                                           |   |   | 2,88       | %      |   |   | 2,48 | %  |
|            | Paseo Alcorta (4)                | CABA          |   |                | 52,757    |   |   |   | 111    |                                           |   |   | 3,07       | %      |   |   | 1,81 | %  |
|            | Patio Bullrich                   | CABA          |   |                | 11,684    |   |   |   | 83     |                                           |   |   | 1          | %      |   |   | 1,36 | %  |
|            | Córdoba Shopping (4)        | Córdoba  |   |                | 22,173    |   |   |   | 107    |                                           |   |   | 1,29       | %      |   |   | 1,75 | %  |
|            | Alto Avellaneda(4)               | GBA           |   |                | 67,897    |   |   |   | 140    |                                           |   |   | 3,95       | %      |   |   | 2,29 | %  |
|            | Mendoza Plaza Shopping (4)       | Mendoza       |   |                | 42,237    |   |   |   | 148    |                                           |   |   | 2,46       | %      |   |   | 2,42 | %  |
|            | Alto Rosario(4)                  | Rosario       |   |                | 39,952    |   |   |   | 146    |                                           |   |   | 2,32       | %      |   |   | 2,39 | %  |
|            | Alto Noa (4)                     | Salta         |   |                | 19,038    |   |   |   | 92     |                                           |   |   | 1,11       | %      |   |   | 1,5 | % |
|            | La Ribera Shopping (6)           | Santa Fé |   |                | 7,710     |   |   |   | 49     |                                           |   |   | 0,45       | %      |   |   | 0,8 | %  |
|            | Soleil (4)                       | GBA           |   |                | 25,212    |   |   |   | 69     |                                           |   |   | 1          | %      |   |   | 1,13 | %  |
|            | Subtotal                         |          |   |                | 412,100   |   |   |   | 1,476  |                                           |   |   | 23,98      | %      |   |   | 24,12 | %  |
| Cencosud S.A.   |                        |          |   |                |      |   |   |   |   |                                           |   |   |       |   |   |   |   |   |
|            | Portal de Palermo(4)             | CABA          |   |                | 32,252    |   |   |   | 36     |                                           |   |   | 1.88       | %      |   |   | 0.59 | %  |
|            | Portal de Madryn                 | Chubut        |   |                | 4,100     |   |   |   | 26     |                                           |   |   | 0.24       | %      |   |   | 0.43 | %  |
|            | Factory Parque Brown(4)          | GBA           |   |                | 31,468    |   |   |   | 91     |                                           |   |   | 1.83       | %      |   |   | 1.49 | %  |
|            | Factory Quilmes(4)               | GBA           |   |                | 43,405    |   |   |   | 47     |                                           |   |   | 2.53       | %      |   |   | 0.77 | %  |
|            | Factory San Martín(4)       | GBA           |   |                | 35,672    |   |   |   | 31     |                                           |   |   | 2.07       | %      |   |   | 0.51 | %  |
|            | Las Palmas del Pilar Shopping(4) | GBA           |   |                | 50,906    |   |   |   | 131    |                                           |   |   | 2.96       | %      |   |   | 2.14 | %  |
|            | Plaza Oeste Shopping(4)          | GBA           |   |                | 41,120    |   |   |   | 146    |                                           |   |   | 2.39       | %      |   |   | 2.39 | %  |
|            | Portal Canning(4)                | GBA           |   |                | 15,114    |   |   |   | 21     |                                           |   |   | 0.88       | %      |   |   | 0.34 | %  |
|            | Portal de Escobar(4)             | GBA           |   |                | 31,995    |   |   |   | 31     |                                           |   |   | 1.86       | %      |   |   | 0.51 | %  |
|            | Portal Lomas(4)                  | GBA           |   |                | 32,883    |   |   |   | 50     |                                           |   |   | 1.91       | %      |   |   | 0.82 | %  |
|            | Unicenter Shopping(4)            | GBA           |   |                | 94,279    |   |   |   | 287    |                                           |   |   | 5.48       | %      |   |   | 4.69 | %  |
|            | Portal de los Andes(4)           | Mendoza       |   |                | 33,154    |   |   |   | 45     |                                           |   |   | 1.93       | %      |   |   | 0.74 | %  |
|            | Portal de la Patagonia(4)        | Neuquén  |   |                | 38,468    |   |   |   | 94     |                                           |   |   | 2.24       | %      |   |   | 1.54 | %  |
|            | Portal de Rosario(4)             | Rosario       |   |                | 66,361    |   |   |   | 182    |                                           |   |   | 3.86       | %      |   |   | 2.98 | %  |
|            | Portal de Tucumán(4)        | Tucumán  |   |                | 21,301    |   |   |   | 94     |                                           |   |   | 1.24       | %      |   |   | 1.54 | %  |
|            | Portal de Trelew(4)              | Chubut        |   |                | 21,812    |   |   |   | 69     |                                           |   |   | 1.27       | %      |   |   | 1.13 | %  |
|            | Subtotal                         |          |   |                | 594,290   |   |   |   | 1,381  |                                           |   |   | 34.59      | %      |   |   | 22.61 | %  |
| Other Operators |                        |          |   |                |      |   |   |   |   |                                           |   |   |       |   |   |   |   |   |
| Subtotal        |                             |          |   |                | 712,895   |   |   |   | 3,260  |                                           |   |   | 41.51      | %      |   |   | 53.29 | %  |
| Total           |                             |          |   |                | 1,717,948 |   |   |   | 6,117  |                                           |   |   | 100        | %      |   |   | 100 | %  |

----

Table of Content

| (1)    | “GBA” means Gran Buenos Aires, the Buenos Aires metropolitan area, and “CABA” means the City of Buenos Aires.                             |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                              |
| (2)    | Percentage over total shopping centers in Argentina that are members of the Argentine Chamber of  Shoping Centers. Figures may not sum due to rounding. |

| (3)    | The effective interest held by us in ERSA, the company that operates the concession of this building, is 53.684% |
|--------|------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                             |
| (4)    | Includes total leaseable area occupied by supermarkets and hypermarkets                                          |

| (5) | Our interest in Panamerican Mall SA is 80% |
|-----|--------------------------------------------|

| (6) | Our interest in Nuevo Puerto Santa Fe SA is 50%. |
|-----|--------------------------------------------------|

| Source: | Argentine Chamber of Shopping Centers. |
|---------|----------------------------------------|

|   | • |   | a prohibition to include price adjustment clauses based on inflation increases in lease agreements; and |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------|

|   | • |   | the imposition of a three-year minimum lease term for retail property, except in the case of stands and/or spaces in markets and fairs. |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | financial obligations were to be paid in Pesos at the exchange rate of Ps. 1.00 = US$ 1.00 plus the CER index for commercial leases; |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | from October 1, 2002 and until March 31, 2004 for residential leases, the obligations where the tenant is an individual and the dwelling is used as the family residence of permanent use were to be paid in Pesos at the exchange rate of Ps. 1.00 = US$ 1.00 plus the coeficiente de variación de salarios or “CVS”; |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | if due to the application of these provisions, the amount of the installment became significantly higher or lower than the amount at the moment of the payment, any of the parties could require an equitable adjustment of the price.If the parties did not reach an agreement, the courts could decide on a case by case basis; and |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | pursuant to Decree No. 117/2004 and Law No. 25,796 that amends Law No. 25,713, the CVS became unenforceable since April 1, 2004.  |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • |   | the registration of the intention to sell the property in subdivided plots in the Real Estate Registry (Registro de la Propiedad Inmueble) corresponding to the jurisdiction of the property. Registration will only be possible with regard to unencumbered property. Mortgaged property may only be registered where creditors agree to divide the debt in accordance with the subdivided plots. However, creditors may be judicially compelled to agree to the division; and |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | the preliminary registration with the Real Estate Registry of the purchase instrument within 30 days of execution of the agreements. |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | warranty and liability disclaimers; |
|--------|---------|--------|-------------------------------------|

|   | • |   | a waiver of consumer rights; |
|--------|---------|--------|------------------------------|

|   | • |   | an extension of seller rights; and |
|--------|---------|--------|------------------------------------|

|   | • |   | the shifting of the burden of proof against consumers. |
|--------|---------|--------|--------------------------------------------------------|

----

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|   | • |   | financial obligations were to be paid in Pesos at the exchange rate of Ps. 1.00 = US$ 1.00 plus the CER for commercial leases; |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | from October 1, 2002 and until March 31, 2004 for residential leases, the obligations where the tenant is an individual and the dwelling is used as the family residence of permanent use were to be paid in Pesos at the exchange rate of Ps. 1.00 = US$ 1.00 plus the CVS; |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | if due to the application of these provisions, the amount of the installment became higher or lower than the amount at the moment of the payment, any of the parties could require an equitable adjustment of the price. If the parties did not reach an agreement, the courts could decide on a case by case basis; and |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | pursuant to Decree No. 117/2004 and Law No. 25,796 that amends Law No. 25,713, the CVS became unenforceable since April 1, 2004. |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

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Organizational Structure

```

```

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| Subsidiary                     | Activity                    | Country of incorporation |   | Ownership percentage |   |   | Voting power percentage(1) |   |   | Percentage of our total net revenue |   |
|--------------------------------|-----------------------------|--------------------------|--------|----------------------|--------|--------|----------------------------|--------|--------|-------------------------------------|--------|
| Arcos del Gourmet S.A.         | Real estate commercial      | Argentina                |   |                 | 88     | %      |                       |   | 88     | %                                   |   |   | 0.0 | % |
| Fibesa S.A.                    | Real estate agent           | Argentina                |   |                 | 100    | %      |                       |   | 100    | %                                   |   |   | 4.6 | % |
| Emprendimiento Recoleta S.A.   | Building                    | Argentina                |   |                 | 54     | %      |                       |   | 54     | %                                   |   |   | 2.2 | % |
| Shopping Neuquén S.A.     | Development of undertakings | Argentina                |   |                 | 98     | %      |                       |   | 98     | %                                   |   |   | 0.0 | % |
| Conil S.A.                     | Real estate services        | Argentina                |   |                 | 100    | %      |                       |   | 100    | %                                   |   |   | 0.0 | % |
| Panamerican Mall S.A.          | Real estate investments     | Argentina                |   |                 | 80     | %      |                       |   | 80     | %                                   |   |   | 11.9 | % |
| Apsamedia S.A. (2)             | Consumer financing          | Argentina                |   |                 | 100    | %      |                       |   | 100    | %                                   |   |   | 1.2 | % |
| Torodur S.A. (3)               | Investments                 | Uruguay                  |   |                 | 100    | %      |                       |   | 100    | %                                   |   |   | 0.0 | % |
| Nuevo Puerto Santa Fe S.A. (4) | Real estate commercial      | Argentina                |   |                 | 50     | %      |                       |   | 50     | %                                   |   |   | 0.5 | % |
| Quality Invest S.A. (5)        | Real estate investments     | Argentina                |   |                 | 50     | %      |                       |   | 50     | %                                   |   |   | 0.2 | % |

| (1) | Percentage of equity interest has been rounded. It does not contemplate irrevocable contributions.                                                                                                                                                                                                                                                                                                                                                  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | On January 13, 2011, we acquired the remaining 50% of the capital stock of Metroshop from Metronec S.A.On July 20, 2011, the Extraordinary General Shareholders Meeting of Metroshop S.A. unanimously approved the change of its corporate name to Apsamedia S.A. and the amendment of its corporate purpose to capitalize on market opportunities. See “Related Party Transactions — Negotiation between Metroshop and Tarshop”. |
| (3) | On June 13, 2011, APSA acquired from IRSA a 98% interest in the capital stock of Torodur S.A. On that same date, APSA acquired from CAM Communications LP (Bermuda), ex Elsztain Realty Partners Master Fund II LP, and CAM Communications LP (Delaware) the participation of both companies in the capital stock of Torodur S.A. equivalent to 1% in each case.                                                                                    |
| (4) | On June 15, 2011, Alto Palermo S.A. (APSA), by itself and through its controlled affiliate Torodur S.A., acquired a fifty per cent (50%) stake in the shares of Nuevo Puerto Santa Fe S.A.                                                                                                                                                                                                                                                          |
| (5) | On May 30 2012, we acquired the whole interest that IRSA Inversiones y Representaciones Sociedad Anónima had in the equity of Quality Invest S.A., which amounts to 50% of the capital stock.                                                                                                                                                                                                                                                  |

Property, Plants and Equipment

| Property                                                | Location                           |   | Encumbrance          |   |
|---------------------------------------------------------|------------------------------------|--------|----------------------|--------|
| Alto Palermo                                            | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Abasto                                                  | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Alto Avellaneda                                         | City of Avellaneda, Argentina      |   |                 | -      |   |
| Paseo Alcorta                                           | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Patio Bullrich                                          | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Alto NOA                                                | City of Salta, Argentina           |   |                 | -      |   |
| Buenos Aires Design                                     | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Alto Rosario                                            | City of Rosario, Argentina         |   |                 | -      |   |
| Mendoza Plaza                                           | City of Mendoza, Argentina         |   |                 | -      |   |
| Caballito plot of land (1)                              | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Neuquén Project                                    | City of Neuquén, Argentina    |   |                 | -      |   |
|  Arcos del Gourme(2)      | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Córdoba Shopping – Villa Cabrera (3)         | City of Córdoba, Argentina    |   | Mortgage-antichresis |   |
| Dot Baires                                              | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Soleil Factory (4)                                      | City of San Isidro, Argentina      |   | Mortgage             |   |
| Air Space Soleil Factory (4)                            | City of San Isidro, Argentina      |   |                 | -      |   |
| Air Space Coto                                          | City of Buenos Aires, Argentina    |   |                 | -      |   |
| Torres Rosario                                          | City of Rosario, Argentina         |   |                 | -      |   |
| Patio Olmos                                             | City of Córdoba, Argentina    |   |                 | -      |   |
| La Ribera                                               | City of Santa Fe, Argentina        |   |                 | -      |   |
| San Martín property (5)                            | City of San Martín, Argentina |   | Mortgage             |   |
| Other properties (6)                                    | Argentina                          |   |                 | -      |   |

|   | (1)   | We have a parcel of land with a surface area of 23,389 square meters in the “Caballito” neighborhood, one of the most highly populated areas in the City of Buenos Aires, which we purchased in November 1997. This land could be used to build a 30,000 square meter shopping center including a hypermarket, a cinema complex and various leisure and entertainment areas. We are currently working on the definition of the commercial project. At present the Legislature of the City of Buenos Aires is dealing with bill of law for approving the urban development parameters of the site that has already been approved by the Executive branch. As of July 5, 2006, the Federal Administration of Public Revenues (“AFIP”) filed a preliminary injunction with the Federal Court for Administrative Proceedings. AFIP claimed differences in income taxes on revenue from admission rights. In the first instance, AFIP pleaded for a general restraining order. As of June 30, 2012, under court proceedings, this building is subject to a legal attachment for Ps.36.9 million. |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2)   | In December 2011, Alto Palermo started to develop “Arcos” project located in the neighborhood of Palermo, City of Buenos Aires. For more information, please see "History and Development of the Company".                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | (3)   | Included in fix assets is the cinema building located at Córdoba Shopping – Villa Cabrera, which is encumbered by a right of antichresis as a result of a financial debt held by Empalme (merged with SAPSA. As from January 1, 2009) with NAI INTERNACIONAL II Inc. The total amount of the debt was Ps.17.7 million as of June 30, 2012.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (4)   | On August3, 2011, a first line mortgage was granted on the property to secure payment of the balance of US$ 12.6 million plus interest for the acquisition of the commercial center goodwill.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | (5)   | Quality Invest S.A. granted Nobleza Piccardo S.A.I.C. y F. a first mortgage on the real property located in San Martín to secure payment of the balance of the acquisition price for the real property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | (6)   | Includes properties in the proximities of the above-listed properties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|   |   54  |
|--------|-----------------|

|     ITEM 4A. |  Unresolved staff comments |
|---------------------------------------|---------------------------------|

|     ITEM 5. |  Operating and Financial Review and Prospects |
|--------------------------------------|----------------------------------------------------|

Operating Results

|   | • |   | Business combinations; |
|--------|---------|--------|------------------------|

|   | • |   | Fixed assets, net; |
|--------|---------|--------|--------------------|

|   | • |   | Provision for allowances and contingencies; |
|--------|---------|--------|---------------------------------------------|

|   | • |   | Impairment of long-lived assets; |
|--------|---------|--------|----------------------------------|

|   | • |   | Income tax expense; |
|--------|---------|--------|---------------------|

|   | • |   | Minimum presumed income tax; and |
|--------|---------|--------|----------------------------------|

|   | • |   | Negative goodwill, net. |
|--------|---------|--------|-------------------------|

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| Assets                         | Estimated useful life (years) |
|--------------------------------|----------------------------------------------|
| • Properties:            |                                         |
| Shopping centers               | Between 16 and 31             |
| Others                         | Between 16 and 50                            |
| • Leasehold improvements | 3                                            |
| • Facilities             | 10                                           |
| • Furniture and fixtures | Between 3 and 10                             |
| • Vehicles               | 5                                            |
| • Computer equipment     | 3                                            |
| • Software               | 3                                            |

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| ·   | The accounting for marketable securities; |
|--------------------|-------------------------------------------|

| ·   | the accounting for pre-operating expenses; |
|--------------------|--------------------------------------------|

| ·   | the accounting for securitization programs; |
|--------------------|---------------------------------------------|

| ·   | the present-value accounting; |
|--------------------|-------------------------------|

| ·   | the reversal of previously recognized impairment losses accounting; |
|--------------------|---------------------------------------------------------------------|

| ·   | debtor ́s accounting for a modification of convertible debt instruments; |
|--------------------|------------------------------------------------------------------------------|

| ·   | the accounting for real estate barter transactions; |
|--------------------|-----------------------------------------------------|

| ·   | the revenue recognition of deferred commissions; |
|--------------------|--------------------------------------------------|

| ·   | the revenue recognition of scheduled rent increases; |
|--------------------|------------------------------------------------------|

| ·   | the revenue recognition of deferred insurance and origination fees; |
|--------------------|---------------------------------------------------------------------|

| ·   | the amortization of fees related to the Senior Notes; |
|--------------------|-------------------------------------------------------|

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| ·   | software developed or obtained for internal use; |
|--------------------|--------------------------------------------------|

| ·   | deferred income tax calculation purposes; |
|--------------------|-------------------------------------------|

| ·   | the reversal of capitalized financial costs; |
|--------------------|----------------------------------------------|

| ·   | the reversal of gain from valuation of inventories at net realizable value; |
|--------------------|-----------------------------------------------------------------------------|

| ·   | differences in basis relating to purchase accounting; |
|--------------------|-------------------------------------------------------|

| ·   | appraisal revaluation of fixed assets; |
|--------------------|----------------------------------------|

| ·   | disposal of business; |
|--------------------|-----------------------|

| ·   | non-controlling interest; |
|--------------------|---------------------------|

| ·   | accounting for the investment in TGLT; |
|--------------------|----------------------------------------|

| ·   | allowance for loan losses of credit card portfolio of Apsamedia; |
|--------------------|------------------------------------------------------------------|

| ·   | impact of US GAAP adjustments on joint ventures |
|--------------------|-------------------------------------------------|

| ·   | acquisition of non controlling interest |
|--------------------|-----------------------------------------|

| ·   | impact of US GAAP adjustments on equity investee; and |
|--------------------|-------------------------------------------------------|

| ·   | push-down accounting. |
|--------------------|-----------------------|

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|                                                                 |   | Fiscal year ended June 30, |   |
|----------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                 |   | 2010                            |   |   | 2011 |   |   | 2012 |   |
| Real GDP growth                                                      |   |                            | 3.0    | % |   |   | 9.14 | % |   |   | 0.00 | % |
| Inflation (IPIM)(1)                                                  |   |                            | 15.2   | % |   |   | 12.5 | % |   |   | 12.8 | % |
| Inflation (CPI)(2)                                                   |   |                            | 11.0   | % |   |   | 9.67 | % |   |   | 9.90 | % |
| Appreciation (depreciation) of the Peso against the U.S. Dollar |   |                            | (3.4   | )% |   |   | (4.33 | )% |   |   | (10.2 | )% |
| Exhange rate per US$ 1.00 as of the end of the year(3)               |   |  Ps.                       | 3.9110 |   |   |  Ps. | 4.0900 |   |   |  Ps. | 4.5070 |   |
| Average exchange rate per US$1.00(4)                                 |   |  Ps.                       | 3.8255 |   |   |  Ps. | 3.9805 |   |   |  Ps.  | 4.3016 |   |

| (1) | IPIM is the wholesale price index as measured by the Argentine Ministry of Economy and Production. |
|-----|----------------------------------------------------------------------------------------------------|

| (2) | CPI is the consumer price index as measured by the Argentine Ministry of Economy and Production. |
|-----|--------------------------------------------------------------------------------------------------|

| (3) | Represents average of the selling and buying exchange rate. |
|-----|-------------------------------------------------------------|

| (4) | Represents average month-end closing exchange rates. |
|-----|------------------------------------------------------|

|  Sources: |   INDEC, Argentine Ministry of Economy and Production, Banco de la Nación Argentina. |
|----------------|-----------------------------------------------------------------------------------------------------|

| Year ended June 30, |   | Consumer Price Index |   |   | Wholesale Price Index |   |
|--------------------------|--------|--------------------------------|--------|--------|---------------------------------|--------|
| 2002                     |   |                           | 28.4   | %      |                            |   | 88.2 | % |
| 2003                     |   |                           | 10.2   | %      |                            |   | 8.1 | % |
| 2004                     |   |                           | 4.9    | %      |                            |   | 8.6 | % |
| 2005                     |   |                           | 9.0    | %      |                            |   | 7.7 | % |
| 2006                     |   |                           | 11.0   | %      |                            |   | 12.1 | % |
| 2007                     |   |                           | 8.8    | %      |                            |   | 9.4 | % |
| 2008                     |   |                           | 9.3    | %      |                            |   | 13.8 | % |
| 2009                     |   |                           | 5.26   | %      |                            |   | 5.4 | % |
| 2010                     |   |                           | 11.0   | %      |                            |   | 15.2 | % |
| 2011                     |   |                           | 9.67   | %      |                            |   | 12.5 | % |
| 2012                     |   |                           | 9.90   | %      |                            |   | 12.8 | % |

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|                           |   | Fiscal year ended June 30, |   |
|--------------------------------|--------|------------------------------------------------|--------|
|                           |   | 2012                                           |   |   | 2011 |   |   | 2010 |   |
| Leases and services            |   |                                           | 95.5   | %  |   |   | 79.0 | %  |   |   | 66.1 | % |
| Consumer financing             |   |                                           | 0.5    | %  |   |   | 8.0 | %  |   |   | 33.8 | % |
| Others                         |   |                                           | 4.0    | %  |   |   | 13.0 | %  |   |   | 0.1 | % |
| Inter-segment eliminations (2) |   |                                           | (0.0   | ) %  |   |   | (0.0 | ) %  |   |   | (0.0 | ) % |
|                           |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Total                          |   |                                           | 100.0  | %  |   |   | 100.0 | %  |   |   | 100.0 | % |
| Total revenues (1)             |   |                                           | 923.6  |   |   |   | 856.5 |   |   |   | 784.9 |   |

| (1) | In million of pesos. |
|-----|----------------------|

| (2) | Includes inter-segment eliminations from lease revenues and expenses which means elimination due to consolidation of the financial statements. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|  Year ended June 30, 2012                          |   | Leases and services |     |   | Consumer financing |   |   | Others |   |   | Eliminations |   |   | Total  |   |
|--------------------------------------------------------------|--------|--------------------------|----------|--------|--------------------|--------|--------|--------|--------|--------|--------------|--------|--------|--------|--------|
| Revenues                                                     |   |                     | 882,293  |   |               |   | 4,836  |   |   |   | 36,489       |   |   |   | -      |   |   |   | 923,618 |   |
| Costs                                                        |   |                     | (157,260 | )      |               |   | (1,605 | )      |   |   | (31,744      | )      |   |   | -      |   |   |   | (190,609 | ) |
| Gross profit                                                 |   |                     | 725,033  |   |               |   | 3,231  |   |   |   | 4,745        |   |   |   | -      |   |   |   | 733,009 |   |
| Selling expenses                                             |   |                     | (52,775  | )      |               |   | (296   | )      |   |   | (1,558       | )      |   |   | -      |   |   |   | (54,629 | ) |
| Administrative expenses                                      |   |                     | (89,923  | )      |               |   | (267   | )      |   |   | (57          | )      |   |   | -      |   |   |   | (90,247 | ) |
| Gain from recognition of inventories at net realizable value |   |                     | -        |   |               |   | -      |   |   |   | 8,870        |   |   |   | -      |   |   |   | 8,870 |   |
| Net income from retained interest in securitized receivables |   |                     | -        |   |               |   | -      |   |   |   | -            |   |   |   | -      |   |   |   | - |   |
| Operating income                                             |   |                     | 582,335  |   |               |   | 2,668  |   |   |   | 12           |   |   |   | -      |   |   |   | 597,003 |   |
| Net income on equity investees                               |   |                     | -        |   |               |   | 10,125 |   |   |   | -            |   |   |   | -      |   |   |   | 10,125 |   |
| Amortization of goodwill, net                                |   |                     | 2,105    |   |               |   | -      |   |   |   | -            |   |   |   | -      |   |   |   | 2,105 |   |
| Financial results, net                                       |   |                     | (84,453  | )      |               |   | 4,904  |   |   |   | (2           | )      |   |   | -      |   |   |   | (79,551 | ) |
| Other (expenses) income, net                                 |   |                     | (16,918  | )      |               |   | 736    |   |   |   | -            |   |   |   | -      |   |   |   | (16,182 | ) |
| Income before taxes and minority interest                    |   |                     | 483,069  |   |               |   | 18,433 |   |   |   | 11,998       |   |   |   | -      |   |   |   | 513,500 |   |
| Income tax expense                                           |   |                     | (167,331 | )      |               |   | (194   | )      |   |   | (4,200       | )      |   |   | -      |   |   |   | (171,725 | ) |
| Minority interest                                            |   |                     | (13,933  | )      |               |   | -      |   |   |   | -            |   |   |   | -      |   |   |   | (13,933 | ) |
| Net income                                                   |   |                     | 301,805  |   |               |   | 18,239 |   |   |   | 7,798        |   |   |   | -      |   |   |   | 327,842 |   |

|  Year ended June 30, 2011                          |   | Leases and services |     |   | Consumer financing |   |    | Others |   |   | Eliminations |   |   | Total  |   |
|--------------------------------------------------------------|--------|--------------------------|----------|--------|--------------------|--------|---------|--------|--------|--------|--------------|--------|--------|--------|--------|
| Revenues                                                     |   |                     | 677,129  |   |               |   | 68,576  |   |   |   | 110,970      |   |   |   | (207   | ) (1) |   |   | 856,468 |   |
| Costs                                                        |   |                     | (165,069 | )      |               |   | (23,465 | )      |   |   | (70,028      | )      |   |   | 802    | (1)(2) |   |   | (257,760 | ) |
| Gross profit                                                 |   |                     | 512,06   |   |               |   | 45,111  |   |   |   | 40,942       |   |   |   | 595    |   |   |   | 598,708 |   |
| Selling expenses                                             |   |                     | (40,229  | )      |               |   | (25,109 | )      |   |   | (3,102       | )      |   |   | -      |   |   |   | (68,440 | ) |
| Administrative expenses                                      |   |                     | (69,124  | )      |               |   | (6,987  | )      |   |   | (197         | )      |   |   | -      |   |   |   | (76,308 | ) |
| Gain from recognition of inventories at net realizable value |   |                     | -        |   |               |   | -       |   |   |   | 14,964       |   |   |   | -      |   |   |   | 14,964 |   |
| Net income from retained interest in securitized receivables |   |                     | -        |   |               |   | 4,707   |   |   |   | -            |   |   |   | -      |   |   |   | 4,707 |   |
| Operating income                                             |   |                     | 402,707  |   |               |   | 17,722  |   |   |   | 52,607       |   |   |   | 595    |   |   |   | 473,631 |   |
| Net income on equity investees                               |   |                     | -        |   |               |   | 9,117   |   |   |   | -            |   |   |   | -      |   |   |   | 9,117 |   |
| Amortization of goodwill, net                                |   |                     | 1,783    |   |               |   | 100     |   |   |   | -            |   |   |   | -      |   |   |   | 1,883 |   |
| Financial results, net                                       |   |                     | (84,850  | )      |               |   | (21,924 | )      |   |   | 225          |   |   |   | (595   | ) (2) |   |   | (107,144 | ) |
| Other (expenses) income, net                                 |   |                     | (2,629   | )      |               |   | 12,597  |   |   |   | (1,621       | )      |   |   | -      |   |   |   | 8,347 |   |
| Income before taxes and minority interest                    |   |                     | 317,011  |   |               |   | 17,612  |   |   |   | 51,211       |   |   |   | -      |   |   |   | 385,834 |   |
| Income tax expense                                           |   |                     | (99,034  | )      |               |   | 5,212   |   |   |   | (12,759      | )      |   |   | -      |   |   |   | (106,581 | ) |
| Minority interest                                            |   |                     | (7,199   | )      |               |   | -       |   |   |   | -            |   |   |   | -      |   |   |   | (7,199 | ) |
|                                                         |   |                     | (210,778 | )      |               |   | 22,824  |   |   |   | 38,452       |   |   |   | -      |   |   |   | 272,054 |   |
| Net income                                                   |   |                     |     |   |               |   |    |   |   |   |         |   |   |   |   |   |   |   |   |   |

| (1) | Represents inter-segment lease revenues and expenses. |
|-----|-------------------------------------------------------|

| (2) | Represents interest expense generated by inter-segment loan used to fund consumer financing activity. |
|-----|-------------------------------------------------------------------------------------------------------|

----

Table of Content

| Year ended June 30, 2010                                |   | Leases andservices |     |   | Consumerfinancing |   |     | Others |   |   | Eliminations |   |   | Total  |    |
|--------------------------------------------------------------|--------|-------------------------|----------|--------|-------------------|--------|----------|--------|--------|--------|--------------|--------|--------|--------|---------|
| Revenues                                                     |   |                    | 518,463  |   |              |   | 265,346  |   |   |   | 1,172        |   |   |   | (108    | )(1) |   |   | 784,873 |   |
| Costs                                                        |   |                    | (158,559 | )      |              |   | (102,980 | )      |   |   | (328         | )      |   |   | 3,035   | (1)(2) |   |   | (258,832 | ) |
|                                                         |   |                    |     |   |              |   |     |   |   |   |         |   |   |   |    |   |   |   |   |   |
| Gross profit                                                 |   |                    | 359,904  |   |              |   | 162,366  |   |   |   | 844          |   |   |   | 2,927   |   |   |   | 526,041 |   |
| Selling expenses                                             |   |                    | (37,134  | )      |              |   | (125,562 | )      |   |   | (43          | )      |   |   | — |   |   |   | (162,739 | ) |
| Administrative expenses                                      |   |                    | (56,140  | )      |              |   | (25,234  | )      |   |   | (60          | )      |   |   | — |   |   |   | (81,434 | ) |
| Gain from recognition of inventories at net realizable value |   |                    | —  |   |              |   | —  |   |   |   | 1,162        |   |   |   | — |   |   |   | 1,162 |   |
| Net income from retained interest in securitized receivables |   |                    | —  |   |              |   | 37,470   |   |   |   | —      |   |   |   | — |   |   |   | 37,470 |   |
|                                                         |   |                    |     |   |              |   |     |   |   |   |         |   |   |   |    |   |   |   |   |   |
| Operating income                                             |   |                    | 266,630  |   |              |   | 49,040   |   |   |   | 1,903        |   |   |   | 2,927   |   |   |   | 320,500 |   |
| Amortization of goodwill, net                                |   |                    | (1,017   | )      |              |   | (628     | )      |   |   | —      |   |   |   | — |   |   |   | (1,645 | ) |
| Financial results, net                                       |   |                    | (92,848  | )      |              |   | (16,534  | )      |   |   | (39          | )      |   |   | (2,927  | ) |   |   | (112,348 | ) |
| Other expenses, net                                          |   |                    | (1,320   | )      |              |   | (1,984   | )      |   |   | —      |   |   |   | — |   |   |   | (3,304 | ) |
|                                                         |   |                    |     |   |              |   |     |   |   |   |         |   |   |   |    |   |   |   |   |   |
| Income before taxes and minority interest                    |   |                    | 171,445  |   |              |   | 29,894   |   |   |   | 1,864        |   |   |   | — |   |   |   | 203,203 |   |
|                                                         |   |                    |     |   |              |   |     |   |   |   |         |   |   |   |    |   |   |   |   |   |
| Income tax expense                                           |   |                    | (54,632  | )      |              |   | (10,473  | )      |   |   | (666         | )      |   |   | — |   |   |   | (65,771 | ) |
| Minority interest                                            |   |                    | (4,935   | )      |              |   | (158     | )      |   |   | —      |   |   |   | — |   |   |   | (5,093 | ) |
|                                                         |   |                    |     |   |              |   |     |   |   |   |         |   |   |   |    |   |   |   |   |   |
| Net income                                                   |   |                    | 111,878  |   |              |   | 19,263   |   |   |   | 1,198        |   |   |   | — |   |   |   | 132,339 |   |

| (1) | Represents inter-segment lease revenues and expenses. |
|-----|-------------------------------------------------------|

| (2) | Represents interest expense generated by inter-segment loan used to fund consumer financing activity. |
|-----|-------------------------------------------------------------------------------------------------------|

|                 |   | Fiscal year ended June 30,(1) |    |
|----------------------|--------|------------------------------------|---------|
|                 |   | 2010                               |    |   | 2011(3) |   |   | 2012(3) |   |
|                 |   | (in millions of Ps.)               |    |
| City of Buenos Aires |   |                               | 373,348 |   |   |   | 465,987 |   |   |   | 589,591 |   |
| Gran Buenos Aires(2) |   |                               | 59,833  |   |   |   | 91,321 |   |   |   | 119,878 |   |
| Rest of the country  |   |                               | 85,174  |   |   |   | 117,471 |   |   |   | 163,928 |   |
| Total revenues       |   |                               | 518,355 |   |   |   | 674,779 |   |   |   | 873,397 |   |

| (1) |  Includes inter-segment eliminations.                |
|-----|-----------------------------------------------------------|
| (2) | Excluding revenues derived from the City of Buenos Aires. |
| (3) | Does not include Dot Building.                            |

|                |   | Revenues for the fiscalyears ended on June 30, |   |
|---------------------|--------|-----------------------------------------------------------------------------------|--------|
|                |   | 2012                                                                              |   |   | 2011 |   |
|  Revenues      |   | (in million Ps.)                                                                  |   |
| Leases and services |   |                                                                              | 882.3  |   |   |   | 677.1 |   |
| Consumer Financing  |   |                                                                              | 4.8    |   |   |   | 68.6 |   |
| Other               |   |                                                                              | 36.5   |   |   |   | 111.0 |   |
| Eliminations        |   |                                                                              | -      |   |   |   | (0.2 | ) |
| Total revenues      |   |                                                                              | 923.6  |   |   |   | 856.5 |   |

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|                |   | Costs for the fiscalyears ended on June 30, |   |
|---------------------|--------|---------------------------------------------------------------------------|--------|
|                |   | 2012                                                                      |   |   | 2011 |   |
|  Costs         |   | (in million Ps.)                                                          |   |
| Leases and services |   |                                                                      | (157.3 | ) |   |   | (165.1 | ) |
| Consumer Financing  |   |                                                                      | (1.6   | ) |   |   | (23.5 | ) |
| Other               |   |                                                                      | (31.7  | ) |   |   | (70.0 | ) |
| Eliminations        |   |                                                                      | -      |   |   |   | 0.8 |   |
| Total costs         |   |                                                                      | (190.6 | ) |   |   | (257.8 | ) |

|                |   | Gross profit for thefiscal years ended June  30, |   |
|---------------------|--------|-------------------------------------------------------------------------------------|--------|
|                |   | 2012                                                                                |   |   | 2011 |   |
|  Gross profit  |   | (in million Ps.)                                                                    |   |
| Leases and services |   |                                                                                | 725.0  |   |   |   | 512.1 |   |
| Consumer Financing  |   |                                                                                | 3.2    |   |   |   | 45.1 |   |
| Other               |   |                                                                                | 4.7    |   |   |   | 40.9 |   |
| Eliminations        |   |                                                                                | -      |   |   |   | 0.6 |   |
| Total gross profit  |   |                                                                                | 733.0  |   |   |   | 598.7 |   |

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|                   |   | Selling expenses for thefiscal years ended on June 30, |   |
|------------------------|--------|------------------------------------------------------------------------------------------------|--------|
|                   |   | 2012                                                                                           |   |   | 2011 |   |
|  Selling expenses |   | (in million Ps.)                                                                               |   |
| Leases and services    |   |                                                                                           | (52.8  | ) |   |   | (40.2 | ) |
| Consumer Financing     |   |                                                                                           | (0.3   | ) |   |   | (25.1 | ) |
| Other                  |   |                                                                                           | (1.6   | ) |   |   | (3.1 | ) |
| Eliminations           |   |                                                                                           | -      |   |   |   | - |   |
| Total selling expenses |   |                                                                                           | (54.6  | ) |   |   | (68.4 | ) |

|                          |   | Administrative expenses for thefiscal years ended on June 30, |   |
|-------------------------------|--------|-------------------------------------------------------------------------------------------------------|--------|
|                          |   | 2012                                                                                                  |   |   | 2011 |   |
|  Administrative expenses |   | (in million Ps.)                                                                                      |   |
| Leases and services           |   |                                                                                                  | (89.9  | ) |   |   | (69.1 | ) |
| Consumer Financing            |   |                                                                                                  | (0.3   | ) |   |   | (7.0 | ) |
| Other                         |   |                                                                                                  | (0.1   | ) |   |   | (0.2 | ) |
| Eliminations                  |   |                                                                                                  | -      |   |   |   | - |   |
| Total Administrative expenses |   |                                                                                                  | (90.2  | ) |   |   | (76.3 | ) |

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|                   |   | Operating income/(loss) for the fiscal years ended June 30, |   |
|------------------------|--------|-------------------------------------------------------------------------------------------|--------|
|                   |   | 2012                                                                                      |   |   | 2011 |   |
|                   |   | (in million Ps.)                                                                          |   |
| Leases and services    |   |                                                                                      | 582.3  |   |   |   | 402.7 |   |
| Consumer Financing     |   |                                                                                      | 2.7    |   |   |   | 17.7 |   |
| Other                  |   |                                                                                      | 12.0   |   |   |   | 52.6 |   |
| Eliminations           |   |                                                                                      | -      |   |   |   | 0.6 |   |
| Total operating income |   |                                                                                      | 597.0  |   |   |   | 473.6 |   |

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|                |   | Revenues for the fiscalyears ended on June 30, |   |
|---------------------|--------|-----------------------------------------------------------------------------------|--------|
|                |   | 2011                                                                              |   |   | 2010 |   |
|  Revenues      |   | (in million Ps.)                                                                  |   |
| Leases and services |   |                                                                              | 677.1  |   |   |   | 518.5 |   |
| Consumer Financing  |   |                                                                              | 68.6   |   |   |   | 265.3 |   |
| Other               |   |                                                                              | 111.0  |   |   |   | 1.2 |   |
| Eliminations        |   |                                                                              | (0.2   | ) |   |   | (0.1 | ) |
| Total revenues      |   |                                                                              | 856.5  |   |   |   | 784.9 |   |

|                |   | Costs for the fiscalyears ended on June 30, |   |
|---------------------|--------|---------------------------------------------------------------------------|--------|
|                |   | 2011                                                                      |   |   | 2010 |   |
|  Costs         |   | (in million Ps.)                                                          |   |
| Leases and services |   |                                                                      | (165.1 | ) |   |   | (158.6 | ) |
| Consumer Financing  |   |                                                                      | (23.5  | ) |   |   | (103.0 | ) |
| Other               |   |                                                                      | (70.0  | ) |   |   | (0.3 | ) |
| Eliminations        |   |                                                                      | 0.8    |   |   |   | 3.0 |   |
| Total costs         |   |                                                                      | (257.8 | ) |   |   | (258.8 | ) |

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|                |   | Gross profit for thefiscal years ended June  30, |   |
|---------------------|--------|-------------------------------------------------------------------------------------|--------|
|                |   | 2011                                                                                |   |   | 2010 |   |
|  Gross profit  |   | (in million Ps.)                                                                    |   |
| Leases and services |   |                                                                                | 512.1  |   |   |   | 359.9 |   |
| Consumer Financing  |   |                                                                                | 45.1   |   |   |   | 162.4 |   |
| Other               |   |                                                                                | 40.9   |   |   |   | 0.8 |   |
| Eliminations        |   |                                                                                | 0.6    |   |   |   | 2.9 |   |
| Total gross profit  |   |                                                                                | 598.7  |   |   |   | 526.0 |   |

|                   |   | Selling expenses for thefiscal years ended on June 30, |    |
|------------------------|--------|------------------------------------------------------------------------------------------------|---------|
|                   |   | 2011                                                                                           |    |   | 2010 |   |
|  Selling expenses |   | (in million Ps.)                                                                               |    |
| Leases and services    |   |                                                                                           | (40.2   | ) |   |   | (37.1 | ) |
| Consumer Financing     |   |                                                                                           | (25.1   |   |   |   | (125.6 |   |
| Other                  |   |                                                                                           | (3.1    | ) |   |   | (0.0 | ) |
| Eliminations           |   |                                                                                           | — |   |   |   | — |   |
| Total selling expenses |   |                                                                                           | (68.4   | ) |   |   | (162.7 | ) |

