| [  ] | 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 |
|-----------------------------------------------------------------------|--------|-------------------------------------------|
|                                                                  |   |                                      |
| Global Depositary Shares, each representingten shares of Common Stock |   | New York Stock Exchange                   |
|                                                                  |   |                                      |
| Common Stock, par value one Peso per share                            |   | New York Stock Exchange*                  |

----

| * | Not for trading, but only in connection with the registration of Global 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   x |    | Other   ̈ |

----

|                                                    |                                                     | Page No. |
|---------------------------------------------------------|----------------------------------------------------------|---------------|
| Disclosure Regarding Forward-Looking Information        | iii                                                      |
| Certain Measurements and Terms                          | iii                                                      |
| Presentation of Financial and Certain Other Information | iii                                                      |
| Market Data                                             |                                                     | iii           |
|                                                    |                                                     |          |
| Part I                                                  |
|                                                    |                                                     |          |
| Item 1                                                  | Identity of Directors, Senior Management and Advisers    | 1             |
|                                                    |                                                     |          |
| Item 2                                                  | Offer Statistics and Expected Timetable                  | 1             |
|                                                    |                                                     |          |
| Item 3                                                  | Key Information                                          | 1             |
|                                                    | (a) Selected Financial Data                              | 1             |
|                                                    | (b) Capitalization and Indebtedness                      | 5             |
|                                                    | (c) Reasons for the Offer and Use of Proceeds            | 5             |
|                                                    | (d) Risk Factors                                         | 5             |
|                                                    |                                                     |          |
| Item 4                                                  | Information on the Company                               | 22            |
|                                                    | (a) History and Development of the Company               | 22            |
|                                                    | (b) Business Overview                                    | 30            |
|                                                    | (c) Organizational Structure                             | 59            |
|                                                    | (d) Property, Plant and Equipment                        | 59            |
|                                                    |                                                     |          |
| Item 4 A                                      | Unresolved Staff Comments                                | 64            |
|                                                    |                                                     |          |
| Item 5                                                  | Operating and Financial Review and Prospects             | 64            |
|                                                    | (a) Operating Results                                    | 64            |
|                                                    | (b) Liquidity and Capital Resources                      | 103           |
|                                                    | (c) Research and Development, Patents and Licenses, etc. | 106           |
|                                                    | (d) Trend Information                                    | 106           |
|                                                    | (e) Off-Balance Sheet Arrangements                       | 107           |
|                                                    | (f) Tabular Disclosure of Contractual Obligations        | 107           |
|                                                    | (g) Safe Harbor                                          | 108           |
|                                                    |                                                     |          |
| Item 6                                                  | Directors, Senior Management and Employees               | 108           |
|                                                    | (a) Directors and Senior Management                      | 108           |
|                                                    | (b) Compensation                                         | 111           |
|                                                    | (c) Board Practices                                      | 112           |
|                                                    | (d) Employees                                            | 112           |
|                                                    | (e) Share Ownership                                      | 112           |
|                                                    |                                                     |          |
| Item 7                                                  | Major Shareholders and Related Party Transactions        | 113           |