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|                          |   | Administrative expenses for thefiscal years ended on June 30, |    |
|-------------------------------|--------|-------------------------------------------------------------------------------------------------------|---------|
|                          |   | 2011                                                                                                  |    |   | 2010 |   |
|  Administrative expenses |   | (in million Ps.)                                                                                      |    |
| Leases and services           |   |                                                                                                  | (69.1   | ) |   |   | (56.1 | ) |
| Consumer Financing            |   |                                                                                                  | (7.0    | ) |   |   | (25.2 | ) |
| Other                         |   |                                                                                                  | (0.2    | ) |   |   | (0.1 | ) |
| Eliminations                  |   |                                                                                                  | — |   |   |   | — |   |
| Total Administrative expenses |   |                                                                                                  | (76.3   | ) |   |   | (81.4 | ) |

|                          |   | Operating income/(loss) for the fiscal yearsended June 30, |   |
|-------------------------------|--------|------------------------------------------------------------------------------------------|--------|
|                          |   | 2011                                                                                     |   |   | 2010 |   |
|  Operating income/(loss) |   | (in million Ps.)                                                                         |   |
| Leases and services           |   |                                                                                     | 402.7  |   |   |   | 266.6 |   |
| Consumer Financing            |   |                                                                                     | 17.7   |   |   |   | 49.0 |   |
| Other                         |   |                                                                                     | 52.6   |   |   |   | 1.9 |   |
| Eliminations                  |   |                                                                                     | 0.6    |   |   |   | 3.0 |   |
| Total operating income        |   |                                                                                     | 473.6  |   |   |   | 320.5 |   |

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Liquidity and Capital Resources

|   | • |   | cash generated from operations; |
|--------|---------|--------|---------------------------------|

|   | • |   | cash generated from the issuance of debt securities; and |
|--------|---------|--------|----------------------------------------------------------|

|   | • |   | cash from borrowings (including cash from bank loans and overdraft facilities) and financing arrangements. Overdraft facilities are a customary source of financing in the Argentine banking system. |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | the acquisition of shopping centers; |
|--------|---------|--------|--------------------------------------|

|   | • |   | the development of new shopping centers; |
|--------|---------|--------|------------------------------------------|

|   | • |   | the improvement of existing shopping centers; |
|--------|---------|--------|-----------------------------------------------|

|   | • |   | the development of residential properties for sale; |
|--------|---------|--------|-----------------------------------------------------|

|   | • |   | working capital needs; and |
|--------|---------|--------|----------------------------|

|   | • |   | the maintenance of cash and other liquid assets to enable us to take advantage of the acquisition and development opportunities as they arise. |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                | Debt as June 30, 2012   |   |
|---------------------------------------------------------------------|-------------------------|--------|
|                                                                | Currency (in thousands) |   | Less than a year |   |   | From 1 to 2 years |   |   | From 2 to 3 years |   |   | From 3 to 4 years |   |   | More than 4 years |   |   | Total |   |   | Average rate % |   |
| Financial and Bank Loans                                            |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 10% Convertible Notes due 2014 (1)                                  | US$                     |   |   | 6,535 |   |   |   | - |   |   |   | 143,717 |   |   |   | - |   |   |   | - |   |   |   | 150,252 |   |   |   | 10 |  % |
| Series I Notes (1) (2)                                              | US$                     |   |   | 5,009 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 497,970 |   |   |   | 502,979 |   |   |   | 8 |  % |
| Fees and expenses in connection with the issuance of debt to accrue | Ps.                     |   |   | (455 | ) |   |   | (455 | ) |   |   | (455 | ) |   |   | (455 | ) |   |   | (417 | ) |   |   | (2,237 | ) |   |   | - |   |
| Bank overdrafts                                                     | Ps.                     |   |   | 32,173 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 32,173 |   |   | Float |   |
| Interest on bank loans                                              | Ps.                     |   |   | 6 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6 |   |   |   | - |   |
| Financial leases                                                    | Ps.                     |   |   | 787 |   |   |   | 107 |   |   |   | 107 |   |   |   |   |   |   |   | 106 |   |   |   | 1,213 |   |   |   | 10 |  % |
| Debt on acquisition of Property San Martín                     | US$                     |   |   | 17,644 |   |   |   | 17,429 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 35,073 |   |   |   | 8 |  % |
| Total financial and bank loans                                      |                    |   |   | 61,699 |   |   |   | 17,081 |   |   |   | 143,369 |   |   |   | (455  | ) |   |   | 497,659 |   |   |   | 719,459 |   |   |   |   |   |
| Seller - Financing Soleil Factory goodwill                          | US$                     |   |   | 2,854 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 38,689 |   |   |   | 41,543 |   |   |   | 5 |  % |
| Seller – Financing Arcos del Gourmet S.A.                     | US$                     |   |   | 10,235 |   |   |   | 1,530 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,765 |   |   |   | - |   |
| Seller – Financing Nuevo Puerto Santa Fé S.A.            | US$                     |   |   | 7,418 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7,418 |   |   |   | - |   |
| Total debt financed by seller                                       |                    |   |   | 20,507 |   |   |   | 1,530 |   |   |   | 143,369  |   |   |   | (455 | )  |   |   | 38,689 |   |   |   | 60,726 |   |   |   |   |   |
| Total Debt                                                          |                    |   |   | 82,206 |   |   |   | 18,611 |   |   |   | 143,369 |   |   |   | (455 | ) |   |   | 536,348 |   |   |   | 780,185 |   |   |   |   |   |

| (1)   | Includes interest |
|-----------------|-------------------|

| (2)   | Net of repurchased Notes |
|-----------------|--------------------------|

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Research and Development, Patents and Licenses, etc

Trend Information

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Off-Balance Sheet Arrangements

Tabular Disclosure of Contractual Obligations

|                   |   | Payments due by period (Thousand of Ps.) |    |
|-----------------------------|--------|------------------------------------------|---------|
|                   |   | Less than1 year                     |    |   | 1-3 years |   |   | 3-5 years |   |   | More than5 years |   |   | Total |   |
| Debt (1)                    |   |                                     | 95,061  |   |   |   | 271,320 |   |   |   | 41,958 |   |   |   | 600,638 |   |   |   | 1,008,977 |   |
| Other long term obligations |   |                                     | 7,278   |   |   |   | 9,383 |   |   |   | 15,489 |   |   |   | - |   |   |   | 32,150 |   |
| Total (2)                   |   |                                     | 102,339 |   |   |   | 280,703 |   |   |   | 57,447 |   |   |   | 600,638 |   |   |   | 1,041,127 |   |

| (1) | Net of repurchased Notes. |
|-----|---------------------------|

| (2) | Includes our main financial and related parties’ debts and tax amnesty plan for gross sales tax payable and accrued and prospective interests. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

Safe Harbor

| ITEM 6. | Directors, Senior Management and Employees |
|--------------|--------------------------------------------|

Directors and Senior Management

| Name                            | Date of birth         | Position                     | Date of | Term expiration |   |
|---------------------------------|-----------------------|------------------------------|---------|----------------------|--------|
| current                         | Current position |
| appointment                     | held since            |
| Eduardo S. Elsztain             | 01/26/1960            | Chairman                     | 2009    | 2012                 | 1994   |
| Saúl Zang                  | 12/30/1945            | Vice-chairman                | 2009    | 2012                 | 2003   |
| Alejandro G. Elsztain           | 03/31/1966            | Executive vice-chairman | 2009    | 2012                 | 2003   |
| Daniel R. Elsztain              | 12/22/1972            | Director                     | 2009    | 2012                 | 2004   |
| Abraham Perelman                | 04/04/1941            | Director                     | 2009    | 2012                 | 2003   |
| Fernando A. Elsztain            | 01/04/1961            | Director                     | 2009    | 2012                 | 1998   |
| Leonardo F. Fernández      | 06/30/1967            | Director                     | 2009    | 2012                 | 2007   |
| Enrique Antonini                | 03/16/1950            | Director                     | 2009    | 2012                 | 2007   |
| Gastón Armando Lernoud     | 06/04/1968            | Director                     | 2010    | 2012                 | 2010   |
| David A. Perednik               | 11/15/1957            | Director                     | 2010    | 2012                 | 2010   |
| Andrés Freire              | 01/14/1972            | Director                     | 2011    | 2014                 | 2011   |
| Juan M. Quintana                | 02/11/1966            | Alternate director      | 2009    | 2012                 | 2003   |
| Pablo Daniel Vergara del Carril | 10/03/1965            | Alternate director           | 2009    | 2012                 | 2006   |
| Marcos Oscar Barylka            | 06/29/1945            | Alternate director           | 2009    | 2012                 | 2006   |
| Salvador Darío Bergel      | 04/17/1932            | Alternate director           | 2009    | 2012                 | 2006   |
| Mauricio Wior                   | 10/23/1956            | Alternate director           | 2009    | 2012                 | 2006   |
| Gabriel A.G. Reznik             | 11/18/1958            | Alternate director           | 2009    | 2012                 | 2004   |

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|   | • |   | designate managers and establish their duties and compensation; |
|--------|---------|--------|-----------------------------------------------------------------|

|   | • |   | grant and revoke powers on behalf of our company; |
|--------|---------|--------|---------------------------------------------------|

|   | • |   | hire, impose disciplinary measures and terminate personnel, as well as determine salaries and compensation; |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------|

|   | • |   | enter into contracts related to our company’s activity; |
|--------|---------|--------|---------------------------------------------------------------|

|   | • |   | manage our company’s assets; |
|--------|---------|--------|------------------------------------|

|   | • |   | execute credit agreements for our company’s activities and set up encumbrances to secure our obligations; and |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------|

|   | • |   | engage in all the acts necessary to manage our company’s daily activities. |
|--------|---------|--------|----------------------------------------------------------------------------------|

| Name                       | Date of birth | Position                               | Current position held since |
|----------------------------|-------------------------|----------------------------------------|----------------------------------|
| Alejandro Gustavo Elsztain | 03/31/1966              | Chief Executive Officer                | 2002                             |
| Daniel Ricardo Elsztain    | 12/22/1972              | Chief Operating Officer                | 2011                             |
| Matias Gaivironsky         | 02/23/1976              | Chief Financial Officer                | 2011                             |
| David Alberto Perednik     | 11/15/1957              | Chief Administrative Officer | 2002                             |
| Rolando Argenti            | 12/16/1961              | Chief Commercial Officer               | 2009                             |

| Name and Position          | Date of birth | Position          | Current position held since |
|----------------------------|-------------------------|-------------------|----------------------------------|
| José Daniel Abelovich | 07/20/1956              | Syndics           | 2005                             |
| Marcelo Héctor Fuxman | 11/30/1955              | Syndics           | 2010                             |
| Noemí Ivonne Cohn     | 05/20/1959              | Syndics           | 2010                             |
| Sergio Leonardo Kolaczyk   | 11/28/1964              | Alternate Syndic  | 2011                             |
| Roberto Daniel Murmis      | 04/07/1959              | Alternate Syndics | 2010                             |
| Alicia Graciela Rigueira   | 12/02/1951              | Alternate Syndics | 2010                             |

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Compensation

|   | 1. | ordinary retirement in accordance with applicable labor regulations; |
|--------|----|----------------------------------------------------------------------|

|   | 2. | total or permanent incapacity or disability; and |
|--------|----|--------------------------------------------------|

|   | 3. | death. |
|--------|----|--------|

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Board Practices

Employees

|                             |   | As of June 30, |    |
|----------------------------------|--------|---------------------|---------|
|                             |   | 2010                |    |   | 2011 |   |   | 2012 |   |
| Alto Palermo S.A. (APSA) (1)     |   |                | 616     |   |   |   | 645 |   |   |   | 643 |   |
| Emprendimiento Recoleta          |   |                | 39      |   |   |   | 41 |   |   |   | 41 |   |
| Fibesa                           |   |                | 28      |   |   |   | 29 |   |   |   | 27 |   |
| Tarshop S.A. (2)                 |   |                | 784     |   |   |   | - |   |   |   | - |   |
| Panamerican Mall S.A. (3)        |   |                | 89      |   |   |   | 94 |   |   |   | 92 |   |
| Arcos del Gourmet S.A. (4)       |   |                | 2       |   |   |   | 2 |   |   |   | 1 |   |
|  Nuevo Puerto Santa Fé |   |                | -  |   |   |   | -  |   |   |   | 16 |   |
| Total                            |   |                | 1,558   |   |   |   | 811 |   |   |   | 820 |   |

| (1)   | In January 2010, we assigned corporate employees to Cresud under the Share Corporate Service Agreement. For more information, please see “Related Party Transactions” in this annual report. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | In September 2010 we sold 80% of Tarshop’s stock to Banco Hipotecario. |
|-----------------|------------------------------------------------------------------------------|

| (3)   | We obtained a controlling interest in this subsidiary during fiscal year ended June 30, 2008. |
|-----------------|----------------------------------------------------------------------------------------------------|

| (4)   | In November 2009 we aquired 80% of of Arcos Gourmet S.A.. |
|-----------------|-----------------------------------------------------------|

Share Ownership

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Table of Content

|                             |                                                                    |   | Share Ownership |      |   | Convertible notes ownership |   |
|----------------------------------|-------------------------------------------------------------------------|--------|-----------------|-----------|--------|-----------------------------|--------|
| Name                             | Position                                                                |   | Amount          |      |   | Percentage                  |   |   | Amount |   |
|                             |                                                                    |   | (in thousands)  |      |   |                        |   |   | (in thousands) |   |
| Directors                        |                                                                    |   |            |      |   |                        |   |   |   |   |
| Eduardo Sergio Elsztain          | Chairman                                                                |   |            | 1,204,567 | (1)    |                        |   | 95.6 | % (1) |   |   | 31,738 | (2) |
| Saúl Zang                   | Vice Chairman                                                           |   |            | -         |   |                        |   | - |   |   |   | 1 |   |
| Alejandro Gustavo Elsztain       | Executive Vice Chairman /Chief General Officer |   |            | 1,584     |   |                        |   | 0.1 | % |   |   | - |   |
| Daniel Ricardo Elsztain          | Director                                                                |   |            | 102       |   |                        |   | 0.0 | % |   |   | - |   |
| Abraham Perelman                 | Director                                                                |   |            | -         |   |                        |   | - |   |   |   |   |   |
| Fernando Adrián Elsztain    | Director                                                                |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Leonardo Fabricio Fernández | Director                                                                |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Enrique Antonini                 | Director                                                                |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Gastón Armando Lernoud      | Director                                                                |   |            | 9         |   |                        |   | 0.0 | % |   |   | - |   |
| David Alberto Perednik           | Director / Chief Administrative Officer                                 |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Andrés Freire               | Director                                                                |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Pablo Daniel Vergara del Carril  | Alternate Director                                                      |   |            | 28        |   |                        |   | 0.0 | % |   |   | - |   |
| Marcos Oscar Barylka             | Alternate Director                                                      |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Salvador Darío Bergel       | Alternate Director                                                      |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Mauricio Wior                    | Alternate Director                                                      |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Gabriel A.G. Reznik              | Alternate Director                                                      |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Juan Manuel Quintana             | Alternate Director                                                      |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Senior Management                |                                                                    |   |            |      |   |                        |   |   |   |   |   |   |   |
| Matias Gaivironsky               | Chief Financial Officer                                                 |   |            | 3         |   |                        |   | 0.0 | % |   |   | - |   |
| Rolando Argenti                  | Chief Commercial Officer                                                |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Supervisory Committee            |                                                                    |   |            |      |   |                        |   |   |   |   |   |   |   |
| José Daniel Abelovich       | Member                                                                  |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Marcelo Héctor Fuxman       | Member                                                                  |   |            | -         |   |                        |   | - |   |   |   |   |   |
| Noemi Cohn                       | Member                                                                  |   |            |      |   |                        |   | - |   |   |   | - |   |
| Sergio Leonardo Kolaczyk         | Alternate Member                                                        |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Roberto Daniel Murmis            | Alternate Member                                                        |   |            | -         |   |                        |   | - |   |   |   | - |   |
| Alicia Graciela Rigueira         | Alternate Member                                                        |   |            | -         |   |                        |   | - |   |   |   | - |   |

| (1) | Mr. Eduardo S. Elsztain, chairman of our board of directors, is the beneficial owner of 189,077,367 common shares of Cresud representing 38.79% (on a fully diluted basis) of its total share capital. Although Mr. Elsztain does not own a majority of the shares of Cresud, he is its largest shareholder and exercises substantial influence over Cresud. Cresud as of June 30, 2012 owns 64.2% of IRSA’s common shares. If Mr. Elsztain were considered to control Cresud due to his significant influence over it, he would be considered to be the beneficial owner of 66.1% of IRSA’s shares (includes (i) 371,517,973 common shares beneficially owned by Cresud, (ii) 8,998,030 common shares beneficially owned by Inversiones Financieras del Sur S.A., (iii) 628,070 common shares beneficially owned by Consultores Assets Management S.A., and (iv) 1,218,600 common shares owned directly by Mr. Elsztain). Therefore IRSA currently owns 95.6% of our shares. If Mr. Elsztain were considered the beneficial owner of 66.1% of IRSA, he would be the beneficial owner of 95.6% of our shares through IRSA.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | 99.97% of our 10% Convertible Notes due 2014 are owned by IRSA. If Mr. Elsztain were considered the beneficial owner of 66.1% of IRSA, he would be the beneficial owner of these Convertible Notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|     ITEM 7. | Major Shareholders and Related Party Transactions |
|--------------------------------------|---------------------------------------------------|

Major Shareholders

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Table of Content

|                                                  |   | Share Ownership  |      |
|-------------------------------------------------------|--------|------------------|-----------|
|                                                  |   | Number of shares |      |   | Actual Percentage (2) |   |
|                                                  |   | (in thousands)   |      |   |   |   |
| IRSA(1)                                               |   |             | 1,204,567 |   |   |   | 95.6 | % |
| Directors and officers excluding Eduardo Elsztain (3) |   |             | 1,726     |   |   |   | 0.1 | % |
| Social Security National Agency                       |   |             | 17,393    |   |   |   | 1.4 | % |
| Total                                                 |   |             | 1,223,686 |   |   |   | 97.1 | % |

| (1) | The number of shares would increase to 2,184,142,673, assuming full conversion of the US$ 31.7 million Convertible Notes held by IRSA. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Figures may not sum due to rounding. |
|-----|--------------------------------------|

| (3) | Includes only direct ownership of our directors and senior management, other than Eduardo Elsztain. Information as of June 30, 2012. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|                                     |   | Share Ownership as of June 30, |   |
|------------------------------------------|--------|-------------------------------------|--------|
| Shareholder                              |   | 2012                                |   |   | 2011 |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| IRSA(1)                                  |   |                                | 95.6   | % |   |   | 94.9 | % |   |   | 63.3 | % |   |   | 63.3 | % |   |   | 63.35 | % |
| Parque Arauco                            |   |                                | -      |   |   |   | - |   |   |   | 29.6 | % |   |   | 29.6 | % |   |   | 29.6 | % |
| Directors and officers                   |   |                                | 0.1    | % |   |   | 0.1 | % |   |   | 0.2 | % |   |   | 0.2 | % |   |   | 0.2 | % |
| Argentine Pension Funds in the aggregate |   |                                | 1.4    | % |   |   | 1.4 | % |   |   | 2.2 | % |   |   | 0.2 | % |   |   | 2.1 | % |

Related Party Transactions

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Table of Content

|   | (i) | receivables from consumption transactions carried out through December 31, 2010 that are performing or in default for not more than 60 days (both those in Metroshop’s own portfolio and those assigned to Fideicomiso Financiero Metroshop Serie XV); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | credit card issuance agreements whose customers did not have, as of December 31, 2010, a default for over 60 days in complying with their obligations; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii) | all credit card customers or accounts and consumer loans; |
|--------|------|-----------------------------------------------------------|

|   | iv) | lease agreements for certain branches and the related property; and |
|--------|-----|---------------------------------------------------------------------|

|   | v) | labor agreements for payroll personnel. |
|--------|----|-----------------------------------------|

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Interests of Experts and Counsel

|     ITEM 8. | Financial Information |
|--------------------------------------|-----------------------|

Consolidated Statements and Other Financial Information

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Table of Content

|   | • |   | 5% of such net profits is allocated to our legal reserve, until such reserve amounts to 20% of our capital stock; |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | • |   | a certain amount determined at a shareholders’ meeting is allocated to compensation of our directors and the members of our Supervisory Committee; and |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | additional amounts may be allocated to the payment of dividends, optional reserve, or to establish reserves for any other purpose as determined by our shareholders. |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year   |   | Cash dividends |        | Stock dividends |   | Total per share |   |
|--------|--------|----------------|-------------|-----------------|--------|-----------------|--------|
|   |   | (Ps.)          |        | (Ps.)           |   | (Ps.)           |   |
| 2004   |   |           | 17,895,663  |            |   |            |   | 0.0229 |   |
| 2005   |   |           | 29,000,000  |            |   |            |   | 0.0371 |   |
| 2006   |   |           | 47,000,000  |            |   |            |   | 0.0601 |   |
| 2007   |   |           | 55,721,393  |            |   |            |   | 0.0712 |   |
| 2008   |   |           | 60,237,864  |            |   |            |   | 0.0770 |   |
| 2009   |   |           | 56,000,000  |            |   |            |   | 0.0716 |   |
| 2010   |   |           | 113,000,000 |            |   |            |   | 0.0897 |   |
| 2011   |   |           | 247,879,100 |            |   |            |   | 0.1968 |   |
| 2012   |   |           | 177,000,000 |            |   |            |   | 0.1405 |   |

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Significant changes

|     ITEM 9. | The Offer and Listing |
|--------------------------------------|-----------------------|

The offer and listing details

|                   |              |   Bolsa de Comercio de Buenos Aires |                             |   | NASDAQ |   |
|------------------------|-------------------|-----------------------------------------------|----------------------------------|--------|--------|--------|
|                   |              |                                          | Ps. Per 10 shares |   |   |   |   |   | US$ Per ADS |   |
|                   | Share Volume |                                          |                             | High   |   |   | Low |   |   | ADS Volume |   |   | High |   |   | Low |   |
| Fiscal Year 2008       |              |                                          |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter            |              |                                          | 88,36                            |   |   |   | 15.90 |   |   |   | 13.50 |   |   |   | 79,063 |   |   |   | 21.65 |   |   |   | 16.07 |   |
| 2nd Quarter            |              |                                          | 134,46                           |   |   |   | 15.50 |   |   |   | 12.25 |   |   |   | 61,473 |   |   |   | 19.50 |   |   |   | 15.40 |   |
| 3rd Quarter            |              |                                          | 24,304                           |   |   |   | 13.00 |   |   |   | 11.90 |   |   |   | 26,824 |   |   |   | 16.30 |   |   |   | 11.00 |   |
| 4th Quarter            |              |                                          | 685,91                           |   |   |   | 12.50 |   |   |   | 10.50 |   |   |   | 28,353 |   |   |   | 17.00 |   |   |   | 11.90 |   |
| Annual                 |              |                                          | 933,034                          |   |   |   | 15.90 |   |   |   | 10.50 |   |   |   | 195,713 |   |   |   | 21.65 |   |   |   | 11.00 |   |
| Fiscal Year 2009       |              |                                          |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter            |              |                                          | 5,462                            |   |   |   | 10.70 |   |   |   | 9.00 |   |   |   | 12,908 |   |   |   | 14.00 |   |   |   | 8.00 |   |
| 2nd Quarter            |              |                                          | 39,982                           |   |   |   | 10.40 |   |   |   | 6.25 |   |   |   | 38,315 |   |   |   | 9.79 |   |   |   | 3.96 |   |
| 3rd Quarter            |              |                                          | 11,093                           |   |   |   | 9.90 |   |   |   | 8.80 |   |   |   | 39,821 |   |   |   | 5.98 |   |   |   | 2.99 |   |
| 4th Quarter            |              |                                          | 34,99                            |   |   |   | 9.70 |   |   |   | 9.00 |   |   |   | 10,165 |   |   |   | 5.95 |   |   |   | 4.10 |   |
| Annual                 |              |                                          | 91,527                           |   |   |   | 10.70 |   |   |   | 6.25 |   |   |   | 101,209 |   |   |   | 14.00 |   |   |   | 2.99 |   |
| Fiscal Year 2010       |              |                                          |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter            |              |                                          | 53,033                           |   |   |   | 6.30 |   |   |   | 4.25 |   |   |   | 15,667 |   |   |   | 6.60 |   |   |   | 5.30 |   |
| 2nd Quarter            |              |                                          | 39,982                           |   |   |   | 10.40 |   |   |   | 6.25 |   |   |   | 68,98 |   |   |   | 10.49 |   |   |   | 5.50 |   |
| 3rd Quarter            |              |                                          | 36,182                           |   |   |   | 9.90 |   |   |   | 8.50 |   |   |   | 35,397 |   |   |   | 10.83 |   |   |   | 8.31 |   |
| 4th Quarter            |              |                                          | 55,535                           |   |   |   | 9.70 |   |   |   | 8.50 |   |   |   | 55,931 |   |   |   | 11.00 |   |   |   | 8.50 |   |
| Annual                 |              |                                          | 184,732                          |   |   |   | 10.40 |   |   |   | 4.25 |   |   |   | 175,975 |   |   |   | 11.00 |   |   |   | 5.30 |   |
| Fiscal Year 2011       |              |                                          |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter            |              |                                          | 108,416                          |   |   |   | 9.70 |   |   |   | 8.50 |   |   |   | 46,601 |   |   |   | 10.94 |   |   |   | 8.50 |   |
| 2nd Quarter            |              |                                          | 149,126                          |   |   |   | 16.50 |   |   |   | 9.70 |   |   |   | 235,469 |   |   |   | 18.00 |   |   |   | 10.02 |   |
| 3rd Quarter            |              |                                          | 60,019                           |   |   |   | 17.50 |   |   |   | 13.80 |   |   |   | 86,673 |   |   |   | 17.20 |   |   |   | 13.25 |   |
| 4th Quarter            |              |                                          | 167,94                           |   |   |   | 26.40 |   |   |   | 14.20 |   |   |   | 264,212 |   |   |   | 24.20 |   |   |   | 13.40 |   |
| Annual                 |              |                                          | 485,501                          |   |   |   | 26.40 |   |   |   | 8.50 |   |   |   | 632,955 |   |   |   | 24.20 |   |   |   | 8.50 |   |
| Fiscal Year 2012       |              |                                          |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter            |              |                                          | 18,037                           |   |   |   | 23.00 |   |   |   | 17.50 |   |   |   | 248,393 |   |   |   | 22.77 |   |   |   | 14.20 |   |
| 2nd Quarter            |              |                                          | 39,489                           |   |   |   | 19.00 |   |   |   | 14.10 |   |   |   | 266,017 |   |   |   | 17.39 |   |   |   | 12.30 |   |
| 3rd Quarter            |              |                                          | 22,318                           |   |   |   | 25.00 |   |   |   | 16.90 |   |   |   | 168,934 |   |   |   | 20.98 |   |   |   | 13.25 |   |
| 4th Quarter            |              |                                          | 63,243                           |   |   |   | 23.00 |   |   |   | 17.00 |   |   |   | 318,674 |   |   |   | 18.55 |   |   |   | 10.42 |   |
| Annual                 |              |                                          | 143,087                          |   |   |   | 25.00 |   |   |   | 14.10 |   |   |   | 1,002,018 |   |   |   | 22.77 |   |   |   | 10.42 |   |
| Fiscal Year 2013       |              |                                          |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter            |              |                                          | 5,871                            |   |   |   | 22.50 |   |   |   | 20.50 |   |   |   | 99,866 |   |   |   | 15.74 |   |   |   | 12.15 |   |
| July 2012              |              |                                          | 3,681                            |   |   |   | 22.50 |   |   |   | 22.00 |   |   |   | 19,683 |   |   |   | 13.95 |   |   |   | 12.15 |   |
| August 2012            |              |                                          | 1,276                            |   |   |   | 22.00 |   |   |   | 21.00 |   |   |   | 41,751 |   |   |   | 15.74 |   |   |   | 13.50 |   |
| September 2012         |              |                                          | 914                              |   |   |   | 21.00 |   |   |   | 20.00 |   |   |   | 38,432 |   |   |   | 15.98 |   |   |   | 15.01 |   |
| As of October 25, 2012 |              |                                          | 5,323                       |   |   |   | 24.50 |   |   |   | 22.55 |   |   |   | 41,516 |   |   |   | 16.88 |   |   |   | 15.01 |   |

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Plan of Distribution

Markets

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Table of Content

|                                       |   | As of June 30, |     |
|--------------------------------------------|--------|----------------|----------|
|                                       |   | 2011           |     |   | 2012 |   |
| Market capitalization (Ps. billion)        |   |           | 1,593.19 |   |   |   | 1,979.10 |   |
| Average daily trading volume (Ps. million) |   |           | 52.83    |   |   |   | 46.05 |   |
| Number of listed companies                 |   |           | 106      |   |   |   | 104 |   |

Selling Shareholders

Dilution

Expenses of the Issue

| ITEM 10. | Additional Information |
|---------------|------------------------|

Share Capital

Memorandum and Articles of Association

|   | • |   | Invest, develop and operate real estate, and specially shopping centers; |
|--------|---------|--------|--------------------------------------------------------------------------|

|   | • |   | Invest, develop and operate personal property, and specially securities; |
|--------|---------|--------|--------------------------------------------------------------------------|

|   | • |   | Manage real or personal property, whether owned by us or by third parties; |
|--------|---------|--------|----------------------------------------------------------------------------|

|   | • |   | Build, recycle or repair real property whether owned by us or by third parties; |
|--------|---------|--------|---------------------------------------------------------------------------------|

|   | • |   | Advise third parties with respect to the aforementioned activities; |
|--------|---------|--------|---------------------------------------------------------------------|

|   | • |   | Fund projects, undertakings, works and/or real estate transactions of third parties. |
|--------|---------|--------|--------------------------------------------------------------------------------------|

|   | (a) | place the corporate interests of the company and the common interest of the shareholders above any other interest, including the controlling shareholder’s interests; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | refrain from obtaining a personal benefit from the issuer other than the compensation paid for their functions; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

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|   | (c) | organize and implement preventive systems and mechanisms to protect the corporate interests, reducing the risk of conflicts of interests, either permanent or temporary, in the personal relationship with the company or with entities related to the company. This duty specifically refers to activities in competition with the company, the use or imposition of a lien on corporate assets, the determination of compensation or proposals related thereto, the use of non public information, the use of business opportunities for their own benefit or for the benefit of third parties and, in general, any situation that may generate a conflict of interests affecting the issuer; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | make the necessary arrangements to perform the company’s activities and implement the necessary internal control to ensure a careful management and avoid breaches of the duties established by the applicable regulations; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | act with due diligence when preparing and disclosing the information to the market, and maintain the independence of external auditors. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | allocate 5% of such net profits to legal reserve, until the amount of such reserve equals 20% of the capital stock; |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------|

|   | • |   | the sum established by the shareholders’ meeting as remuneration of the of Directors and the supervisory committee; |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | • |   | dividends, additional dividends to preferred shares if any, or to optional reserve funds or contingency reserves or to a new account, or for whatever purpose the shareholders’ meeting determines. |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | All directors and alternate directors are elected for a three-year term. |
|--------|---------|--------|--------------------------------------------------------------------------|

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|   | • |   | Our bylaws do not establish staggered elections. |
|--------|---------|--------|--------------------------------------------------|

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Material Contracts

Exchange Controls

| i)   | Inflows of funds made by Multilateral and Bilateral Credit Agencies, either directly or through their related agencies. |
|----------------|-------------------------------------------------------------------------------------------------------------------------|

| ii)   | Financial indebtedness with non-resident financial or private sector, to the extent the funds, net of taxes and expenses, are applied to the purchase of foreign currency for the payment of external debt services or the formation of long-term assets. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii)   | Any other financial indebtedness with non-resident financial or private sector, to the extend the inflows had been incurred and repaid in an average term no less than two years, including principal and interests and, to the extent, the funds are applied to investment in non financial assets by the private sector. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iv)   | Foreign currency settlements by Argentine residents derived from foreign currency loans granted by local financial institutions. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------|

| v)   | Direct investment contributions in local companies (pursuant to Communication “A” 4662 which defines “direct investment”as the participation in the capital stock which must be no less than 10%) and sale of interests in the capital stock of local companies to direct investors. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | purchase up to US$ 2,000,000 per month for the following purposes: real estate investments abroad, loans to nonresidents, contributions by residents of direct investments abroad, off-shore portfolio investments by individuals, other off-shore investments by residents, off-shore portfolio investments by legal entities, purchase of foreign banknotes to be held in Argentina and purchases of traveler checks, and donations. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Formation of off- shore assets for subsequent allocation for specific purposes: Up to January 27, 2012, individuals and legal entities domiciled in Argentina were authorized to purchase foreign currency without any limitation for the purpose of making direct investments abroad involving the production of non-financial goods and services, always provided that certain conditions are met (Communication “A” 5236, item 4.1). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Formation of off-shore assets for subsequent allocation without specific purposes: individuals who were Argentine residents, legal entities organized in Argentina and trust set up with contributions from the national public sector were authorized to purchase up to US$2,000,000 per month for the following purposes: real estate investments abroad, loans to nonresidents, contributions by residents of direct investments abroad, off-shore portfolio investments by individuals, other off-shore investments by residents, off-shore portfolio investments by legal entities, purchase of foreign banknotes to be held in Argentina and purchases of traveler checks, and donations (Communication “A” 5236, item 4.2). |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A.   | The entities authorized to deal in foreign exchange previously inquire and register the transaction through the Inquiry program and the transaction is “Validated”. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| B.   | The foreign currency purchased is not allocated to the purchase in the over-the-counter market of securities issued by residents or representing them, or issued by nonresidents and traded in Argentina. The previous consent is required when such allocation is effected by settling the purchase within twenty (20) business days following the date of access to the MULC. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | Annual purchases in excess of US$ 250,000: |
|--------|----|--------------------------------------------|

| a.   | Individuals: the broker entity must verify that the funds applied to the amounts purchased do not exceed the sum of: |
|----------------|----------------------------------------------------------------------------------------------------------------------|

| i.   | the assets reported as investments in local financial assets and cash holdings in local currency as reflected in the most recent personal asset return that has become due; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | the proceeds from the realization in Argentina, in local currency, of the actual recordable assets and foreign banknotes consistent with the tax return and income for the period; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | income accrued during the calendar year that has been subject to income tax withholdings, |
|------------------|-------------------------------------------------------------------------------------------|

| iv.   | gains accrued during the year from financial assets not subject to income tax; and |
|-----------------|------------------------------------------------------------------------------------|

| v.   | inheritance amounts received during the year. |
|----------------|-----------------------------------------------|

| b.   | Legal Entities: the broker entity must verify that the sum of the funds allocated to foreign currency purchases for these purposes does not exceed: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | The amount of the accounting shareholders’ equity as of the closing of the last fiscal year previously ended, |
|----------------|---------------------------------------------------------------------------------------------------------------------|

| ii.   | less investments made as of such date in off-shore assets, local deposits in foreign currency, interests in other local companies, distributions of profits and dividends approved before the balance sheet’s closing date, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | plus income accrued after the fiscal year’s closing date and sales in the local market of foreign banknotes. |
|------------------|--------------------------------------------------------------------------------------------------------------------|

| a.   | Up to 5 business day prior to the due date of each interest installment and to pay interest accrued within such interest period; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------|

| b.   | To pay interest accrued as from the date of the settlement of the disbursement through the local foreign exchange market; or |
|----------------|------------------------------------------------------------------------------------------------------------------------------|

| c.   | To pay interest accrued as from the date of the actual disbursement; provided that the funds disbursed abroad were credited in correspondent accounts of entities authorized to settle such funds through the local exchange market, within 48 hours from the date of their disbursement. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| a.   | within 30 calendar days prior to the stated maturity of the applicable obligation; provided that the funds disbursed under such obligation have remained in Argentina for at least 365 days; or |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | with the anticipation required from an operating standpoint in order to pay to the creditor at maturity, in case of principal installments the payment of which depends on the satisfaction of specific conditions expressly contemplated in the contracts executed by and between the parties involved. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | Crimes related to the traffic and illegal commercialization of drugs (Law N° 23,737) |
|----------------|-------------------------------------------------------------------------------------------|

| b)   | Crimes related to arms traffic (Law N° 22,415); |
|----------------|------------------------------------------------------|

| c)   | Crimes related to illegal association o terrorist association |
|----------------|---------------------------------------------------------------|

| d)   | Crimes committed by illegal associations organized to commit crimes for political or racial purposes; |
|----------------|-------------------------------------------------------------------------------------------------------|

| e)   | Crimes against Public Administration |
|----------------|--------------------------------------|

| f)   | Crimes of minor’s prostitution and child pornography |
|----------------|------------------------------------------------------------|

| g)   | Crimes related to terrorism financing |
|----------------|---------------------------------------|

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Taxation

| §   | a bank; |
|--------------------|---------|

| §   | a dealer in securities or currencies; |
|--------------------|---------------------------------------|

| §   | a financial institution; |
|--------------------|--------------------------|

| §   | a regulated investment company; |
|--------------------|---------------------------------|

| §   | a real estate investment trust; |
|--------------------|---------------------------------|

| §   | an insurance company; |
|--------------------|-----------------------|

| §   | a tax exempt organization; |
|--------------------|----------------------------|

| §   | a person holding the shares or ADSs as part of a hedging, integrated or conversion transaction, constructive sale or straddle; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

| §   | a trader in securities that has elected the mark-to-market method of accounting for your securities; |
|--------------------|------------------------------------------------------------------------------------------------------|

| §   | a person liable for alternative minimum tax; |
|--------------------|----------------------------------------------|

| §   | a person who owns or is deemed to own 10% or more of the voting stock of our company; |
|--------------------|---------------------------------------------------------------------------------------|

| §   | a partnership or other pass –through entity for United States federal income tax purposes; or |
|--------------------|-----------------------------------------------------------------------------------------------------|

| §   | a person whose “functional currency” is not the U.S. Dollar. |
|--------------------|--------------------------------------------------------------------------|

| §   | an individual citizen or resident of the United States; |
|--------------------|---------------------------------------------------------|

| §   | a corporation created or organized in or under the laws of the United States, any state thereof or the District of Columbia; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| §   | an estate the income of which is subject to United States federal income taxation regardless of its source; or |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| §   | a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • |   | The tax on gratuitous transmission of property is applicable to any enrichment resulting from transmissions made for no consideration, including: inheritances, legacies, donations, inheritance advance payments or any other event that implies a gratuitous monetary enrichment. |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | The tax on gratuitous transmission of property is payable by individuals and artificial persons that are beneficiaries of a gratuitous transmission of property. |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | For taxpayers domiciled in the Province of Buenos Aires, the tax on gratuitous transmission of property is applicable over the total amount of the gratuitous enrichment, in respect of property situated both in and outside of the Province of Buenos Aires. Instead, for taxpayers domiciled outside of the Province of Buenos Aires, the tax on gratuitous transmission of property is applicable only over the gratuitous enrichment resulting from the transmission of such property as is situated within the Province of Buenos Aires. |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | The following property, among others, is deemed situated in the Province of Buenos Aires (i) securities and shares of stock, membership or equity interests and other negotiable instruments representing capital stock, issued by governmental or private entities and companies domiciled in the Province of Buenos Aires; (ii) securities, shares of stock and other negotiable instruments issued by private entities or companies domiciled in a different jurisdiction that were physically situated in the Province of Buenos Aires at the time of their transmission; and (iii) securities, shares of stock and other negotiable instruments representing capital stock or its equivalent issued by entities or companies domiciled in another jurisdiction which are also physically situated in another jurisdiction, in proportion to the issuers’ assets situated in the Province of Buenos Aires. |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | Gratuitous transmissions of property are exempt from tax when their aggregate value, excluding deductions, exemptions and exclusions, is equal to or lower than $ 60,000 and it rises to $250.000 in the case of parents, children and spouse. |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | Step-up rates from 4% to 15.9% have been established, based on the degree of kinship and taxable base involved. |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------|

Dividends and Paying Agents

Statement by Experts

Documents on Display

Subsidiary Information

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|    ITEM 11. | Quantitative and Qualitative Disclosures About Market Risk  |
|---------------------------------|------------------------------------------------------------------|

|   | • |   | Convertible Notes; |
|--------|---------|--------|--------------------|

|   | • |   | Series I Notes. |
|--------|---------|--------|-----------------|

|                                                 |   | As of June 30, 2012                    |   |
|------------------------------------------------------|--------|----------------------------------------|--------|
|                                                 |   | Expected contractual maturity date (1) |   |
|                                                 |   | Less than 1 year                       |   |   | Between 1 and 2 years |   | Between 2 and 3 years |   | Between 3 and 4 years |   | More than 4 years |   |   | Total |   |   | FairValue  (6) |   |   | AverageInterestRate |   |
|                                                 |   | (U$S In millions)                      |   |
| Significant liabilities                              |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Fixed rate debt (US$):       |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Principal payment and accrued interest(2)            |   |                                   | 1.4    |   |   |   | 31.7 |   |   |   |   |   |   |   |   |   | 33.2 |   |   |   |   |   |   | 10 |   |
| Principal payment and accrued interest(3)            |   |                                   | 1.3    |   |   |   |   |   |   |   |   |   |   | 120 |   |   |   | 121.3 |   |   |   | 99.1 |   |   |   | 7.88 |   |
|     Variable rate debt (Ps.)(4): |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Principal payment and accrued interest(5)            |   |                                   | 7.1    |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 7.1 |   |   |   |   |   |   | Float |   |

| (1) | Seller financing not included. |
|-----|--------------------------------|

| (2) | Corresponds to Convertible Notes. See “Operating and Financial Review and Prospects—Indebtedness—Convertible Notes.” |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (3)    | Corresponds to the series I notes due 2017. Debt issuance cost not included.                     |
|--------|--------------------------------------------------------------------------------------------------|
|   |                                                                                             |
| (4)    | Peso-denominated loans were converted to Dollars at an exchange rate of Ps.4.527 per U.S. Dollar |

| (5)    | Corresponds to short term bank loans. |
|--------|---------------------------------------|
|   |                                  |
| (6)    | Includes accrued interest.            |

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|    ITEM 12. |  Description of Securities Other than Equity Securities |
|---------------------------------|--------------------------------------------------------------|

Debt Securities

Warrants and Rights

Other Securities

American Depositary Shares

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|     ITEM 13. | Defaults, Dividend Arrearages and Delinquencies |
|---------------------------------------|-------------------------------------------------|

|     ITEM 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds |
|---------------------------------------|------------------------------------------------------------------------------|

|     ITEM 15. | Controls and procedures |
|---------------------------------------|-------------------------|

Disclosure Controls and Procedures.