----

|     |                                                                            | Page No. |
|----------|---------------------------------------------------------------------------------|----------|
|     |                                                                            |     |
|     | (a) Major Shareholders                                                          | 113      |
|     | (b) Related Party Transactions                                                  | 114      |
|     | (c) Interests of Experts and Counsel                                            | 117      |
|     |                                                                            |     |
| Item 8   | Financial Information                                                           | 117      |
|     | (a) Audited Consolidated Statements and Other Financial Information             | 117      |
|     | (b) Significant Changes                                                         | 120      |
|     |                                                                            |     |
| Item 9   | The Offer and Listing                                                           | 120      |
|     | (a) Offer and Listing Details                                                   | 120      |
|     | (b) Plan of Distribution                                                        | 121      |
|     | (c) Markets                                                                     | 121      |
|     | (d) Selling Shareholders                                                        | 122      |
|     | (e) Dilution                                                                    | 122      |
|     | (f) Expenses of the Issue                                                       | 122      |
|     |                                                                            |     |
| Item 10  | Additional Information                                                          | 122      |
|     | (a) Share Capital                                                               | 122      |
|     | (b) Memorandum and Articles of Association                                      | 122      |
|     | (c) Material Contracts                                                          | 126      |
|     | (d) Exchange Controls                                                           | 126      |
|     | (e) Taxation                                                                    | 131      |
|     | (f) Dividends and Paying Agents                                                 | 136      |
|     | (g) Statement by Experts                                                        | 136      |
|     | (h) Documents on Display                                                        | 136      |
|     | (i) Subsidiary Information                                                      | 136      |
|     |                                                                            |     |
| Item 11  | Quantitative and Qualitative Disclosures About Market Risk                      | 136      |
|     |                                                                            |     |
| Item 12  | Description of Securities Other than Equity Securities                          | 136      |
|     |                                                                            |     |
| Part II  |
|     |                                                                            |     |
| Item 13  | Defaults, Dividend Arrearages and Delinquencies                                 | 136      |
|     |                                                                            |     |
| Item 14  | Material Modifications to the Rights of Security Holders and Use of Proceeds    | 136      |
|     |                                                                            |     |
| Item 15  | Controls and Procedures                                                         | 138      |
|     | A. Disclosure Controls and Procedures                                           | 138      |
|     | B Management’s annual report on internal control over financial reporting | 138      |
|     | C Attestation report of the registered public accounting firm                   | 139      |
|     | D Changes in internal control over financial reporting                          | 139      |
|     |                                                                            |     |
| Item 16  | (a) Audit Committee Financial Expert                                            | 139      |
|     | (b) Code of Ethics                                                              | 139      |
|     | (c) Principal Accountant Fees and Services                                      | 139      |
|     | (d) Exemptions from the Listing Standards for Audit Committees                  | 140      |
|     | (e) Purchase of Equity Securities by the Issuer and Affiliated Purchasers       | 140      |
|     | (f) Change in Registrant’s Certifying Accountant                          | 140      |
|     | (g) Corporate Governance                                                        | 141      |
|     | (h) Mine Safety Disclosures                                                     | 142      |
|     |                                                                            |     |
| Part III |
|     |                                                                            |     |
| Item 17  | Financial Statements                                                            | 143      |
| Item 18  | Financial Statements                                                            | 143      |
| Item 19  | Exhibits                                                                        | 143      |

----

|   | • |   | changes in general economic, business, political or other conditions in Argentina or changes in general economic or business conditions in Latin America and in the other countries in which we have investments and/or operations; |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | changes in capital markets in general that may affect policies or attitudes toward lending to or investing in Argentina or Argentine companies;                                                                                     |
|   | • |   | changes in exchange rates or regulations applicable to currency exchanges or transfer;                                                                                                                                              |
|   | • |   | unexpected developments in pending litigation;                                                                                                                                                                                      |
|   | • |   | increased costs;                                                                                                                                                                                                                    |
|   | • |   | unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms; and                                                                                        |
|   | • |   | the risk factors discussed under “Risk Factors”.                                                                                                                                                                        |

----

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

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

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

|                                                                  |   | For the fiscal year ended June 30, |     |
|-----------------------------------------------------------------------|--------|------------------------------------|----------|
|                                                                  |   | 2014                               |     |   | 2014 (Restated) |   |   | 2013 |   |   | 2012 |   |
|                                                                  |   | (in thousands ofUS$) (ii)          |     |   | (in thousands of Ps., exceptratios and per common share data) (i) |   |
| Audited Condensed Consolidated Statement of income                    |   |                               |     |   |   |   |   |   |   |   |   |   |
| Revenues                                                              |   |                               | 349,831  |   |   |   | 2,845,176 |   |   |   | 2,187,180 |   |   |   | 1,790,316 |   |
| Costs                                                                 |   |                               | (166,543 | ) |   |   | (1,354,493 | ) |   |   | (1,087,611 | ) |   |   | (858,658 | ) |
|  Gross/profit                                                    |   |                               | 183,288  |   |   |   | 1,490,683 |   |   |   | 1,099,569 |   |   |   | 931,658 |   |
|                                                                  |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain from disposal of investment properties                           |   |                               | 28,957   |   |   |   | 235,507 |   |   |   | 183,767 |   |   |   | 116,689 |   |
| General and administrative expenses                                   |   |                               | (36,509  | ) |   |   | (296,928 | ) |   |   | (194,841 | ) |   |   | (174,347 | ) |
| Selling expenses                                                      |   |                               | (17,981  | ) |   |   | (146,236 | ) |   |   | (106,125 | ) |   |   | (84,773 | ) |
| Other operating results, net                                          |   |                               | (5,640   | ) |   |   | (45,870 | ) |   |   | 93,268 |   |   |   | (32,446 | ) |
|  Profit from operations                                          |   |                               | 152,115  |   |   |   | 1,237,156 |   |   |   | 1,075,638 |   |   |   | 756,781 |   |
|                                                                  |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of (loss) /profit of associates and joint ventures              |   |                               | (50,876  | ) |   |   | (413,771 | ) |   |   | (7,391 | ) |   |   | 11,660 |   |
| Profit before financial results and income tax                        |   |                               | 101,239  |   |   |   | 823,385 |   |   |   | 1,068,247 |   |   |   | 768,441 |   |
|                                                                  |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial income                                                      |   |                               | 16,170   |   |   |   | 131,509 |   |   |   | 119,525 |   |   |   | 105,100 |   |
| Finance cost                                                          |   |                               | (212,329 | ) |   |   | (1,726,875 | ) |   |   | (772,412 | ) |   |   | (528,010 | ) |
| Other financial results                                               |   |                               | (15,235  | ) |   |   | (123,903 | ) |   |   | 14,695 |   |   |   | (3,917 | ) |
| Financial results, net                                                |   |                               | (211,394 | ) |   |   | (1,719,269 | ) |   |   | (638,192 | ) |   |   | (426,827 | ) |
| (loss)/income before tax                                              |   |                               | (110,155 | ) |   |   | (895,884 | ) |   |   | 430,055 |   |   |   | 341,614 |   |
|  Income tax                                                      |   |                               | 7,902    |   |   |   | 64,267 |   |   |   | (132,847 | ) |   |   | (116,938 | ) |
| Net (loss)/income                                                     |   |                               | (102,253 | ) |   |   | (831,617 | ) |   |   | 297,208 |   |   |   | 224,676 |   |
|                                                                  |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Attributable to:                                                      |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity holders of the parent                                          |   |                               | (96,703  | ) |   |   | (786,487 | ) |   |   | 238,737 |   |   |   | 203,891 |   |
| Non-controlling interest                                              |   |                               | (5,550   | ) |   |   | (45,130 | ) |   |   | 58,471 |   |   |   | 20,785 |   |
|                                                                  |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Profit per common share attributable to equity holders of the parent: |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                 |   |                               | (0.17    | ) |   |   | (1.37 | ) |   |   | 0.41 |   |   |   | 0.35 |   |
| Diluted                                                               |   |                               | (0.17    | ) |   |   | (1.37 | ) |   |   | 0.41 |   |   |   | 0.35 |   |