Management’s Annual Report on Internal Control Over Financial Reporting

Attestation Report of the Registered Public Accounting Firm

Changes in Internal Control Over Financial Reporting

|      ITEM 16. |   |
|---------------------------------------------|--------|

Audit Committee Financial Expert

|   | • |   | Verify the independence of the external auditors; |
|--------|---------|--------|---------------------------------------------------|

|   | • |   | Analyze different kinds of services that the external auditor would provide to the company. This description must also include an estimate of the fees payable for such services, specifically in order to maintain the principle of independence; |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • |   | Inform the fees billed by the external auditor, separating the audit services and other special services that could be not included as fees related to the Audit Cometee; |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | Take notice of any strategy proposed by of the external auditors and review it in accordance with the reality of other businesses and the risks involved; |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | Analyze and supervise the working plan of the external auditors considering the business’ reality and the estimated risks; |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | Propose adjustments (if necessary) to such working plan; |
|--------|---------|--------|----------------------------------------------------------|

|   | • |   | Hold meetings with the external auditors in order to: (a) analyze the difficulties, results and conclusions of the proposed working plan; (b) analyze eventual possible conflicts of interests, related party transactions, compliance with the legal framework and information transparency; |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | Evaluate the performance of external auditors and their opinion regarding the Financial Statements. |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------|

Code of Ethics

Principal Accountant Fees and Services.

Exemption from the Listing Standards for Audit Committees

Purchase of Equity Securities by the Issuer and Affiliated Purchasers

Change in Registrant ́s Certifying Account.

Corporate Governance.

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|                                                             |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------------------------------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| NASDAQ Standards for U.S. companies                              |    | Alto Palermo’s Corporate Practices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|  Rule 5250(d) - Distribution of Annual and Interim Reports. |    |  In lieu of the requirements of Rule 5250(d), we follow Argentine law, which requires that companies make public an annual report in Spanish, including annual audited consolidated financial statements prepared in accordance with generally accepted accounting principles in Argentina, by filing such annual report with the Comisión Nacional de Valores and the Buenos Aires Stock Exchange ( Bolsa de Comercio de Buenos Aires ), within 70 calendar days of the end of the company’s fiscal year. Interim reports must be filed with the Comisión Nacional de Valores and the Bolsa de Comercio de Buenos Aires within 42 calendar days of the end of each fiscal quarter. The Bolsa de Comercio de Buenos Aires publishes the annual reports and interim reports in the BCBA bulletin and makes the bulletin available for inspection at its offices. In addition, our shareholders can receive copies of annual reports and any interim reports upon such shareholders’ request. English language translations of our annual reports and interim reports are furnished to the Securities and Exchange Commission (the “SEC”). We also post the English language translation of our annual |

|                                                            |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------------------------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                            |    | reports and quarterly press releases on its website. Furthermore, under the terms of the Deposit Agreement, dated November 10, 2000, among us, The Bank of New York, as depositary, and owners of ADS issued thereunder, we are required to furnish The Bank of New York with, among other things, English language translations of their annual reports. Annual reports are available for inspection by ADR holders at the offices of The Bank of New York located at, 101 Barclay Street, 22nd Floor, New York, New York. Finally, Argentine law requires that 20 calendar days before the date of a shareholders’ meeting, the board of directors must provide to our shareholders, at our executive office or through electronic means, all information relevant to the shareholders’ meeting, including copies of any documents to be considered by the shareholders (which includes the annual report). |
|                                                            |         |
| Rule 5605(b)(1) - Majority of Independent Directors.            |    | In lieu of the requirements of Rule 4605(b)(1), we follow Argentine law which does not require that a majority of the board of directors be comprised of independent directors. Argentine law instead requires that public companies in Argentina such as us must have a sufficient number of independent directors to be able to form an audit committee of at least three members, the majority of which must be independent pursuant to the criteria established by the Comisión Nacional de Valores .                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                            |         |
| Rule 5605(b)(2) - Executive Sessions of the Board of Directors. |    | In lieu of the requirements of Rule 5605(b)(2),we follow Argentine law which does not require independent directors to hold regularly scheduled meetings at which only such independent directors are present (i.e., executive sessions). Our board of directors as a whole is responsible for monitoring our affairs. In addition, under Argentine law, the Board of Directors may approve the delegation of specific responsibilities to designated directors or non-director managers of the company. Also, it is mandatory for public companies to form a supervisory committee (composed of syndics) which is responsible for monitoring the legality of our actions under Argentine law and the conformity thereof with its by-laws.                                                                                                                                                                                |
|                                                            |         |
| Rule 5605(d)(B) - Compensation of Officers.                     |    | In lieu of the requirements of Rule 5605(d)(B), we follow Argentine law which does not require companies to form a compensation committee comprised solely of independent directors. For the determination of the compensation of the chief executive officer and all other executive officers no decision of a majority of independent directors or a compensation committee comprised solely of independent directors is required under Argentine law. Under Argentine law, the board of directors is the corporate body responsible for determining the compensation of the chief executive officer and all other executive officers, so long as they are not directors. In addition, under Argentine law, the audit committee shall give its opinion about the reasonableness of management’s proposals on fees and option plans for our directors or managers.                                                 |
|                                                            |         |
| Rule 5605(e) - Nomination of Directors.                         |    | In lieu of the requirements of Rule 5605(e), we follow Argentine law which requires that directors be nominated directly by the shareholders at the shareholders’ meeting and that they be selected and recommended by the shareholders themselves. Under Argentine law, it is the responsibility of the ordinary shareholders’ meeting to appoint and remove directors and to set their compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                            |         |
| Rule 5605(c)(1) - Audit Committee Charter.                      |    | In lieu of the requirements of Rule 5605(c)(1), we follow Argentine law which requires that audit committees have a charter but does not require that companies certify as to the adoption of the charter nor does it require an annual review and assessment thereof. Argentine law instead requires that companies prepare a proposed plan or course of action with respect to those matters which are the responsibility of our audit committee. Such plan or course of action could, at the discretion of our audit committee, include a review and assessment of the audit committee’s charter.                                                                                                                                                                                                                                                                                                                |

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|                                           |         |
|------------------------------------------------|--------------|
| Rule 5605(c)(2) - Audit Committee Composition. |    | Argentine law does not require that companies have an audit committee comprised solely of independent directors and it is equally not customary business practice in Argentina to have such a committee. Argentine law instead requires that companies establish an audit committee with at least three members comprised of a majority of independent directors as defined by Argentine law. Nonetheless, although not required by Argentine law, we have a three member audit committee comprised of entirely independent directors in accordance with Rule 10(A)-3(b)(1) of the General rules and regulations promulgated under the Securities Exchange Act of 1934, as independence is defined in Rule 10(A)-3(b)(1). Further, Argentine law does not require companies to identify or designate a financial expert. As such, Although all the members of the audit committee have large corporate experience, as of the date of this annual report, the Board of Directors have not named designated a financial expert in accordance with the relevant SEC rules on the audit committee. Although it is noted that all members of the audit committee have had significant corporate experience. In addition, we have a supervisory committee (“comisión fiscalizadora”) composed of three ‘syndics’ which are in charge of monitoring the legality, under Argentine law, of the actions of our |

| Rule 5620(c) - Quorum. |    | In lieu of the requirements of Rule 4350(f), we follow Argentine law and our bylaws, which distinguish between ordinary meetings and extraordinary meetings and require, in connection with ordinary meetings, that a quorum consist of a majority of stocks entitled to vote. If no quorum is present at the first meeting, a second meeting may be called, in which the shareholders present, regardless of their number, constitute a quorum. Resolutions may be adopted by an absolute majority of the votes present. Argentine law, and our bylaws, requires in connection with extraordinary meetings, that a quorum consist of 60% of the stock entitled to vote. However, if such quorum is not present at the first meeting, our bylaws provide that a second meeting may be called and may be held with the number of shareholders present. In both ordinary and extraordinary meetings, decisions are adopted by an absolute majority of votes present at the meeting, except for certain fundamental matters (such as mergers and spin-offs (when we are not the surviving entity and the surviving entity is not listed on any stock exchange), anticipated liquidation, change in its domicile outside of Argentina, total or partial recapitalization of its statutory capital following a loss, any transformation in our corporate legal form or a substantial change in our corporate purpose, or the issue of bonds) which require an approval by vote of the majority of all the stock entitled to vote (all stock being entitled to only one vote. |
|------------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     |         |
|------------------------------------------|--------------|
| Rule 5620(b) - Solicitation of Proxies.7 |    | In lieu of the requirements of Rule 5620(b), we follow Argentine law which requires that notices of shareholders’ meetings be published, for five consecutive days, in the Official Gazette and in a widely published newspaper in Argentina no earlier than 45 calendar days prior to the meeting and at least 20 calendar days prior to such meeting. In order to attend a meeting and be listed on the meeting registry, shareholders are required to submit evidence of their book-entry share account held at Caja de Valores up to three business days prior to the scheduled meeting date. If entitled to attend the meeting, a shareholder may be represented by proxy (properly executed and delivered with a certified signature) granted to any other person, with the exception of a director, syndic, member of the Comisión fiscalizadora, manager or employee of the issuer, which are prohibited by Argentine law from acting as proxies. In addition, our ADS holders receive, prior to the shareholders’ meeting, a notice listing the matters on the agenda, a copy of the annual report and a voting card. |
|                                     |         |
| Rule 5630(s) - Conflicts of Interest     |    | In lieu of the requirements of Rule 5630(a), we follow Argentine law which requires that related party transactions be approved by the audit committee when the transaction exceeds one percent (1%) of the corporation’s net worth, measured pursuant to the last audited balance sheet, so long as the relevant transaction exceeds the equivalent of three hundred thousand Argentine Pesos (Ps. 300,000). Directors can contract with the corporation only on an arm’s length basis. If the contract is not in accordance with prevailing market terms, such transaction must be pre-approved by the board of directors (excluding the interested director). In addition, under Argentine law, a shareholder is required to abstain from voting on a business transaction in which its interests may be in conflict with our interests. In the event such shareholder votes on such business transaction and such business transaction would not have been approved without such shareholder’s vote, such shareholder may be liable to the company for damages and the resolution may be declared void. |

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Min

|     ITEM 17. | Financial Statements |
|---------------------------------------|----------------------|

|     ITEM 18. | Financial Statements |
|---------------------------------------|----------------------|

|  ITEM 19. | Exhibits |
|---------------------|----------|

|                                                       |                                                                                                                                                                                                                                                                                                                                                                                  |
|------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit No.                                                | Description of Exhibit                                                                                                                                                                                                                                                                                                                                                                |
| 1.1*               | Estatutos of the registrant, which serve as the registrant’s articles of incorporation and bylaws, and an English translation thereof.                                                                                                                                                                                                                                          |
| 1.2****                                          | English translation of the amendment to the bylaws.                                                                                                                                                                                                                                                                                                                                   |
| 2.1*               | Form of Deposit Agreement among us, The Bank of New York, as Depositary, and the holders from time to time of American Depositary Receipts issued there under.                                                                                                                                                                                                                        |
| 2.2*               | Shareholders Agreement, dated November 18, 1997, among IRSA International Limited, Parque Arauco S.A. and Sociedad Anónima Mercado de Abasto Proveedor (SAMAP).                                                                                                                                                                                                                  |
| 2.3*               | Put Option Agreement dated November 17, 1997, among IRSA Inversiones y Representaciones Sociedad Anónima and GSEM/AP.                                                                                                                                                                                                                                                            |
| 2.4*               | Offering Circular, dated March 24, 2000, regarding the issuance of Ps. 85,000,000 of our 14.875% Notes due 2005.                                                                                                                                                                                                                                                                      |
| 2.5****                                          | Indenture dated May 11, 2007, between us as Issuer, The Bank of New York as trustee, Co-Registrar, Principal Paying Agent and Transfer Agent, and Banco Santander Río S.A. as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina for the US$ 200,000,000 Global Note Program for Notes due no less than 30 days from date of original issue. |
| 4.1**                        | Agreement for the exchange of Corporate Service between us, IRSA and Cresud dated June 30, 2004.                                                                                                                                                                                                                                                                                      |
| 4.2****                                          | English translation of the Amendment to the Agreement for the exchange of Corporate Service between us, IRSA and Cresud dated August 23, 2007                                                                                                                                                                                                                                         |
| 4.3*****                                                   | English translation of the Second Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement, dated August 14, 2008.                                                                                                                                                                                                                                |
| 4.4******                                                  | English translation of the Third Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement, dated November 27, 2009.                                                                                                                                                                                                                               |
| 4.5*******         | English translation of the Amendment to the Agreement for the exchange of Corporate Service between us, IRSA and Cresud, dated March 12, 2010.                                                                                                                                                                                                                                        |
| 4.6********                                           | English translation of the Amendment to the Agreement for the exchange of Corporate Service between us, IRSA and Cresud, dated July 11, 2011.                                                                                                                                                                                                                                    |
| 4.7                                                        | English translation of the Fifth Agreement for the implementation of Amendmentsto the Corporate Services Master Agreement, October 15, 2012                                                                                                                                                                                                                                           |
| 8.1                                                        | List of Subsidiaries                                                                                                                                                                                                                                                                                                                                                                  |
| 11.1***                                | Code of Ethics of the Company.                                                                                                                                                                                                                                                                                                                                                        |
| 12.1                                                       | Certification pursuant to Section 302 of the Sarbanes-Oxley Act 2002                                                                                                                                                                                                                                                                                                                  |
| 12.2                                                       | Certification pursuant to Section 302 of the Sarbanes-Oxley Act 2002                                                                                                                                                                                                                                                                                                                  |
| 13.1                                                       | Certification pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                       |
| 13.2                                                       | Certification pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                       |

| *              | Incorporated herein by reference to the same-numbered exhibit to the registrant’s registration statement on Form 20-F (File No. 000-30982). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| **             | Incorporated herein by reference to the registrant’s registration statement on Form 6-K (SEC File No. 000-30982).                           |
| ***            | Incorporated herein by reference to the registrant’s registration statement on Form 6-K reported on August 1, 2005.                    |
| ****           | Incorporated herein by reference to the annual report on Form 20-F (File No. 128 0-30982) filed with the SEC on December 27, 2007.      |
| *****          | Incorporated herein by reference to the annual report on Form 20-F (File No. 128 0-30982) filed with the SEC on December 30, 2008.      |
| ******         | Incorporated herein by reference to the annual report on Form 20-F (File No. 1280-30982) filed with the SEC on December 30, 2009.       |
|  *******  | Incorporated herein by reference to the annual report on Form 20-F (File No. 1280-30982) filed with the SEC on December 30, 2010.       |
|  ******** | Incorporated herein by reference to the annual report on Form 20-F (File No. 1280-30982) filed with the SEC on December 28, 2011.       |

SIGNATURES

|             | Alto Palermo Sociedad Anónima |                        |
|------------------|------------------------------------|-----------------------------|
|             |                               |                        |   |
| October 26, 2012 | By:                                | /s/ Matias Gaivironsky |   |
|             |                               | Matias Gaivironsky          |   |
|             |                               | Chief Financial Officer     |   |
|             |                               |                        |   |

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|                                                                                                        | Page   |
|-------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                        |   |
| Report of Independent Registered Public Accounting Firm                                                     | F-2    |
| Consolidated Balance Sheets as of June 30, 2012 and 2011                                                    | F-4    |
| Consolidated Statements of Income for the years ended June 30, 2012, 2011 and 2010                          | F-5    |
| Consolidated Statements of Changes in Shareholders' Equity for the years ended June 30, 2012, 2011 and 2010 | F-6    |
| Consolidated Statements of Cash Flows for the years ended June 30, 2012, 2011 and 2010                      | F-7    |
| Notes to the Consolidated Financial Statements                                                              | F-10   |

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|   | Report of Independent Registered Public Accounting Firm |
|--------|---------------------------------------------------------|

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|             | PRICE WATERHOUSE & Co. S.R.L. |                             |
|------------------|-----------------------------------|----------------------------------|
|             |                              |                             |   |
| October 26, 2012 | By:                               | /s/ Norberto Fabian Montero |   |
|             |                              | Norberto Fabián Montero     |   |
|             |                              | Partner                          |   |
|             |                              |                             |   |

----

alermo

|                                                                   |   | 2012   |      |   | 2011   |   |
|------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|  ASSETS                                                           |   |   |      |   |   |   |
|  Current Assets                                                   |   |   |      |   |   |   |
|  Cash and banks (Notes 4.a and 16.f)                              |   |   | 102,505   |   |   |   | 24,620 |   |
|  Other investments, net (Notes 4.b and 16.f)                      |   |   | 47,573    |   |   |   | 150,328 |   |
|  Accounts receivable, net (Notes 4.c and 16.f)                    |   |   | 257,667   |   |   |   | 200,404 |   |
|  Other receivables and prepaid expenses, net (Notes 4.d and 16.f) |   |   | 86,860    |   |   |   | 96,307 |   |
|  Inventory, net (Notes 4.e and 16.e)                              |   |   | 7,705     |   |   |   | 35,570 |   |
|  Total current assets                                             |   |   | 502,310   |   |   |   | 507,229 |   |
|  Non-Current Assets                                               |   |   |      |   |   |   |   |   |
|  Accounts receivable, net (Notes 4.c and 16.f)                    |   |   | 2,241     |   |   |   | 562 |   |
|  Other receivables and prepaid expenses, net (Notes 4.d and 16.f) |   |   | 46,664    |   |   |   | 55,638 |   |
|  Inventory, net (Notes 4.e and 16.e)                              |   |   | 32,896    |   |   |   | 26,753 |   |
|  Fixed assets, net (Note 16.a)                                    |   |   | 1,581,770 |   |   |   | 1,504,230 |   |
|  Other investments, net (Notes 4.b and 16.f)                      |   |   | 280,075   |   |   |   | 212,476 |   |
|  Intangible assets, net (Note 16.b)                               |   |   | 57,000    |   |   |   | 42,226 |   |
|  Subtotal                                                         |   |   | 2,000,646 |   |   |   | 1,841,885 |   |
|  Negative goodwill, net (Note 16.c)                               |   |   | (14,582   | )      |   |   | (27,179 | ) |
|  Total non-current assets                                         |   |   | 1,986,064 |   |   |   | 1,814,706 |   |
|  Total Assets                                                     |   |   | 2,488,374 |   |   |   | 2,321,935 |   |
|  LIABILITIES                                                      |   |   |      |   |   |   |   |   |
|  Current Liabilities                                              |   |   |      |   |   |   |   |   |
|  Trade accounts payable (Notes 4.f and 16.f)                      |   |   | 92,039    |   |   |   | 83,830 |   |
|  Short-term debt (Notes 4.g and 16.f)                             |   |   | 82,206    |   |   |   | 121,615 |   |
|  Salaries and social security payable (Note 4.h)                  |   |   | 26,411    |   |   |   | 24,061 |   |
|  Taxes payable (Note 4.i)                                         |   |   | 138,076   |   |   |   | 102,053 |   |
|  Customer advances (Notes 4.j and 16.f)                           |   |   | 151,681   |   |   |   | 131,011 |   |
|  Dividends payable                                                |   |   | 6,092     |   |   |   | - |   |
|  Other liabilities (Notes 4.k and 16.f)                           |   |   | 54,960    |   |   |   | 56,217 |   |
|  Total debts                                                      |   |   | 551,465   |   |   |   | 518,787 |   |
|  Provisions (Notes 4.l and 16.d)                                  |   |   | -         |   |   |   | 267 |   |
|  Total current liabilities                                        |   |   | 551,465   |   |   |   | 519,054 |   |
|                                                                   |   |   |      |   |   |   |   |   |
|  Non-Current Liabilities                                          |   |   |      |   |   |   |   |   |
|  Trade accounts payable (Note 4.f)                                |   |   | 4         |   |   |   | 47 |   |
|  Long-term debt (Notes 4.g and 16.f)                              |   |   | 697,979   |   |   |   | 615,503 |   |
|  Taxes payable (Note 4.i)                                         |   |   | 127,746   |   |   |   | 142,213 |   |
|  Customer advances (Notes 4.j and 16.f)                           |   |   | 114,079   |   |   |   | 95,021 |   |
|  Other liabilities (Notes 4.k and 16.f)                           |   |   | 9,035     |   |   |   | 11,467 |   |
|  Total debts                                                      |   |   | 948,843   |   |   |   | 864,251 |   |
|  Provisions (Notes 4.l, 16.d and 16.f)                            |   |   | 11,593    |   |   |   | 12,829 |   |
|  Total non-current liabilities                                    |   |   | 960,436   |   |   |   | 877,080 |   |
|  Total Liabilities                                                |   |   | 1,511,901 |   |   |   | 1,396,134 |   |
|  Minority interest                                                |   |   | 148,426   |   |   |   | 137,527 |   |
|  SHAREHOLDERS' EQUITY                                             |   |   | 828,047   |   |   |   | 788,274 |   |
|  Total Liabilities and Shareholders' Equity                       |   |   | 2,488,374 |   |   |   | 2,321,935 |   |

----

erm

|                                                         |   | 2012   |     |   | 2011   |   |     | 2010   |   |
|--------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Revenues                                                     |   |   | 923,618  |   |   |   | 856,468  |   |   |   | 784,873 |   |
| Costs (Note 16.e)                                            |   |   | (190,609 | )      |   |   | (257,760 | )      |   |   | (258,832 | ) |
| Gross profit                                                 |   |   | 733,009  |   |   |   | 598,708  |   |   |   | 526,041 |   |
| Selling expenses (Note 16.g).                                |   |   | (54,629  | )      |   |   | (68,440  | )      |   |   | (162,739 | ) |
| Administrative expenses (Note 16.g)                          |   |   | (90,247  | )      |   |   | (76,308  | )      |   |   | (81,434 | ) |
| Net income from retained interest in securitized receivables |   |   | -        |   |   |   | 4,707    |   |   |   | 37,470 |   |
| Gain from recognition of inventories at net realizable value |   |   | 8,870    |   |   |   | 14,964   |   |   |   | 1,162 |   |
| Operating income                                             |   |   | 597,003  |   |   |   | 473,631  |   |   |   | 320,500 |   |
| Gain on equity investees (i)                                 |   |   | 10,125   |   |   |   | 9,117    |   |   |   | - |   |
| Amortization of goodwill, net (Note 16.c)                    |   |   | 2,105    |   |   |   | 1,883    |   |   |   | (1,645 | ) |
| Financial results, net (Note 7)                              |   |   | (79,551  | )      |   |   | (107,144 | )      |   |   | (112,348 | ) |
| Other income (expenses), net                                 |   |   | (16,182  | )      |   |   | 8,347    |   |   |   | (3,304 | ) |
| Income before taxes and minority interest                    |   |   | 513,500  |   |   |   | 385,834  |   |   |   | 203,203 |   |
| Income tax expense (Note 11)                                 |   |   | (171,725 | )      |   |   | (106,581 | )      |   |   | (65,771 | ) |
| Minority interest                                            |   |   | (13,933  | )      |   |   | (7,199   | )      |   |   | (5,093 | ) |
| Net income                                                   |   |   | 327,842  |   |   |   | 272,054  |   |   |   | 132,339 |   |
| Earnings per share (Note 10):                                |   |   |     |   |   |   |     |   |   |   |   |   |
| Basic net income per common share                            |   |   | 0.26     |   |   |   | 0.24     |   |   |   | 0.17 |   |
| Diluted net income per common share                          |   |   | 0.13     |   |   |   | 0.12     |   |   |   | 0.06 |   |

|  (i) | See Note 2.h “Sale of 80% equity interest in Tarshop”. |
|-----------|--------------------------------------------------------------------|

----

lerm

|                                                                         |   | Shareholders’ contributions |    |   |                                            |   |   |                       |   |   |    |   |   |                                           |    |   |                             |   |   |                                    |   |   |                                              |   |
|------------------------------------------------------------------------------|--------|-----------------------------------|---------|--------|-------------------------------------------------|--------|--------|----------------------------|--------|--------|---------|--------|--------|------------------------------------------------|---------|--------|----------------------------------|--------|--------|-----------------------------------------|--------|--------|---------------------------------------------------|--------|
|                                                                         |   | Common stock (Note 5.a)           |    |   | Inflation adjustment of common stock (Note 5.b) |   |   | Additional paid-in-capital |   |   | Total   |   |   | Long-term incentive program reserve (Note 5.d) |    |   | Appraisal revaluation (Note 3.e) |   |   | Reserve for new developments (Note 5.d) |   |   | Voluntary reserve for general purposes (Note 5.d) |   |   | Legal reserve (Note 5.c) |   |   | Retained earnings |   |   | Shareholders' Equity |   |
|                                                                         |   |                              |    |   |                                            |   |   |                       |   |   |    |   |   |                                           |    |   |                             |   |   |                                    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |
| Balances as of June 30, 2009                                                 |   |                              | 78,206  |   |                                            |   | 84,621 |                       |   |   | 522,805 |   |   |                                           | 685,632 |   |                             |   | -      |                                    |   |   | 3,953                                             |   |   |   | 62,509 |   |   |   | 15,734 |   |   |   | 20,090 |   |   |   | (22,060 | ) |   |   | 765,858 |   |
|                                                                         |   |                              |    |   |                                            |   |   |                       |   |   |    |   |   |                                           |    |   |                             |   |   |                                    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustments of income from prior fiscal years (Note 2.e)                     |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (143,392 | ) |   |   | (143,392 | ) |
| Absorption of accumulated deficit with accumulated reserves                  |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | (6,326 | ) |   |   | (15,734 | ) |   |   | - |   |   |   | 22,060 |   |   |   | - |   |
| Transfer to retained earnings                                                |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | (56,000 | ) |   |   | - |   |   |   | - |   |   |   | 56,000 |   |   |   | - |   |
| Cash dividends                                                               |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (56,000 | ) |   |   | (56,000 | ) |
| Net income for the year                                                      |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 132,339 |   |   |   | 132,339 |   |
|                                                                         |   |                              |    |   |                                            |   |   |                       |   |   |    |   |   |                                           |    |   |                             |   |   |                                    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances as of June 30, 2010                                                 |   |                              | 78,206  |   |                                            |   | 84,621 |                       |   |   | 522,805 |   |   |                                           | 685,632 |   |                             |   | -      |                                    |   |   | 3,953                                             |   |   |   | 183 |   |   |   | - |   |   |   | 20,090 |   |   |   | (11,053 | ) |   |   | 698,805 |   |
| Increase in legal reserve                                                    |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | 5,955 |   |   |   | (5,955 | ) |   |   | - |   |
| Appropriation of retained earnings to voluntary reserve for general purposes |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | 147 |   |   |   | - |   |   |   | (147 | ) |   |   | - |   |
| Cash dividends                                                               |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (113,000 | ) |   |   | (113,000 | ) |
| Cash dividends in advance                                                    |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (130,825 | ) |   |   | (130,825 | ) |
| Conversion of Notes                                                          |   |                              | 47,755  |   |                                            |   | -      |                       |   |   | 13,485  |   |   |                                           | 61,240  |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 61,240 |   |
| Net income for the year                                                      |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 272,054 |   |   |   | 272,054 |   |
|                                                                         |   |                              |    |   |                                            |   |   |                       |   |   |    |   |   |                                           |    |   |                             |   |   |                                    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances as of June 30, 2011                                                 |   |                              | 125,961 |   |                                            |   | 84,621 |                       |   |   | 536,290 |   |   |                                           | 746,872 |   |                             |   | -      |                                    |   |   | 3,953                                             |   |   |   | 183 |   |   |   | 147 |   |   |   | 26,045 |   |   |   | 11,074 |   |   |   | 788,274 |   |
| Increase in legal reserve                                                    |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | 13,029 |   |   |   | (13,029 | ) |   |   | - |   |
| Long-term incentive program reserve                                          |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | 2,138  |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,138 |   |
| Reimbursement of expired cash dividends (Note 5.e)                           |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,809 |   |   |   | 3,809 |   |
| Transfer to retained earnings                                                |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | (183 | ) |   |   | (147 | ) |   |   | - |   |   |   | 330 |   |   |   | - |   |
| Cash dividends                                                               |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (117,054 | ) |   |   | (117,054 | ) |
| Cash dividends in advance (Note 5.f)                                         |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (177,000 | ) |   |   | (177,000 | ) |
| Conversion of Notes                                                          |   |                              | 28      |   |                                            |   | --     |                       |   |   | 10      |   |   |                                           | 38      |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 38 |   |
| Net income for the year                                                      |   |                              | -       |   |                                            |   | -      |                       |   |   | -       |   |   |                                           | -       |   |                             |   | -      |                                    |   |   | -                                                 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 327,842 |   |   |   | 327,842 |   |
|                                                                         |   |                              |    |   |                                            |   |   |                       |   |   |    |   |   |                                           |    |   |                             |   |   |                                    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances as of June 30, 2012                                                 |   |                              | 125,989 |   |                                            |   | 84,621 |                       |   |   | 536,300 |   |   |                                           | 746,910 |   |                             |   | 2,138  |                                    |   |   | 3,953                                             |   |   |   | - |   |   |   | - |   |   |   | 39,074 |   |   |   | 35,972 |   |   |   | 828,047 |   |

----

erm

|                                                                                                     |   | 2012   |     |   | 2011   |   |     | 2010   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Cash flows from operating activities:                                                                    |   |   |     |   |   |   |     |   |   |
| Net income for the year                                                                                  |   |   | 327,842  |   |   |   | 272,054  |   |   |   | 132,339 |   |
| Adjustments to reconcile net income (loss) to cash flows from operating activities:                      |   |   |     |   |   |   |     |   |   |   |   |   |
| Financial results                                                                                        |   |   | 99,459   |   |   |   | 108,151  |   |   |   | 136,807 |   |
| Depreciation and amortization                                                                            |   |   | 112,945  |   |   |   | 115,921  |   |   |   | 121,959 |   |
| Charge of provision for contingencies, net                                                               |   |   | 47       |   |   |   | 5,216    |   |   |   | 3,189 |   |
| Allowance for doubtful accounts, net                                                                     |   |   | 6,889    |   |   |   | 6,853    |   |   |   | 24,988 |   |
| Impairment of non-compete agreement                                                                      |   |   | -        |   |   |   | 7,547    |   |   |   | - |   |
| Loss on fixed and intangible assets sold                                                                 |   |   | 1,437    |   |   |   | 16,578   |   |   |   | 2,566 |   |
| Other provisions                                                                                         |   |   | 14,812   |   |   |   | 10,104   |   |   |   | 9,352 |   |
| Allowance for impairment of investments                                                                  |   |   | -        |   |   |   | -        |   |   |   | (3,501 | ) |
| Net income from retained interest in securitized receivables                                             |   |   | -        |   |   |   | (4,707   | )      |   |   | (37,470 | ) |
| Minority interest                                                                                        |   |   | 13,933   |   |   |   | 7,199    |   |   |   | 5,093 |   |
| Income tax expense                                                                                       |   |   | 171,725  |   |   |   | 106,581  |   |   |   | 65,771 |   |
| Gain from recognition of inventories at net realizable value                                             |   |   | (8,870   | )      |   |   | (14,964  | )      |   |   | (1,162 | ) |
| Gain on repurchase of Series II Non-Convertible Notes                                                    |   |   | -        |   |   |   | (289     | )      |   |   | - |   |
| Gain on equity investees                                                                                 |   |   | (10,125  | )      |   |   | (9,117   | )      |   |   | - |   |
| Long-term incentive program reserve                                                                      |   |   | 2,138    |   |   |   | -        |   |   |   | - |   |
| Loss on unexercised purchase option of Arcos.                                                            |   |   | -        |   |   |   | 1,606    |   |   |   | - |   |
| Gain on the sale of real estate property                                                                 |   |   | (4,624   | )      |   |   | (31,333  | )      |   |   | - |   |
| Other charges                                                                                            |   |   | (463     | )      |   |   | 676      |   |   |   | 255 |   |
| Changes in certain assets and liabilities, net of non-cash transactions and the effects of acquisitions: |   |   |     |   |   |   |     |   |   |   |   |   |
| Increase in accounts receivable                                                                          |   |   | (61,929  | )      |   |   | (114,264 | )      |   |   | (126,999 | ) |
| Decrease in other receivables and prepaid expenses                                                       |   |   | 16,432   |   |   |   | 7,407    |   |   |   | 25,979 |   |
| Decrease (increase) in inventory                                                                         |   |   | 36,128   |   |   |   | 60,664   |   |   |   | (1,683 | ) |
| Increase in intangible assets                                                                            |   |   | (913     | )      |   |   | (3,051   | )      |   |   | (2,316 | ) |
| Increase in trade accounts payable                                                                       |   |   | 15,041   |   |   |   | 6,441    |   |   |   | 7,593 |   |
| Increase in customer advances                                                                            |   |   | 38,974   |   |   |   | 47,549   |   |   |   | 10,154 |   |
| Decrease in taxes payable                                                                                |   |   | (161,402 | )      |   |   | (100,519 | )      |   |   | (136,436 | ) |
| Increase (decrease) in salaries and social security payable                                              |   |   | 2,294    |   |   |   | 9,072    |   |   |   | 1,748 |   |
| Decrease in provision for contingencies                                                                  |   |   | (1,550   | )      |   |   | (1,990   | )      |   |   | (29 | ) |
| Increase (decrease) in other liabilities                                                                 |   |   | 13,533   |   |   |   | 10,808   |   |   |   | (6,624 | ) |
| Net cash provided by operating activities                                                                |   |   | 623,753  |   |   |   | 520,193  |   |   |   | 231,573 |   |
|                                                                                                     |   |   |     |   |   |   |     |   |   |   |   |   |
| Cash flows from investing activities:                                                                    |   |   |     |   |   |   |     |   |   |   |   |   |
| Acquisition of fixed assets and undeveloped parcels of land                                              |   |   | (117,883 | )      |   |   | (51,676  | )      |   |   | (53,829 | ) |
| Contributions to the risk fund of the reciprocal guarantee company                                       |   |   | (10,000  | )      |   |   | -        |   |   |   | - |   |
| Loans granted to third parties                                                                           |   |   | -        |   |   |   | -        |   |   |   | 438 |   |
| Proceeds from the sale of Tarshop                                                                        |   |   | -        |   |   |   | 67,477   |   |   |   | - |   |
| Inflows (payments) proceeds from acquisition of subsidiaries                                             |   |   | (48,470  | )      |   |   | 1,292    |   |   |   | (8,316 | ) |
| Payment for acquisition of Tarshop’s minority interest                                             |   |   | -        |   |   |   | -        |   |   |   | (1,574 | ) |
| (Increase) decrease in investments                                                                       |   |   | (5,107   | )      |   |   | (7,724   | )      |   |   | 58,452 |   |
| Payment for purchase option of Arcos’ minority interest                                            |   |   | -        |   |   |   | (1,217   | )      |   |   | (389 | ) |
| Acquisitions of intangible assets                                                                        |   |   | -        |   |   |   | -        |   |   |   | (5,615 | ) |
| Advances received from the sale of interest in Tarshop                                                   |   |   | -        |   |   |   | -        |   |   |   | 19,951 |   |
| Purchase of Non-Convertible Notes of Cresud S.A.C.I.F. y A                                               |   |   | (30,000  | )      |   |   | (10,275  | )      |   |   | - |   |
| Advances for acquisitions of subsidiaries                                                                |   |   | -        |   |   |   | (1,538   | )      |   |   | - |   |
| Purchase of shares                                                                                       |   |   | (2,650   | )      |   |   | (56,295  | )      |   |   | - |   |
| Loans granted to related parties                                                                         |   |   | (41,660  | )      |   |   | (84,887  | )      |   |   | - |   |
| Collection of receivables from related parties                                                           |   |   | 4,334    |   |   |   | 89,585   |   |   |   | - |   |
| Net cash (used in) provided by investing activities                                                      |   |   | (251,436 | )      |   |   | (55,258  | )      |   |   | 9,118 |   |
|                                                                                                     |   |   |     |   |   |   |     |   |   |   |   |   |
| Cash flows from financing activities:                                                                    |   |   |     |   |   |   |     |   |   |   |   |   |
| Proceeds from short-term and long-term debt                                                              |   |   | -        |   |   |   | 44,972   |   |   |   | 110,359 |   |
| Proceeds (Payments) of short-term bank loans                                                             |   |   | (22,664  | )      |   |   | 52,997   |   |   |   | (79,601 | ) |
| Payment of short-term and long-term debt                                                                 |   |   | (2,513   | )      |   |   | -        |   |   |   | (122,907 | ) |
| Cash from minority shareholders’ capital contributions to subsidiaries                             |   |   | 2,716    |   |   |   | 808      |   |   |   | 5,432 |   |
| Dividends paid by subsidiaries to minority shareholders                                                  |   |   | (4,316   | )      |   |   | (2,054   | )      |   |   | (1,158 | ) |
| Payment of non convertible notes                                                                         |   |   | (94,435  | )      |   |   | (223,103 | )      |   |   | (141,811 | ) |
| Payment of loans for purchase of undeveloped parcels of land                                             |   |   | -        |   |   |   | -        |   |   |   | (17,173 | ) |
| Payment of cash dividends                                                                                |   |   | (252,431 | )      |   |   | (243,825 | )      |   |   | (56,000 | ) |
| Reimbursement of dividends                                                                               |   |   | 6,937    |   |   |   | -        |   |   |   | - |   |
| Cash paid for repurchase of Series II Notes                                                              |   |   | -        |   |   |   | -        |   |   |   | (12,000 | ) |
| Proceeds from issuance of Non-Convertible Notes, net                                                     |   |   | -        |   |   |   | -        |   |   |   | 79,782 |   |
| Payment of seller financing of Arcos del Gourmet S.A                                                     |   |   | (23,304  | )      |   |   | (4,820   | )      |   |   | (515 | ) |
| Payment of seller financing of Conil S.A                                                                 |   |   | -        |   |   |   | -        |   |   |   | (661 | ) |
| Payment of seller financing of Predio San Martín                                                    |   |   | (23,905  | )      |   |   | -        |   |   |   | - |   |
| Proceeds from debt with related parties                                                                  |   |   | -        |   |   |   | 2,220    |   |   |   | - |   |
| Net cash used in financing activities                                                                    |   |   | (413,915 | )      |   |   | (372,805 | )      |   |   | (236,253 | ) |
| Increase (decrease) in cash and cash equivalents                                                         |   |   | (41,598  | )      |   |   | 92,130   |   |   |   | 4,438 |   |
| Cash and cash equivalents as of the beginning of the year                                                |   |   | 145,552  |   |   |   | 53,422   |   |   |   | 48,984 |   |
| Cash and cash equivalents as of the end of the year                                                      |   |   | 103,954  |   |   |   | 145,552  |   |   |   | 53,422 |   |

----

|                                                                                        |   | 2012   |    |   | 2011   |   |   | 2010   |   |
|---------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| Supplemental cash flow information                                                          |   |   |    |   |   |   |   |   |   |
| Cash paid during the year for:                                                              |   |   |    |   |   |   |   |   |   |
| Income tax                                                                                  |   |   | 142,618 |   |   |   | 59,455 |   |   |   | 22,936 |   |
| Non-cash investing and financing activities:                                                |   |   |    |   |   |   |   |   |   |   |   |   |
| Decrease in accounts receivable (1)                                                         |   |   | 646     |   |   |   | -      |   |   |   | - |   |
| Decrease in other receivables (1)                                                           |   |   | 8,025   |   |   |   | -      |   |   |   | - |   |
| Decrease in investment through a decrease in other liabilities (1)                          |   |   | 16,004  |   |   |   | -      |   |   |   | - |   |
| Decrease in accounts payable (1)                                                            |   |   | 7,345   |   |   |   | -      |   |   |   | - |   |
| Decrease in other liabilities (1)                                                           |   |   | 17,330  |   |   |   | -      |   |   |   | - |   |
| Liquidation of interest in credit card receivables                                          |   |   | -       |   |   |   | -      |   |   |   | 8,646 |   |
| Increase in inventory through a decrease in non-current investments                         |   |   | -       |   |   |   | 64,150 |   |   |   | 7,789 |   |
| Increase in fixed assets through an increase in trade accounts payable                      |   |   | 1,213   |   |   |   | -      |   |   |   | 4,996 |   |
| Financial cost charged to fixed assets                                                      |   |   | -       |   |   |   | -      |   |   |   | 5,331 |   |
| Increase in inventory through a decrease in fixed assets                                    |   |   | -       |   |   |   | -      |   |   |   | 290 |   |
| Increase in minority interest through a decrease in short and long-term debt                |   |   | -       |   |   |   | -      |   |   |   | 1,310 |   |
| Increase in intangible assets through an increase in other liabilities                      |   |   | -       |   |   |   | -      |   |   |   | 7,545 |   |
| Decrease in short and long-term debt through an increase in shareholders ́equity... |   |   | 38      |   |   |   | 61,240 |   |   |   | - |   |
| Increase in investment through an increase in other liabilities                             |   |   | -       |   |   |   | 16,004 |   |   |   | - |   |
| Decrease in inventory through a decrease in customer advances                               |   |   | -       |   |   |   | 1,920  |   |   |   | - |   |
| Increase in fixed assets through a decrease in inventory                                    |   |   | -       |   |   |   | 9,264  |   |   |   | - |   |
| Increase in Intangible assets through a decrease in negative goodwill                       |   |   | -       |   |   |   | -      |   |   |   | 20,873 |   |
| Decrease in other accounts receivable through a decrease in shareholders’ equity      |   |   | 38,659  |   |   |   | -      |   |   |   | - |   |
| Transfer of other accounts receivable to intangible assets                                  |   |   | 2,083   |   |   |   | -      |   |   |   | - |   |
| Decrease in intangible assets through a decrease in accounts payable                        |   |   | 1,153   |   |   |   | -      |   |   |   | - |   |
| Distribution of non-paid dividends                                                          |   |   | 2,964   |   |   |   | -      |   |   |   | - |   |
| Increase in intangible assets through a decrease in fixed assets                            |   |   | 985     |   |   |   | -      |   |   |   | - |   |

| (1) | These lines should be read together. |
|-----|--------------------------------------|

|                                           |   | 2012   |     |   | 2011   |   |     | 2010   |   |
|------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
|  Acquisition of subsidiaries (Note 2.h.): |   | (1)    |     |   | (2)    |   |     | (3)    |   |
|  Cash and cash equivalents acquired       |   |   | (2,780   | )      |   |   | (1,292   | )      |   |   | (13 | ) |
|  Fair value of non-cash assets acquired   |   |   | (133,696 | )      |   |   | (111,117 | )      |   |   | (33,869 | ) |
|  Fair value of liabilities assumed        |   |   | 68,312   |   |   |   | 35,384   |   |   |   | 8,126 |   |
|  Net assets acquired                      |   |   | (68,164  | )      |   |   | (77,025  | )      |   |   | (25,756 | ) |
|  Minority interest                        |   |   | (1,434   | )      |   |   | --       |   |   |   | 897 |   |
|  Purchase price                           |   |   | (69,598  | )      |   |   | (77,025  | )      |   |   | (24,859 | ) |
|  Negative goodwill                        |   |   | (10,562  | )      |   |   | 15,539   |   |   |   | (506 | ) |
|  Seller financing                         |   |   | 27,372   |   |   |   | 33,403   |   |   |   | 14,782 |   |
|  Purchase price paid                      |   |   | (52,788  | )      |   |   | (28,083  | )      |   |   | (10,583 | ) |
|  Cash and cash equivalents acquired       |   |   | 2,780    |   |   |   | 1,292    |   |   |   | 13 |   |
|  Advance payments                         |   |   | 1,538    |   |   |   | 28,083   |   |   |   | 2,254 |   |
|  Net cash for the acquisition             |   |   | (48,470  | )      |   |   | 1,292    |   |   |   | (8,316 | ) |

| (1) | Corresponds to the acquisition of Nuevo Puerto Santa Fe, Quality Invest S.A. and an additional participation in Arcos del Gourmet. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Corresponds to the acquisitions of Metroshop, Soleil Factory and Torodur S.A. (See Note 2.h).                                      |
| (3) | Corresponds to the acquisition of Arcos del Gourmet.                                                                               |