----

|                                                           |   | For the fiscal year ended June 30, |     |
|----------------------------------------------------------------|--------|------------------------------------|----------|
|                                                           |   | 2014                               |     |   | 2014 (Restated) |   |   | 2013 |   |   | 2012 |   |
|                                                           |   | (in thousands ofUS$) (ii)          |     |   | (in thousands of Ps., exceptratios and per common share data) (i) |   |
|                                                           |   |                               |     |   |   |   |   |   |   |   |   |   |
| Net (loss)/ income                                             |   |                               | (102,253 | ) |   |   | (831,617 | ) |   |   | 297,208 |   |   |   | 224,676 |   |
| Other comprehensive income:                                    |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Items that may be reclassified subsequently to profit or loss: |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation adjustment                                |   |                               | 54,450   |   |   |   | 442,844 |   |   |   | 56,799 |   |   |   | 14,682 |   |
|                                                           |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income for the year                        |   |                               | 54,450   |   |   |   | 442,844 |   |   |   | 56,799 |   |   |   | 14,682 |   |
| Total other comprehensive (loss)/ income for the year          |   |                               | (47,803  | ) |   |   | (388,773 | ) |   |   | 354,007 |   |   |   | 239,358 |   |
|                                                           |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Attributable to:                                               |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity holders of the parent                                   |   |                               | (53,895  | ) |   |   | (438,332 | ) |   |   | 287,926 |   |   |   | 218,393 |   |
| Non-controlling interest                                       |   |                               | 6,092    |   |   |   | 49,559 |   |   |   | 66,081 |   |   |   | 20,965 |   |
|                                                           |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOW DATA                                                 |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash generated from operating activities                   |   |                               | 125,658  |   |   |   | 1,021,979 |   |   |   | 863,373 |   |   |   | 691,882 |   |
| Net cash used in investing activities                          |   |                               | (112,765 | ) |   |   | (917,120 | ) |   |   | (45,892 | ) |   |   | (246,776 | ) |
| Net cash used in financing activities                          |   |                               | (73,376  | ) |   |   | (596,767 | ) |   |   | (306,268 | ) |   |   | (492,857 | ) |

|                                                            |   | For the fiscal years ended |    |
|-----------------------------------------------------------------|--------|----------------------------|---------|
|                                                            |   | June 30,                   |    |   | July 1, |   |
|                                                            |   | 2014                       |    |   | 2014 (Restated) |   |   | 2013 |   |   | 2012 |   |   | 2011 |   |
|                                                            |   | (in thousands ofUS$)(ii)   |    |   | (in thousands of Ps. except ratios) (i) |   |
| Audited Condensed Consolidated Statements of Financial Position |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |
| ASSETS                                                          |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-current assets                                              |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment properties                                           |   |                       | 402,016 |   |   |   | 3,269,595 |   |   |   | 3,983,266 |   |   |   | 3,265,962 |   |   |   | 3,330,817 |   |
| Property, plant and equipment                                   |   |                       | 27,052  |   |   |   | 220,013 |   |   |   | 212,673 |   |   |   | 228,033 |   |   |   | 235,245 |   |
| Trading properties                                              |   |                       | 16,065  |   |   |   | 130,657 |   |   |   | 94,464 |   |   |   | 83,148 |   |   |   | 71,915 |   |
| Intangible assets                                               |   |                       | 15,257  |   |   |   | 124,085 |   |   |   | 172,878 |   |   |   | 122,614 |   |   |   | 125,125 |   |
| Investment in associates and joint ventures                     |   |                       | 277,979 |   |   |   | 2,260,805 |   |   |   | 1,423,936 |   |   |   | 1,445,815 |   |   |   | 1,373,215 |   |
| Deferred income tax assets                                      |   |                       | 45,327  |   |   |   | 368,641 |   |   |   | 85,236 |   |   |   | 34,255 |   |   |   | 17,903 |   |
| Income tax receivables                                          |   |                       | 13,548  |   |   |   | 110,185 |   |   |   | 130,086 |   |   |   | 103,263 |   |   |   | 78,387 |   |
| Restricted assets                                               |   |                       | -       |   |   |   | - |   |   |   | 10,881 |   |   |   | - |   |   |   | - |   |
| Trade and other receivables                                     |   |                       | 11,358  |   |   |   | 92,388 |   |   |   | 85,126 |   |   |   | 93,109 |   |   |   | 86,622 |   |
| Investments in financial assets                                 |   |                       | 33,778  |   |   |   | 274,716 |   |   |   | 267,455 |   |   |   | 655,660 |   |   |   | 432,676 |   |
| Derivative financial instruments                                |   |                       | -       |   |   |   | - |   |   |   | 21,208 |   |   |   | 18,434 |   |   |   | 60,442 |   |
| Total non-current assets                                        |   |                       | 842,380 |   |   |   | 6,851,085 |   |   |   | 6,487,209 |   |   |   | 6,050,293 |   |   |   | 5,812,347 |   |
| current assets                                                  |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading properties                                              |   |                       | 565     |   |   |   | 4,596 |   |   |   | 11,689 |   |   |   | 9,714 |   |   |   | 26,115 |   |
| Inventories                                                     |   |                       | 2,086   |   |   |   | 16,963 |   |   |   | 16,321 |   |   |   | 15,659 |   |   |   | 6,820 |   |
| Restricted assets                                               |   |                       | -       |   |   |   | - |   |   |   | 1,022 |   |   |   | - |   |   |   | - |   |
| Income tax receivables                                          |   |                       | 1,951   |   |   |   | 15,866 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Assets held for sale                                            |   |                       | 166,958 |   |   |   | 1,357,866 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Trade and other receivables                                     |   |                       | 86,911  |   |   |   | 706,846 |   |   |   | 769,333 |   |   |   | 475,877 |   |   |   | 419,995 |   |
| Investments in financial assets                                 |   |                       | 28,785  |   |   |   | 234,107 |   |   |   | 244,053 |   |   |   | 78,909 |   |   |   | 65,076 |   |
| Derivative financial instruments                                |   |                       | 1,582   |   |   |   | 12,870 |   |   |   | - |   |   |   | - |   |   |   | - |   |

----

|                                                     |   | For the fiscal years ended |      |
|----------------------------------------------------------|--------|----------------------------|-----------|
|                                                     |   | June 30,                   |      |   | July 1, |   |
|                                                     |   | 2014                       |      |   | 2014 (Restated) |   |   | 2013 |   |   | 2012 |   |   | 2011 |   |
|                                                     |   | (in thousands ofUS$)(ii)   |      |   | (in thousands of Ps. except ratios) (i) |   |
| Cash and cash equivalents                                |   |                       | 74,992    |   |   |   | 609,907 |   |   |   | 796,902 |   |   |   | 259,169 |   |   |   | 301,559 |   |
| Total current assets                                     |   |                       | 363,830   |   |   |   | 2,959,021 |   |   |   | 1,839,320 |   |   |   | 839,328 |   |   |   | 819,565 |   |
| TOTAL ASSETS                                             |   |                       | 1,206,210 |   |   |   | 9,810,106 |   |   |   | 8,326,529 |   |   |   | 6,889,621 |   |   |   | 6,631,912 |   |
|                                                     |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SHAREHOLDERS ́ EQUITY                                |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share capital                                            |   |                       | 70,549    |   |   |   | 573,771 |   |   |   | 578,676 |   |   |   | 578,676 |   |   |   | 578,676 |   |
| Treasury stock                                           |   |                       | 603       |   |   |   | 4,905 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Inflation adjustment of share capital and treasury stock |   |                       | 15,164    |   |   |   | 123,329 |   |   |   | 123,329 |   |   |   | 274,387 |   |   |   | 274,387 |   |
| Share premium                                            |   |                       | 97,519    |   |   |   | 793,123 |   |   |   | 793,123 |   |   |   | 793,123 |   |   |   | 793,123 |   |
| Cost of treasury stock                                   |   |                       | (4,661    | ) |   |   | (37,906 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Acquisition of additional interest in subsidiaries       |   |                       | (2,681    | ) |   |   | (21,808 | ) |   |   | (20,782 | ) |   |   | (15,714 | ) |   |   | - |   |
| Cumulative translation adjustment                        |   |                       | 49,051    |   |   |   | 398,931 |   |   |   | 50,776 |   |   |   | 14,502 |   |   |   | - |   |
| Equity-settled compensation                              |   |                       | 6,546     |   |   |   | 53,235 |   |   |   | 8,258 |   |   |   | 2,595 |   |   |   | - |   |
| Legal reserve                                            |   |                       | 14,366    |   |   |   | 116,840 |   |   |   | 85,140 |   |   |   | 71,136 |   |   |   | 57,031 |   |
| Reserve for new developments                             |   |                       | 50,806    |   |   |   | 413,206 |   |   |   | 492,441 |   |   |   | 419,783 |   |   |   | 391,262 |   |
| Special reserve                                          |   |                       | 46,168    |   |   |   | 375,487 |   |   |   | 395,249 |   |   |   | - |   |   |   | - |   |
| Retained earnings                                        |   |                       | (96,504   | ) |   |   | (784,869 | ) |   |   | 239,328 |   |   |   | 510,853 |   |   |   | 656,525 |   |
| Equity attributable to equity holders of the parent      |   |                       | 246,926   |   |   |   | 2,008,244 |   |   |   | 2,745,538 |   |   |   | 2,649,341 |   |   |   | 2,751,004 |   |
| Non-controlling interest                                 |   |                       | 67,423    |   |   |   | 548,352 |   |   |   | 385,151 |   |   |   | 390,428 |   |   |   | 331,609 |   |