----

|                                      |   | 2012   |   |   | 2011(4) |   |     | 2010   |   |
|-------------------------------------------|--------|--------|--------|--------|---------|--------|----------|--------|--------|
| Sale of subsidiary (Note 2.h.):           |   |   |   |   |    |   |     |   |   |
| Fair value of non-cash assets sold        |   |   | -      |   |    |   | 454,388  |   |   |   | - |   |
| Fair value of liabilities sold            |   |   | -      |   |    |   | (321,365 | )      |   |   | - |   |
| Net assets sold                           |   |   | -      |   |    |   | 133,023  |   |   |   | - |   |
| Impairment and sale of Tarshop S.A.       |   |   | -      |   |    |   | (15,327  | )      |   |   | - |   |
| Remaining investment in Tarshop S.A.      |   |   | -      |   |    |   | (28,967  | )      |   |   | - |   |
| Advance payments                          |   |   | -      |   |    |   | (21,252  | )      |   |   | - |   |
| Net cash for the disposal of Tarshop S.A. |   |   | -      |   |    |   | 67,477   |   |   |   | - |   |

| (4) | Corresponds to the disposal of Tarshop S.A. (See Note 2.h). |
|-----|-------------------------------------------------------------|

----

| 1. | Organization and description of business |
|----|------------------------------------------|

| 2. | Preparation of Financial Statements |
|----|-------------------------------------|

|   | a. | Basis of presentation |
|--------|----|-----------------------|

|   | b. | Basis of consolidation |
|--------|----|------------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | b. | Basis of consolidation (continued) |
|--------|----|------------------------------------|

| Subsidiaries                                             | Percentage of capital stock owned as of June 30, (a) |
|----------------------------------------------------------|-------------------------------------------------------------------------------|
|                                                     | 2012                                                                          | 2011 |
| Emprendimiento Recoleta S.A. (“ERSA”)        | 54%                                                                           | 54% |
| Tarshop S.A. (“Tarshop”)                     | 20%                                                                           | 20% |
| Shopping Neuquén S.A.                               | 98%                                                                           | 98% |
| Fibesa S.A. (“Fibesa”)                       | 100%                                                                          | 100% |
| Panamerican Mall S.A. (“PAMSA”)              | 80%                                                                           | 80% |
| Conil S.A. (“Conil”)                         | 100%                                                                          | 100% |
| Arcos del Gourmet S.A. (“Arcos”) (i)         | 88%                                                                           | 80% |
| Apsamedia S.A. (“Apsamedia”)                 | 100%                                                                          | 100% |
| Torodur S.A. (“Torodur”)                     | 100%                                                                          | 100% |
| Nuevo Puerto Santa Fe S.A. (“NPSF”) (ii)     | 50%                                                                           | 0 |
| Quality Invest S.A. (“Quality Invest”) (iii) | 50%                                                                           | 0 |

| (a) | Percentage of equity interest owned has been rounded. Indirect ownership subsidiaries are excluded. |
|-----|-----------------------------------------------------------------------------------------------------|

| (i)   | On September 7, 2011, the Company acquired additional participation. See Note 2.h.                  |
|-------|-----------------------------------------------------------------------------------------------------|
| (ii)  | 33.33% directly and 16.66% indirectly through Torodur.                                              |
| (iii) | On May 30, 2012, the Company acquired the 50% of the capital stock of Quality Invest. See Note 2.h. |

|   | c. | Proportionate consolidation |
|--------|----|-----------------------------|

|   | d. | Presentation of Financial Statements in constant Argentine pesos |
|--------|----|------------------------------------------------------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | d. | Presentation of Financial Statements in constant Argentine pesos (continued) |
|--------|----|------------------------------------------------------------------------------|

|   | e. | Changes in accounting policies |
|--------|----|--------------------------------|

|   | i) | Income Taxes |
|--------|----|--------------|

|                                                      |   | As of June 30, 2011  |      |
|-----------------------------------------------------------|--------|----------------------|-----------|
|                                                      |   | As previously issued |      |   | Adjustment |   |   | As adjusted |   |
| Consolidated Balance Sheets                               |   |                 |      |   |   |   |   |   |   |
| Other receivables and prepaid expenses, net (Non-current) |   |                 | 59,681    |   |   |   | (4,043 | ) |   |   | 55,638 |   |
| Total Non current assets                                  |   |                 | 1,818,749 |   |   |   | (4,043 | ) |   |   | 1,814,706 |   |
| Total Assets                                              |   |                 | 2,325,978 |   |   |   | (4,043 | ) |   |   | 2,321,935 |   |
|                                                      |   |                 |      |   |   |   |   |   |   |   |   |   |
| Taxes payable (Non-current)                               |   |                 | 26,902    |   |   |   | 115,311 |   |   |   | 142,213 |   |
| Total Non current liabilities                             |   |                 | 761,769   |   |   |   | 115,311 |   |   |   | 877,080 |   |
| Total Liabilities                                         |   |                 | 1,280,823 |   |   |   | 115,311 |   |   |   | 1,396,134 |   |
|                                                      |   |                 |      |   |   |   |   |   |   |   |   |   |
| Minority interest                                         |   |                 | 138,202   |   |   |   | (675 | ) |   |   | 137,527 |   |
| Shareholders ́s equity                                |   |                 | 906,953   |   |   |   | (118,679 | ) |   |   | 788,274 |   |

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | e. | Changes in accounting policies (continued) |
|--------|----|--------------------------------------------|

|                              |   | As of June 30, 2011 |     |   | As of June 30, 2010 |   |
|-----------------------------------|--------|---------------------|----------|--------|---------------------|--------|
|                              |   | As adjusted         |     |   | Adjustment          |   |   | As previously issued |   |   | As adjusted |   |   | Adjustment |   |   | As previously issued |   |
| Consolidated Statements of Income |   |                |     |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expense                |   |                | (106,581 | )      |                |   | 11,570 |   |   |   | (118,151 | ) |   |   | (65,771 | )  |   |   | 13,454 |   |   |   | (79,225 | )  |
| Minority interest                 |   |                | (7,199   | )      |                |   | (94 | ) |   |   | (7,105 | ) |   |   | (5,093 | )  |   |   | (217 | )  |   |   | (4,876 | )  |
| Net income                        |   |                | 272,054  |   |                |   | 11,476 |   |   |   | 260,578 |   |   |   | 132,339 |   |   |   | 13,237 |   |   |   | 119,102 |   |
|                              |   |                |     |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Consolidated Statements of Changes in Shareholders’ Equity |   | As of June 30, 2012 |     |   | Gain for the year ended June 30, 2012 |   |   | As of June 30, 2011 |   |   | Gain for the year ended June 30, 2011 |   |   | As of June 30, 2010 |   |   | Gain for the year ended June 30, 2010 |   |     | As of June 30, 2009 |   |
|------------------------------------------------------------------|--------|---------------------|----------|--------|---------------------------------------|--------|--------|---------------------|--------|--------|---------------------------------------|--------|--------|---------------------|--------|--------|---------------------------------------|--------|----------|---------------------|--------|
| Deferred income tax                                              |   |                | (107,330 | )      |                                  |   | 11,349 |                |   |   | (118,679                              | )      |   |                | 11,476 |   |                                  |   | (130,155 | )                   |   |   | 13,237 |   |   |   | (143,392 | ) |

|   | ii) | Cash flows |
|--------|-----|------------|

|                                                |   | As of June 30, 2011 |     |   | As of June 30, 2010  |   |
|-----------------------------------------------------|--------|---------------------|----------|--------|----------------------|--------|
|                                                |   | As adjusted         |     |   | As previously issued |   |   | As adjusted |   |   | As previously issued |   |
| Net cash provided by operating activities           |   |                | 520,193  |   |                 |   | 452,714 |   |   |   | 231,573 |   |   |   | 129,561 |   |
| Net cash (used in) provided by investing activities |   |                | (55,258  | )      |                 |   | (55,258 | ) |   |   | 9,118 |   |   |   | 9,118 |   |
| Net cash used in financing activities               |   |                | (372,805 | )      |                 |   | (305,326 | ) |   |   | (236,253 | ) |   |   | (134,241 | ) |

|   | f. | Functional currency and reporting currency |
|--------|----|--------------------------------------------|

|   | g. | Use of estimates |
|--------|----|------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | h. | Significant acquisitions, disposals and development of businesses other properties |
|--------|----|------------------------------------------------------------------------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | h. | Significant acquisitions, disposals and development of businesses other properties (continued) |
|--------|----|------------------------------------------------------------------------------------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | h. | Significant acquisitions, disposals and development of businesses other properties (continued) |
|--------|----|------------------------------------------------------------------------------------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | h. | Significant acquisitions, disposals and development of businesses other properties (continued) |
|--------|----|------------------------------------------------------------------------------------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | h. | Significant acquisitions, disposals and development of businesses other properties (continued) |
|--------|----|------------------------------------------------------------------------------------------------|

| i)   | Receivables from consumption transactions carried out through December 31, 2010 and that are performing or in default for not more than 60 days (both those in Apsamedia S.A.’s own portfolio and those assigned to Fideicomiso Financiero Apsamedia S.A. Serie XV). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ii)  | The contractual position in the credit card issuance agreements whose customers did not have as of December 31, 2010 a default for over 60 days in complying with their obligations.                                                                                       |
| iii) | All credit card customers or accounts and consumer loans.                                                                                                                                                                                                                       |
| iv)  | Lease agreements on certain branches and their personal property.                                                                                                                                                                                                               |
| v)   | Labor agreements for payroll personnel.                                                                                                                                                                                                                                         |

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | h. | Significant acquisitions, disposals and development of businesses other properties (continued) |
|--------|----|------------------------------------------------------------------------------------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | h. | Significant acquisitions, disposals and development of businesses other properties (continued) |
|--------|----|------------------------------------------------------------------------------------------------|

----

| 2. | Preparation of Financial Statements (continued) |
|----|-------------------------------------------------|

|   | h. | Significant acquisitions, disposals and development of businesses other properties (continued) |
|--------|----|------------------------------------------------------------------------------------------------|

|   | i. | Compensation plan for executive management and long-term incentive program |
|--------|----|----------------------------------------------------------------------------|

| (i)   | ordinary retirement in accordance with applicable labor regulations; |
|-------|----------------------------------------------------------------------|
| (ii)  | total or permanent incapacity or disability;                         |
| (iii) | death.                                                               |

| • | if the employee resigns or leaves the Company unexpectedly, he/she will be entitled to the benefit only if 5 years have passed since each contribution was made; |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | retirement;                                                                                                                                                      |
| • | total or permanent disability;                                                                                                                                   |
| • | demise.                                                                                                                                                          |

----

| 3. | Significant accounting policies |
|----|---------------------------------|

|   | · | Leases and services |
|--------|--------|---------------------|

|   | · | Sales and development properties |
|--------|--------|----------------------------------|

|   | The Company records revenue from the sale of properties when all of the following criteria are met: |
|--------|-----------------------------------------------------------------------------------------------------|

| (i)   | The sale has been consummated.                                                                                                                         |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)  | The Company has determined that the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property. |
| (iii) | The Company’s receivable is not subject to future subordination.                                                                                 |

----

| 3. | Significant accounting policies (continued) |
|----|---------------------------------------------|

| (iv) | The Company has transferred to the buyer the risk of ownership. |
|------|-----------------------------------------------------------------|

|   | · | Consumer financing |
|--------|--------|--------------------|

----

| Asset                    |   | Estimated useful life (years) |
|--------------------------|--------|-------------------------------|
| - Properties:            |   |                          |
| Shopping centers         |   | Between 16 and 31             |
| Other                    |   | Between 16 and 50             |
| - Leasehold improvements |   | 3                             |
| - Facilities             |   | 10                            |
| - Furniture and fixtures |   | Between 3 and 10              |
| - Vehicles               |   | 5                             |
| - Computer equipment     |   | 3                             |
| - Software               |   | 3                             |

----

| 3. | Significant accounting policies (continued) |
|----|---------------------------------------------|

|   | f. |      Software obtained or developed for internal use |
|--------|----|-------------------------------------------------------------------------------|

|   | g. |      Intangible asstes, net |
|--------|----|------------------------------------------------------|

|   | (ii) | Pre-operating expenses |
|--------|------|------------------------|

|   | (iii) | Customer relationships |
|--------|-------|------------------------|

|   | (iv) | Non-compete agreement |
|--------|------|-----------------------|

|   | (v) | Concession rights |
|--------|-----|-------------------|

|   | (vi) | Above and below market leases an in-place leases |
|--------|------|--------------------------------------------------|

|   | h. |   Business combinations |
|--------|----|-----------------------------------|

----

| 3. | Significant accounting policies (continued) |
|----|---------------------------------------------|

|   | h. |   Business combinations (continued) |
|--------|----|-----------------------------------------------|

|   | i. |      Negative goodwill, net |
|--------|----|------------------------------------------------------|

|   | j. |      Foreing currency assets and liabilities |
|--------|----|-----------------------------------------------------------------------|

|   | k. |      Income tax expense |
|--------|----|--------------------------------------------------|

----

| 3. | Significant accounting policies (continued) |
|----|---------------------------------------------|

|   | k. |   Income Tax Expense (continued) |
|--------|----|--------------------------------------------|

|   | l.      Minimum Presumed Income Tax (MPIT) |
|--------|--------------------------------------------------------------------------|

|   | m. | Customer advances |
|--------|----|-------------------|

|   | n. | Provisions for contingencies and allowances |
|--------|----|---------------------------------------------|

----

----

|   | a. | Cash and banks: |
|--------|----|-----------------|

|                                          |   | As of June 30, |    |
|-----------------------------------------------|--------|----------------|---------|
|                                          |   | 2012           |    |   | 2011 |   |
| Cash in local currency                        |   |           | 436     |   |   |   | 520 |   |
| Cash in foreign currency (Note 16.f)          |   |           | 214     |   |   |   | 202 |   |
| Bank accounts in local currency               |   |           | 8,977   |   |   |   | 10,814 |   |
| Bank accounts in foreign currency (Note 16.f) |   |           | 92,878  |   |   |   | 13,084 |   |
|                                          |   |           | 102,505 |   |   |   | 24,620 |   |

----

|   | b. | Other investments, net: |
|--------|----|-------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | As of June 30, |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2012           |    |   | 2011 |   |
| Current                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |           |    |   |   |   |
| Mutual funds (Note 16.f) (ii)                                                                    |   |           | 38,296  |   |   |   | 147,236 |   |
| Non convertible notes - Cresud S.A.C.I.F. y A. (Notes 6 and 16.f)                                                                                                                                                                                                                                                                                                                                                                               |   |           | 8,781   |   |   |   | 2,615 |   |
| Mortgage bonds issued by BHSA (Note 6)                                                                                                                                                                                                                                                                                                                                                                                                          |   |           | 496     |   |   |   | 477 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |           | 47,573  |   |   |   | 150,328 |   |
| Non-current                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |           |    |   |   |   |   |   |
| Undeveloped parcels of land:                                                                                                                                                                                                                                                                                                                                                                                                                    |   |           |    |   |   |   |   |   |
|  - Luján plot of land (Note 2.h)                                                                                                                                                                                                                                                                                                                                                                                                      |   |           | 40,102  |   |   |   | - - |   |
|  - Caballito plot of land (i)                                                                                                                                                                                                                                                                                                                                                                                                              |   |           | 36,889  |   |   |   | 36,889 |   |
|  - Patio Olmos                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           | 32,949  |   |   |   | 32,949 |   |
|  - Air Space Coto                                                                                                                                                                                                                                                                                                                                                                                                                          |   |           | 13,188  |   |   |   | 13,188 |   |
|  - Other real estate                                                                                                                                                                                                                                                                                                                                                                                                                       |   |           | 3,103   |   |   |   | 3,091 |   |
|  - Air Space Soleil Factory                                                                                                                                                                                                                                                                                                                                                                                                                |   |           | 6,676   |   |   |   | 6,676 |   |
| Non convertible notes - Cresud S.A.C.I.F. y A (Notes 6 and 16.f)                                                                                                                                                                                                                                                                                                                                                                                |   |           | 29,958  |   |   |   | 7,706 |   |
| Contributions to the risk fund of the reciprocal guarantee company                                                                                                                                                                                                                                                                                                                                                                              |   |           | 10,000  |   |   |   | - - |   |
| Other investments.                                                                                                                                                                                                                                                                                                                                                                                                                              |   |           | 56      |   |   |   | 56 |   |
| Investments in companies:                                                                                                                                                                                                                                                                                                                                                                                                                       |   |           |    |   |   |   |   |   |
|     - Equity investee (Tarshop)                                                                                                                                                                                                                                                                                                                                                                                             |   |           | 48,209  |   |   |   | 54,088 |   |
|     - Cost method (TGLT).                                                                                                                                                                                                                                                                                                                                                                                                   |   |           | 58,945  |   |   |   | 56,295 |   |
| Advance for the acquisition of subsidiary (NPSF) (Note 16.f)                                                                                                                                                                                                                                                                                                                                                                                    |   |           | - -     |   |   |   | 1,538 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |           | 280,075 |   |   |   | 212,476 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |           |    |   |   |   |   |   |

| (i) | This asset is restricted in relation to certain tax claims. |
|-----|-------------------------------------------------------------|

| (ii) | As of June 30, 2012 and 2011 includes Ps. 1,449 and Ps. 120,932, respectively, considered as cash equivalents for purposes of the Consolidated Statements of Cash Flows. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Current                                                                                                               |   |   |    |   |   |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Checks to be deposited                                                                                                |   |   | 126,494 |   |   |   | 86,990 |   |
| Leases and services receivable (Note 16.f)                                                                            |   |   | 91,250  |   |   |   | 68,682 |   |
| Debtors under legal proceedings                                                                                       |   |   | 43,733  |   |   |   | 40,352 |   |
| Pass-through expenses receivable (i)                                                                                  |   |   | 26,834  |   |   |   | 18,953 |   |
| Consumer financing receivables                                                                                        |   |   | 11,128  |   |   |   | 70,248 |   |
| Notes receivable (Note 16.f)                                                                                          |   |   | 7,980   |   |   |   | 5,987 |   |
| Related parties (Notes 6 and 16.f)                                                                                    |   |   | 5,056   |   |   |   | 4,711 |   |
| Receivables with collection agents                                                                                    |   |   | 4,864   |   |   |   | 4,869 |   |
|             Mortgages receivable – Torres de Abasto (ii) |   |   | 194     |   |   |   | 647 |   |
| Receivable from sale of fixed assets                                                                                  |   |   | - -     |   |   |   | 4,034 |   |
| Less:                                                                                                                 |   |   |    |   |   |   |   |   |
| Allowance for doubtful accounts (Note 16.d)                                                                           |   |   | (59,866 | )      |   |   | (105,069 | ) |
|                                                                                                                  |   |   | 257,667 |   |   |   | 200,404 |   |

----

|                                               |   | As of June 30, |   |
|----------------------------------------------------|--------|----------------|--------|
|                                               |   | 2012           |   |   | 2011 |   |
| Non-current                                        |   |           |   |   |   |   |
| Notes receivable (Note 16.f)                       |   |           | 1,183  |   |   |   | - - |   |
| Leases and services receivable (Note 16.f)         |   |           | 681    |   |   |   | 448 |   |
| Mortgages receivable – Torres de Abasto (ii) |   |           | 374    |   |   |   | 114 |   |
| Pass-through expenses receivable.                  |   |           | 3      |   |   |   | - - |   |
|                                               |   |           | 2,241  |   |   |   | 562 |   |

| (i) | Represents receivables for common area maintenance and other operating expenses charged to tenants of shopping centers. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (ii) | Mortgages receivable consist of fixed-rate mortgage receivables from several borrowers. As of June 30, 2012 the amount due from the largest individual borrower was Ps. 0.4 million at a contractual interest rate of 10% (See Note 15.II.r). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Other receivables and prepaid expenses, net: |
|--------|----|----------------------------------------------|

| Current                            |   |   |   |   |   |   |
|------------------------------------|--------|--------|--------|--------|--------|--------|
| Prepaid expenses (Note 16.f)       |   |   | 39,813 |   |   |   | 32,157 |   |
| Related parties (Notes 6 and 16.f) |   |   | 17,013 |   |   |   | 27,748 |   |
| Valued Added Tax (VAT) receivable  |   |   | 19,099 |   |   |   | 26,168 |   |
| Other tax credits                  |   |   | 5,231  |   |   |   | 2,902 |   |
| Prepaid gross revenue tax          |   |   | 1,242  |   |   |   | 1,184 |   |
| Other prepaid taxes                |   |   | 952    |   |   |   | 976 |   |
| Loans granted (Note 16.f)          |   |   | 1,934  |   |   |   | 229 |   |
| Guarantee deposits                 |   |   | 346    |   |   |   | 4,437 |   |
| Income tax credits, net            |   |   | 122    |   |   |   | 7 |   |
| MPIT                               |   |   | 237    |   |   |   | 2 |   |
| Others|                            |   |   | 871    |   |   |   | 497 |   |
|                               |   |   | 86,860 |   |   |   | 96,307 |   |

| Non-Current                                            |   |   |   |   |   |   |
|--------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Value Added Tax (VAT) receivable                       |   |   | 33,535 |   |   |   | 47,579 |   |
| Deferred income tax (Note 11)                          |   |   | 8,896  |   |   |   | 7,834 |   |
| Guarantee deposits (Note 16.f)                         |   |   | 475    |   |   |   | 35 |   |
| MPIT                                                   |   |   | 5,263  |   |   |   | 4,778 |   |
| Mortgages receivable (i)                               |   |   | 2,208  |   |   |   | 2,208 |   |
| Allowance for doubtful mortgage receivable (Note 16.d) |   |   | (2,208 | )      |   |   | (2,208 | ) |
| Prepaid expenses                                       |   |   | 1,652  |   |   |   | 3,820 |   |
| Other tax credits                                      |   |   | 1,355  |   |   |   | 1,074 |   |
| Reimbursements receivable (Note 16.f)                  |   |   | - -    |   |   |   | 863 |   |
| Imputed interest of non-current receivables            |   |   | (5,803 | )      |   |   | (10,943 | ) |
| Others                                                 |   |   | 1,291  |   |   |   | 598 |   |
|                                                   |   |   | 46,664 |   |   |   | 55,638 |   |

----

|   | d. | Other receivables and prepaid expenses, net (continued): |
|--------|----|----------------------------------------------------------|

| (i) | Corresponds to a loan granted to an unaffiliated third party, which is collateralized by a mortgage on certain properties. During fiscal year 2001, this debtor filed for bankruptcy. As a result, the Company has recognized an allowance for the entire balance based on the opinion of its legal counsel. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | As of June 30, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2012           |   |   | 2011 |   |
| Current                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |           |   |   |   |   |
| Torres de Rosario under construction (Note 2.h) .............                                                                                                                                                                                                                                                                                                                                                                                   |   |           | 4,480  |   |   |   | 4,206 |   |
| Resale merchandise (Note 2.h)                                                                    |   |           | 2,569  |   |   |   | 2,816 |   |
| Torres de Rosario (Note 2.h) .................................                                                                                                                                                                                                                                                                                                                                      |   |           | 656    |   |   |   | 3,037 |   |
| Rosario plot of land (Note 2.h) ..............................                                                                                                                                                                                                                                                                                                                                          |   |           | - -    |   |   |   | 25,511 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |           | 7,705  |   |   |   | 35,570 |   |
| Non-current                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |           |   |   |   |   |   |   |
| Rights for residential units to be received (Note 6)                                                                                                                                                                                                                                                                                                                                                                                            |   |           | 23,608 |   |   |   | 23,309 |   |
| Torres de Rosario under construction (Note 2.h)                                                                                                                                                                                                                                                                                                                                                                                                 |   |           | 7,896  |   |   |   | 3,444 |   |
| Torres de Rosario                                                                                     |   |           | 1,392  |   |   |   | - - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |           | 32,896 |   |   |   | 26,753 |   |

|                               |   | As of June 30, |   |
|------------------------------------|--------|----------------|--------|
|                               |   | 2012           |   |   | 2011 |   |
| Current                            |   |           |   |   |   |   |
| Suppliers (Note 16.f)              |   |           | 35,719 |   |   |   | 26,036 |   |
| Accruals (Note 16.f)               |   |           | 49,800 |   |   |   | 46,471 |   |
| Related parties (Notes 6 and 16.f) |   |           | 6,201  |   |   |   | 10,585 |   |
| Others                             |   |           | 319    |   |   |   | 738 |   |
|                               |   |           | 92,039 |   |   |   | 83,830 |   |
| Non-current                        |   |           |   |   |   |   |   |   |
| Suppliers                          |   |           | 4      |   |   |   | 47 |   |
|                               |   |           | 4      |   |   |   | 47 |   |

----

|                                                   |   | As of June 30, |    |
|--------------------------------------------------------|--------|----------------|---------|
|                                                   |   | 2012           |    |   | 2011 |   |
| Current                                                |   |           |    |   |   |   |
| Uncollateralized loans including accrued interest (i)  |   |           | 32,179  |   |   |   | 55,333 |   |
| Seller financing-Predio San Martín (ii)           |   |           | 17,644  |   |   |   | - - |   |
| Accrued interest on Notes (Notes 6, 12 and 16.f)       |   |           | 11,544  |   |   |   | 11,040 |   |
| Seller financing-Arcos del Gourmet S.A. (Note 16.f)    |   |           | 10,235  |   |   |   | 8,900 |   |
| Seller financing-Nuevo Puerto Santa Fe S.A. (Note 2.h) |   |           | 7,418   |   |   |   | - - |   |
| Seller financing of Soleil Factory .                   |   |           | 2,854   |   |   |   | 4,714 |   |
| Financial leasing payable                              |   |           | 787     |   |   |   | - - |   |
| Deferred debt costs (Note 3.p)                         |   |           | -455    |   |   |   | -483 |   |
| Non-Convertible Notes (Notes 6, 12 and 16.f)           |   |           | - -     |   |   |   | 39,766 |   |
| Related parties (Note 6)                               |   |           | - -     |   |   |   | 2,345 |   |
|                                                   |   |           | 82,206  |   |   |   | 121,615 |   |
| Non-current                                            |   |           |    |   |   |   |   |   |
| Convertible Notes (Notes 6, 12 and 16.f)               |   |           | 143,717 |   |   |   | 130,515 |   |
| Non-Convertible Notes (Notes 6, 12 and 16.f)           |   |           | 497,970 |   |   |   | 452,100 |   |
| Seller financing of Soleil Factory (Note 16.f) (iii)   |   |           | 38,689  |   |   |   | 35,125 |   |
| Deferred debt costs (Note 3.p)                         |   |           | -1,782  |   |   |   | -2,237 |   |
| Seller financing-Property San Martín              |   |           | 17,429  |   |   |   | - - |   |
| Seller financing-Arcos del Gourmet S.A. (Note 16.f)    |   |           | 1,530   |   |   |   | - - |   |
| Financial leasing payable                              |   |           | 426     |   |   |   | - - |   |
|                                                   |   |           | 697,979 |   |   |   | 615,503 |   |

|   | h. | Salaries and social security payable: |
|--------|----|---------------------------------------|

|                               |   | As of June 30, |   |
|------------------------------------|--------|----------------|--------|
|                               |   | 2012           |   |   | 2011 |   |
| Provision for vacation and bonuses |   |           | 21,854 |   |   |   | 20,077 |   |
| Social security payable            |   |           | 3,879  |   |   |   | 3,300 |   |
| Others                             |   |           | 678    |   |   |   | 684 |   |
|                               |   |           | 26,411 |   |   |   | 24,061 |   |

----

|  4. Breakdown of the main captions (continued) |
|----------------------------------------------------------|
|                                                     |  i. | Taxes payable: |
|                                                     |   |         |

|                                                                         |  As of June 30, |
|------------------------------------------------------------------------------|----------------------|
|                                                                         |                 | 2012 |   |   | 2011 |   |
| Current                                                                      |                 |   |   |   |   |   |
| Income tax, net                                                              |                 |   | 105,415 |   |   |   | 66,163 |   |
| VAT payable, net                                                             |                 |   | 16,469 |   |   |   | 15,391 |   |
| Other tax withholdings                                                       |                 |   | 8,183 |   |   |   | 12,025 |   |
| Tax amnesty plan and payment facilities plan for income tax payable and MPIT |                 |   | 1,960 |   |   |   | 1,759 |   |
| Tax amnesty plan for municipality taxes payable                              |                 |   | 1,358 |   |   |   | 1,321 |   |
| Asset tax payable, net                                                       |                 |   | 368 |   |   |   | 300 |   |
| Tax amnesty plan for gross revenue tax payable                               |                 |   | 326 |   |   |   | 358 |   |
| Gross revenue tax payable                                                    |                 |   | - - |   |   |   | 469 |   |
| Provision for tax on personal assets of shareholders                         |                 |   | - - |   |   |   | 87 |   |
| Others                                                                       |                 |   | 3,997 |   |   |   | 4,180 |   |
|                                                                         |                 |   | 138,076 |   |   |   | 102,053 |   |

| Non-current                                    |   |   |    |   |   |   |
|------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Tax amnesty plan for income tax payable        |   |   | 15,426  |   |   |   | 17,386 |   |
| Deferred income tax (Note 11)                  |   |   | 108,746 |   |   |   | 122,621 |   |
| Tax amnesty plan for municipality tax payable  |   |   | 3,291   |   |   |   | 1,596 |   |
| Tax amnesty plan for gross revenue tax payable |   |   | 283     |   |   |   | 610 |   |
|                                           |   |   | 127,746 |   |   |   | 142,213 |   |

|   | j. | Customer advances: |
|--------|----|--------------------|

|                                      |   | As of June 30, |    |
|-------------------------------------------|--------|----------------|---------|
|                                      |   | 2012           |    |   | 2011 |   |
| Current                                   |   |           |    |   |   |   |
| Admission rights                          |   |           | 78,030  |   |   |   | 60,580 |   |
| Lease and customer advances (Note 16.f)   |   |           | 67,939  |   |   |   | 50,224 |   |
| Advance for sale of Rosario plots of land |   |           | 4,267   |   |   |   | 18,595 |   |
| Related parties (Note 6)                  |   |           | 781     |   |   |   | - - |   |
| Guarantee deposits (Note 16.f)            |   |           | 664     |   |   |   | 1,612 |   |
|                                      |   |           | 151,681 |   |   |   | 131,011 |   |
| Non-current                               |   |           |    |   |   |   |   |   |
| Admission rights                          |   |           | 85,281  |   |   |   | 66,885 |   |
| Lease and customer advances               |   |           | 25,742  |   |   |   | 27,359 |   |
| Guarantee deposits (Note 16.f)            |   |           | 3,056   |   |   |   | 777 |   |
|                                      |   |           | 114,079 |   |   |   | 95,021 |   |

----

|                                         |   | As of June 30, |    |
|----------------------------------------------|--------|----------------|---------|
|                                         |   | 2012           |    |   | 2011 |   |
| Current                                      |   |           |    |   |   |   |
| Related parties (Notes 6 and 16.f)           |   |           | 38,401  |   |   |   | 28,290 |   |
| Other liabilities                            |   |           | - -     |   |   |   | 16,004 |   |
| Accrual for Directors’ fees (Note 6)   |   |           | 32,553  |   |   |   | 28,008 |   |
| Fees advanced to Directors (Note 6)          |   |           | (17,741 | ) |   |   | (17,904 | ) |
| Withholdings and guarantee deposits          |   |           | 721     |   |   |   | 515 |   |
| Others                                       |   |           | 1,026   |   |   |   | 1,304 |   |
|                                         |   |           | 54,960  |   |   |   | 56,217 |   |
| Non-current                                  |   |           |    |   |   |   |   |   |
| Contributed leasehold improvements           |   |           | 8,903   |   |   |   | 9,170 |   |
| Accrual for municipal taxes                  |   |           | - -     |   |   |   | 1,836 |   |
| Below market leases                          |   |           | 120     |   |   |   | 449 |   |
| Directors’ guarantee deposits (Note 6) |   |           | 12      |   |   |   | 12 |   |
|                                         |   |           | 9,035   |   |   |   | 11,467 |   |

|   |  l. | Provisions: |
|--------|----------|-------------|

|                                              |   | As of June 30, |   |
|---------------------------------------------------|--------|----------------|--------|
|                                              |   | 2012           |   |   | 2011 |   |
| Current                                           |   |           |   |   |   |   |
| Provision for contingencies (Note 16.d)           |   |           | - -    |   |   |   | 267 |   |
|                                              |   |           | - -    |   |   |   | 267 |   |
|                                              |   |           |   |   |   |   |   |   |
| Non-current                                       |   |           |   |   |   |   |   |   |
| Provision for contingencies (Notes 16.d and 16.f) |   |           | 11,593 |   |   |   | 12,829 |   |
|                                              |   |           | 11,593 |   |   |   | 12,829 |   |

----

|   | e. | Reimbursement of current and expired cash dividends |
|--------|----|-----------------------------------------------------|

|   | • | Approval of the proposal put forward by the Board of Directors to pay a cash dividend in the amount of Ps. 177 million as interim dividend for the fiscal year ended June 30, 2012; the dividend was computed based on the quarterly financial statements for the period ended December 31, 2011 which was approved by this Shareholders’ |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Meeting. On June 29, 2012, the dividend was made available to the shareholders as per the resolution adopted by the Board of Directors on June 21, 2012. The dividend represents 140.488880413% of the capital stock, and amounts to Ps. 0.140488880413 per share of Ps. 0.10 face value, and Ps. 5.619555216522 per ADR. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Renewal of the term granted to the Board of Directors to exercise delegated powers to implement the capital increase approved by the Shareholders’ Meeting held on May 26, 2011 as per the provisions of section 188 of Law No. 19,550. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Empower the Board of Directors to carry out the capital increase and issue of shares, up to the amount of Ps. 9,070, as duly approved, to be allocated to the Management Incentive Plan approved by the Shareholders’ Meeting held in October 31, 2011 pursuant to the terms and conditions of section 69 of Law. No. 17,811 and implemented by Decree 677/01. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | Reclassification of the deferred tax liability derived from the adjustment for inflation |
|--------|----|------------------------------------------------------------------------------------------|

|                                       |   | Accounts as of 06.30.12 resulting from the Statement of Changes in Shareholders’ Equity |    |   | Reclassification proposed pursuant to ruling 592 of the National Securities Commission |   |     | Accounts subject to reclassification to be approved by the Shareholders’ Meeting |   |
|--------------------------------------------|--------|-----------------------------------------------------------------------------------------------|---------|--------|----------------------------------------------------------------------------------------|--------|----------|----------------------------------------------------------------------------------------|--------|
| Capital stock                              |   |                                                                                          | 125,989 |   |                                                                                   |   | -        |                                                                                   |   |   | 125,989 |   |
| Integral capital adjustment                |   |                                                                                          | 84,621  |   |                                                                                   |   | (15,240  | )                                                                                      |   |   | 69,381 |   |
| Additional paid in capital                 |   |                                                                                          | 536,300 |   |                                                                                   |   | (92,090  | )                                                                                      |   |   | 444,210 |   |
| Subtotal Shareholders’ contributions |   |                                                                                          | 746,910 |   |                                                                                   |   | (107,330 | )                                                                                      |   |   | 639,580 |   |
| Long-term incentive program reserve        |   |                                                                                          | 2,138   |   |                                                                                   |   | -        |                                                                                   |   |   | 2,138 |   |
| Appraisal revaluation                      |   |                                                                                          | 3,953   |   |                                                                                   |   | -        |                                                                                   |   |   | 3,953 |   |
| Legal reserve                              |   |                                                                                          | 39,074  |   |                                                                                   |   | -        |                                                                                   |   |   | 39,074 |   |
| Retained earnings                          |   |                                                                                          | 35,972  |   |                                                                                   |   | 107,330  |                                                                                   |   |   | 143,302 |   |
| Balances at the end                        |   |                                                                                          | 828,047 |   |                                                                                   |   | -        |                                                                                   |   |   | 828,047 |   |

----

|                                                          |   | As of June 30, 2012  |   |
|---------------------------------------------------------------|--------|----------------------|--------|
| Company                                                       |   | Investment - Current |   |   | Investment – Non-current |   |   | Accounts receivable, net - Current |   |   | Otherreceivables and prepaid expenses, net – Current |   |   | Non-current Inventory /Fixed Assets, net |   |   | Trade accounts payable – Current |   |   | Short-term debt |   |   | Long- term debt |   |   | Customer advances – Current |   |   | Dividends payable |   |   | Other liabilities- Current |   |   | Other liabilities– Non-current |   |
| Shareholders                                                  |   |                 | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,092 | ) |   |   | - |   |   |   | - |   |
| Banco Hipotecario S.A. (2)                                    |   |                 | 496    |   |   |   | - |   |   |   | 298 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Cactus S.A. (1)                                               |   |                 | -      |   |   |   | - |   |   |   | 12 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Consultores Assets Management  S.A. (14)            |   |                 | -      |   |   |   | - |   |   |   | 73 |   |   |   | - |   |   |   | - |   |   |   | (5 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Consorcio Libertador (4)                                      |   |                 | -      |   |   |   | - |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Consorcio Torre Boston (4)                                    |   |                 | -      |   |   |   | - |   |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Cresud S.A.C.I.F. y A. (5)                                    |   |                 | 8,781  |   |   |   | 29,958 |   |   |   | 73 |   |   |   | 12,562 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (38,266 | ) |   |   | - |   |
| Cyrsa S.A. (6)                                                |   |                 | -      |   |   |   | - |   |   |   | 26 |   |   |   | - |   |   |   | - |   |   |   | (28 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Directors                                                     |   |                 | -      |   |   |   | - |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (5 | ) |   |   | - |   |   |   | - |   |   |   | (14,812 | ) |   |   | (12 | ) |
| E-Commerce Latina S.A. (7)                                    |   |                 | -      |   |   |   | - |   |   |   | 21 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Estudio Zang, Bergel y Viñes (8)                         |   |                 | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (642 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Fundación IRSA (4)                                       |   |                 | -      |   |   |   | - |   |   |   | 18 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| FyO Trading S.A. (1)                                          |   |                 | -      |   |   |   | - |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Futuros y Opciones.Com S.A. (1)                               |   |                 | -      |   |   |   | - |   |   |   | 112 |   |   |   | - |   |   |   | - |   |   |   | (6 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Hoteles Argentinos S.A.  (7)                        |   |                 | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| IRSA Inversiones y Representaciones Sociedad Anónima (9) |   |                 | -      |   |   |   | - |   |   |   | 1,706 |   |   |   | 56 |   |   |   | - |   |   |   | (5,295 | ) |   |   | (6,535 | ) |   |   | (143,679 | ) |   |   | - |   |   |   | - |   |   |   | (107 | ) |   |   | - |   |
| Llao Llao Resorts S.A. (7)                                    |   |                 | -      |   |   |   | - |   |   |   | 489 |   |   |   | - |   |   |   | - |   |   |   | (36 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Museo de los Niños (4)                                   |   |                 | -      |   |   |   | - |   |   |   | 1,434 |   |   |   | - |   |   |   | - |   |   |   | (6 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Nuevas Fronteras S.A. (7)                                     |   |                 | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (105 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Nuevo Puerto Santa Fe S.A. (13)                               |   |                 | -      |   |   |   | - |   |   |   | 314 |   |   |   | - |   |   |   | - |   |   |   | (70 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (28 | ) |   |   | - |   |
| Personnel                                                     |   |                 | -      |   |   |   | - |   |   |   | - |   |   |   | 3,237 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Quality Invest S.A. (13)                                      |   |                 | -      |   |   |   | - |   |   |   | 11 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Ritelco S.A. (7)                                              |   |                 | -      |   |   |   | - |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Solares de Santa María S.A. (7)                          |   |                 | -      |   |   |   | - |   |   |   | 3 |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Tarshop S.A. (10)                                             |   |                 | -      |   |   |   | - |   |   |   | 460 |   |   |   | 1,102 |   |   |   | - |   |   |   | (1 | ) |   |   | - |   |   |   | - |   |   |   | (781 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Tyrus S.A. (7)                                                |   |                 | -      |   |   |   | - |   |   |   | - |   |   |   | 56 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| TGLT S.A. (3)                                                 |   |                 | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 32,872 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                                                         |   |                 | 9,277  |   |   |   | 29,958 |   |   |   | 5,056 |   |   |   | 17,013 |   |   |   | 32,872 |   |   |   | (6,201 | ) |   |   | (6,535 | ) |   |   | (143,684 | ) |   |   | (781 | ) |   |   | (6,092 | ) |   |   | (53,213 | ) |   |   | (12 | ) |