| TOTAL SHAREHOLDERS ́ EQUITY                          |   |                       | 314,349   |   |   |   | 2,556,596 |   |   |   | 3,130,689 |   |   |   | 3,039,769 |   |   |   | 3,082,613 |   |
|                                                     |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES                                              |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-current liabilities                                  |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade and other payables                                 |   |                       | 24,917    |   |   |   | 202,652 |   |   |   | 211,118 |   |   |   | 166,656 |   |   |   | 149,355 |   |
| Borrowings                                               |   |                       | 461,823   |   |   |   | 3,756,003 |   |   |   | 2,922,642 |   |   |   | 2,048,397 |   |   |   | 1,725,272 |   |
| Derivative financial instruments                         |   |                       | 39,450    |   |   |   | 320,847 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Deferred income tax liabilities                          |   |                       | 42,494    |   |   |   | 345,607 |   |   |   | 395,936 |   |   |   | 411,232 |   |   |   | 485,032 |   |
| Payroll and social security liabilities                  |   |                       | 461       |   |   |   | 3,749 |   |   |   | 3,160 |   |   |   | - |   |   |   | - |   |
| Provisions                                               |   |                       | 25,234    |   |   |   | 205,228 |   |   |   | 57,737 |   |   |   | 17,823 |   |   |   | 12,881 |   |
| Total non-current liabilities                            |   |                       | 594,379   |   |   |   | 4,834,086 |   |   |   | 3,590,593 |   |   |   | 2,644,108 |   |   |   | 2,372,540 |   |
|                                                     |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                                      |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade and other payables                                 |   |                       | 83,453    |   |   |   | 678,725 |   |   |   | 677,010 |   |   |   | 492,243 |   |   |   | 402,751 |   |
| Income tax liabilities                                   |   |                       | 7,952     |   |   |   | 64,677 |   |   |   | 90,916 |   |   |   | 113,552 |   |   |   | 69,226 |   |
| Liabilities held for sale                                |   |                       | 99,178    |   |   |   | 806,612 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Payroll and social security liabilities                  |   |                       | 12,207    |   |   |   | 99,276 |   |   |   | 49,010 |   |   |   | 39,607 |   |   |   | 34,089 |   |
| Derivative financial instruments                         |   |                       | 1,749     |   |   |   | 14,225 |   |   |   | 1,732 |   |   |   | - |   |   |   | - |   |
| Borrowings                                               |   |                       | 90,677    |   |   |   | 737,477 |   |   |   | 772,529 |   |   |   | 557,896 |   |   |   | 667,587 |   |
| Provisions                                               |   |                       | 2,266     |   |   |   | 18,432 |   |   |   | 14,050 |   |   |   | 2,446 |   |   |   | 3,106 |   |
| Total current liabilities                                |   |                       | 297,482   |   |   |   | 2,419,424 |   |   |   | 1,605,247 |   |   |   | 1,205,744 |   |   |   | 1,176,759 |   |
| TOTAL LIABILITIES                                        |   |                       | 891,861   |   |   |   | 7,253,510 |   |   |   | 5,195,840 |   |   |   | 3,849,852 |   |   |   | 3,549,299 |   |
|                                                     |   |                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES                |   |                       | 1,206,210 |   |   |   | 9,810,106 |   |   |   | 8,326,529 |   |   |   | 6,889,621 |   |   |   | 6,631,912 |   |