----

|                                                                   |   | As of June 30, 2012        |   |
|------------------------------------------------------------------------|--------|----------------------------|--------|
| Company                                                                |   | OtherInvestments - Current |   |   | OtherInvestments – Non Current |   |   | Accounts receivable, net - Current |   |   | Other receivables and prepaid expenses, net – Current |   |   | Inventory / Fixed Assets, net |   |   | Trade accounts payable – Current |   |   | Short-term debt |   |   | Long-term debt |   |   | Other liabilities -Current |   |   | Other liabilities – Non-current |   |
| Banco Hipotecario S.A. (2)                                             |   |                       | 477    |   |   |   | - |   |   |   | 225 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Cactus S.A. (1)                                                        |   |                       | -      |   |   |   | - |   |   |   | 25 |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Consultores Assets Management  S.A. (14)                     |   |                       | -      |   |   |   | - |   |   |   | 11 |   |   |   | - |   |   |   | - |   |   |   | (5 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Consorcio Libertador (4)                                               |   |                       | -      |   |   |   | - |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Consorcio Torre Boston (4)                                             |   |                       | -      |   |   |   | - |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Cresud S.A.C.I.F. y A. (5) (II)                                        |   |                       | 2,615  |   |   |   | 7,706 |   |   |   | 6 |   |   |   | 11,455 |   |   |   | - |   |   |   | (61 | ) |   |   | - |   |   |   | - |   |   |   | (10,872 | ) |   |   | - |   |
| Cyrsa S.A. (6)                                                         |   |                       | -      |   |   |   | - |   |   |   | 172 |   |   |   | - |   |   |   | - |   |   |   | (1,097 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Directors                                                              |   |                       | -      |   |   |   | - |   |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2 | ) |   |   | (41 | ) |   |   | (10,104 | ) |   |   | (12 | ) |
| E-Commerce Latina S.A. (7)                                             |   |                       | -      |   |   |   | - |   |   |   | 20 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Estudio Zang, Bergel y Viñes (8)                                  |   |                       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (783 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Fundación IRSA (4)                                                |   |                       | -      |   |   |   | - |   |   |   | 5 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Futuros y Opciones.Com S.A. (1)                                        |   |                       | -      |   |   |   | - |   |   |   | 13 |   |   |   | - |   |   |   | - |   |   |   | (6 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Hoteles Argentinos S.A. (7)                                            |   |                       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| IRSA Inversiones y Representaciones Sociedad Anónima (9) (I) (II) |   |                       | -      |   |   |   | - |   |   |   | 1,856 |   |   |   | 12 |   |   |   | - |   |   |   | (2,865 | ) |   |   | (19,228 | ) |   |   | (130,444 | ) |   |   | (88 | ) |   |   | - |   |
| Llao llao Resorts S.A. (7)                                             |   |                       | -      |   |   |   | - |   |   |   | 73 |   |   |   | - |   |   |   | - |   |   |   | (74 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Museo de los Niños (4)                                            |   |                       | -      |   |   |   | - |   |   |   | 1,752 |   |   |   | - |   |   |   | - |   |   |   | (6 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Nuevas Fronteras S.A. (7)                                              |   |                       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (146 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Personnel                                                              |   |                       | -      |   |   |   | - |   |   |   | - |   |   |   | 2,515 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Solares de Santa Maria S.A. (7)                                        |   |                       | -      |   |   |   | - |   |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | (2 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Tyrus S.A. (7)                                                         |   |                       | -      |   |   |   | - |   |   |   | - |   |   |   | 51 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Tarshop S.A. (10)                                                      |   |                       | -      |   |   |   | - |   |   |   | 547 |   |   |   | 13,715 |   |   |   | - |   |   |   | (5,533 | ) |   |   | - |   |   |   | - |   |   |   | (17,330 | ) |   |   | - |   |
| TGLT S.A. (3)                                                          |   |                       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 32,573 |   |   |   | - |   |   |   | (2,345 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                                                                  |   |                       | 3,092  |   |   |   | 7,706 |   |   |   | 4,711 |   |   |   | 27,748 |   |   |   | 32,573 |   |   |   | (10,585 | ) |   |   | (21,575 | ) |   |   | (130,485 | ) |   |   | (38,394 | ) |   |   | (12 | ) |

----

| Company                                                       |   | (Expense) income included in the Statements of Income for the years ended June 30, |   |
|---------------------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|
|                                                          |   | 2012                                                                               |   |   | 2011 |   |   | 2010 |   |
|                                                          |   | Leases and services                                                                |   |   | Administrative expenses |   |   | Financial results, net |   |   | Other income (expenses), net |   |   | Shared services |   |   | Leases and services |   |   | Administrative expenses |   |   | Financial results, net |   |   | Other income (expenses), net |   |   | Shared services |   |   | Administrative expenses |   |   | Financial results, net |   |   | Shared services |   |
| Shareholders                                                  |   |                                                                               | - -    |   |   |   | - - |   |   |   | - - |   |   |   | (151 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| Cresud S.A.C.I.F. y A. (5)                                    |   |                                                                               | - -    |   |   |   | - - |   |   |   | 906 |   |   |   | - - |   |   |   | (48,119 | ) |   |   | - - |   |   |   | - - |   |   |   | (729 | ) |   |   | - - |   |   |   | (39,805 | ) |   |   | - - |   |   |   | (4,100 | ) |   |   | (16,697 | ) |
| CAM Comunications LP (Delaware) (4)                           |   |                                                                               | - -    |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 42 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| Directors                                                     |   |                                                                               | - -    |   |   |   | (36,024 | ) |   |   | -1 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | (29,419 | ) |   |   | -4 |   |   |   | - - |   |   |   | - - |   |   |   | (22,408 | ) |   |   | -9 |   |   |   | - - |   |
| Estudio Zang, Bergel y Viñes (8)                         |   |                                                                               | - -    |   |   |   | (2,651 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | (2,702 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | (1,862 | ) |   |   | - - |   |   |   | - - |   |
| Fundación IRSA (4)                                       |   |                                                                               | - -    |   |   |   | - - |   |   |   | - - |   |   |   | (737 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | (213 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| Tarshop S.A. (10)                                             |   |                                                                               | 2,646  |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 1,429 |   |   |   | - - |   |   |   | 80 |   |   |   | 12,596 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| Inversiones Financieras del Sur S.A. (11)                     |   |                                                                               | - -    |   |   |   | - - |   |   |   | 125 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 516 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| TGLT S.A. (3)                                                 |   |                                                                               | - -    |   |   |   | - - |   |   |   | (50 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | (43 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| IRSA Inversiones y Representaciones Sociedad Anónima (9) |   |                                                                               | - -    |   |   |   | (4,525 | ) |   |   | (13,648 | ) |   |   | - - |   |   |   | 437 |   |   |   | - - |   |   |   | (5,353 | ) |   |   | (16,794 | ) |   |   | - - |   |   |   | 1,354 |   |   |   | (4,007 | ) |   |   | (37,869 | ) |   |   | 547 |   |
| Parque Arauco S.A. (12)                                       |   |                                                                               | - -    |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | (315 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | (8,049 | ) |   |   | - - |   |
| Personnel                                                     |   |                                                                               | - -    |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 209 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 12 |   |   |   | - - |   |
| Total                                                         |   |                                                                               | 2,646  |   |   |   | (43,200 | ) |   |   | (12,668 | ) |   |   | (888 | ) |   |   | (47,682 | ) |   |   | 1,429 |   |   |   | (37,474 | ) |   |   | (17,038 | ) |   |   | 12,383 |   |   |   | (38,451 | ) |   |   | (28,277 | ) |   |   | (50,015 | ) |   |   | (16,150 | ) |

----

|                                          |   | Years ended June 30, |     |
|-----------------------------------------------|--------|----------------------|----------|
|                                          |   | 2012                 |     |   | 2011 |   |   | 2010 |   |
| Generated by assets:                          |   |                 |     |   |   |   |   |   |   |
| Late charges on collected receivables         |   |                 | 8,075    |   |   |   | 6,105 |   |   |   | 7,375 |   |
| Effect on the present value accounting        |   |                 | 5,147    |   |   |   | 4,233 |   |   |   | 3,113 |   |
| Results from financial investments            |   |                 | 2,738    |   |   |   | 3,644 |   |   |   | 391 |   |
| Foreign currency exchange gain                |   |                 | 21,485   |   |   |   | 13,300 |   |   |   | 860 |   |
| Gain (loss) on the disposal of Tarshop        |   |                 | 16,004   |   |   |   | (15,327 | ) |   |   | (13,721 | ) |
| Impairment of non-compete agreement           |   |                 | - -      |   |   |   | (7,547 | ) |   |   | - - |   |
| Mutual fund investment income                 |   |                 | 9,576    |   |   |   | 3,326 |   |   |   | 2,816 |   |
| Other results                                 |   |                 | 2,284    |   |   |   | 1,347 |   |   |   | 1,343 |   |
|                                          |   |                 | 65,309   |   |   |   | 9,081 |   |   |   | 2,177 |   |
| Generated by liabilities:                     |   |                 |     |   |   |   |   |   |   |   |   |   |
| Financial expenses                            |   |                 | (64,085  | ) |   |   | (75,061 | ) |   |   | (79,773 | ) |
| Other interest                                |   |                 | (118     | ) |   |   | (145 | ) |   |   | (107 | ) |
| Interest on taxes payable                     |   |                 | (5,324   | ) |   |   | (6,743 | ) |   |   | (8,758 | ) |
| Foreign currency exchange (loss)              |   |                 | (69,631  | ) |   |   | (30,760 | ) |   |   | (23,305 | ) |
| (Loss) Gain from derivative instruments       |   |                 | (1,050   | ) |   |   | - - |   |   |   | (2,582 | ) |
| Gain from repurchase of Non-Convertible Notes |   |                 | - -      |   |   |   | 289 |   |   |   | - - |   |
| Loss from update of advances for leases       |   |                 | (4,652   | ) |   |   | (3,805 | ) |   |   | - - |   |
|                                          |   |                 | (144,860 | ) |   |   | (116,225 | ) |   |   | (114,525 | ) |
|                                          |   |                 | (79,551  | ) |   |   | (107,144 | ) |   |   | (112,348 | ) |

|   | · | Leases and Services |
|--------|--------|---------------------|

|   | · | Consumer Financing |
|--------|--------|--------------------|

----

|   | · | Others |
|--------|--------|--------|

|   | As of and for the year ended June 30, 2012: |
|--------|---------------------------------------------|

|                                                                                                                                                                                                        |   | Leases and services |      |   | Consumer financing |   |   | Others |   |   | Total reportable segments |   |   | Eliminations |      |   | Total as of and for the year endedJune 30, 2012 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|--------------------|--------|--------|--------|--------|--------|---------------------------|--------|--------|--------------|-----------|--------|-------------------------------------------------|--------|
| Revenues                                         |   |                | 882,293   |   |               |   | 4,836  |   |   |   | 36,489                    |   |   |         | 923,618   |   |                                            |   | - - |   |   |   | 923,618 |   |
| Costs                                            |   |                | (157,260  | )      |               |   | (1,605 | )      |   |   | (31,744                   | )      |   |         | (190,609  | )      |                                            |   | - - |   |   |   | (190,609 | ) |
| Gross profit                                     |   |                | 725,033   |   |               |   | 3,231  |   |   |   | 4,745                     |   |   |         | 733,009   |   |                                            |   | - - |   |   |   | 733,009 |   |
| Selling expenses                                 |   |                | (52,775   | )      |               |   | (296   | )      |   |   | (1,558                    | )      |   |         | (54,629   | )      |                                            |   | - - |   |   |   | (54,629 | ) |
| Administrative expenses                                                                                                                                                                                     |   |                | (89,923   | )      |               |   | (267   | )      |   |   | (57                       | )      |   |         | (90,247   | )      |                                            |   | - - |   |   |   | (90,247 | ) |
| Gain from recognition of inventories at net realizable value                                                                                                                                                |   |                | - -       |   |               |   | - -    |   |   |   | 8,870                     |   |   |         | 8,870     |   |                                            |   | - - |   |   |   | 8,870 |   |
| Operating income                                                                                                                                                                                            |   |                | 582,335   |   |               |   | 2,668  |   |   |   | 12,000                    |   |   |         | 597,003   |   |                                            |   | - - |   |   |   | 597,003 |   |
| Gain on equity investees (iii)                                                                                                                                                                              |   |                | - -       |   |               |   | 10,125 |   |   |   | - -                       |   |   |         | 10,125    |   |                                            |   | - - |   |   |   | 10,125 |   |
| Amortization of goodwill                                                                                                                                                                                    |   |                | 2,105     |   |               |   | - -    |   |   |   | - -                       |   |   |         | 2,105     |   |                                            |   | - - |   |   |   | 2,105 |   |
| Financial results, net                                                                                                                                                                                      |   |                | (84,453   | )      |               |   | 4,904  |   |   |   | (2                        | )      |   |         | (79,551   | )      |                                            |   | - - |   |   |   | (79,551 | ) |
| Other income (expenses), net                                                                                                                                                                                |   |                | (16,918   | )      |               |   | 736    |   |   |   | - -                       |   |   |         | (16,182   | )      |                                            |   | - - |   |   |   | (16,182 | ) |
| Income before taxes and minority interest                                                                                                                                                                   |   |                | 483,069   |   |               |   | 18,433 |   |   |   | 11,998                    |   |   |         | 513,500   |   |                                            |   | - - |   |   |   | 513,500 |   |
| Income tax expense                                                                                                                                                                                          |   |                | (167,331  | )      |               |   | (194   | )      |   |   | (4,200                    | )      |   |         | (171,725  | )      |                                            |   | - - |   |   |   | (171,725 | ) |
| Minority interest                                |   |                | (13,933   | )      |               |   | - -    |   |   |   | - -                       |   |   |         | (13,933   | )      |                                            |   | - - |   |   |   | (13,933 | ) |
| Net income                                       |   |                | 301,805   |   |               |   | 18,239 |   |   |   | 7,798                     |   |   |         | 327,842   |   |                                            |   | - - |   |   |   | 327,842 |   |
|                                                                                                                                                                                                        |   |                |      |   |               |   |   |   |   |   |                      |   |   |         |      |   |                                            |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                                                                                                               |   |                | 115,033   |   |               |   | 17     |   |   |   | - -                       |   |   |         | 115,050   |   |                                            |   | - - |   |   |   | 115,050 |   |
| Acquisitions of fixed assets                                                                                                                                                                                |   |                | 213,987   |   |               |   | - -    |   |   |   | - -                       |   |   |         | 213,987   |   |                                            |   | - - |   |   |   | 213,987 |   |
| Operating assets                                 |   |                | 1,893,338 |   |               |   | 15,875 |   |   |   | 38,506                    |   |   |         | 1,947,719 |   |                                            |   | 148,044 |   |   |   | 2,095,763 |   |
| Non operating assets                                                                                                                                                                                        |   |                | 1,294,123 |   |               |   | 46,631 |   |   |   | - -                       |   |   |         | 1,340,754 |   |                                            |   | (948,143 | ) |   |   | 392,611 |   |
| Total Assets                                     |   |                | 3,187,461 |   |               |   | 62,506 |   |   |   | 38,506                    |   |   |         | 3,288,473 |   |                                            |   | (800,099 | ) |   |   | 2,488,374 |   |

----

|   | As of and for the year ended June 30, 2011: |
|--------|---------------------------------------------|

|                                                                                                                                                                                                        |   | Leases and services |      |   | Consumer financing |   |    | Others |   |   | Total reportable segments |   |   | Eliminations |      |   | Total as of and for the year endedJune 30, 2011 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|--------------------|--------|---------|--------|--------|--------|---------------------------|--------|--------|--------------|-----------|--------|-------------------------------------------------|--------|
| Revenues                                         |   |                | 677,129   |   |               |   | 68,576  |   |   |   | 110,970                   |   |   |         | 856,675   |   |                                            |   | (i)(207 | ) |   |   | 856,468 |   |
| Costs                                            |   |                | (165,069  | )      |               |   | (23,465 | )      |   |   | (70,028                   | )      |   |         | (258,562  | )      |                                            |   | (i) (ii) 802 |   |   |   | (257,760 | ) |
| Gross profit                                     |   |                | 512,060   |   |               |   | 45,111  |   |   |   | 40,942                    |   |   |         | 598,113   |   |                                            |   | 595 |   |   |   | 598,708 |   |
| Selling expenses                                 |   |                | (40,229   | )      |               |   | (25,109 | )      |   |   | (3,102                    | )      |   |         | (68,440   | )      |                                            |   | - - |   |   |   | (68,440 | ) |
| Administrative expenses                                                                                                                                                                                     |   |                | (69,124   | )      |               |   | (6,987  | )      |   |   | (197                      | )      |   |         | (76,308   | )      |                                            |   | - - |   |   |   | (76,308 | ) |
| Gain from recognition of inventories at net realizable value                                                                                                                                                |   |                | - -       |   |               |   | - -     |   |   |   | 14,964                    |   |   |         | 14,964    |   |                                            |   | - - |   |   |   | 14,964 |   |
| Net income from retained interest in securitized receivables                                                                                                                                                |   |                | - -       |   |               |   | 4,707   |   |   |   | - -                       |   |   |         | 4,707     |   |                                            |   | - - |   |   |   | 4,707 |   |
| Operating income                                                                                                                                                                                            |   |                | 402,707   |   |               |   | 17,722  |   |   |   | 52,607                    |   |   |         | 473,036   |   |                                            |   |  595 |   |   |   | 473,631 |   |
| Gain on equity investees (iii)                                                                                                                                                                              |   |                | - -       |   |               |   | 9,117   |   |   |   | - -                       |   |   |         | 9,117     |   |                                            |   | - - |   |   |   | 9,117 |   |
| Amortization of goodwill                                                                                                                                                                                    |   |                | 1,783     |   |               |   | 100     |   |   |   | - -                       |   |   |         | 1,883     |   |                                            |   | - - |   |   |   | 1,883 |   |
| Financial results, net                                                                                                                                                                                      |   |                | (84,850   | )      |               |   | (21,924 | )      |   |   | 225                       |   |   |         | (106,549  | )      |                                            |   | (ii) (595 | ) |   |   | (107,144 | ) |
| Other income (expenses), net                                                                                                                                                                                |   |                | (2,629    | )      |               |   | 12,597  |   |   |   | (1,621                    | )      |   |         | 8,347     |   |                                            |   | - - |   |   |   | 8,347 |   |
| Income before taxes and minority interest                                                                                                                                                                   |   |                | 317,011   |   |               |   | 17,612  |   |   |   | 51,211                    |   |   |         | 385,834   |   |                                            |   | - - |   |   |   | 385,834 |   |
| Income tax expense                                                                                                                                                                                          |   |                | (99,034   | )      |               |   | 5,212   |   |   |   | (12,759                   | )      |   |         | (106,581  | )      |                                            |   | - - |   |   |   | (106,581 | ) |
| Minority interest                                |   |                | (7,199    | )      |               |   | - -     |   |   |   | - -                       |   |   |         | (7,199    | )      |                                            |   | - - |   |   |   | (7,199 | ) |
| Net income                                       |   |                | 210,778   |   |               |   | 22,824  |   |   |   | 38,452                    |   |   |         | 272,054   |   |                                            |   | - - |   |   |   | 272,054 |   |
|                                                                                                                                                                                                        |   |                |      |   |               |   |    |   |   |   |                      |   |   |         |      |   |                                            |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                                                                                                               |   |                | 115,078   |   |               |   | 2,276   |   |   |   | - -                       |   |   |         | 117,354   |   |                                            |   | - - |   |   |   | 117,354 |   |
| Acquisitions of fixed assets                                                                                                                                                                                |   |                | 99,612    |   |               |   | 3,003   |   |   |   | - -                       |   |   |         | 102,615   |   |                                            |   | - - |   |   |   | 102,615 |   |
| Operating assets                                 |   |                | 1,704,189 |   |               |   | 26,198  |   |   |   | 60,268                    |   |   |         | 1,790,655 |   |                                            |   | 120,932 |   |   |   | 1,911,587 |   |
| Non operating assets                                                                                                                                                                                        |   |                | 1,100,411 |   |               |   | 22,510  |   |   |   | - -                       |   |   |         | 1,122,921 |   |                                            |   | (712,573 | ) |   |   | 410,348 |   |
| Total Assets                                     |   |                | 2,804,600 |   |               |   | 48,708  |   |   |   | 60,268                    |   |   |         | 2,913,576 |   |                                            |   | (591,641 | ) |   |   | 2,321,935 |   |

| (i) | Represents inter-segment lease revenues and expenses. |
|-----|-------------------------------------------------------|

| (ii) | Represents interest expense generated by inter-segment loan used to fund the credit card activity. |
|------|----------------------------------------------------------------------------------------------------|

| (iii) | Represents the equity investment in Tarshop. |
|-------|----------------------------------------------|

----

|   | As of and for the year ended June 30, 2010: |
|--------|---------------------------------------------|

|                                                         |   | Leases and services |      |   | Consumer financing |   |     | Others |   |   | Total reportable segments |   |   | Eliminations |      |   | Total as of and for the year endedJune 30, 2010 |   |
|--------------------------------------------------------------|--------|---------------------|-----------|--------|--------------------|--------|----------|--------|--------|--------|---------------------------|--------|--------|--------------|-----------|--------|-------------------------------------------------|--------|
| Revenues                                                     |   |                | 518,463   |   |               |   | 265,346  |   |   |   | 1,172                     |   |   |         | 784,981   |   |                                            |   | (108 | ) |   |   | 784,873 |   |
| Costs                                                        |   |                | (158,559  | )      |               |   | (102,980 | )      |   |   | (328                      | )      |   |         | (261,867  | )      |                                            |   | 3,035 |   |   |   | (258,832 | ) |
| Gross profit                                                 |   |                | 359,904   |   |               |   | 162,366  |   |   |   | 844                       |   |   |         | 523,114   |   |                                            |   | 2,927 |   |   |   | 526,041 |   |
| Selling expenses                                             |   |                | (37,134   | )      |               |   | (125,562 | )      |   |   | (43                       | )      |   |         | (162,739  | )      |                                            |   | - - |   |   |   | (162,739 | ) |
| Administrative expenses                                      |   |                | (56,140   | )      |               |   | (25,234  | )      |   |   | (60                       | )      |   |         | (81,434   | )      |                                            |   | - - |   |   |   | (81,434 | ) |
| Gain from recognition of inventories at net realizable value |   |                | - -       |   |               |   | - -      |   |   |   | 1,162                     |   |   |         | 1,162     |   |                                            |   | - - |   |   |   | 1,162 |   |
| Net income from retained interest in securitized receivables |   |                | - -       |   |               |   | 37,470   |   |   |   | - -                       |   |   |         | 37,470    |   |                                            |   | - - |   |   |   | 37,470 |   |
| Operating income                                             |   |                | 266,630   |   |               |   | 49,040   |   |   |   | 1,903                     |   |   |         | 317,573   |   |                                            |   | 2,927 |   |   |   | 320,500 |   |
| Amortization of goodwill                                     |   |                | (1,017    | )      |               |   | (628     | )      |   |   | - -                       |   |   |         | (1,645    | )      |                                            |   | - - |   |   |   | (1,645 | ) |
| Financial results, net                                       |   |                | (92,848   | )      |               |   | (16,534  | )      |   |   | (39                       | )      |   |         | (109,421  | )      |                                            |   | (2,927 | ) |   |   | (112,348 | ) |
| Other income (expenses), net                                 |   |                | (1,320    | )      |               |   | (1,984   | )      |   |   | - -                       |   |   |         | (3,304    | )      |                                            |   | - - |   |   |   | (3,304 | ) |
| Income before taxes and minority interest                    |   |                | 171,445   |   |               |   | 29,894   |   |   |   | 1,864                     |   |   |         | 203,203   |   |                                            |   | - - |   |   |   | 203,203 |   |
| Income tax expense                                           |   |                | (54,632   | )      |               |   | (10,473  | )      |   |   | (666                      | )      |   |         | (65,771   | )      |                                            |   | - - |   |   |   | (65,771 | ) |
| Minority interest                                            |   |                | (4,935    | )      |               |   | (158     | )      |   |   | - -                       |   |   |         | (5,093    | )      |                                            |   | - - |   |   |   | (5,093 | ) |
| Net income                                                   |   |                | 111,878   |   |               |   | 19,263   |   |   |   | 1,198                     |   |   |         | 132,339   |   |                                            |   | - - |   |   |   | 132,339 |   |
|                                                         |   |                |      |   |               |   |     |   |   |   |                      |   |   |         |      |   |                                            |   |   |   |   |   |   |   |
| Depreciation and amortization                                |   |                | 113,337   |   |               |   | 8,622    |   |   |   | - -                       |   |   |         | 121,959   |   |                                            |   | - - |   |   |   | 121,959 |   |
| Acquisitions of fixed assets                                 |   |                | 58,914    |   |               |   | 2,176    |   |   |   | - -                       |   |   |         | 61,090    |   |                                            |   | - - |   |   |   | 61,090 |   |
| Operating assets                                             |   |                | 1,829,171 |   |               |   | 277,486  |   |   |   | 22,227                    |   |   |         | 2,128,884 |   |                                            |   | - - |   |   |   | 2,128,884 |   |
| Non operating assets                                         |   |                | 371,552   |   |               |   | 200,783  |   |   |   | - -                       |   |   |         | 572,335   |   |                                            |   | (216,669 | ) |   |   | 355,666 |   |
| Total Assets                                                 |   |                | 2,200,723 |   |               |   | 478,269  |   |   |   | 22,227                    |   |   |         | 2,701,219 |   |                                            |   | (216,669 | ) |   |   | 2,484,550 |   |

|   | (i) | Represents inter-segment lease revenues and expenses. |
|--------|-----|-------------------------------------------------------|

|   | (ii) | Represents interest expense generated by inter-segment loan used to fund the credit card activity. |
|--------|------|----------------------------------------------------------------------------------------------------|

|                                        |   | To mature in3 months |    |   | To mature between4 and 6 months |   |   | To mature between7 and 9 months |   |   | To mature between 10 and 12 months |   |   | To mature in greater than1 year |   |   | Past due |   |    | No fixed term |   |   | Total   |   |
|---------------------------------------------|--------|----------------------|---------|--------|---------------------------------|--------|--------|---------------------------------|--------|--------|-----------------------------------------|--------|--------|---------------------------------|--------|--------|----------|--------|---------|---------------|--------|--------|---------|--------|
| Assets                                      |   |                 |    |   |                            |   |   |                            |   |   |                                    |   |   |                            |   |   |     |   |    |          |   |   |    |   |
| Other investments, net (i)                  |   |                 | 40,569  |   |                            |   | 1,886  |                            |   |   | 1,886                                   |   |   |                            | 3,012  |   |     |   | 29,958  |          |   |   | - -     |   |   |   | 220 |   |   |   | 77,531 |   |
| Accounts receivable, net                    |   |                 | 58,391  |   |                            |   | 44,878 |                            |   |   | 18,806                                  |   |   |                            | 7,647  |   |     |   | 2,241   |          |   |   | 126,399 |   |   |   | 1,546 |   |   |   | 259,908 |   |
| Other receivables and prepaid expenses, net |   |                 | 48,387  |   |                            |   | 16,141 |                            |   |   | 11,216                                  |   |   |                            | 10,330 |   |     |   | 12,976  |          |   |   | - -     |   |   |   | 34,474 |   |   |   | 133,524 |   |
|                                        |   |                 | 147,347 |   |                            |   | 62,905 |                            |   |   | 31,908                                  |   |   |                            | 20,989 |   |     |   | 45,175  |          |   |   | 126,399 |   |   |   | 36,240 |   |   |   | 470,963 |   |
| Liabilities                                 |   |                 |    |   |                            |   |   |                            |   |   |                                    |   |   |                            |   |   |     |   |    |          |   |   |    |   |   |   |   |   |   |   |   |   |
| Trade accounts payable                      |   |                 | 73,955  |   |                            |   | 1,645  |                            |   |   | 1,115                                   |   |   |                            | 120    |   |     |   | 4       |          |   |   | 14,847  |   |   |   | 357 |   |   |   | 92,043 |   |
| Customer advances                           |   |                 | 67,742  |   |                            |   | 33,799 |                            |   |   | 28,709                                  |   |   |                            | 21,109 |   |     |   | 114,079 |          |   |   | 284     |   |   |   | 38 |   |   |   | 265,760 |   |
| Short-term and long-term debt               |   |                 | 44,482  |   |                            |   | 8,455  |                            |   |   | 1,307                                   |   |   |                            | 27,962 |   |     |   | 697,979 |          |   |   | - -     |   |   |   | - - |   |   |   | 780,185 |   |
| Other liabilities (ii)                      |   |                 | 74,800  |   |                            |   | 31,737 |                            |   |   | 108,614                                 |   |   |                            | 4,263  |   |     |   | 43,531  |          |   |   | - -     |   |   |   | 110,968 |   |   |   | 373,913 |   |
|                                        |   |                 | 260,979 |   |                            |   | 75,636 |                            |   |   | 139,745                                 |   |   |                            | 53,454 |   |     |   | 855,593 |          |   |   | 15,131  |   |   |   | 111,363 |   |   |   | 1,511,901 |   |

----

|                                        |   | Accruing interest at a fixed rate |   |   |  Accruing interest at a variable rate |   |    |  Not accruing interest |   |   |          |   |
|---------------------------------------------|--------|-----------------------------------|--------|--------|--------------------------------------------|--------|---------|-----------------------------|--------|--------|---------------|--------|
|                                        |   | Current                           |   |   | Non- -Current                              |   |    | Current                     |   |   | Non- -Current |   |   | Current |   |   | Non- -Current |   |   | Total |   |
| Assets                                      |   |                              |   |   |                                       |   |    |                        |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Other investments, net (i)                  |   |                              | 5,666  |   |                                       |   | 2,958   |                        |   |   | 40,635        |   |   |   | 9,720 |   |   |   | 1,272 |   |   |   | 17,280 |   |   |   | 77,531 |   |
| Accounts receivable, net                    |   |                              | 2,479  |   |                                       |   | - -     |                        |   |   | 100           |   |   |   | - - |   |   |   | 255,088 |   |   |   | 2,241 |   |   |   | 259,908 |   |
| Other receivables and prepaid expenses, net |   |                              | 2,708  |   |                                       |   | - -     |                        |   |   | 12,641        |   |   |   | 58,912 |   |   |   | 59,263 |   |   |   | - - |   |   |   | 133,524 |   |
|                                        |   |                              | 10,853 |   |                                       |   | 2,958   |                        |   |   | 53,376        |   |   |   | 68,632 |   |   |   | 315,623 |   |   |   | 19,521 |   |   |   | 470,963 |   |
| Liabilities                                 |   |                              |   |   |                                       |   |    |                        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade accounts payable                      |   |                              | - -    |   |                                       |   | - -     |                        |   |   | - -           |   |   |   | - - |   |   |   | 92,039 |   |   |   | 4 |   |   |   | 92,043 |   |
| Customer advances                           |   |                              | - -    |   |                                       |   | - -     |                        |   |   | - -           |   |   |   | - - |   |   |   | 151,681 |   |   |   | 114,079 |   |   |   | 265,760 |   |
| Short-term and long-term debt               |   |                              | 50,027 |   |                                       |   | 697,979 |                        |   |   | 32,179        |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 780,185 |   |
| Other liabilities (ii)                      |   |                              | 5,835  |   |                                       |   | 17,374  |                        |   |   | - -           |   |   |   | 64,146 |   |   |   | 219,702 |   |   |   | 66,856 |   |   |   | 373,913 |   |
|                                        |   |                              | 55,862 |   |                                       |   | 715,353 |                        |   |   | 32,179        |   |   |   | 64,146 |   |   |   | 463,422 |   |   |   | 180,939 |   |   |   | 1,511,901 |   |

|   | (i) | Includes mutual funds, government bonds, mortgage bonds, TDFs, retained interests in securitized receivables and allowance for impairment of CPs Non-Convertible Notes – Cresud S.A.C.I.F. y A. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                        |   | To mature in3 months |    |   | To mature between4 and 6 months |   |    | To mature between7 and 9 months |   |   | To mature between 10 and 12 months |   |   | To mature in greater than1 year |   |   | Past due |   |    | No fixed term |   |   | Total  |   |
|---------------------------------------------|--------|----------------------|---------|--------|---------------------------------|--------|---------|---------------------------------|--------|--------|-----------------------------------------|--------|--------|---------------------------------|--------|--------|----------|--------|---------|---------------|--------|--------|--------|--------|
| Assets                                      |   |                 |    |   |                            |   |    |                            |   |   |                                    |   |   |                            |   |   |     |   |    |          |   |   |   |   |
| Other investments, net (i)                  |   |                 | 148,366 |   |                            |   | 654     |                            |   |   | 654                                     |   |   |                            | 654    |   |     |   | 7,706   |          |   |   | - -    |   |   |   | - - |   |   |   | 158,034 |   |
| Accounts receivable, net                    |   |                 | 116,046 |   |                            |   | 25,285  |                            |   |   | 13,504                                  |   |   |                            | 5,024  |   |     |   | 562     |          |   |   | 39,947 |   |   |   | 598 |   |   |   | 200,966 |   |
| Other receivables and prepaid expenses, net |   |                 | 55,612  |   |                            |   | 15,534  |                            |   |   | 11,222                                  |   |   |                            | 11,198 |   |     |   | 11,604  |          |   |   | 244    |   |   |   | 46,531 |   |   |   | 151,945 |   |
|                                        |   |                 | 320,024 |   |                            |   | 41,473  |                            |   |   | 25,380                                  |   |   |                            | 16,876 |   |     |   | 19,872  |          |   |   | 40,191 |   |   |   | 47,129 |   |   |   | 510,945 |   |
| Liabilities                                 |   |                 |    |   |                            |   |    |                            |   |   |                                    |   |   |                            |   |   |     |   |    |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade accounts payable                      |   |                 | 58,113  |   |                            |   | 13,475  |                            |   |   | 4,480                                   |   |   |                            | 6,001  |   |     |   | 47      |          |   |   | 1,761  |   |   |   | - - |   |   |   | 83,877 |   |
| Customer advances                           |   |                 | 65,995  |   |                            |   | 25,335  |                            |   |   | 22,132                                  |   |   |                            | 16,206 |   |     |   | 95,020  |          |   |   | 50     |   |   |   | 1,294 |   |   |   | 226,032 |   |
| Short-term and long-term debt               |   |                 | 65,785  |   |                            |   | 36,181  |                            |   |   | - -                                     |   |   |                            | 19,649 |   |     |   | 615,503 |          |   |   | - -    |   |   |   | - - |   |   |   | 737,118 |   |
| Other liabilities (ii)                      |   |                 | 98,108  |   |                            |   | 77,480  |                            |   |   | 3,646                                   |   |   |                            | 1,852  |   |     |   | 37,317  |          |   |   | - -    |   |   |   | 130,704 |   |   |   | 349,107 |   |
|                                        |   |                 | 288,001 |   |                            |   | 152,471 |                            |   |   | 30,258                                  |   |   |                            | 43,708 |   |     |   | 747,887 |          |   |   | 1,811  |   |   |   | 131,998 |   |   |   | 1,396,134 |   |

|                                        |   | Accruing interest at a fixed rate |   |   |  Accruing interest at a variable rate |   |    |  Not accruing interest |   |   |          |   |
|---------------------------------------------|--------|-----------------------------------|--------|--------|--------------------------------------------|--------|---------|-----------------------------|--------|--------|---------------|--------|
|                                        |   | Current                           |   |   | Non- -Current                              |   |    | Current                     |   |   | Non- -Current |   |   | Current |   |   | Non- -Current |   |   | Total |   |
| Assets                                      |   |                              |   |   |                                       |   |    |                        |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Other investments, net (i)                  |   |                              | 10,275 |   |                                       |   | - -     |                        |   |   | 140,052       |   |   |   | 7,706 |   |   |   | 1 |   |   |   | - - |   |   |   | 158,034 |   |
| Accounts receivable, net                    |   |                              | 9,883  |   |                                       |   | - -     |                        |   |   | 761           |   |   |   | - - |   |   |   | 189,760 |   |   |   | 562 |   |   |   | 200,966 |   |
| Other receivables and prepaid expenses, net |   |                              | 3,527  |   |                                       |   | 727     |                        |   |   | 600           |   |   |   | - - |   |   |   | 92,179 |   |   |   | 54,912 |   |   |   | 151,945 |   |
|                                        |   |                              | 23,685 |   |                                       |   | 727     |                        |   |   | 141,413       |   |   |   | 7,706 |   |   |   | 281,940 |   |   |   | 55,474 |   |   |   | 510,945 |   |
| Liabilities                                 |   |                              |   |   |                                       |   |    |                        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade accounts payable                      |   |                              | 380    |   |                                       |   | - -     |                        |   |   | - -           |   |   |   | - - |   |   |   | 83,450 |   |   |   | 47 |   |   |   | 83,877 |   |
| Customer advances                           |   |                              | - -    |   |                                       |   | - -     |                        |   |   | 300           |   |   |   | 1,689 |   |   |   | 130,710 |   |   |   | 93,333 |   |   |   | 226,032 |   |
| Short-term and long-term debt               |   |                              | 51,079 |   |                                       |   | 615,503 |                        |   |   | 54,574        |   |   |   | - - |   |   |   | 15,962 |   |   |   | - - |   |   |   | 737,118 |   |
| Other liabilities (ii)                      |   |                              | 3,534  |   |                                       |   | 19,592  |                        |   |   | - -           |   |   |   | 5,929 |   |   |   | 179,065 |   |   |   | 140,987 |   |   |   | 349,107 |   |
|                                        |   |                              | 54,993 |   |                                       |   | 635,095 |                        |   |   | 54,874        |   |   |   | 7,618 |   |   |   | 409,187 |   |   |   | 234,367 |   |   |   | 1,396,134 |   |

| (i) | Includes mutual funds, government bonds, mortgage bonds, TDFs, retained interests in securitized receivables and allowance for impairment of CPs Non-Convertible Notes – Cresud S.A.C.I.F. y A. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                 |   | Year ended June 30, |    |
|----------------------------------------------------------------------|--------|---------------------|---------|
|                                                                 |   | 2012                |    |   | 2011 |   |   | 2010 |   |
| Numerator:                                                           |   |                |    |   |   |   |   |   |   |
| Net income available to common shareholders                          |   |                | 327,842 |   |   |   | 272,054 |   |   |   | 132,339 |   |
| Plus (less): income (loss) impact of assumed conversions:            |   |                |    |   |   |   |   |   |   |   |   |   |
| Interest expense on Convertible Notes (i)                            |   |                | 13,749  |   |   |   | 13,046 |   |   |   | 18,097 |   |
| Foreign currency exchange loss on Convertible Notes (i)              |   |                | 13,522  |   |   |   | 6,150 |   |   |   | 6,329 |   |
| Income tax effect                                                    |   |                | (9,545  | ) |   |   | (6,718 | ) |   |   | (8,549 | ) |
| Net income available to common shareholders plus assumed conversions |   |                | 345,568 |   |   |   | 284,532 |   |   |   | 148,216 |   |
|                                                                 |   |                |    |   |   |   |   |   |   |   |   |   |

| Denominator:                                     |   |   |      |   |   |   |      |   |   |
|--------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Weighted-average number of shares outstanding    |   |   | 1,259,823 |   |   |   | 1,130,083 |   |   |   | 782,064 |   |
| Plus: incremental shares of assumed conversions: |   |   |      |   |   |   |      |   |   |   |   |   |
| Convertible Notes                                |   |   | 1,304,781 |   |   |   | 1,248,309 |   |   |   | 1,793,245 |   |
| Adjusted weighted-average number of shares (ii)  |   |   | 2,564,604 |   |   |   | 2,378,392 |   |   |   | 2,575,309 |   |

----

|                                    |   | Year ended June 30, |   |
|-----------------------------------------|--------|---------------------|--------|
| Basic and diluted EPS:                  |   | 2012                |   |   | 2011 |   |   | 2010 |   |
| Basic net income per common share       |   |                | 0.26   |   |   |   | 0.24 |   |   |   | 0.17 |   |
| Diluted net income per common share (i) |   |                | 0.13   |   |   |   | 0.12 |   |   |   | 0.06 |   |

| (i)See Note 12 for details of the issuance of Convertible Notes. |
|------------------------------------------------------------------|

| 11. | Income taxes |
|-----|--------------|

|                                                                                                                                                                                                                                                                                                                                                         |   | 2012   |    |   | 2011   |   |    | 2010   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Current income tax expense                                                                                                                                                                                                                                                                                                                                   |   |   | 195,960 |   |   |   | 138,519 |   |   |   | 66,690 |   |
| Deferred income tax benefit                                                                                                                                                                                                                                                                                                                                  |   |   | (24,235 | )      |   |   | (31,938 | )      |   |   | (919 | ) |
| Income tax expense                                                        |   |   | 171,725 |   |   |   | 106,581 |   |   |   | 65,771 |   |

| Beginning of year                                                                                                                                                                                                                                                                                                                                       |   |   | (114,787 | )      |   |   | (120,019 | )      |   |   | (120,938 | )      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|----------|--------|
| Disposal of subsidiary (Note 2.h)                                                                                                                                                                                                                                                                                                                       |   |   | - -      |   |   |   | (31,116  | )      |   |   | - -      |   |
| Acquisition of business (Note 2.h)                                                                                                                                                                                                                                                                                                                      |   |   | (9,298   | )      |   |   | 4,410    |   |   |   | - -      |   |
| Current income tax benefit                                                                                                                                                                                                                                                                                                                              |   |   | 24,235   |   |   |   | 31,938   |   |   |   | 919      |   |
| End of period                                                        |   |   | (99,850  | )      |   |   | (114,787 | )      |   |   | (120,019 | )      |

|                                                                                                                                                                                                                                                                                                                                                          |   | Balances as ofJune 30, 2011 |     |   | Changesfor the year |   |   | Balances as ofJune 30, 2012 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|----------|--------|---------------------|--------|--------|-----------------------------|--------|
| Deferred tax assets and liabilities:                                                                                                                                                                                                                                                                                                                          |   |                        |     |   |                |   |   |                        |   |
| Accounts receivable                                                                                                                                                                                                                                                                                                                                           |   |                        | 3,841    |   |                |   | 1,323  |                        |   |   | 5,164 |   |
| Other receivables and prepaid expenses                                                                                                                                                                                                                                                                                                                        |   |                        | 1,796    |   |                |   | (2,806 | )                           |   |   | (1,010 | ) |
| Inventory                                                                                                                                                                                                                                                                                                                                                     |   |                        | (8,555   | )      |                |   | 5,218  |                        |   |   | (3,337 | ) |
| Investments                                                                                                                                                                                                                                                                                                                                                   |   |                        | (52,040  | )      |                |   | (2,039 | )                           |   |   | (54,079 | ) |
| Fixed assets                                                                                                                                                                                                                                                                                                                                                  |   |                        | (127,478 | )      |                |   | 2,815  |                        |   |   | (124,663 | ) |
| Intangible assets                                                                                                                                                                                                                                                                                                                                             |   |                        | (7,959   | )      |                |   | (4,206 | )                           |   |   | (12,165 | ) |
| Salaries and social security payablepayable                                                                                                                                                                                                                                                                                                                   |   |                        | 1,527    |   |                |   | (199   | )                           |   |   | 1,328 |   |
| Short-term and long-term debt                                                                                                                                                                                                                                                                                                                                 |   |                        | (952     | )      |                |   | 169    |                        |   |   | (783 | ) |
| Taxes payable                                                              |   |                        | 518      |   |                |   | 213    |                        |   |   | 731 |   |
| Customer advances                                                                                                                                                                                                                                                                                                                                             |   |                        | 44,535   |   |                |   | 11,560 |                        |   |   | 56,095 |   |
| Other liabilities                                                                                                                                                                                                                                                                                                                                             |   |                        | (61      | )      |                |   | 1,860  |                        |   |   | 1,799 |   |
| Provisions.........................................................                                                                                                                                                                                                                                                                                           |   |                        | 4,122    |   |                |   | (365   | )                           |   |   | 3,757 |   |
| Tax loss carryforwards (i)                                                                                                                                                                                                                                                                                                                                    |   |                        | 26,220   |   |                |   | 3,182  |                        |   |   | 29,402 |   |
| Valuation allowance                                                        |   |                        | (301     | )      |                |   | (1,788 | )                           |   |   | (2,089 | ) |
| Net deferred income tax liabilities                                                                                                                                                                                                                                                                                                                           |   |                        | (114,787 | )      |                |   | 14,937 |                        |   |   | (99,850 | ) |

----

| 11. | Income taxes (continued) |
|-----|--------------------------|

|                                                                                                                                                                                                                                                                                                                 |   | 2012   |    |   | 2011   |   |    | 2010   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Income tax expense at statutory tax rate on pretax income (loss)                                                                                                                                                                                                                                                     |   |   | 179,725 |   |   |   | 135,042 |   |   |   | 71,121 |   |
| Tax loss carryforwards (i)                                                |   |   | - -     |   |   |   | (14,169 | )      |   |   | (41,826 | ) |
| Change in valuation allowance                                                                                                                                                                                                                                                                                        |   |   | 100     |   |   |   | (16,622 | )      |   |   | 40,636 |   |
| (Gain) loss for disposal of assets                                                                                                                                                                                                                                                                                   |   |   | (8,777  | )      |   |   | 5,362   |   |   |   | - - |   |
| Gain on equity investee                                                   |   |   | (3,544  | )      |   |   | (3,191  | )      |   |   | - - |   |
| Reimbursement of expired cash dividends                                                                                                                                                                                                                                                                              |   |   | 1,333   |   |   |   | - -     |   |   |   | - - |   |
| Others, net                                                               |   |   | 2,888   |   |   |   | 159     |   |   |   | (4,160 | ) |
| Income tax expense                                                        |   |   | 171,725 |   |   |   | 106,581 |   |   |   | 65,771 |   |

|   | i) | Issuance of Convertible Notes |
|--------|----|-------------------------------|

----

|   | ii) | Issuance of 2007 Non-Convertible Notes |
|--------|-----|----------------------------------------|

|   | iii) | Issuance of 2009 Non-Convertible Notes |
|--------|------|----------------------------------------|

|   | iv) | Approval of Short Term Global Program by the Shareholders Meeting |
|--------|-----|-------------------------------------------------------------------|

----

|   | 1. | Optional exemption to IFRS |
|--------|----|----------------------------|

|   | 1.1. | Exemption for business combinations |
|--------|------|-------------------------------------|

|   | 1.2. | Exemption for deemed cost |
|--------|------|---------------------------|

----

|   | 1.3. | Exemption for compound financial instruments |
|--------|------|----------------------------------------------|

|   | 1.4. | Exemption for borrowing costs |
|--------|------|-------------------------------|

|   | 1.5. | Exemption for assets and liabilities of subsidiaries |
|--------|------|------------------------------------------------------|

|   | 2. | IFRS mandatory exceptions |
|--------|----|---------------------------|

|   | 2.1. | Exception for estimates |
|--------|------|-------------------------|

|   | 2.2. | Exception for non-controlling interests |
|--------|------|-----------------------------------------|

|   | 3. | Mandatory reconciliations |
|--------|----|---------------------------|

----

|   | 3.1. | Reconciliation of shareholders’ equity at July 1, 2011 and June 30, 2012 |
|--------|------|--------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   | 07.01.11 |   |   |   | 06.30.12 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|----------|--------|--------|--------|----------|--------|
| Total shareholders’ equity under Argentine GAAP attributable to APSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   | 788,274  |   |   |   | 828,047  |   |
| Revenue recognition – “scheduled rent increases”                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (a)    |   |   | 47,546   |   |   |   | 74,863   |   |
| Revenue recognition – “letting fees”                                                                               | (b)    |   |   | (35,447  | )      |   |   | (44,446  | )      |
| Trading properties                                                                                                                   | (c)    |   |   | (25,694  | )      |   |   | (16,033  | )      |
| Pre-operating and organization expenses                                                                                              | (d)    |   |   | (21,961  | )      |   |   | (20,903  | )      |
| Goodwill                                                                                                                             | (e)    |   |   | 27,685   |   |   |   | 25,651   |   |
| Non-current investments – financial assets                                                                                     | (f)    |   |   | 12,255   |   |   |   | 6,090    |   |
| Initial direct costs on operating leases                                                                                             | (g)    |   |   | 232      |   |   |   | 351      |   |
| Tenant deposits                                                                                                                      | (h)    |   |   | 43       |   |   |   | 111      |   |
| Impairment of financial assets                                                                                                       | (i)    |   |   | (2,088   | )      |   |   | (519     | )      |
| Present value accounting – tax credits                                                                                         | (j)    |   |   | 10,943   |   |   |   | 5,803    |   |
| Investments in associates                                                                                                            | (k)    |   |   | (6,454   | )      |   |   | (11,609  | )      |
| Investments in joint ventures                                                                                                        | (l)    |   |   | -        |   |   |   | 28       |   |
| Acquisition of non-controlling interest                                                                                              | (m)    |   |   | -        |   |   |   | (14,773  | )      |
| Deferred income tax                                                                                                                  | (n)    |   |   | (107     | )      |   |   | (8,565   | )      |
| Non-controlling interest on adjustment above                                                                                         | (o)    |   |   | 691      |   |   |   | (220     | )      |
| Subtotal shareholders’ equity under IFRS attributable to APSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | 795,918  |   |   |   | 823,876  |   |
| Non-controlling interest                                                                                                             |   |   |   | 136,836  |   |   |   | 148,647  |   |
| Total shareholders’ equity under IFRS                                                                                          |   |   |   | 932,754  |   |   |   | 972,523  |   |

----

|   | 3.2. | Reconciliation of net income for the year ended June 30, 2012 |
|--------|------|---------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | As of June 30, 2012 |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------|---------|
| Net income under Argentine GAAP attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |                | 327,842 |   |
| Revenue recognition – “scheduled rent increases”                                                                                 | (a)    |   |                | 27,317  |   |
| Revenue recognition – “letting fees”                                                                                             | (b)    |   |                | (8,999  | ) |
| Trading properties                                                                                                                                 | (c)    |   |                | 9,661   |   |
| Pre-operating and organization expenses                                                                                                            | (d)    |   |                | 1,058   |   |
| Goodwill                                                                                                                                           | (e)    |   |                | (2,034  | ) |
| Non-current investments – financial assets                                                                                                   | (f)    |   |                | (6,165  | ) |
| Initial direct costs on operating leases                                                                                                           | (g)    |   |                | 119     |   |
| Tenant deposits                                                                                                                                    | (h)    |   |                | 68      |   |
| Impairment of financial assets                                                                                                                     | (i)    |   |                | 1,569   |   |
| Present value accounting – tax credits                                                                                                       | (j)    |   |                | (5,140  | ) |
| Investments in associates                                                                                                                          | (k)    |   |                | (5,155  | ) |
| Investments in joint ventures                                                                                                                      | (l)    |   |                | 28      |   |
| Acquisition of non-controlling interest                                                                                                            | (m)    |   |                | -       |   |
| Deferred income tax                                                                                                                                | (n)    |   |                | (8,458  | ) |
| Non-controlling interest on adjustments above                                                                                                      | (o)    |   |                | 336     |   |
| Subtotal net income under IFRS attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |                | 332,047 |   |
| Non-controlling interest                                                                                                                           |   |   |                | 13,597  |   |
| Total net income under IFRS                                                                                                                        |   |   |                | 345,644 |   |

|   | 3.3. | Reconciliation of other comprehensive income for the year ended June 30, 2012 |
|--------|------|-------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | As of June 30, 2012 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
| Other comprehensive income under Argentine GAAP attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                | -      |   |
| Subtotal other comprehensive income under IFRS attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                | -      |   |
| Non-controlling interest                                                                                              |   |                | -      |   |
| Other comprehensive income under IFRS                                                                                 |   |                | -      |   |

|   | 3.4. | Reconciliation of cash flows for the year ended June 30, 2012 |
|--------|------|---------------------------------------------------------------|

|   | 3.4.1. | Operating activities |
|--------|--------|----------------------|

| Cash generated from operating activities under Argentine GAAP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 623,753 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
| Deconsolidation of joint ventures                                                                                                                         |   |   | (7,005  | )      |
| Cash generated from operating activities under IFRS (1)                                                                                                   |   |   | 616,748 |   |

|   | (1) | Includes the effect of variation in exchange rates on cash and cash equivalents. |
|--------|-----|----------------------------------------------------------------------------------|

----

|   | 3.4.2. | Investing activities |
|--------|--------|----------------------|

| Cash used in investing activities under Argentine GAAP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | (251,436 | )      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|
| Acquisition of non-controlling interest in subsidiaries                                                                                                   |   |   | 7,363    |   |
| Deconsolidation of joint ventures                                                                                                                         |   |   | (15,337  | )      |
| Cash used in investing activities under IFRS                                                                                                              |   |   | (259,410 | )      |

| Cash used in financing activities under Argentine GAAP  |   |   | (413,915 | )      |
|---------------------------------------------------------|--------|--------|----------|--------|
| Acquisition of non-controlling interest in subsidiaries |   |   | (7,363   | )      |
| Deconsolidation of joint ventures                       |   |   | 21,086   |   |
| Cash used in financing activities under IFRS            |   |   | (400,192 | )      |

| Net decrease in cash and cash equivalents under Argentine GAAP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | (41,598 | ) |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|---|
| Deconsolidation of joint ventures                                                                                                   |   |   | (1,256  | ) |
| Net increase decrease in cash and cash equivalents under IFRS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | (42,854 | ) |

----

----

----

----

----

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Year ended June 30, |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2012                |    |   | 2011 |   |   | 2010 |   |
| Reconciliation of net income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                |    |   |   |   |   |   |   |
| Net income as reported under Argentine GAAP attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                | 327,842 |   |   |   | 272,054 |   |   |   | 132,339 |   |
| US GAAP adjustments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                |    |   |   |   |   |   |   |   |   |   |
| - Pre-operating expenses (Note 15.I.b)                                                                              |   |                | 1,058   |   |   |   | 1,732 |   |   |   | (8,399 | ) |
| - Software developed or obtained for internal use (Note 15.I.c)                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                | - -     |   |   |   | 7 |   |   |   | 49 |   |
| - Purchase accounting amortization and depreciation expenses (Note 15.I.e).                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                | (277    | ) |   |   | 22,321 |   |   |   | 60,729 |   |
| - Accounting for real estate barter transactions (Note 15.I.f)                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                | - -     |   |   |   | (7,815 | ) |   |   | - - |   |
| - Reversal of gain from valuation of inventories at net realizable value (Note 15.I.g)                                                                                                                                                                                                                                                                                                                                                                                                                |   |                | 6,094   |   |   |   | (13,802 | ) |   |   | (1,162 | ) |
| - Securitization accounting (Note 15.I.h)                                                                           |   |                | - -     |   |   |   | - - |   |   |   | (2,280 | ) |
| - Accounting for marketable securities (Note 15.I.i)                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                | (293    | ) |   |   | (893 | ) |   |   | (172 | ) |
| - Debtor’s accounting for a modification of convertible debt instruments (Note 15.I.j)........................................................................                                                                                                                                                                                                                                  |   |                | (445    | ) |   |   | (899 | ) |   |   | (445 | ) |
| - Amortization of fees related to the Senior Notes (Note 15.I.k)                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                | (49     | ) |   |   | (133 | ) |   |   | (97 | ) |
| - Present-value accounting (Note 15.I.l)                                                                            |   |                | (5,140  | ) |   |   | (4,233 | ) |   |   | (2,333 | ) |
| - Reversal of previously recognized impairment losses (Note 15.I.m)                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                | 3,344   |   |   |   | 3,228 |   |   |   | 2,627 |   |
| - Reversal of capitalized financial costs (Note 15.I.n)                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                | 1,315   |   |   |   | 1,200 |   |   |   | (52 | ) |
| - Revenue recognition  - deferred insurance and origination fees (Note 15.I.o)                                                                                                                                                                                                                                                                                                                                                                                                              |   |                | - -     |   |   |   | (2,139 | ) |   |   | 22,925 |   |
| - Revenue recognition – deferred commissions (Note 15.I.p)                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                | (8,999  | ) |   |   | (10,363 | ) |   |   | (3,187 | ) |
| - Revenue recognition – scheduled rent increases (Note 15.I.q)                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                | 27,317  |   |   |   | 13,935 |   |   |   | 18,751 |   |
| - Impact of US GAAP adjustments on equity investee (Note 15.I.v)                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                | (5,155  | ) |   |   | 2,925 |   |   |   | - - |   |
| - Allowance for loan losses of credit card portfolio of Apsamedia (Note 15.I.y)                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                | 1,569   |   |   |   | (2,088 | ) |   |   | - - |   |
| - Disposal of business (Note 15.I.w)                                                                                |   |                | - -     |   |   |   | 32,838 |   |   |   | - - |   |
| - Push-down accounting (Note 15.I.x)                                                                                |   |                | 918     |   |   |   | 688 |   |   |   | - - |   |
| - Impact of US GAAP adjustments on joint ventures (Note 15.I.z)                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                | 24      |   |   |   | - - |   |   |   | - - |   |
| - Deferred income tax (Note 15.I.r)                                                                                 |   |                | (23,690 | ) |   |   | (15,736 | ) |   |   | 2,504 |   |
| - Non-controlling interest on adjustments above (Note 15.I.s)                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                | 1,246   |   |   |   | 607 |   |   |   | (393 | ) |
| - Net income under US GAAP attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                | 326,679 |   |   |   | 293,434 |   |   |   | 221,404 |   |
| - Non-controlling interest                                                                                          |   |                | 12,687  |   |   |   | 6,592 |   |   |   | 5,486 |   |
| - Net income under US GAAP                                                                                          |   |                | 339,366 |   |   |   | 300,026 |   |   |   | 226,890 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                |    |   |   |   |   |   |   |   |   |   |
| Earnings per share under US GAAP attributable to Alto Palermo S.A. (Note 15.II.j):                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| Basic net income per common share                                                                                                                                                              |   |                | 0.26    |   |   |   | 0.26 |   |   |   | 0.28 |   |
| Diluted net income per common share                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                | 0.13    |   |   |   | 0.13 |   |   |   | 0.09 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | As of June 30, |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2012           |    |   | 2011 |   |
| Reconciliation of shareholders’ equity:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |           |    |   |   |   |   |   |
| Total shareholders’ equity under Argentine GAAP attributable to Alto Palermo S.A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           | 828,047 |   |   |   | 788,274 |   |
| US GAAP adjustments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |           |    |   |   |   |   |   |
| - Appraisal revaluation of fixed assets (Note 15.I.a)                                                                                           |   |           | (3,953  | ) |   |   | (3,953 | ) |
| - Pre-operating expenses (Note 15.I.b)                                                                                                          |   |           | (20,903 | ) |   |   | (21,961 | ) |
| - Differences in basis relating to purchase accounting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           |    |   |   |   |   |   |
|   Original value (Note 15.I.d)                                                                                                                       |   |           | 109,353 |   |   |   | 109,353 |   |
|   Purchase accounting - Amortization and depreciation expenses (Note 15.I.e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           | 17,496  |   |   |   | 17,773 |   |
| - Accounting for real estate barter transactions (Note 15.I.f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |           | (10,534 | ) |   |   | (10,534 | ) |
| - Reversal of gain from valuation of inventories at net realizable value (Note 15.I.g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           | (8,870  | ) |   |   | (14,964 | ) |
| - Debtor’s accounting for a modification of convertible debt instruments (Note 15.I.j)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |           | (56     | ) |   |   | 389 |   |
| - Amortization of fees related to the Senior Notes (Note 15.I.k)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |           | - -     |   |   |   | 49 |   |
| - Present-value accounting (Note 15.I.l)                                                                                                        |   |           | 5,803   |   |   |   | 10,943 |   |
| - Reversal of previously recognized impairment losses (Note 15.I.m)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |           | (37,871 | ) |   |   | (41,215 | ) |
| - Reversal of capitalized financial costs (Note 15 I.n)                                                                                         |   |           | (57,770 | ) |   |   | (59,085 | ) |
| - Revenue recognition – deferred commissions (Note 15.I.p)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |           | (44,446 | ) |   |   | (35,447 | ) |
| - Revenue recognition – scheduled rent increases (Note 15.I.q)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |           | 74,863  |   |   |   | 47,546 |   |
| - Accounting for the investment in TGLT (Note 15.I.u)                                                                                           |   |           | 6,090   |   |   |   | 12,255 |   |
| - Impact of US GAAP adjustments on equity investee (Note 15.I.v)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |           | (12,078 | ) |   |   | (6,923 | ) |
| - Allowance for loan losses of credit card portfolio of Apsamedia (Note 15.I.y)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |           | (519    | ) |   |   | (2,088 | ) |
| - Push-down accounting (Note 15.I.x)                                                                                                            |   |           | (12,250 | ) |   |   | (13,168 | ) |
| - Impact of US GAAP adjustments on joint ventures (Note 15.I.z)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |           | 30      |   |   |   | - - |   |
| - Acquisition of non-controlling interest (Note 15.I.aa)                                                                                        |   |           | (14,773 | ) |   |   | - - |   |
| - Deferred income tax (Note 15.I.r)                                                                                                             |   |           | 26,102  |   |   |   | 47,737 |   |
| - Non-controlling interest on adjustments above (Note 15.I.s)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |           | (16,281 | ) |   |   | (21,024 | ) |
| - Shareholders’ equity under US GAAP attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |           | 827,480 |   |   |   | 803,957 |   |
| - Non-controlling interest                                                                                                                      |   |           | 164,596 |   |   |   | 158,440 |   |
| - Shareholders’ equity under US GAAP                                                                                                 |   |           | 992,076 |   |   |   | 962,397 |   |

|                                                                       |   | Year ended June 30, |     |
|----------------------------------------------------------------------------|--------|--------------------------|----------|
|                                                                       |   | 2012                     |     |   | 2011 |   |
|                                                                       |   | Alto Palermo S.A.        |     |   | Non-controlling interest |   |   | Total |   |   | Alto Palermo S.A. |   |   | Non-controlling interest |   |   | Total |   |
|   Description of changes in shareholders’ equity under US GAAP: |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Shareholders’ equity as of the beginning of the year under US GAAP |   | Ps. 803,957              |     |   |   | 158,440 |   |   |   | 962,397 |   |   | Ps. 695,789 |   |   |   | 152,887 |   |   |   | 848,676 |   |
| - Cash dividends                                                           |   |                     | (290,245 | ) |   |   | (4,316 | ) |   |   | (294,561 | ) |   |   | (243,825 | ) |   |   | (2,054 | ) |   |   | (245,879 | ) |
| - Other comprehensive income (Note 15.II.o)                                |   |                     | (3,642   | ) |   |   | (169 | ) |   |   | (3,811 | ) |   |   | 11,175 |   |   |   | 207 |   |   |   | 11,382 |   |
| - Conversion of debt into common stock                                     |   |                     | 38       |   |   |   | - - |   |   |   | 38 |   |   |   | 61,240 |   |   |   | - - |   |   |   | 61,240 |   |
| - Push-down accounting (Note 15.I.x)                                       |   |                     | - -      |   |   |   | - - |   |   |   | - - |   |   |   | (13,856 | ) |   |   | - - |   |   |   | (13,856 | ) |
| - Long-term incentive program reserve                                      |   |                     | 2,138    |   |   |   | - - |   |   |   | 2,138 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| - Acquisition of non-controlling interest (Note 15.I.aa)                   |   |                     | (11,445  | ) |   |   | (4,762 | ) |   |   | (16,207 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| - Non-controlling shareholders’ contribution                         |   |                     | - -      |   |   |   | 2,716 |   |   |   | 2,716 |   |   |   | - - |   |   |   | 808 |   |   |   | 808 |   |
| - Net income under US GAAP                                                 |   |                     | 326,679  |   |   |   | 12,687 |   |   |   | 339,366 |   |   |   | 293,434 |   |   |   | 6,592 |   |   |   | 300,026 |   |
| - Shareholders’ equity as of the end of the year                     |   |                     | 827,480  |   |   |   | 164,596 |   |   |   | 992,076 |   |   | Ps. 803,957 |   |   |   | 158,440 |   |   |   | 962,397 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|   | b) | Pre-operating expenses |
|--------|----|------------------------|

|   | c) | Software developed or obtained for internal use |
|--------|----|-------------------------------------------------|

|   | d) | Differences in basis relating to purchase accounting |
|--------|----|------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|   | d) | Differences in basis relating to purchase accounting (continued) |
|--------|----|------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

| Cash and cash equivalents acquired     |   |   | 13      |   |
|----------------------------------------|--------|--------|---------|--------|
| Fair value of non-cash assets acquired |   |   | 103,120 |   |
| Fair value of liabilities assumed      |   |   | (8,124  | )      |
| Fair value of net assets acquired      |   |   | 95,009  |   |
| Non-controlling interest               |   |   | (12,077 | )      |
|                                   |   |   |    |   |
| Purchase price                         |   |   | 24,108  |   |
| Seller financing                       |   |   | (14,213 | )      |
| Cash and cash equivalents acquired     |   |   | (13     | )      |
| Advance payments                       |   |   | (2,254  | )      |
| Net cash paid for the acquisition      |   |   | 7,628   |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

| Fair value of non-cash assets acquired (i)  | 81,093   |
|--------------------------------------------------|----------|
| Fair value of liabilities assumed                | (1,108)  |
| Fair value of net assets acquired                | 79,985   |
|                                             |     |
| Purchase price                                   | 61,486   |
| Seller financing                                 | (33,403) |
| Advance payments (ii)                       | (28,083) |
| Net cash paid for the acquisition                | - -      |

|   | (i) | Corresponds to fixed assets of Ps. 67.0 million, intangible assets of Ps. 3.1 million, air space of Ps. 6.7 million and deferred income assets of Ps. 4.3 million. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Amount paid in 2007 when preliminary agreement was signed between INC S.A. and the Company. |
|--------|------|---------------------------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| I.   | Differences in measurement methods (continued) |
|----------------|------------------------------------------------|

| Cash and cash equivalents acquired               |   |   | 2,279   |   |
|--------------------------------------------------|--------|--------|---------|--------|
| Fair value of non-cash assets acquired (i)  |   |   | 75,414  |   |
| Fair value of liabilities assumed                |   |   | (41,680 | )      |
| Fair value of net assets acquired                |   |   | 36,013  |   |
|                                             |   |   |    |   |
| Purchase price                                   |   |   | 25,947  |   |
| Net cash paid for the acquisition                |   |   | 25,947  |   |

|   | (i) | Corresponds mainly to intangible assets of Ps. 15.2 million, receivables of Ps. 55.6 million and other assets of Ps. 4.6 million. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|   | e) | Purchase accounting - Amortization and depreciation expenses |
|--------|----|--------------------------------------------------------------|

|                                                            |   | Year ended June 30, |   |
|-----------------------------------------------------------------|--------|---------------------|--------|
|                                                            |   | 2012                |   |   | 2011 |   |   | 2010 |   |
| US GAAP adjustments:                                            |   |                |   |   |   |   |   |   |   |
| - Reversal of amortization expense on goodwill                  |   |                | - -    |   |   |   | 342 |   |   |   | 2,681 |   |
| - Differences in the purchase price allocation process          |   |                | (277   | ) |   |   | (3,617 | ) |   |   | (422 | ) |
| - Bargain purchase                                              |   |                | - -    |   |   |   | 20,775 |   |   |   | 58,822 |   |
| - Re-measurement of the previously held interest at fair value. |   |                | - -    |   |   |   | 7,589 |   |   |   | - - |   |
| - Transaction costs.                                            |   |                | - -    |   |   |   | (2,768 | ) |   |   | (352 | ) |
|  - Total                                                   |   |                | (277   | )  |   |   | 22,321 |   |   |   | 60,729 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| I.   | Differences in measurement methods (continued) |
|----------------|------------------------------------------------|

|   | f) | Accounting for real estate barter transactions |
|--------|----|------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|                                                  |   | Cost   |    |   | Estimated unrealized(loss) (i) |   |   | Fair value (ii) |   |
|-------------------------------------------------------|--------|--------|---------|--------|-------------------------------------|--------|--------|---------------------------|--------|
| Retained Interest as of  June 30, 2010 |   |   | 119,576 |   |                                |   | (4,457 | )                         |   |   | 115,119 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|                  |   | July 1, 2010 |    |
|-----------------------|--------|--------------|---------|
| Total Assets (1)      |   |         | 268,692 |   |
| Total Liabilities (2) |   |         | 151,559 |   |
| CPs                   |   |         | 117,133 |   |

|   | (1) | Included cash and due from banks, credit card receivables net of allowances and other assets. |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (2) | Included debt securities and other liabilities. |
|--------|-----|-------------------------------------------------|

|                                                                                                                                       |   | 2010   |    |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
| Equity value, net of allowances, as reported under Argentine GAAP                                                                          |   |   | 144,913 |   |
| Less: retained interests related to securitization programs that did not qualify as a sale under US GAAP                                   |   |   | (29,794 | ) |
| Equity value reported under Argentine GAAP of retained interests related to securitization programs that qualified as a sale under US GAAP |   |   | 115,119 |   |
| Estimated fair value of retained interests related to securitization programs that qualified as a sale under US GAAP                       |   |   | 115,119 |   |
| US GAAP adjustment                                                                                                                         |   |   | - -     |   |

|                                                                   |   | 2010   |   |
|------------------------------------------------------------------------|--------|--------|--------|
| Reversal of (gains) losses recognized under Argentine GAAP             |   |   | (6,374 | ) |
| Recognition of gains (losses) under US GAAP on the sale of receivables |   |   | 4,094  |   |
| US GAAP adjustment                                                     |   |   | (2,280 | ) |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|                              |   | Cost   |    |   | Estimated unrealizedgain (loss) |   |   | Fair value (i) |   |
|-----------------------------------|--------|--------|---------|--------|---------------------------------|--------|--------|----------------|--------|
| Balance at June 30, 2009          |   |   | 134,659 |   |                            |   | (6,737 | )              |   |   | 127,922 |   |
| Increase in retained interest     |   |   | 56,724  |   |                            |   | - -    |           |   |   | 56,724 |   |
| Liquidation of retained interests |   |   | (71,807 | )      |                            |   | - -    |           |   |   | (71,807 | ) |
| Change in unrealized gain         |   |   | - -     |   |                            |   | 2,280  |           |   |   | 2,280 |   |
| Balance at June 30, 2010          |   |   | 119,576 |   |                            |   | (4,457 | )              |   |   | 115,119 |   |

|   | (i) | Unrealized gains for the year ended June 30, 2010 were included as a component of “Accumulated Other Comprehensive Income” in shareholders’ equity. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                     |  2012 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| Instrument                                                                                                                                                               |       | Cost |   |   | Unrealized gain |   |   | Fair value |   |
| Mutual funds                           |       |   | 35,577 |   |   |   | 1,648 |   |   |   | 37,225 |   |
| Mortgage bonds                                                                                                                                                           |       |   | 490 |   |   |   | 7 |   |   |   | 497 |   |

|                                                                                                                                                                     |  2011 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| Instrument                                                                                                                                                               |       | Cost |   |   | Unrealized gain |   |   | Fair value |   |
| Mutual funds                           |       |   | 145,909 |   |   |   | 1,327 |   |   |   | 147,236 |   |
| Mortgage bonds                                                                                                                                                           |       |   | 461 |   |   |   | 16 |   |   |   | 477 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|                                                                                                                                                                     |   | 2010   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| Instrument                                                                                                                                                               |   | Cost   |   |   | Unrealized gain |   |   | Fair value |   |
| Mutual funds                           |   |   | 41,148 |   |   |   | 444 |   |   |   | 41,592 |   |
| Mortgage bonds                                                                                                                                                           |   |   | 717    |   |   |   | 11 |   |   |   | 728 |   |
|  Government bonds                                                                                                                                                   |   |   | 34     |   |   |   | - - |   |   |   | 34 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|   | 1.  Change in cash flows:  If the change in cash flows as prescribed by the analysis under Issue 96-19 is greater than 10% of the carrying value of the original debt instrument, the modification (or exchange of debt instruments) should be accounted for as an extinguishment.  This test would not include any changes in fair value to the embedded conversion option. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.  Change in fair value of the embedded conversion option: If the change in the fair value of the embedded conversion option is greater than 10% of the carrying value of the original debt instrument immediately before the change (or exchange of debt instruments), the modification (or exchange) should be accounted for as an extinguishment. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.  Addition or removal of an embedded conversion option: The addition or removal of a substantive conversion option would automatically result in extinguishment accounting. Whether an embedded conversion option is substantive would be assessed as of the modification date and would be based on the definition of substantive in ASC No. 470-20. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| I.   | Differences in measurement methods (continued) |
|----------------|------------------------------------------------|

|   | n)      Reversal of capitalized financial costs |
|--------|-------------------------------------------------------------------------------|

|   | o)     Revenue recognition – deferred insurance and origination fees |
|--------|-----------------------------------------------------------------------------------------------------|

|   | p)     Revenue recognition – deferred commissions |
|--------|----------------------------------------------------------------------------------|

|   | q)     Revenue recognition – scheduled rent increases |
|--------|--------------------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| I.   | Differences in measurement methods (continued) |
|----------------|------------------------------------------------|

|   | q)     Revenue recognition – scheduled rent increases (continued) |
|--------|--------------------------------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|                                         |   | As of June 30, 2011 |    |   | As of June 30, 2010        |   |
|----------------------------------------------|--------|---------------------|---------|--------|----------------------------|--------|
|                                         |   |  As Adjusted   |    |   |  As Previously Issued |   |   |  As Adjusted |   |   |  As Previously Issued |   |
| Reconciliation of net income                 |   |                |    |   |                       |   |   |   |   |   |   |   |
| Income tax expense                           |   |                | (15,736 | )      |                       |   | (4,166 | ) |   |   | 2,504 |   |   |   | 15,958 |   |
| Non-controlling on adjustments (Note 15.I.s) |   |                | 607     |   |                       |   | 513 |   |   |   | (393 | ) |   |   | (610 | ) |
|                                         |   |                |    |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Reconciliation of shareholders ́equity   |   |                |    |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Deferred income tax                          |   |                | 47,737  |   |                       |   | (71,617 | ) |   |   | - |   |   |   | - |   |
| Non-controllinh on adjustments (Note 15.I.s) |   |                | (21,024 | )      |                       |   | (20,349 | ) |   |   | - |   |   |   | - |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|   | t) | Adoption of ASC No. 740 “Income Taxes” |
|--------|----|----------------------------------------------------|

|   | u) | Accounting for the investment in TGLT |
|--------|----|---------------------------------------|

|                |   |             Amortized Cost Basis |   |   | Fair Value |   |   | G           Gross unrealized Gain |   |
|---------------------|--------|-----------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|-------------------------------------------------------------------------------------|--------|
| As of June 30, 2012 |   |                                                                                    | 58,945 |   |       |   | 65,035 |                                                                                |   |   | 6,090 |   |
| As of June 30, 2011 |   |                                                                                    | 56,295 |   |       |   | 68,550 |                                                                                |   |   | 12,255 |   |

|   | v) | Impact of US GAAP adjustments on equity investee |
|--------|----|--------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| I.   | Differences in measurement methods (continued) |
|----------------|------------------------------------------------|

|   | w) | Disposal of business |
|--------|----|----------------------|

|   | a) | Disposal of equity interest in Tarshop |
|--------|----|----------------------------------------|

|   | b) | Disposal of Metroshop’s business |
|--------|----|----------------------------------------|

|   | x) | Push down adjustments of IRSA Inversiones y Representaciones S.A. |
|--------|----|-------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| I.   | Differences in measurement methods (continued) |
|----------------|------------------------------------------------|

|   | x) | Push down adjustments of IRSA Inversiones y Representaciones S.A. (continued) |
|--------|----|-------------------------------------------------------------------------------|

|                                                                                                                          |   | As ofOctober 15,2010 |    |
|-------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|---------|
| Allocation of negative goodwill to reduce the value of fixed assets following FAS 141 at the time of the related acquisitions |   |                 | (26,341 | ) |
| Step-up in the fixed asset basis following FAS 141 at the time of the related acquisition                                |   |                 | 5,024   |   |
| Deferred income tax                                                                                                           |   |                 | 7,461   |   |
| Total                                                                                                                         |   |                 | (13,856 | ) |
|                                                                                                                          |   |                 |    |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|   | x) | Push down adjustments of IRSA Inversiones y Representaciones S.A. (continued) |
|--------|----|-------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Oct. 15, 2010 –Jun. 30, 2011 |    |   | Jul. 1,- Oct. 14, 2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|---------|--------|------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Successor                          |    |   | Predecessor            |   |
| Reconciliation of net income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                               |    |   |                   |   |
| Net income as reported under Argentine GAAP attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                               | 181,988 |   |                   |   | 90,066 |   |
| US GAAP adjustments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                               |    |   |                   |   |   |   |
| - Pre-operating expenses (Note 15.I.b)                                                                                                        |   |                               | 1,714   |   |                   |   | 18 |   |
| - Software developed or obtained for internal use (Note 15.I.c)....................................                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                               | - -     |   |                   |   | 7 |   |
| - Purchase accounting amortization and depreciation expenses (Note 15.I.e).....................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                               | 8,392   |   |                   |   | 13,929 |   |
| - Accounting for real estate barter transactions (Note 15.I.f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                               | 384     |   |                   |   | (8,199 | ) |
| - Reversal of gain from valuation of inventories at net realizable value (Note 15.I.g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                               | (14,964 | )      |                   |   | 1,162 |   |
| - Accounting for marketable securities (Note 15.I.i)                                                                                          |   |                               | (100    | )      |                   |   | (793 | ) |
| - Debtor’s accounting for a modification of convertible debt instruments (Note 15.I.j).........                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                               | (786    | )      |                   |   | (113 | ) |
| - Amortization of fees related to the Senior Notes (Note 15.I.k)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                               | (216    | )      |                   |   | 83 |   |
| - Present-value accounting (Note 15.I.l)...............................................................                                                                                                                                                                                                                                                                                                                                                                                                                |   |                               | (1,503  | )      |                   |   | (2,730 | ) |
| - Reversal of previously recognized impairment losses (Note 15.I.m)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                               | 2,389   |   |                   |   | 839 |   |
| - Reversal of capitalized financial costs (Note 15.I.n)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                               | 1,016   |   |                   |   | 184 |   |
| - Revenue recognition  - deferred insurance and origination fees (Note 15.I.o)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                               | - -     |   |                   |   | (2,139 | ) |
| - Revenue recognition – deferred commissions (Note 15.I.p)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                               | (9,443  | )      |                   |   | (920 | ) |
| - Revenue recognition – scheduled rent increases (Note 15.I.q)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                               | 10,335  |   |                   |   | 3,600 |   |
| - Impact of US GAAP adjustments on equity investee (Note 15.I.v)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                               | 3,139   |   |                   |   | (214 | ) |
| - Allowance for loan losses of credit card portfolio of Metroshop (Note 15.I.y)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                               | (2,088  | )      |                   |   | - - |   |
| - Disposal of business (Note 15.I.w)                                                                                                          |   |                               | (9,866  | )      |                   |   | 42,704 |   |
| - Push-down accounting (Note 15.I.x)                                                                                                          |   |                               | 688     |   |                   |   | - - |   |
| - Deferred income tax (Note 15.I.r).....................................................................                                                                                                                                                                                                                                                                                                                                                                                                       |   |                               | (17,681 | )      |                   |   | 1,945 |   |
| - Non-controlling interest on adjustments above (Note 15.I.s)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                               | 73      |   |                   |   | 534 |   |
| - Net income under US GAAP attributable to Alto Palermo S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                               | 153,471 |   |                   |   | 139,963 |   |
| - Non-controlling interest                                                                                                                    |   |                               | 5,039   |   |                   |   | 1,553 |   |
| - Net income under US GAAP                                                                                                                    |   |                               | 158,510 |   |                   |   | 141,516 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
| Earnings per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                               |    |   |                   |   |   |   |
| Basic net income per common share                                                                                                             |   |                               | 0.14    |   |                   |   | 0.18 |   |
| Diluted net income per common share                                                                                                           |   |                               | 0.07    |   |                   |   | 0.06 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|                                                            |   | Oct. 15, 2010 - Jun. 30, 2011 |     |   | Jul. 1,- Oct. 14, 2010 |   |
|-----------------------------------------------------------------|--------|-------------------------------|----------|--------|------------------------|--------|
|                                                            |   | Successor                     |     |   | Predecessor            |   |
| Revenues                                                        |   |                          | 793,697  |   |                   |   | 351,968 |   |
| Costs                                                           |   |                          | (393,524 | )      |                   |   | (175,585 | ) |
| Gross profit                                                    |   |                          | 400,173  |   |                   |   | 176,383 |   |
| Selling expenses                                                |   |                          | (37,073  | )      |                   |   | (31,886 | ) |
| Administrative expenses                                         |   |                          | (52,423  | )      |                   |   | (23,390 | ) |
| Net income from retained interest in securitization receivables |   |                          | (307     | )      |                   |   | 5,543 |   |
| Gain from recognition of inventories at net realizable value    |   |                          | - -      |   |                   |   | 1,162 |   |
| Gain in bargain purchase                                        |   |                          | 9,866    |   |                   |   | 18,499 |   |
| Gain in disposal of business                                    |   |                          | 5,312    |   |                   |   | 28,837 |   |
| Operating income                                                |   |                          | 325,548  |   |                   |   | 175,148 |   |
| Net income on equity investees                                  |   |                          | 14,073   |   |                   |   | 1,545 |   |
| Financial results, net                                          |   |                          | (64,845  | )      |                   |   | (23,632 | ) |
| Other (expenses) income, net                                    |   |                          | (3,396   | )      |                   |   | (219 | ) |
| Income before taxes and non-controlling interest                |   |                          | 271,380  |   |                   |   | 152,842 |   |
| Income tax expense                                              |   |                          | (112,870 | )      |                   |   | (11,326 | ) |
| Total net income                                                |   |                          | 158,510  |   |                   |   | 141,516 |   |
| Non-controlling interest                                        |   |                          | (5,039   | )      |                   |   | (1,553 | ) |
| Total net income attributable to Alto Palermo S.A.              |   |                          | 153,471  |   |                   |   | 139,963 |   |

|                                                           |   | Oct. 15, 2010 - Jun. 30, 2011Successor |     |   | Jul. 1,- Oct. 14, 2010Predecessor |    |
|----------------------------------------------------------------|--------|----------------------------------------|----------|--------|-----------------------------------|---------|
|                                                           |   | Alto Palermo S.A.                      |     |   | Non-controlling interest          |    |   | Total |   |   | Alto Palermo S.A. |   |   | Non-controlling interest |   |   | Total |   |
| - Shareholders’ equity as of the beginning of the period |   | Ps. 900,229                       |     |   |                              | 154,672 |   |   |   | 1,054,901 |   |   | Ps. 695,789 |   |   |   | 152,887 |   |   |   | 848,676 |   |
| - Cash dividends                                               |   |                                   | (243,825 | )      |                              |    | (2,054 | ) |   |   | (245,879 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| - Other comprehensive income                                   |   |                                   | 7,938    |   |                              |    | (25 | ) |   |   | 7,913 |   |   |   | 3,237 |   |   |   | 232 |   |   |   | 3,469 |   |
| - Conversion of debt into common stock                         |   |                                   | - -      |   |                              |    | - - |   |   |   | - - |   |   |   | 61,240 |   |   |   | - - |   |   |   | 61,240 |   |
| - Push-down accounting                                         |   |                                   | (13,856  | )      |                              |    | - - |   |   |   | (13,856 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| - Non-controlling shareholders contribution                    |   |                                   | - -      |   |                              |    | 808 |   |   |   | 808 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| - Net income under US GAAP                                     |   |                                   | 153,471  |   |                              |    | 5,039 |   |   |   | 158,510 |   |   |   | 139,963 |   |   |   | 1,553 |   |   |   | 141,516 |   |
| - Shareholders’ equity as of the end of the period       |   | Ps. 803,957                       |     |   |                              | 158,440 |   |   |   | 962,397 |   |   | Ps. 900,229 |   |   |   | 154,672 |   |   |   | 1,054,901 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