----

|                                                     |   | As of June 30,            |        |
|----------------------------------------------------------|--------|---------------------------|-------------|
|                                                     |   | 2014                      |        |   | 2014 (Restated) |   |   | 2013 |   |   | 2012 |   |
| OTHER FINANCIAL DATA                                     |   | (in thousands ofUS$) (ii) |        |   | (in thousands of Ps., except ratios, per commonshare and per GDS data) (i) |   |
|                                                     |   |                      |        |   |   |   |   |   |   |   |   |   |
| Basic net (loss)/income per common share                 |   |                      | (0.168      | ) |   |   | (1.37 | ) |   |   | 0.41 |   |   |   | 0.35 |   |
| Diluted net income per common share                      |   |                      | (0.168      | ) |   |   | (1.37 | ) |   |   | 0.41 |   |   |   | 0.35 |   |
| Basic net income per GDS                                 |   |                      | (1.684      | ) |   |   | (13.70 | ) |   |   | 4.10 |   |   |   | 3.50 |   |
| Diluted net income per GDS                               |   |                      | (1.684      | ) |   |   | (13.70 | ) |   |   | 4.10 |   |   |   | 3.50 |   |
| Diluted weighted – average number of common shares |   |                      | 575,932,689 |   |   |   | 575,932,689 |   |   |   | 578,676,460 |   |   |   | 578,676,460 |   |
| Depreciation and amortization                            |   |                      | 27,766      |   |   |   | 225,819 |   |   |   | 220,021 |   |   |   | 168,877 |   |
| Capital expenditures                                     |   |                      | 39,146      |   |   |   | 318,375 |   |   |   | 920,874 |   |   |   | 133,877 |   |
| Working capital                                          |   |                      | 66,347      |   |   |   | 539,597 |   |   |   | 234,073 |   |   |   | (366,416 | ) |
| Ratio of current assets to current liabilities           |   |                      | 0.15        |   |   |   | 1.22 |   |   |   | 1.15 |   |   |   | 0.70 |   |
| Ratio of shareholders’ equity to total liabilities |   |                      | 0.04        |   |   |   | 0.35 |   |   |   | 0.60 |   |   |   | 0.79 |   |
| Ratio of non current assets to total assets              |   |                      | 0.09        |   |   |   | 0.70 |   |   |   | 0.78 |   |   |   | 0.88 |   |
| Dividend paid                                            |   |                      | (13,925     | ) |   |   | (113,251 | ) |   |   | (239,652 | ) |   |   | (262,724 | ) |
| Dividends per common share                               |   |                      | (0.02       | ) |   |   | (0.20 | ) |   |   | (0.41 | ) |   |   | (0.45 | ) |
| Dividends per GDS                                        |   |                      | (0.24       | ) |   |   | (1.97 | ) |   |   | (4.14 | ) |   |   | (4.54 | ) |
| Number of common shares outstanding                      |   |                      | 573,771,763 |   |   |   | 573,771,763 |   |   |   | 578,676,460 |   |   |   | 578,676,460 |   |
| Capital Stock                                            |   |                      | 71,152      |   |   |   | 578,676 |   |   |   | 578,676 |   |   |   | 578,676 |   |