|   | x) | Push down adjustments of IRSA Inversiones y Representaciones S.A. (continued) |
|--------|----|-------------------------------------------------------------------------------|

|                                                                              |   | Oct. 15, 2010 - Jun. 30, 2011Successor |    |
|-----------------------------------------------------------------------------------|--------|----------------------------------------|---------|
|                                                                              |   | Alto Palermo S.A.                      |    |   | Non-controlling interest |   |   | Total |   |
| Net income under US GAAP                                                          |   |                                   | 153,471 |   |   |   | 5,039 |   |   |   | 158,510 |   |
| Other comprehensive income:                                                       |   |                                   |    |   |   |   |   |   |   |   |   |   |
| Net change in unrealized holding loss on available-for-sale securities (i)        |   |                                   | (28     | ) |   |   | (25 | ) |   |   | (53 | ) |
| Net change in unrealized holding gain in available for sale securities, TGLT (ii) |   |                                   | 7,966   |   |   |   | - - |   |   |   | 7,966 |   |
| Comprehensive income                                                              |   |                                   | 161,409 |   |   |   | 5,014 |   |   |   | 166,423 |   |

|   | (i) | Net of income taxes of Ps. 204 and Ps. (177) for Alto Palermo S.A. and the non-controlling interest, respectively. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Net of income taxes of Ps. 4,289. |
|--------|------|-----------------------------------|

|                                                                                       |   | Jul. 1,- Oct. 14, 2010Predecessor |    |
|--------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|
|                                                                                       |   | Alto Palermo S.A.                 |    |   | Non-controlling interest |   |   | Total |   |
| Net income under US GAAP                                                                   |   |                              | 139,963 |   |   |   | 1,553 |   |   |   | 141,516 |   |
| Other comprehensive income:                                                                |   |                              |    |   |   |   |   |   |   |   |   |   |
| Net change in unrealized holding gain on retained interests in securitized receivables (i) |   |                              | 2,836   |   |   |   | - - |   |   |   | 2,836 |   |
| Net change in unrealized holding gain on available-for-sale securities (ii)                |   |                              | 401     |   |   |   | 232 |   |   |   | 633 |   |
| Comprehensive income                                                                       |   |                              | 143,200 |   |   |   | 1,785 |   |   |   | 144,985 |   |

|   | (i) | Net of income taxes of Ps. (1,527). |
|--------|-----|-------------------------------------|

|   | (ii) | Net of income taxes of Ps. (216) and Ps. (124) for Alto Palermo S.A. and the non-controlling interest, respectively. |
|--------|------|----------------------------------------------------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | I. | Differences in measurement methods (continued) |
|--------|----|------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

| 2014       |   |   | 19,066      |   |
|------------|--------|--------|-------------|--------|
| 2015       |   |   | 143,824     |   |
| 2016       |   |   | 106         |   |
| Thereafter |   |   | 536,765     |   |
|       |   |   | (1) 699,761 |   |

|   | (1) | Not including deferred debt issuance costs in the amount of Ps. 1.8 million. |
|--------|-----|------------------------------------------------------------------------------|

| 2013       |   |   | 314,514     |   |
|------------|--------|--------|-------------|--------|
| 2014       |   |   | 251,367     |   |
| 2015       |   |   | 149,777     |   |
| 2016       |   |   | 64,623      |   |
| 2017       |   |   | 70,149      |   |
| Thereafter |   |   | 42,292      |   |
|       |   |   | (1) 892,722 |   |

|   | (1) | Includes leases agreements in U.S. Dollars at the exchange rate quoted by Banco Nación Argentina as of June 30, 2012 which was 4.527. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

|                        |   | June 30, 2012 |    |
|-----------------------------|--------|---------------|---------|
|                        |   | Level 1       |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets                      |   |          |    |   |   |   |   |   |   |   |   |   |
| Cash and banks              |   |          | 102,505 |   |   |   | - - |   |   |   | - - |   |   |   | 102,505 |   |
| Other investments, net (i)  |   |          | 37,722  |   |   |   | - - |   |   |   | - - |   |   |   | 37,722 |   |
| Other investments, net (ii) |   |          | - -     |   |   |   | 65,035 |   |   |   | - - |   |   |   | 65,035 |   |
| Total                       |   |          | 140,227 |   |   |   | 65,035 |   |   |   | - - |   |   |   | 205,262 |   |

|                        |   | June 30, 2011 |    |
|-----------------------------|--------|---------------|---------|
|                        |   | Level 1       |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets                      |   |          |    |   |   |   |   |   |   |   |   |   |
| Cash and banks              |   |          | 24,620  |   |   |   | - - |   |   |   | - - |   |   |   | 24,620 |   |
| Other investments, net (i)  |   |          | 147,713 |   |   |   | - - |   |   |   | - - |   |   |   | 147,713 |   |
| Other investments, net (ii) |   |          | 68,550  |   |   |   | - - |   |   |   | - - |   |   |   | 68,550 |   |
| Total                       |   |          | 240,883 |   |   |   | - - |   |   |   | - - |   |   |   | 240,883 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

|   | (i) | Includes mutual funds and mortgage bonds issued by BHSA. |
|--------|-----|----------------------------------------------------------|

|   | (ii) | Corresponds to investments in equity securities in TGLT. |
|--------|------|----------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

| Derivatives not designated as hedging instruments under ASC No. 815 | Location of (loss) gain recognized in income on derivative |   | Amount of (loss) gain recognized in income on derivative |   |
|---------------------------------------------------------------------|------------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                |                                                       |   | Years ended June 30,                                     |   |
|                                                                |                                                       |   | 2012                                                     |   |   | 2011 |   |
| Foreign exchange contracts                                          | Financial results, net (Note 7)                            |   |                                                     | (1,050 | ) |   |   | - - |   |
|                                                                |                                                       |   |                                                     | (1,050 | ) |   |   | - - |   |

|   | a) | Credit risk |
|--------|----|-------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

|   | b) | Disclosure about credit quality of financing receivables and allowance for credit losses |
|--------|----|------------------------------------------------------------------------------------------|

|                         |   | To mature |   |   | 1-30 days past due |   |   | 30-90 days past due |   |   | 90-180 days past due |   |   | 180-365 days past due |   |   | 365+ days past due |   |   | Total past due |   |
|------------------------------|--------|-----------|--------|--------|--------------------|--------|--------|---------------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|--------------------|--------|--------|----------------|--------|
| June 30, 2012:               |   |      |   |   |               |   |   |                |   |   |                 |   |   |                  |   |   |               |   |   |           |   |
| Consumer:                    |   |      |   |   |               |   |   |                |   |   |                 |   |   |                  |   |   |               |   |   |           |   |
| Consumer – credit card |   |      | 2,580  |   |               |   | 181    |                |   |   | 85                   |   |   |                  | 261    |   |               |   | 1,178  |           |   |   | 8,108 |   |   |   | 9,813 |   |
| Consumer - loans             |   |      | 192    |   |               |   | 38     |                |   |   | 10                   |   |   |                  | 35     |   |               |   | 168    |           |   |   | 3,156 |   |   |   | 3,407 |   |

|                         |   | To mature |   |   | 1-30 days past due |   |   | 30-90 days past due |   |   | 90-180 days past due |   |   | 180-365 days past due |   |   | 365+ days past due |   |   | Total past due |   |
|------------------------------|--------|-----------|--------|--------|--------------------|--------|--------|---------------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|--------------------|--------|--------|----------------|--------|
| June 30, 2011:               |   |      |   |   |               |   |   |                |   |   |                 |   |   |                  |   |   |               |   |   |           |   |
| Consumer:                    |   |      |   |   |               |   |   |                |   |   |                 |   |   |                  |   |   |               |   |   |           |   |
| Consumer – credit card |   |      | 3,759  |   |               |   | 216    |                |   |   | 382                  |   |   |                  | 530    |   |               |   | 520    |           |   |   | 13,111 |   |   |   | 14,759 |   |
| Consumer - loans             |   |      | 9,465  |   |               |   | 546    |                |   |   | 691                  |   |   |                  | 1,463  |   |               |   | 2,547  |           |   |   | 42,220 |   |   |   | 47,467 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

|                 |   | Consumer – credit card |   |   | Consumer - loans |   |   | Total  |   |
|----------------------|--------|------------------------------|--------|--------|------------------|--------|--------|--------|--------|
| June 30, 2012:       |   |                         |   |   |             |   |   |   |   |
| Performing           |   |                         | 2,097  |   |             |   | 433    |   |   |   | 2,530 |   |
| Non-performing       |   |                         | 10,296 |   |             |   | 3,166  |   |   |   | 13,462 |   |
|  June 30, 2011: |   |                         |   |   |             |   |   |   |   |   |   |   |
| Performing           |   |                         | 7,376  |   |             |   | 11,665 |   |   |   | 19,041 |   |
| Non-performing       |   |                         | 11,142 |   |             |   | 45,267 |   |   |   | 56,409 |   |

| Allowance for credit losses: |   | Consumer |             |   | Leases and services |   |   | Total  |   |
|------------------------------|--------|----------|------------------|--------|---------------------|--------|--------|--------|--------|
| June 30, 2012:               |   |     |             |   |                |   |   |   |   |
| Beginning balance            |   |     | 59,891           |   |                |   | 45,178 |   |   |   | 105,069 |   |
| Write-downs                  |   |     |  (1)(45,632 | )      |                |   | (5,338 | )      |   |   | (50,970 | ) |
| Recoveries                   |   |     | (3,956           | )      |                |   | (4,100 | )      |   |   | (8,056 | ) |
| Provision                    |   |     | 3,413            |   |                |   | 10,410 |   |   |   | 13,823 |   |
| Ending balance               |   |     | 13,716           |   |                |   | 46,150 |   |   |   | 59,866 |   |

| (1)  Includes Ps. 39.1 million related to the allowance of the credit sold by Apsamedia. |
|----------------------------------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

|   | i) | Statement of Cash Flows classification differences |
|--------|----|----------------------------------------------------|

|                                                               |   | As of June 30, |    |
|--------------------------------------------------------------------|--------|---------------------|---------|
|                                                               |   | 2012                |    |   | 2011 |   |   | 2010 |   |
| Cash and Banks                                                     |   |                | 102,505 |   |   |   | 24,620 |   |   |   | 27,284 |   |
| Current investments                                                |   |                | 47,573  |   |   |   | 150,328 |   |   |   | 162,448 |   |
| Total cash and banks and current investments as per balance sheet  |   |                | 150,078 |   |   |   | 174,948 |   |   |   | 189,732 |   |
| Less: Items not considered cash and cash equivalents               |   |                |    |   |   |   |   |   |   |   |   |   |
| - Mutual funds                                                     |   |                | (36,847 | ) |   |   | (26,304 | ) |   |   | (15,454 | ) |
| - Non convertible notes – Cresud S.A.C.I.F. y A.             |   |                | (8,781  | ) |   |   | (2,615 | ) |   |   | - - |   |
| - Retained interests in securitized receivables, net of allowances |   |                | - -     |   |   |   | - - |   |   |   | (117,248 | ) |
| - Mortgage bonds issued by BHSA                                    |   |                | (496    | ) |   |   | (477 | ) |   |   | (728 | ) |
| - Government bonds                                                 |   |                | - -     |   |   |   | - - |   |   |   | (34 | ) |
| - TDFs                                                             |   |                | - -     |   |   |   | - - |   |   |   | (2,846 | ) |
| Cash and cash equivalents as shown in the statement of cash flows  |   |                | 103,954 |   |   |   | 145,552 |   |   |   | 53,422 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

|   | i) | Statement of Cash Flows classification differences (continued) |
|--------|----|----------------------------------------------------------------|

|                                                         |   | June 30, 2012 |     |   | June 30, 2011 |   |     | June 30, 2010 |   |
|--------------------------------------------------------------|--------|---------------|----------|--------|---------------|--------|----------|---------------|--------|
| Net cash provided by operating activities                    |   |          | 554,897  |   |          |   | 414,187  |          |   |   | 126,146 |   |
| Net cash (used in) provided by investing activities          |   |          | (259,410 | )      |          |   | (16,658  | )             |   |   | 17,094 |   |
| Net cash used in financing activities                        |   |          | (338,341 | )      |          |   | (305,676 | )             |   |   | (135,815 | ) |
| Effect of exchange rate changes on cash and cash equivalents |   |          | 2,962    |   |          |   | 2,259    |          |   |   | 664 |   |

|                                                                  |   | June 30,2012 |      |   | Oct. 15, 2010 – June 30, 2011 |   |      | July 1 –Oct. 14, 2010 |   |   | June 30,2010 |   |
|-----------------------------------------------------------------------|--------|--------------|-----------|--------|-------------------------------------|--------|-----------|-----------------------------|--------|--------|--------------|--------|
| Numerator:                                                            |   |         |      |   |                                |   |      |                        |   |   |         |   |
| Net income attributable to Alto Palermo S.A.                          |   |         | 326,679   |   |                                |   | 153,471   |                        |   |   | 139,963      |   |   |   | 221,404 |   |
| Plus (less): income (loss) impact of assumed conversions:             |   |         |      |   |                                |   |      |                        |   |   |         |   |   |   |   |   |
| Interest expense on Convertible Notes                                 |   |         | 14,194    |   |                                |   | 9,363     |                        |   |   | 4,582        |   |   |   | 18,650 |   |
| Foreign currency exchange loss on ConvertibleNotes                    |   |         | 13,522    |   |                                |   | 4,807     |                        |   |   | 1,343        |   |   |   | 6,364 |   |
| Income tax effect                                                     |   |         | (9,545    | )      |                                |   | (4,605    | )                           |   |   | (2,114       | )      |   |   | (8,599 | ) |
| Net income plus assumed conversions attributable to Alto Palermo S.A. |   |         | 344,850   |   |                                |   | 163,036   |                        |   |   | 143,774      |   |   |   | 237,819 |   |
|                                                                  |   |         |      |   |                                |   |      |                        |   |   |         |   |   |   |   |   |
| Denominator:                                                          |   |         |      |   |                                |   |      |                        |   |   |         |   |   |   |   |   |
| Weighted-average number of shares outstanding                         |   |         | 1,259,823 |   |                                |   | 1,130,083 |                        |   |   | 782,064      |   |   |   | 782,064 |   |
| Plus: incremental shares of assumed conversions:                      |   |         |      |   |                                |   |      |                        |   |   |         |   |   |   |   |   |
| Convertible Notes                                                     |   |         | 1,304,781 |   |                                |   | 1,248,310 |                        |   |   | 1,725,853    |   |   |   | 1,793,245 |   |
| Adjusted weighted-average number of shares                            |   |         | 2,564,604 |   |                                |   | 2,378,393 |                        |   |   | 2,507,917    |   |   |   | 2,575,309 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

|                                                          |   | June 30,2012 |   |   | Oct. 15, 2010 – June 30, 2011 |   |   | July 1 –Oct. 14, 2010 |   |   | June 30,2010 |   |
|---------------------------------------------------------------|--------|--------------|--------|--------|-------------------------------------|--------|--------|-----------------------------|--------|--------|--------------|--------|
|  Basic and diluted EPS attributable to Alto Palermo S.A. |   |         |   |   |                                |   |   |                        |   |   |         |   |
| Basic net income per common share                             |   |         | 0.26   |   |                                |   | 0.14   |                        |   |   | 0.18         |   |   |   | 0.28 |   |
| Diluted net income per common share                           |   |         | 0.13   |   |                                |   | 0.07   |                        |   |   | 0.06         |   |   |   | 0.09 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

| II.   | Additional disclosure requirements |
|-----------------|------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

|                                                                              |   | Year ended June 30, 2012 |    |
|-----------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                              |   | Alto Palermo S.A.        |    |   | Non-controlling interest |   |   | Total |   |
| Net income under US GAAP                                                          |   |                     | 326,679 |   |   |   | 12,687 |   |   |   | 339,366 |   |
| Other comprehensive income:                                                       |   |                     |    |   |   |   |   |   |   |   |   |   |
| Net change in unrealized holding gain on available-for-sale securities (i)        |   |                     | 359     |   |   |   | (169 | ) |   |   | 190 |   |
| Net change in unrealized holding gain on available-for-sale securities, TGLT (ii) |   |                     | (4,007  | ) |   |   | - - |   |   |   | (4,007 | ) |
| Net change in unrealized holding gain on joint ventures                           |   |                     | 6       |   |   |   | - - |   |   |   | 6 |   |
| Comprehensive income                                                              |   |                     | 323,037 |   |   |   | 12,518 |   |   |   | 335,555 |   |

|   | (i) | Net of income taxes of Ps. (194) and Ps. 91 for Alto Palermo S.A. and the non-controlling interest, respectively. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Net of income taxes of Ps. 2,158. The investment was made directly by Alto Palermo S.A. |
|--------|------|-----------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|                                                                                        |   | Year ended June 30, 2011 |    |
|---------------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                        |   | Alto Palermo S.A.        |    |   | Non-controlling interest |   |   | Total |   |
| Net income under US GAAP                                                                    |   |                     | 293,434 |   |   |   | 6,592 |   |   |   | 300,026 |   |
| Other comprehensive income:                                                                 |   |                     |    |   |   |   |   |   |   |   |   |   |
| Net change in unrealized holding gain on available-for-sale securities (i)                  |   |                     | 373     |   |   |   | 207 |   |   |   | 580 |   |
| Net change in unrealized holding gain on retained interests in securitized receivables (ii) |   |                     | 2,836   |   |   |   | - - |   |   |   | 2,836 |   |
| Net change in unrealized holding gain on available-for-sale securities, TGLT (iii)          |   |                     | 7,966   |   |   |   | - - |   |   |   | 7,966 |   |
| Comprehensive income                                                                        |   |                     | 304,609 |   |   |   | 6,799 |   |   |   | 311,408 |   |

|   | (i) | Net of income taxes of Ps. (201) and Ps. (111) for Alto Palermo S.A. and the non-controlling interest, respectively. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Net of income taxes of Ps. (1,527). The activity relates to a wholly-owned subsidiary. |
|--------|------|----------------------------------------------------------------------------------------|

|   | (iii) | Net of income taxes of Ps. (4,289). The investment was made directly by Alto Palermo S.A. |
|--------|-------|-------------------------------------------------------------------------------------------|

|                                                                                        |   | Year ended June 30, 2010                                                       |    |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|---------|
|                                                                                        |   |            Alto Palermo S.A. |    |   | Non-controlling interest |   |   | Total |   |
| Net income under US GAAP                                                                    |   |                                                                           | 221,404 |   |   |   | 5,486 |   |   |   | 226,890 |   |
| Other comprehensive income:                                                                 |   |                                                                           |    |   |   |   |   |   |   |   |   |   |
| Net change in unrealized holding gain on available-for-sale securities (i)                  |   |                                                                           | 5       |   |   |   | 107 |   |   |   | 112 |   |
| Net change in unrealized holding gain on retained interests in securitized receivables (ii) |   |                                                                           | 1,482   |   |   |   | - - |   |   |   | 1,482 |   |
| Comprehensive income                                                                        |   |                                                                           | 222,891 |   |   |   | 5,593 |   |   |   | 228,484 |   |

|   | (i) | Net of income taxes of Ps. (3) and Ps. (57) for Alto Palermo S.A. and the non-controlling interest, respectively. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Net of income taxes of Ps. (798). |
|--------|------|-----------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

|                                                           |   | As of June 30, 2012 |   |
|----------------------------------------------------------------|--------|---------------------|--------|
|                                                           |   | Alto Palermo S.A.   |   |   | Non-controlling interest |   |   | Total |   |
| Unrealized holding gain on available-for-sale securities       |   |                | 1,238  |   |   |   | 163 |   |   |   | 1,401 |   |
| Unrealized holding gain on available-for-sale securities, TGLT |   |                | 3,959  |   |   |   | - - |   |   |   | 3,959 |   |
| Unrealized holding gain on joint ventures                      |   |                | 6      |   |   |   | - - |   |   |   | 6 |   |
| Accumulated other comprehensive income                         |   |                | 5,203  |   |   |   | 163 |   |   |   | 5,366 |   |

|                                                                     |   | As of June 30, 2011 |   |
|--------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                     |   | Alto Palermo S.A.   |   |   | Non-controlling interest |   |   | Total |   |
| Unrealized holding gain on available-for-sale securities                 |   |                | 879    |   |   |   | 332 |   |   |   | 1,211 |   |
| Unrealized holding loss on retained interests in securitized receivables |   |                | 7,966  |   |   |   | - - |   |   |   | 7,966 |   |
| Accumulated other comprehensive income                                   |   |                | 8,845  |   |   |   | 332 |   |   |   | 9,177 |   |

|                                                                     |   | As of June 30, 2010 |   |
|--------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                     |   | Alto Palermo S.A.   |   |   | Non-controlling interest |   |   | Total |   |
| Unrealized holding gain on available-for-sale securities                 |   |                | 506    |   |   |   | 125 |   |   |   | 631 |   |
| Unrealized holding loss on retained interests in securitized receivables |   |                | (2,836 | ) |   |   | - - |   |   |   | (2,836 | ) |
| Accumulated other comprehensive (loss) income                            |   |                | (2,330 | ) |   |   | 125 |   |   |   | (2,205 | ) |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

|                                                                                                                                                                                                                                                                                                           |   | As of and for the year ended June 30, 2012 |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|-----------|
|                                                                                                                                                                                                                                                                                                           |   | As reported                                |      |   | Elimination of joint control’s accounts |   |   | Inclusion of joint controls as equity investees |   |   | As adjusted |   |
|                                                                                                                                                                                                                                                                                                           |   |                                       |      |   | (i) |   |   |   |   |   |   |   |
| Current assets                                                           |   |                                       | 502,310   |   |   |   | (7,495 | ) |   |   | - - |   |   |   | 494,815 |   |
| Non-current assets                                                       |   |                                       | 1,986,064 |   |   |   | (117,617 | ) |   |   | 77,795 |   |   |   | 1,946,242 |   |
| Total assets                                                             |   |                                       | 2,488,374 |   |   |   | (125,112 | ) |   |   | 77,795 |   |   |   | 2,441,057 |   |
|                                                                                                                                                                                                                                                                                                           |   |                                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                                                      |   |                                       | 551,465   |   |   |   | (19,724 | ) |   |   | - - |   |   |   | 531,741 |   |
| Non-current liabilities                                                  |   |                                       | 960,436   |   |   |   | (27,593 | ) |   |   | - - |   |   |   | 932,843 |   |
| Total liabilities                                                        |   |                                       | 1,511,901 |   |   |   | (47,317 | ) |   |   | - - |   |   |   | 1,464,584 |   |
|                                                                                                                                                                                                                                                                                                           |   |                                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minority interest                                                        |   |                                       | 148,426   |   |   |   | - - |   |   |   | - - |   |   |   | 148,426 |   |
| Shareholders’ equity                                               |   |                                       | 828,047   |   |   |   | - - |   |   |   | - - |   |   |   | 828,047 |   |
|                                                                                                                                                                                                                                                                                                           |   |                                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                                 |   |                                       | 923,618   |   |   |   | (6,422 | ) |   |   | - - |   |   |   | 917,196 |   |
| Gross profit                                                             |   |                                       | 733,009   |   |   |   | (4,173 | ) |   |   | - - |   |   |   | 728,836 |   |
| Net income                                                               |   |                                       | 327,842   |   |   |   | - - |   |   |   | - - |   |   |   | 327,842 |   |
|                                                                                                                                                                                                                                                                                                           |   |                                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by operating activities                                                                                                                                                                                                                                                                      |   |                                       | 623,753   |   |   |   | (7,005 | ) |   |   | - - |   |   |   | 616,748 |   |
| Net cash used in investing activities                                                                                                                                                                                                                                                                          |   |                                       | (251,436  | ) |   |   | (15,337 | ) |   |   | - - |   |   |   | (266,773 | ) |
| Net cash used in financing activities                                                                                                                                                                                                                                                                          |   |                                       | (413,915  | ) |   |   | 21,086 |   |   |   | - - |   |   |   | (392,829 | ) |

|                                                                                                                                                                                                                                                                                             |   | As of and for the year ended June 30, 2011 |     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|----------|
|                                                                                                                                                                                                                                                                                             |   | As reported                                |     |   | Elimination of Apsamedia accounts |   |   | Inclusion of Apsamedia as an equity investee |   |   | As adjusted |   |
|                                                                                                                                                                                                                                                                                             |   |                                       |     |   | (ii) |   |   |   |   |   |   |   |
| Revenues                                                   |   |                                       | 856,468  |   |   |   | (8,905 | ) |   |   | - - |   |   |   | 847,563 |   |
| Gross profit                                               |   |                                       | 598,708  |   |   |   | (5,258 | ) |   |   | - - |   |   |   | 593,450 |   |
| Net income                                                 |   |                                       | 272,054  |   |   |   | - - |   |   |   | - - |   |   |   | 272,054 |   |
|                                                                                                                                                                                                                                                                                             |   |                                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by operating activities                                                                                                                                                                                                                                                        |   |                                       | 520,193  |   |   |   | (1,099 | ) |   |   | - - |   |   |   | 519,094 |   |
| Net cash used in investing activities                                                                                                                                                                                                                                                            |   |                                       | (55,258  | ) |   |   | 72 |   |   |   | 1,100 |   |   |   | (54,086 | ) |
| Net cash used in financing activities                                                                                                                                                                                                                                                            |   |                                       | (372,805 | ) |   |   | 750 |   |   |   | (1,100 | ) |   |   | (373,155 | ) |

|   | (i) | Corresponds to NPSF and Quality Invest’s activities as of June 30, 2012. |
|--------|-----|--------------------------------------------------------------------------------|

|   | (ii) | Corresponds to Apsamedia’s activity until January 13, 2011. |
|--------|------|------------------------------------------------------------------------|

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

| The following is a summary of the Company’s investments in real estate as of June 30, 2012 prepared in accordance with SEC S-X 12-28. |
|---------------------------------------------------------------------------------------------------------------------------------------------|

| Description                                    |     Encumbrances |   | Land   |    |   | Buildings and improvement |   |      | Transfers |   |   | Improvements / Additions/Deductions |   |   | Total buildings and improvements |    |   | Total  |   |      | Accumulated depreciation |   |   | Date of construction |   |   | Date acquired |      |   | Life on which depreciation in latest Consolidated Statement of Operations is computed |                                |
|------------------------------------------------|--------------------------------------|--------|--------|---------|--------|---------------------------|--------|-----------|-----------|--------|--------|-------------------------------------|--------|--------|----------------------------------|---------|--------|--------|--------|-----------|--------------------------|--------|--------|----------------------|--------|--------|---------------|-----------|--------|---------------------------------------------------------------------------------------|-------------------------------------|
|  Shopping centers:                        |                                 |   |   |    |   |                      |   |      |      |   |   |                                |   |   |                             |    |   |   |   |      |                     |   |   |                 |   |   |          |      |   |                                                                                  |                                |
| - Abasto                                       |                                 |   |   | 9,752   |   |                      |   | 251,198   |      |   |   | 592                                 |   |   |                             | 1,550   |   |   |   | 253,340   |                     |   |   | 263,092              |   |   |          | 114,548   |   |                                                                                  | November, 1998                      |   |   |   | - - |   |   |   | 31 |   |
| - Alto Palermo                                 |                                 |   |   | 8,694   |   |                      |   | 424,302   |      |   |   | 263                                 |   |   |                             | 996     |   |   |   | 425,561   |                     |   |   | 434,255              |   |   |          | 339,066   |   |                                                                                  | October, 1990                       |   |   | November, 1997 and March, 1998 |   |   |   | 26 |   |
| - Alto Avellaneda                              |                                 |   |   | 18,089  |   |                      |   | 186,575   |      |   |   | 421                                 |   |   |                             | 3,192   |   |   |   | 190,188   |                     |   |   | 208,277              |   |   |          | 154,440   |   |                                                                                  | October, 1995                       |   |   | November and December, 1997 |   |   |   | 19 |   |
| - Paseo Alcorta                                |                                 |   |   | 11,268  |   |                      |   | 123,050   |      |   |   | (62                                 | )      |   |                             | 2,152   |   |   |   | 125,140   |                     |   |   | 136,408              |   |   |          | 72,579    |   |                                                                                  | June, 1992                          |   |   | June, 1997 |   |   |   | 25 |   |
| - Alto Noa                                     |                                 |   |   | 357     |   |                      |   | 46,195    |      |   |   | 135                                 |   |   |                             | 231     |   |   |   | 46,561    |                     |   |   | 46,918               |   |   |          | 28,577    |   |                                                                                  | September, 1994                     |   |   | March, 1995, September, 1996 and January, 2000 |   |   |   | 22 |   |
| - Patio Bullrich                               |                                 |   |   | 8,419   |   |                      |   | 163,697   |      |   |   | 3,337                               |   |   |                             | 1,480   |   |   |   | 168,514   |                     |   |   | 176,933              |   |   |          | 97,784    |   |                                                                                  | September, 1988                     |   |   | October, 1998 |   |   |   | 23 |   |
| - Buenos Aires Design                          |                                 |   |   | - -     |   |                      |   | 59,733    |      |   |   | 45                                  |   |   |                             | 692     |   |   |   | 60,470    |                     |   |   | 60,470               |   |   |          | 52,794    |   |                                                                                  | Between November and December, 1993 |   |   | November, 1997 |   |   |   | 20 |   |
| - Alto Rosario                                 |                                 |   |   | 25,686  |   |                      |   | 74,742    |      |   |   | 1                                   |   |   |                             | 200     |   |   |   | 74,943    |                     |   |   | 100,629              |   |   |          | 24,546    |   |                                                                                  | November, 2004                      |   |   |   | - - |   |   |   | 29 |   |
| - Mendoza Plaza Shopping                       |                                 |   |   | 10,546  |   |                      |   | 126,368   |      |   |   | 186                                 |   |   |                             | 5,153   |   |   |   | 131,707   |                     |   |   | 142,253              |   |   |          | 62,863    |   |                                                                                  | June, 1994                          |   |   | December, 2004 |   |   |   | 22 |   |
| - Dot Baires                                   |                                 |   |   | 110,222 |   |                      |   | 467,703   |      |   |   | 750                                 |   |   |                             | 4,026   |   |   |   | 472,479   |                     |   |   | 582,701              |   |   |          | 66,055    |   |                                                                                  | May, 2009                           |   |   | November, 2006 |   |   |   | 29 |   |
| - Dot Baires Offices                           |                                 |   |   | 13,346  |   |                      |   | 86,826    |      |   |   | 87                                  |   |   |                             | 1,557   |   |   |   | 88,470    |                     |   |   | 101,816              |   |   |          | 4,851     |   |                                                                                  | August, 2010                        |   |   | November, 2006 |   |   |   | 33 |   |
| - La Ribera Shopping                           |                                 |   |   | - -     |   |                      |   | - -       |      |   |   | - -                                 |   |   |                             | 21,697  |   |   |   | 21,697    |                     |   |   | 21,697               |   |   |          | 2,883     |   |                                                                                  |                                | - - |   |   | August, 2011 |   |   |   | 30 |   |
| - Córdoba Shopping – Villa Cabrera. | Antichresis                          |   |   | 5,009   |   |                      |   | 98,699    |      |   |   | 468                                 |   |   |                             | 1,173   |   |   |   | 100,340   |                     |   |   | 105,349              |   |   |          | 42,619    |   |                                                                                  | March, 1990                         |   |   | December, 2006 |   |   |   | 16 |   |
| - Neuquén                                 | Mortgage                             |   |   | 2,132   |   |                      |   | 9,761     |      |   |   | 389                                 |   |   |                             | 5,089   |   |   |   | 15,239    |                     |   |   | 17,371               |   |   |          | 566       |   |                                                                                  | Under construction                  |   |   | September, 1999 |   |   |   | - - |   |
| - Soleil Factory                               | Mortgage                             |   |   | 16,590  |   |                      |   | 55,905    |      |   |   | 1,253                               |   |   |                             | 8,553   |   |   |   | 65,711    |                     |   |   | 82,301               |   |   |          | 7,828     |   |                                                                                  |                                | - - |   |   | July, 2010 |   |   |   | 14 |   |
| - Arcos del Gourmet                            |                                 |   |   | - -     |   |                      |   | - -       |      |   |   | 1,658                               |   |   |                             | 16,720  |   |   |   | 18,378    |                     |   |   | 18,378               |   |   |          | - -       |   |                                                                                  | Under construction                  |   |   | November, 2009 |   |   |   | - - |   |
| - Predio San Martín                       | Mortgage                             |   |   | 42,022  |   |                      |   | - -       |      |   |   | - -                                 |   |   |                             | 50,736  |   |   |   | 50,736    |                     |   |   | 92,758               |   |   |          | 1,386     |   |                                                                                  |                                | - - |   |   | June, 2011 |   |   |   | 28 |   |
| Other                                          |                                 |   |   | 3,170   |   |                      |   | 19,397    |      |   |   | (1,149                              | )      |   |                             | 1,768   |   |   |   | 20,016    |                     |   |   | 23,186               |   |   |          | 3,231     |   |                                                                                  |                                |   |   |   |   |   |   |   |   |   |   |
| Total                                          |                                 |   |   | 285,302 |   |                      |   | 2,194,151 |      |   |   | 8,374                               |   |   |                             | 126,965 |   |   |   | 2,329,490 |                     |   |   | 2,614,792            |   |   |          | 1,076,616 |   |                                                                                  |                                |   |   |   |   |   |   |   |   |   |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

|                                                                                                                                                                                                                                                                                       |   | Year ended June 30, |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|
| Original value                                                                                                                                                                                                                                                                             |   | 2012                |      |   | 2011 |   |   | 2010 |   |
| Balance, beginning of the year                                                                                                                                                                                                                                                             |   |                | 2,437,431 |   |   |   | 2,345,386 |   |   |   | 2,275,848 |   |
| Additions during the year:                                                                                                                                                                                                                                                                 |   |                |      |   |   |   |   |   |   |   |   |   |
| Improvements                                                                                 |   |                | 169,691   |   |   |   | 69,202 |   |   |   | 66,717 |   |
| Transfers from other fixed assets                                                                                                                                                                                                                                                          |   |                | 8,374     |   |   |   | 31,071 |   |   |   | 6,013 |   |
|                                                                                                                                                                                                                                                                                       |   |                | 2,615,496 |   |   |   | 2,445,659 |   |   |   | 2,348,578 |   |
|                                                                                                                                                                                                                                                                                       |   |                |      |   |   |   |   |   |   |   |   |   |
| Deductions                                                                              |   |                | (704      | ) |   |   | (8,228 | ) |   |   | (3,192 | ) |
|                                                                                                                                                                                                                                                                                       |   |                | (704      | ) |   |   | (8,228 | ) |   |   | (3,192 | ) |
| Balance, end of the year                                            |   |                | 2,614,792 |   |   |   | 2,437,431 |   |   |   | 2,345,386 |   |

|                                                                                                                                                                                                                                                                                       |   | Year ended June 30, |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|
| Accumulated depreciation                                                                                                                                                                                                                                                                   |   | 2012                |      |   | 2011 |   |   | 2010 |   |
| Balance, beginning of the year.                                                                                                                                                                                                                                                            |   |                | 970,410   |   |   |   | 868,850 |   |   |   | 756,639 |   |
| Additions during the year............................                                                                                                                                                                                                  |   |                | 106,208   |   |   |   | 101,705 |   |   |   | 112,211 |   |
| Deductions during the year                                                                                                                                                                                                                                                                 |   |                | (2        | ) |   |   | (145 | ) |   |   | - - |   |
| Balance, end of the year                                            |   |                | 1,076,616 |   |   |   | 970,410 |   |   |   | 868,850 |   |

----

| 15. | Differences between Argentine GAAP and US GAAP (continued) |
|-----|------------------------------------------------------------|

|   | II. | Additional disclosure requirements |
|--------|-----|------------------------------------|

|                                          |   | Col. B.            |   | Col. C.                        | Col. D.                           | Col. E.                       |   | Col. F.                        |   |   | Col. G.                                |   | Col. H.                                                                    |
|-----------------------------------------------|--------|--------------------|--------|--------------------------------|-----------------------------------|-------------------------------|--------|--------------------------------|--------|--------|----------------------------------------|--------|----------------------------------------------------------------------------|
|    Description                 |   |  InterestRate |   |   Final maturitydate |   Periodic payment term |    Prior liens |   |  Face amount of mortgages |   |   |  Carrying amount of mortgages (1) |   | Principal amount of receivables subject to delinquent principalor interest |
| Customer A                                    |   |               | 10     | %                              | February 2017                     | Monthly                       | None   |                           |   | 330    |                                   |   |                                                                       | 431 |   | None |
| Customer B                                    |   |               | 14     | %                              | June 2014                         | Monthly                       | None   |                           |   | 128    |                                   |   |                                                                       | 28 |   | None |
| Customer C                                    |   |               | 14     | %                              | May 2014                          | Monthly                       | None   |                           |   | 77     |                                   |   |                                                                       | 42 |   | None |
| Customer D                                    |   |               | 14     | %                              | June 2009                         | Monthly                       | None   |                           |   | 70     |                                   |   |                                                                       | 28 |   | None |
| Customer E                                    |   |               | 14     | %                              | April 2014                        | Monthly                       | None   |                           |   | 58     |                                   |   |                                                                       | 18 |   | None |
| Mortgages ReceivablesPs. 0 – Ps. 29,999 |   |               | 16     | %                              | September 2009                    | Monthly                       | None   |                           |   | 20     |                                   |   |                                                                       | 10 |   | None |
| Mortgages ReceivablesPs. 30,000-Ps. 49,999    |   |               | 14     | %                              | January 2011                      | Monthly                       | None   |                           |   | 37     |                                   |   |                                                                       | 5 |   | None |
| Mortgages ReceivablesPs. 50,000-Ps. 69,999    |   |               | 12-14  | %                              | July 2014 – April 2015      | Monthly                       | None   |                           |   | 105    |                                   |   |                                                                       | 6 |   | None |
| Mortgages ReceivablesPs. 70,000-Ps. 89,999    |   |               | 12     | %                              | April 2015                        | Monthly                       | None   |                           |   | 73     |                                   |   |                                                                       | - - |   | None |
|                                          |   |               |   |                           |                              |                          |   |                           |   | 898    |                                   |   |                                                                       | 568 |   |   |

----

|   | 15. | Differences between Argentine GAAP and US GAAP (continued) |
|--------|-----|------------------------------------------------------------|

|   | II.    Additional disclosure requirements |
|--------|---------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                   |   | Years ended June 30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                   |   | 2012                 |   |   | 2011 |   |
| Balance, beginning of the year                                                     |   |                 | 761    |   |   |   | 717 |   |
| Collection of principals during the years                                                                                                                                                                                                                                                                                                              |   |                 | (193   | ) |   |   | - - |   |
| Additions during the years                                                         |   |                 | - -    |   |   |   | 44 |   |
| Balance, end of year                                                               |   |                 | 568    |   |   |   | 761 |   |

| 16. | Other Financial Statement information |
|-----|---------------------------------------|

|   | a. | Fixed assets, net |
|--------|----|-------------------|

|   | b. | Intangible assets, net |
|--------|----|------------------------|

|   | c. | Negative goodwill, net |
|--------|----|------------------------|

|   | d. | Allowances and provisions |
|--------|----|---------------------------|

|   | e. | Cost of leases and services, consumer financing and others |
|--------|----|------------------------------------------------------------|

|   | f. | Foreign currency assets and liabilities |
|--------|----|-----------------------------------------|

|   | g. | Other expenses |
|--------|----|----------------|

----

|   | Alto Palermo S.A. (APSA) |
|--------|--------------------------|

|                                                                 |   | Original value                |      |   |   Depreciation |   |    |           |
|----------------------------------------------------------------------|--------|-------------------------------|-----------|--------|---------------------|--------|---------|----------------|
|                                                                 |   |                          |      |   |   Current year |   |    |           |   | Net carrying value as of June 30 |   |
| Principal account                                                    |   | Value as of beginning of year |      |   | Additions           |   |    | Deductions (1) |   |   | Transfers |   |   | Value as of end of year |   |   | Accumulated as of beginning of year |   |   | Additions |   |   | Deductions |   |   | Amount (1) |   |   | Transfers |   |   | Accumulated as of end of year |   |   | 2012 |   | 2011 |   |
| Properties:                                                          |   |                          |      |   |                |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shopping Centers:                                                    |   |                          |      |   |                |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  - Abasto                                                       |   |                          | 258,738   |   |                |   | 151     |           |   |   | (72 | ) |   |   | 278 |   |   |   | 259,095 |   |   |   | 106,472 |   |   |   | - - |   |   |   | (2 | ) |   |   | 8,078 |   |   |   | - - |   |   |   | 114,548 |   |   |   | 144,547 |   |   |   | 152,266 |   |
|  - Alto Palermo                                                 |   |                          | 432,325   |   |                |   | 350     |           |   |   | - - |   |   |   | 299 |   |   |   | 432,974 |   |   |   | 317,651 |   |   |   | - - |   |   |   | - - |   |   |   | 21,415 |   |   |   | - - |   |   |   | 339,066 |   |   |   | 93,908 |   |   |   | 114,674 |   |
|  - Alto Avellaneda                                              |   |                          | 202,376   |   |                |   | 2,784   |           |   |   | - - |   |   |   | 1,624 |   |   |   | 206,784 |   |   |   | 140,399 |   |   |   | - - |   |   |   | - - |   |   |   | 14,041 |   |   |   | - - |   |   |   | 154,440 |   |   |   | 52,344 |   |   |   | 61,977 |   |
|  - Paseo Alcorta                                                |   |                          | 132,714   |   |                |   | 96      |           |   |   | - - |   |   |   | (559 | ) |   |   | 132,251 |   |   |   | 67,517 |   |   |   | - - |   |   |   | - - |   |   |   | 5,062 |   |   |   | - - |   |   |   | 72,579 |   |   |   | 59,672 |   |   |   | 65,197 |   |
|  - Alto Noa                                                     |   |                          | 46,500    |   |                |   | 231     |           |   |   | - - |   |   |   | 151 |   |   |   | 46,882 |   |   |   | 26,150 |   |   |   | - - |   |   |   | - - |   |   |   | 2,427 |   |   |   | - - |   |   |   | 28,577 |   |   |   | 18,305 |   |   |   | 20,350 |   |
|  - Buenos Aires Design                                          |   |                          | 59,531    |   |                |   | 294     |           |   |   | - - |   |   |   | - - |   |   |   | 59,825 |   |   |   | 51,698 |   |   |   | - - |   |   |   | - - |   |   |   | 1,096 |   |   |   | - - |   |   |   | 52,794 |   |   |   | 7,031 |   |   |   | 7,833 |   |
|  - Patio Bullrich                                               |   |                          | 171,722   |   |                |   | 723     |           |   |   | - - |   |   |   | 3,294 |   |   |   | 175,739 |   |   |   | 89,020 |   |   |   | - - |   |   |   | - - |   |   |   | 8,049 |   |   |   | 715 |   |   |   | 97,784 |   |   |   | 77,955 |   |   |   | 82,702 |   |
|  - Alto Rosario                                                 |   |                          | 100,074   |   |                |   | 146     |           |   |   | - - |   |   |   | 81 |   |   |   | 100,301 |   |   |   | 21,310 |   |   |   | - - |   |   |   | - - |   |   |   | 3,236 |   |   |   | - - |   |   |   | 24,546 |   |   |   | 75,755 |   |   |   | 78,764 |   |
|  - Mendoza Plaza Shopping                                       |   |                          | 136,111   |   |                |   | 4,880   |           |   |   | - - |   |   |   | 121 |   |   |   | 141,112 |   |   |   | 58,288 |   |   |   | - - |   |   |   | - - |   |   |   | 4,575 |   |   |   | - - |   |   |   | 62,863 |   |   |   | 78,249 |   |   |   | 77,823 |   |
|  - Neuquén                                                 |   |                          | 7,427     |   |                |   | 818     |           |   |   | - - |   |   |   | - - |   |   |   | 8,245 |   |   |   | 566 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 566 |   |   |   | 7,679 |   |   |   | 6,861 |   |
|  - Dot Baires                                                   |   |                          | 576,308   |   |                |   | 3,640   |           |   |   | - - |   |   |   | 2,013 |   |   |   | 581,961 |   |   |   | 44,801 |   |   |   | - - |   |   |   | - - |   |   |   | 21,254 |   |   |   | - - |   |   |   | 66,055 |   |   |   | 515,906 |   |   |   | 531,507 |   |
| -Soleil Factory                                                      |   |                          | 70,047    |   |                |   | 1,835   |           |   |   | - - |   |   |   | 493 |   |   |   | 72,375 |   |   |   | 3,781 |   |   |   | - - |   |   |   | - - |   |   |   | 4,047 |   |   |   | - - |   |   |   | 7,828 |   |   |   | 64,547 |   |   |   | 66,266 |   |
|  - Córdoba Shopping – Villa Cabrera                  |   |                          | 103,076   |   |                |   | 483     |           |   |   | - - |   |   |   | 113 |   |   |   | 103,672 |   |   |   | 37,538 |   |   |   | - - |   |   |   | - - |   |   |   | 5,081 |   |   |   | - - |   |   |   | 42,619 |   |   |   | 61,053 |   |   |   | 65,538 |   |
| -La Ribera Shopping                                                  |   |                          | - -       |   |                |   | 20,705  |           |   |   | - - |   |   |   | - - |   |   |   | 20,705 |   |   |   | - - |   |   |   | 1,957 |   |   |   | - - |   |   |   | 926 |   |   |   | - - |   |   |   | 2,883 |   |   |   | 17,822 |   |   |   | - - |   |
| -Predio San Martín                                              |   |                          | - -       |   |                |   | 92,758  |           |   |   | - - |   |   |   | - - |   |   |   | 92,758 |   |   |   | - - |   |   |   | 1,025 |   |   |   | - - |   |   |   | 361 |   |   |   | - - |   |   |   | 1,386 |   |   |   | 91,372 |   |   |   | - - |   |
| Other                                                                |   |                          | 20,912    |   |                |   | 1,433   |           |   |   | - - |   |   |   | (2,166 | ) |   |   | 20,179 |   |   |   | 3,129 |   |   |   | - - |   |   |   | - - |   |   |   | 618 |   |   |   | (715 | ) |   |   | 3,032 |   |   |   | 17,147 |   |   |   | 17,783 |   |
| Office property                                                      |   |                          | 273       |   |                |   | 1       |           |   |   | - - |   |   |   | - - |   |   |   | 274 |   |   |   | 34 |   |   |   | - - |   |   |   | - - |   |   |   | 165 |   |   |   | - - |   |   |   | 199 |   |   |   | 75 |   |   |   | 239 |   |
| Dot Baires offices                                                   |   |                          | 100,172   |   |                |   | 1,557   |           |   |   | - - |   |   |   | 87 |   |   |   | 101,816 |   |   |   | 2,056 |   |   |   | - - |   |   |   | - - |   |   |   | 2,795 |   |   |   | - - |   |   |   | 4,851 |   |   |   | 96,965 |   |   |   | 98,116 |   |
| Leasehold improvements                                               |   |                          | 8,632     |   |                |   | 92      |           |   |   | - - |   |   |   | 5 |   |   |   | 8,729 |   |   |   | 8,395 |   |   |   | - - |   |   |   | - - |   |   |   | 227 |   |   |   | - - |   |   |   | 8,622 |   |   |   | 107 |   |   |   | 237 |   |
| Facilities                                                           |   |                          | 83        |   |                |   | - -     |           |   |   | - - |   |   |   | (5 | ) |   |   | 78 |   |   |   | 3 |   |   |   | - - |   |   |   | - - |   |   |   | 9 |   |   |   | - - |   |   |   | 12 |   |   |   | 66 |   |   |   | 80 |   |
| Furniture and fixtures                                               |   |                          | 40,094    |   |                |   | 1,778   |           |   |   | (691 | ) |   |   | 821 |   |   |   | 42,002 |   |   |   | 26,340 |   |   |   | 169 |   |   |   | (243 | ) |   |   | 4,621 |   |   |   | - - |   |   |   | 30,887 |   |   |   | 11,115 |   |   |   | 13,754 |   |
| Vehicles                                                             |   |                          | 291       |   |                |   | - -     |           |   |   | - - |   |   |   | - - |   |   |   | 291 |   |   |   | 279 |   |   |   | - - |   |   |   | - - |   |   |   | 6 |   |   |   | - - |   |   |   | 285 |   |   |   | 6 |   |   |   | 12 |   |
| Computer equipment                                                   |   |                          | 23,815    |   |                |   | 2,643   |           |   |   | (83 | ) |   |   | 363 |   |   |   | 26,738 |   |   |   | 22,276 |   |   |   | 25 |   |   |   | (10 | ) |   |   | 1,258 |   |   |   | 5 |   |   |   | 23,554 |   |   |   | 3,184 |   |   |   | 1,539 |   |
| Software                                                             |   |                          | 13,767    |   |                |   | 971     |           |   |   | (214 | ) |   |   | 58 |   |   |   | 14,582 |   |   |   | 12,595 |   |   |   | 29 |   |   |   | - - |   |   |   | 812 |   |   |   | (5 | ) |   |   | 13,431 |   |   |   | 1,151 |   |   |   | 1,172 |   |
| Suppliers advances                                                   |   |                          | 11,151    |   |                |   | 18,151  |           |   |   | - - |   |   |   | (10,601 | ) |   |   | 18,701 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 18,701 |   |   |   | 11,151 |   |
| Rights for parking spaces to be received (Note 6)                    |   |                          | 9,264     |   |                |   | - -     |           |   |   | - - |   |   |   | - - |   |   |   | 9,264 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 9,264 |   |   |   | 9,264 |   |
| Work-in-progress:                                                    |   |                          |      |   |                |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  -   Alto Rosario                                |   |                          | 354       |   |                |   | 68      |           |   |   | (14 | ) |   |   | (80 | ) |   |   | 328 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 328 |   |   |   | 354 |   |
|  -   Arcos del Gourmet                           |   |                          | - -       |   |                |   | 16,720  |           |   |   | - - |   |   |   | 1,658 |   |   |   | 18,378 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 18,378 |   |   |   | - - |   |
|  -   Abasto                                      |   |                          | 2,212     |   |                |   | 1,471   |           |   |   | - - |   |   |   | 314 |   |   |   | 3,997 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 3,997 |   |   |   | 2,212 |   |
|  -   Avellaneda                                  |   |                          | 2,288     |   |                |   | 770     |           |   |   | (362 | ) |   |   | (1,203 | ) |   |   | 1,493 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 1,493 |   |   |   | 2,288 |   |
|  -   Alto Palermo                                |   |                          | 671       |   |                |   | 804     |           |   |   | (158 | ) |   |   | (36 | ) |   |   | 1,281 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 1,281 |   |   |   | 671 |   |
|  -   Neuquén                                |   |                          | 4,466     |   |                |   | 4,271   |           |   |   | - - |   |   |   | 389 |   |   |   | 9,126 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 9,126 |   |   |   | 4,466 |   |
|  -   Buenos Aires Design                         |   |                          | 202       |   |                |   | 398     |           |   |   | - - |   |   |   | 45 |   |   |   | 645 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 645 |   |   |   | 202 |   |
|  -   Leasehold improvements                      |   |                          | 598       |   |                |   | - -     |           |   |   | - - |   |   |   | - - |   |   |   | 598 |   |   |   | 598 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 598 |   |   |   | - - |   |   |   | - - |   |
|  -   Patio Bullrich                              |   |                          | 394       |   |                |   | 765     |           |   |   | (8 | ) |   |   | 43 |   |   |   | 1,194 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 1,194 |   |   |   | 394 |   |
|  -   Paseo Alcorta                               |   |                          | 1,604     |   |                |   | 2,086   |           |   |   | (30 | ) |   |   | 497 |   |   |   | 4,157 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 4,157 |   |   |   | 1,604 |   |
|  -   Mendoza Plaza Shopping S.A.                 |   |                          | 803       |   |                |   | 273     |           |   |   | - - |   |   |   | 65 |   |   |   | 1,141 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 1,141 |   |   |   | 803 |   |
|  -   La Ribera Shopping                          |   |                          | - -       |   |                |   | 992     |           |   |   | - - |   |   |   | - - |   |   |   | 992 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 992 |   |   |   | - - |   |
|  -   Córdoba Shopping – Villa Cabrera |   |                          | 632       |   |                |   | 690     |           |   |   | - - |   |   |   | 355 |   |   |   | 1,677 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 1,677 |   |   |   | 632 |   |
|  -   Dot Baires                                  |   |                          | 1,617     |   |                |   | 413     |           |   |   | (27 | ) |   |   | (1,263 | ) |   |   | 740 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 740 |   |   |   | 1,617 |   |
| -Soleil Factory                                                      |   |                          | 2,448     |   |                |   | 6,718   |           |   |   | - - |   |   |   | 760 |   |   |   | 9,926 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 9,926 |   |   |   | 2,448 |   |
| -   Office property                                   |   |                          | 1,382     |   |                |   | 367     |           |   |   | (33 | ) |   |   | 1,017 |   |   |   | 2,733 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 2,733 |   |   |   | 1,382 |   |
|  -   Alto Noa                                    |   |                          | 52        |   |                |   | - -     |           |   |   | - - |   |   |   | (16 | ) |   |   | 36 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 36 |   |   |   | 52 |   |
| Total as of June 30, 2012                                            |   |                          | 2,545,126 |   |                |   | 193,326 |           |   |   | (1,692 | ) |   |   | (985 | ) |   |   | 2,735,775 |   |   |   | 1,040,896 |   |   |   | 3,205 |   |   |   | (255 | ) |   |   | 110,159 |   |   |   | - - |   |   |   | 1,154,005 |   |   |   | 1,581,770 |   |   |   | - - |   |
| Total as of June 30, 2011                                            |   |                          | 2,485,765 |   |                |   | 95,708  |           |   |   | (45,611 | ) |   |   | 9,264 |   |   |   | 2,545,126 |   |   |   | 956,194 |   |   |   | - - |   |   |   | (27,473 | ) |   |   | 112,175 |   |   |   | - - |   |   |   | 1,040,896 |   |   |   | - - |   |   |   | 1,504,230 |   |

|  (1) | The allocation of annual depreciation charges in the Consolidated Statements of Income is included in "Other expenses", except for Ps. 136 and 425 as of June 30, 2012 and 2011, respectively, passed-through to tenants (See Note 16.g.).  |   |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|  (2) |  Includes Ps. 1,764 related to Apsamedia acquisition. See Note 2.h for details.                                                                                                                                                             |   |

----

|   | Alto Palermo S.A. (APSA) |
|--------|--------------------------|

|   | b. | Intangible assets, net |
|--------|----|------------------------|

|                      |   | Original Value                            |   |   | Amortization |   |   | Net carrying value as of June 30, |   |
|---------------------------|--------|-------------------------------------------|--------|--------|--------------|--------|--------|-----------------------------------|--------|
| Principal account         |   | Value as of beginning   of year |   |   | Additions    |   |   | Deductions                        |   |   | Transfers |   |   | Value as of end   of year |   |   | Accumulated as of beginning of year |   |   | Additions |   |   | Deductions |   |   | Amount(1) |   |   | Accumulated as of end of year |   |   | 2012 |   |   | 2011 |   |
| Trademarks                |   |                                      | 986    |   |         |   | 186    |                              |   |   | - - |   |   |   | - - |   |   |   | 1,172 |   |   |   | 690 |   |   |   | 162 |   |   |   | - - |   |   |   | 101 |   |   |   | 953 |   |   |   | 219 |   |   |   | 296 |   |
| Preoperating expenses.    |   |                                      | 38,430 |   |         |   | 5,309  |                              |   |   | -1,153 |   |   |   | 985 |   |   |   | 43,571 |   |   |   | 17,373 |   |   |   | 1,203 |   |   |   | -536 |   |   |   | 3,536 |   |   |   | 21,576 |   |   |   | 21,995 |   |   |   | 21,057 |   |
| Rentals gained.           |   |                                      | - -    |   |         |   | 707    |                              |   |   | - - |   |   |   | - - |   |   |   | 707 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 707 |   |   |   | 707 |   |   |   | - - |   |   |   | - - |   |
| Saved costs.              |   |                                      | - -    |   |         |   | 547    |                              |   |   | - - |   |   |   | - - |   |   |   | 547 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 547 |   |   |   | 547 |   |   |   | - - |   |   |   | - - |   |
| Concession.               |   |                                      | 20,873 |   |         |   | 13,913 |                              |   |   | - - |   |   |   | - - |   |   |   | 34,786 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 34,786 |   |   |   | 20,873 |   |
| Total as of June 30, 2012 |   |                                      | 60,289 |   |         |   | 20,662 |                              |   |   | (1,153 | ) |   | Ps. 985 |   |   |   | 80,783 |   |   |   | 18,063 |   |   |   | 1,365 |   |   |   | (536 | ) |   |   | 4,891 |   |   |   | 23,783 |   |   |   | 57,000 |   |   |   | - - |   |
| Total as of June 30, 2011 |   |                                      | 70,785 |   |         |   | 3,051  |                              |   |   | (13,547 | ) |   | Ps. - - |   |   |   | 60,289 |   |   |   | 17,283 |   |   |   | - - |   |   |   | (4,730 | ) |   |   | 5,510 |   |   |   | 18,063 |   |   |   | - - |   |   |   | 42,226 |   |

----

|   | Alto Palermo S.A. (APSA) |
|--------|--------------------------|

|   | c. |        Negative goodwill, net |
|--------|----|------------------------------------------------------------------|

|                                |   | Original value               |    |   | Amortization |            |   | Net carrying value as of June 30, |   |
|-------------------------------------|--------|------------------------------|---------|--------|--------------|-----------------|--------|-----------------------------------|--------|
| Principal account                   |   | Value as of beginningof year |    |   | Additions    |            |   | Deductions                        |   |   | Value as of endof year |   |   | Accumulated as of beginning of year |   |   | Amount (1) |   |   | Accumulated as of end of year |   |   | 2012 |   |   | 2011 |   |
|  -  Old Alto Palermo |   |                         | 24,628  |   |         |            | - -    |                              |   |   | - - |   |   | Ps. 24,628 |   |   |   | 24,628 |   |   |   | - - |   |   |   | 24,628 |   |   |   | - - |   |   |   | - - |   |
|  - Soleil Factory              |   |                         | (15,439 | )      |         |            | (70    | )                                 |   |   | - - |   |   |   | (15,509 | ) |   |   | (1,090 | ) |   |   | (1,100 | ) |   |   | (2,190 | ) |   |   | (13,319 | ) |   |   | (14,349 | ) |
|  -  Fibesa           |   |                         | 21,217  |   |         |            | - -    |                              |   |   | - - |   |   |   | 21,217 |   |   |   | 21,217 |   |   |   | - - |   |   |   | 21,217 |   |   |   | - - |   |   |   | - - |   |
|  -  Ersa             |   |                         | (579    | )      |         |            | - -    |                              |   |   | - - |   |   |   | (579 | ) |   |   | (393 | ) |   |   | (74 | ) |   |   | (467 | ) |   |   | (112 | ) |   |   | (186 | ) |
|  -  Empalme          |   |                         | (10,671 | )      |         |            | - -    |                              |   |   | - - |   |   |   | (10,671 | ) |   |   | (2,856 | ) |   |   | (634 | ) |   |   | (3,490 | ) |   |   | (7,181 | ) |   |   | (7,815 | ) |
|  -  Mendoza          |   |                         | (6,314  | )      |         |            | - -    |                              |   |   | - - |   |   |   | (6,314 | ) |   |   | (979 | ) |   |   | (328 | ) |   |   | (1,307 | ) |   |   | (5,007 | ) |   |   | (5,335 | ) |
| -  Apsamedia              |   |                         | (100    | )      |         |            | - -    |                              |   |   | - - |   |   |   | (100 | ) |   |   | (100 | ) |   |   | - - |   |   |   | (100 | ) |   |   | - - |   |   |   | - - |   |
|  -  Conil            |   |                         | 506     |   |         |            | - -    |                              |   |   | - - |   |   |   | 506 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 506 |   |   |   | 506 |   |
| -  Arcos del Gourmet      |   |                         | - -     |   |         |            | 5,730  |                              |   |   | - - |   |   |   | 5,730 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 5,730 |   |   |   | - - |   |
| -  Quality Invest         |   |                         | - -     |   |         |            | 3,958  |                              |   |   | - - |   |   |   | 3,958 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 3,958 |   |   |   | - - |   |
| -  Nuevo Puerto Santa Fe  |   |                         | - -     |   |         |            | 874    |                              |   |   | - - |   |   |   | 874 |   |   |   | - - |   |   |   | 31 |   |   |   | 31 |   |   |   | 843 |   |   |   | - - |   |
|  Total as of June 30, 2012     |   |                         | 13,248  |   |         | Ps. 10,492 |   |                              |   | - - |   |   |   | 23,740 |   |   |   | 40,427 |   |   |   | (2,105 | ) |   |   | 38,322 |   |   |   | (14,582 | ) |   |   | - - |   |
|  Total as of June 30, 2011     |   |                         | 28,787  |   |         | Ps. - -    |   |                              |   | (15,539 | ) |   |   | 13,248 |   |   |   | 42,310 |   |   |   | (1,883 | ) |   |   | 40,427 |   |   |   | - - |   |   |   | (27,179 | ) |

----

|   | Alto Palermo S.A. (APSA) |
|--------|--------------------------|

|   | d. | Allowances and provisions |
|--------|----|---------------------------|

|                                       |   |                             |    |   |      |   |   |       |   |   | Carrying value as of June 30, |   |
|--------------------------------------------|--------|----------------------------------|---------|--------|-----------|--------|--------|------------|--------|--------|-------------------------------|--------|
|   Item                                |   | Balances as of beginning of year |    |   | Additions |   |   | Deductions |   |   | 2012                          |   |   | 2011 |   |   | 2010 |   |
|  Deducted from current assets:        |   |                             |    |   |      |   |   |       |   |   |                          |   |   |   |   |   |   |   |
| Allowance for doubtful accounts            |   |                             | 105,069 |   |      |   | 13,823 | (1)        |   |   | (59,026                       | )(2)   |   |   | 59,866 |   |   |   | 105,069 |   |   |   | 103,289 |   |
| Impairment of investments                  |   |                             | - -     |   |      |   | - -    |       |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | 7,423 |   |
| Total as of June 30, 2012                  |   |                             | 105,069 |   |      |   | 13,823 |       |   |   | (59,026                       | )      |   |   | 59,866 |   |   |   | - - |   |   |   | - - |   |
| Total as of June 30, 2011                  |   |                             | 110,712 |   |      |   | 43,744 |       |   |   | (49,387                       | )      |   |   | - - |   |   |   | 105,069 |   |   |   | - - |   |
| Total as of June 30, 2010                  |   |                             | 127,565 |   |      |   | 24,988 |       |   |   | (41,841                       | )      |   |   | - - |   |   |   | - - |   |   |   | 110,712 |   |
| Deducted from non-current assets:          |   |                             |    |   |      |   |   |       |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for doubtful accounts            |   |                             | - -     |   |      |   | - -    |       |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | 1,250 |   |
| Allowance for doubtful mortgage receivable |   |                             | 2,208   |   |      |   | - -    |       |   |   | - -                           |   |   |   | 2,208 |   |   |   | 2,208 |   |   |   | 2,208 |   |
| Impairment of investments                  |   |                             | - -     |   |      |   | - -    |       |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | 1,165 |   |
| Total as of June 30, 2012                  |   |                             | 2,208   |   |      |   | - -    |       |   |   | - -                           |   |   |   | 2,208 |   |   |   | - - |   |   |   | - - |   |
| Total as of June 30, 2011                  |   |                             | 4,623   |   |      |   | - -    |       |   |   | (2,415                        | )      |   |   | - - |   |   |   | 2,208 |   |   |   | - - |   |
| Total as of June 30, 2010                  |   |                             | 6,856   |   |      |   | 1,721  |       |   |   | (3,954                        | )      |   |   | - - |   |   |   | - - |   |   |   | 4,623 |   |
| Included in current liabilities:           |   |                             |    |   |      |   |   |       |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for contingencies                |   |                             | 267     |   |      |   | 89     | (3)        |   |   | (356                          | )(3)   |   |   | - - |   |   |   | 267 |   |   |   | 1,743 |   |
| Total as of June 30, 2012                  |   |                             | 267     |   |      |   | 89     |       |   |   | (356                          | )      |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| Total as of June 30, 2011                  |   |                             | 1,743   |   |      |   | 443    |       |   |   | (1,919                        | )      |   |   | - - |   |   |   | 267 |   |   |   | - - |   |
| Total as of June 30, 2010                  |   |                             | 1,004   |   |      |   | 739    |       |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | 1,743 |   |
| Included in non-current liabilities:       |   |                             |    |   |      |   |   |       |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for contingencies                |   |                             | 12,829  |   |      |   | 5,911  | (3)        |   |   | (7,147                        | )(4)   |   |   | 11,593 |   |   |   | 12,829 |   |   |   | 7,913 |   |
| Total as of June 30, 2012                  |   |                             | 12,829  |   |      |   | 5,911  |       |   |   | (7,147                        | )      |   |   | 11,593 |   |   |   | - - |   |   |   | - - |   |
| Total as of June 30, 2011                  |   |                             | 7,913   |   |      |   | 7,477  |       |   |   | (2,561                        | )      |   |   | - - |   |   |   | 12,829 |   |   |   | - - |   |
| Total as of June 30, 2010                  |   |                             | 5,492   |   |      |   | 3,282  |       |   |   | (861                          | )      |   |   | - - |   |   |   | - - |   |   |   | 7,913 |   |

|   | (1) | Included in Note 16.g. - Other expenses, net of Ps. 92 related to Nuevo Puerto Santa Fe acquisition. |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (2) | Includes Ps. 8,056 for recovery of allowances, Ps. 45,632 corresponds to Apsamedia’s credit and Ps. 5,338 corresponds to allowances used in the year. Additions and recoveries are disclosed together with Ps. 1,214 of debt relief in Note 16.g. – Other expenses. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Included in Note 16.g – Other expenses together with Ps. 867 included in Other income (expenses), net. |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (4) | Includes Ps. 5,597 for recovery of allowances and Ps. 1,550 corresponds to allowances used in the year. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

----

|   | Alto Palermo S.A. (APSA) |
|--------|--------------------------|

|                                                                          |   | Year ended June 30, |    |
|-------------------------------------------------------------------------------|--------|---------------------|---------|
|                                                                          |   | 2012                |    |   | 2011 |   |   | 2010 |   |
| I.        Cost of leases and services |   |                |    |   |   |   |   |   |   |
| Expenses (Note 16.g)                                                          |   |                | 157,260 |   |   |   | 165,068 |   |   |   | 158,559 |   |
| Cost of leases and services                                                   |   |                | 157,260 |   |   |   | 165,068 |   |   |   | 158,559 |   |
| II.        Cost of consumer financing |   |                |    |   |   |   |   |   |   |   |   |   |
| Expenses (Note 16.g)                                                          |   |                | 1,605   |   |   |   | 22,664 |   |   |   | 99,945 |   |
| Cost of consumer financing                                                    |   |                | 1,605   |   |   |   | 22,664 |   |   |   | 99,945 |   |
| III.        Cost of others            |   |                |    |   |   |   |   |   |   |   |   |   |
| Inventory as of the beginning of the year                                |   |                | 62,323  |   |   |   | 21,941 |   |   |   | 11,746 |   |
| Purchases of the year                                                         |   |                | 1,095   |   |   |   | 27,177 |   |   |   | 1,268 |   |
| Expenses (Note 16.g)                                                          |   |                | 57      |   |   |   | 9 |   |   |   | 14 |   |
| Transfers                                                                     |   |                | - -     |   |   |   | 64,151 |   |   |   | 8,079 |   |
| Cost of Neuquén plot of land                                             |   |                | - -     |   |   |   | 5,298 |   |   |   | - - |   |
| Write offs due to obsolescence                                                |   |                | - -     |   |   |   | (1,189 | ) |   |   | - - |   |
| Gain from recognition of inventories at net realizable value                  |   |                | 8,870   |   |   |   | 14,964 |   |   |   | 1,162 |   |
| Inventory as of the end of the year                                           |   |                | (40,601 | ) |   |   | (62,323 | ) |   |   | (21,941 | ) |
| Cost of others                                                                |   |                | 31,744  |   |   |   | 70,028 |   |   |   | 328 |   |
| Total cost                                                                    |   |                | 190,609 |   |   |   | 257,760 |   |   |   | 258,832 |   |

----

|   | Alto Palermo S.A. (APSA) |
|--------|--------------------------|

|   | f. | Foreign currency assets and liabilities |
|--------|----|-----------------------------------------|

|                                                                                                                                                                                                                                                                                        |     |   |                      |    |   |                 |   |   | Total as of June 30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|---------------------------|---------|--------|----------------------|--------|--------|----------------------|--------|
| Captions                                                                                                                                                                                                                                                                                    | Currency |   | Amount offoreign currency |    |   | Currentexchange rate |   |   | 2012                 |   |   | 2011 |   |
| Assets                                                                                                                                                                                                                                                                                      |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |
| Current assets                                                                                                                                                                                                                                                                              |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |
| Cash and banks                                                       | US$      |   |                      | 20,726  |   |                 |   | 4.487  |                 |   |   | 92,999 |   |   |   | 13,186 |   |
| Cash and banks                                                       | EURO     |   |                      | 14      |   |                 |   | 5.674  |                 |   |   | 82 |   |   |   | 90 |   |
| Cash and banks                                                       | Libras   |   |                      | 2       |   |                 |   | 7.037  |                 |   |   | 11 |   |   |   | 10 |   |
| Other investments, net                                               | US$      |   |                      | 1,394   |   |                 |   | 4.487  |                 |   |   | 6,253 |   |   |   | 123,205 |   |
| Accounts receivable, net                                             | US$      |   |                      | 2,900   |   |                 |   | 4.487  |                 |   |   | 13,013 |   |   |   | 47,913 |   |
| Accounts receivable with related parties, net                                                                                                                                                                                                                                               | US$      |   |                      | 95      |   |                 |   | 4.487  |                 |   |   | 428 |   |   |   | 151 |   |
| Accounts receivable, net                                             | UYU      |   |                      | 348     |   |                 |   | 0.207  |                 |   |   | 72 |   |   |   | 77 |   |
| Other receivables and prepaid expenses with related parties, net                                                                                                                                                                                                                            | US$      |   |                      | 12      |   |                 |   | 4.487  |                 |   |   | 56 |   |   |   | 51 |   |
| Other receivables                                                    | EURO     |   |                      | 29      |   |                 |   | 5.674  |                 |   |   | 163 |   |   |   | 17 |   |
| Other receivables                                                    | US$      |   |                      | 113     |   |                 |   | 4.487  |                 |   |   | 506 |   |   |   | 9,195 |   |
| Total current assets                                                 |     |   |                      |    |   |                 |   |   |                 |   |   | 113,583 |   |   |   | 193,895 |   |
|                                                                                                                                                                                                                                                                                        |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |   |   |   |   |
| Non current assets                                                                                                                                                                                                                                                                          |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |   |   |   |   |
| Accounts receivable, net                                             | US$      |   |                      | 364     |   |                 |   | 4.487  |                 |   |   | 1,632 |   |   |   | 371 |   |
| Other receivables and prepaid expenses, net                                                                                                                                                                                                                                                 | US$      |   |                      | 60      |   |                 |   | 4.487  |                 |   |   | 269 |   |   |   | 863 |   |
| Other investments, net                                               | US$      |   |                      | 654     |   |                 |   | 4.487  |                 |   |   | 2,958 |   |   |   | 9,244 |   |
| Total non-current assets.                                            |     |   |                      |    |   |                 |   |   |                 |   |   | 4,859 |   |   |   | 10,478 |   |
| Total assets as of June 30, 2012                                                                                                                                                                                                                                                            |     |   |                      |    |   |                 |   |   |                 |   |   | 118,442 |   |   |   | - - |   |
| Total assets as of June 30, 2011                                                                                                                                                                                                                                                            |     |   |                      |    |   |                 |   |   |                 |   |   | - - |   |   |   | 204,373 |   |
|                                                                                                                                                                                                                                                                                        |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                 |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |   |   |   |   |
| Current liabilities                                                                                                                                                                                                                                                                         |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |   |   |   |   |
| Trade accounts payable                                               | US$      |   |                      | 1,104   |   |                 |   | 4.527  |                 |   |   | 4,997 |   |   |   | 10,496 |   |
| Trade accounts payable                                               | EURO     |   |                      | 28      |   |                 |   | 5.736  |                 |   |   | 162 |   |   |   | 168 |   |
| Trade accounts payable with related parties                                                                                                                                                                                                                                                 | US$      |   |                      | 322     |   |                 |   | 4.527  |                 |   |   | 1,456 |   |   |   | 1,006 |   |
| Short-term debt                                                      | US$      |   |                      | 9,534   |   |                 |   | 4.527  |                 |   |   | 43,160 |   |   |   | 22,078 |   |
| Short-term debt with related parties                                                                                                                                                                                                                                                        | US$      |   |                      | 1,444   |   |                 |   | 4.527  |                 |   |   | 6,535 |   |   |   | - - |   |
| Customer advances                                                    | US$      |   |                      | 1,191   |   |                 |   | 4.527  |                 |   |   | 5,393 |   |   |   | 21,301 |   |
| Other liabilities                                                    | US$      |   |                      | - -     |   |                 |   | 4.527  |                 |   |   | - - |   |   |   | 86 |   |
| Total current liabilities                                                                                                                                                                                                                                                                   |     |   |                      |    |   |                 |   |   |                 |   |   | 61,703 |   |   |   | 55,135 |   |
|                                                                                                                                                                                                                                                                                        |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |   |   |   |   |
| Non current liabilities                                                                                                                                                                                                                                                                     |     |   |                      |    |   |                 |   |   |                 |   |   |   |   |   |   |   |   |
| Long-term debt                                                       | US$      |   |                      | 122,742 |   |                 |   | 4.527  |                 |   |   | 555,651 |   |   |   | 617,740 |   |
| Long-term debt with related parties                                                                                                                                                                                                                                                         | US$      |   |                      | 31,739  |   |                 |   | 4.527  |                 |   |   | 143,684 |   |   |   | - - |   |
| Provision for contingencies                                                                                                                                                                                                                                                                 | US$      |   |                      | 200     |   |                 |   | 4.527  |                 |   |   | 905 |   |   |   | 2,877 |   |
| Customer advances                                                    | US$      |   |                      | 596     |   |                 |   | 4.527  |                 |   |   | 2,698 |   |   |   | 418 |   |
| Other liabilities                                                    | US$      |   |                      | 158     |   |                 |   | 4.527  |                 |   |   | 716 |   |   |   | - - |   |
| Total non-current liabilities                                                                                                                                                                                                                                                               |     |   |                      |    |   |                 |   |   |                 |   |   | 703,654 |   |   |   | 621,035 |   |
| Total liabilities as of June 30, 2012                                                                                                                                                                                                                                                       |     |   |                      |    |   |                 |   |   |                 |   |   | 765,357 |   |   |   | - - |   |
| Total liabilities as of June 30, 2011                                                                                                                                                                                                                                                       |     |   |                      |    |   |                 |   |   |                 |   |   | - - |   |   |   | 676,170 |   |

----

|   | 16. | Other financial statement information (continued) |
|--------|-----|---------------------------------------------------|

|   | g. | Other expenses |
|--------|----|----------------|

|                                                                      |   |  Expenses |   |   |                      |   |   |                        |   |   |                          |   |
|---------------------------------------------------------------------------|--------|----------------|--------|--------|---------------------------|--------|--------|-----------------------------|--------|--------|-------------------------------|--------|
| Items                                                                     |   | Cost of others |   |   | Cost ofconsumer financing |   |   | Cost of leases and services |   |   | Cost of pass-through expenses |   |   | Cost of collective promotion fund |   |   | Cost of expenses recovery |   |   | Subtotal cost |   |   | Administrative |   |   | Selling |   |   | Total as ofJune 30, 2012 |   |   | Total as ofJune 30, 2011 |   |   | Total as ofJune 30, 2010 |   |
| Depreciation and amortization                                             |   |           | - -    |   |                      |   | - -    |                        |   |   | 114,897                       |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 114,897 |   |   |   | - - |   |   |   | 17 |   |   |   | 114,914 |   |   |   | 115,496 |   |   |   | 118,182 |   |
| Salaries, bonuses and social security contributions                       |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | 127,736 |   |   |   | 15,605 |   |   |   | (143,341 | ) |   |   | - - |   |   |   | 14,146 |   |   |   | 13,170 |   |   |   | 27,316 |   |   |   | 35,579 |   |   |   | 77,598 |   |
| Taxes, rates, contributions and services                                  |   |           | 52     |   |                      |   | - -    |                        |   |   | 270                           |   |   |   | 52,923 |   |   |   | 5,495 |   |   |   | (58,418 | ) |   |   | 322 |   |   |   | 17,543 |   |   |   | 30,485 |   |   |   | 48,350 |   |   |   | 47,832 |   |   |   | 76,079 |   |
| Advertising                                                               |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | 94 |   |   |   | 104,023 |   |   |   | (104,117 | ) |   |   | - - |   |   |   | - - |   |   |   | 3,463 |   |   |   | 3,463 |   |   |   | 5,467 |   |   |   | 19,131 |   |
| Fees for directors                                                        |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 36,024 |   |   |   | - - |   |   |   | 36,024 |   |   |   | 29,814 |   |   |   | 22,048 |   |
| Fees and payments for services                                            |   |           | - -    |   |                      |   | 1,386  |                        |   |   | - -                           |   |   |   | 14,560 |   |   |   | - - |   |   |   | (14,560 | ) |   |   | 1,386 |   |   |   | 12,256 |   |   |   | - - |   |   |   | 13,642 |   |   |   | 21,462 |   |   |   | 46,979 |   |
| Commissions                                                               |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | (1,035 | ) |   |   | 2 |   |   |   | 1,033 |   |   |   | - - |   |   |   | - - |   |   |   | 17 |   |   |   | 17 |   |   |   | 6,531 |   |   |   | 41,140 |   |
| Parking                                                                   |   |           | - -    |   |                      |   | - -    |                        |   |   | 21,742                        |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 21,742 |   |   |   | - - |   |   |   | - - |   |   |   | 21,742 |   |   |   | 17,263 |   |   |   | 18,784 |   |
| Allowance for doubtful accounts                                           |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 6,889 |   |   |   | 6,889 |   |   |   | 6,853 |   |   |   | 24,988 |   |
| Rental                                                                    |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | 3,819 |   |   |   | 198 |   |   |   | (4,017 | ) |   |   | - - |   |   |   | 2,013 |   |   |   | - - |   |   |   | 2,013 |   |   |   | 2,538 |   |   |   | 6,810 |   |
| Maintenance, repairs, cleaning and security                               |   |           | 5      |   |                      |   | 97     |                        |   |   | 4,868                         |   |   |   | 103,502 |   |   |   | 1,344 |   |   |   | (104,846 | ) |   |   | 4,970 |   |   |   | 877 |   |   |   | - - |   |   |   | 5,847 |   |   |   | 3,763 |   |   |   | 3,295 |   |
| Insurance                                                                 |   |           | - -    |   |                      |   | 122    |                        |   |   | - -                           |   |   |   | 1,516 |   |   |   | 46 |   |   |   | (1,562 | ) |   |   | 122 |   |   |   | 740 |   |   |   | - - |   |   |   | 862 |   |   |   | 1,664 |   |   |   | 6,921 |   |
| Stationery                                                                |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | 3,036 |   |   |   | 126 |   |   |   | (3,162 | ) |   |   | - - |   |   |   | 130 |   |   |   | - - |   |   |   | 130 |   |   |   | 694 |   |   |   | 3,464 |   |
| Personnel                                                                 |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | 5,749 |   |   |   | 286 |   |   |   | (6,035 | ) |   |   | - - |   |   |   | 906 |   |   |   | 450 |   |   |   | 1,356 |   |   |   | 1,806 |   |   |   | 3,031 |   |
| Freight and transportation                                                |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | 1,336 |   |   |   | 434 |   |   |   | (1,770 | ) |   |   | - - |   |   |   | 349 |   |   |   | - - |   |   |   | 349 |   |   |   | 185 |   |   |   | 127 |   |
| Regulatory Authority expenses                                             |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 573 |   |   |   | - - |   |   |   | 573 |   |   |   | 414 |   |   |   | 440 |   |
| Bank charges                                                              |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 1,285 |   |   |   | - - |   |   |   | 1,285 |   |   |   | 1,486 |   |   |   | 1,185 |   |
| Municipal taxes                                                           |   |           | - -    |   |                      |   | - -    |                        |   |   | 928                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 928 |   |   |   | - - |   |   |   | - - |   |   |   | 928 |   |   |   | 242 |   |   |   | 222 |   |
| Contingencies                                                             |   |           | - -    |   |                      |   | - -    |                        |   |   | 914                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 914 |   |   |   | - - |   |   |   | - - |   |   |   | 914 |   |   |   | 2,755 |   |   |   | 3,189 |   |
| Training expenses                                                         |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 2,564 |   |
| Other services                                                            |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | 1,498 |   |   |   | - - |   |   |   | (1,498 | ) |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| Indemnity                                                                 |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 355 |   |   |   | 70 |   |
| Unreimbursed expenses                                                     |   |           | - -    |   |                      |   | - -    |                        |   |   | 13,019                        |   |   |   | 749 |   |   |   | 1,273 |   |   |   | (2,022 | ) |   |   | 13,019 |   |   |   | - - |   |   |   | - - |   |   |   | 13,019 |   |   |   | 25,117 |   |   |   | 23,585 |   |
| Other                                                                     |   |           | - -    |   |                      |   | - -    |                        |   |   | 408                           |   |   |   | 1,335 |   |   |   | 26 |   |   |   | (1,361 | ) |   |   | 408 |   |   |   | 3,405 |   |   |   | 138 |   |   |   | 3,951 |   |   |   | 4,019 |   |   |   | 2,859 |   |
| Expenses recovery                                                         |   |           | - -    |   |                      |   | - -    |                        |   |   | - -                           |   |   |   | (316,818 | ) |   |   | (128,858 | ) |   |   | 445,676 |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |
| Cost of available units...................... |   |           | - -    |   |                      |   | - -    |                        |   |   | 214                           |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 214 |   |   |   | - - |   |   |   | - - |   |   |   | 214 |   |   |   | 1,154 |   |   |   | - - |   |
|   Total as of June 30, 2012                                     |   |           | 57     |   |                      |   | 1,605  |                        |   |   | 157,260                       |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 158,922 |   |   |   | 90,247 |   |   |   | 54,629 |   |   |   | 303,798 |   |   |   | - - |   |   |   | - - |   |
| Total as of June 30, 2011                                                 |   |           | 9      |   |                      |   | 22,664 |                        |   |   | 165,068                       |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 187,741 |   |   |   | 76,308 |   |   |   | 68,440 |   |   |   | - - |   |   |   | 332,489 |   |   |   | - - |   |
| Total as of June 30, 2010                                                 |   |           | 14     |   |                      |   | 99,945 |                        |   |   | 158,559                       |   |   |   | - - |   |   |   | - - |   |   |   | - - |   |   |   | 258,518 |   |   |   | 81,434 |   |   |   | 162,739 |   |   |   | - - |   |   |   | - - |   |   |   | 502,691 |   |

----