|                            |   | Exchange Rate |   |
|---------------------------------|--------|---------------|--------|
|                            |   | High(1)       |   |   | Low(2) |   |   | Average(3) |   |   | Period Closing(4) |   |
| 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 |   |
| Fiscal year ended June 30, 2013 |   |          | 5.3680 |   |   |   | 4.5050 |   |   |   | 4.8914 |   |   |   | 5.3680 |   |
| Fiscal year ended June 30, 2014 |   |          | 8.0830 |   |   |   | 5.3700 |   |   |   | 6.7657 |   |   |   | 8.0830 |   |
| July, 2014                      |   |          | 8.1630 |   |   |   | 8.0850 |   |   |   | 8.1108 |   |   |   | 8.1630 |   |
| August, 2014                    |   |          | 8.3560 |   |   |   | 8.1860 |   |   |   | 8.2687 |   |   |   | 8.3510 |   |
| September, 2014                 |   |          | 8.4210 |   |   |   | 8.3500 |   |   |   | 8.3660 |   |   |   | 8.3800 |   |
| As of October 27, 2014          |   |          | 8.4500 |   |   |   | 8.3950 |   |   |   | 8.4221 |   |   |   | 8.4500 |   |

| (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. |
|-----|----------------------------------------------|

----

----

----

----

----

| · | downturns in the national, regional and local economic climate; |
|--------|-----------------------------------------------------------------|

| · | volatility and decline in discretionary spending; |
|--------|---------------------------------------------------|

| · | changes in trends in consumption; |
|--------|-----------------------------------|

| · | competition from other shopping centers and office, industrial and commercial buildings; |
|--------|------------------------------------------------------------------------------------------|

| · | local real estate market conditions, such as oversupply or reduction in demand for office, or other commercial or industrial space; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|

| · | decreases in consumption levels; |
|--------|----------------------------------|

| · | changes in interest rates and availability of financing; |
|--------|----------------------------------------------------------|

| · | the exercise by our tenants of their legal right to early termination of their leases; |
|--------|----------------------------------------------------------------------------------------|

| · | vacancies, changes in market rental rates and the need to periodically repair, renovate and re-lease space; |
|--------|-------------------------------------------------------------------------------------------------------------|

| · | increased operating costs, including insurance expense, salary increases, utilities, real estate taxes, state and local taxes and heightened security costs; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| · | civil disturbances, earthquakes and other natural disasters, or terrorist acts or acts of war which may result in uninsured or underinsured losses; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| · | significant expenditures associated with each investment, such as debt service payments, real estate taxes, insurance and maintenance costs which are generally not reduced when circumstances cause a reduction in revenues from a property; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | declines in the financial condition of our tenants and our ability to collect rents from our tenants; |
|--------|-------------------------------------------------------------------------------------------------------|

| · | changes in our ability or our tenants’ ability to provide for adequate maintenance and insurance, possibly decreasing the useful life of and revenue from property; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | changes in law or governmental regulations (such as those governing usage, zoning and real property taxes) or government action such as expropriation or confiscation. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | 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 market; |
|--------|-----------------------------------------------------------------------|

| · | 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; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | general changes in our tenants’ demand for rental properties outside of the City of Buenos Aires; and |
|--------|-------------------------------------------------------------------------------------------------------------|

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

----

| · | we may not be able to obtain financing for acquisitions on favorable terms; |
|--------|-----------------------------------------------------------------------------|

| · | acquired properties may fail to perform as expected; |
|--------|------------------------------------------------------|

| · | the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates; |
|--------|---------------------------------------------------------------------------------------------------------|

| · | acquired properties may be located in new markets where we may have limited knowledge and understanding of the local economy, absence of business relationships in the area or unfamiliarity with local governmental and permitting procedures; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | we may not be able to efficiently integrate acquired properties, particularly portfolios of properties, into our organization and to manage new properties in a way that allows us to realize cost savings and synergies. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | liabilities for clean-up of undisclosed environmental contamination; |
|--------|----------------------------------------------------------------------|

| · | law reforms and governmental regulations (such as those governing usage, zoning and real property taxes); and |
|--------|---------------------------------------------------------------------------------------------------------------|

| · | liabilities incurred in the ordinary course of business. |
|--------|----------------------------------------------------------|

|   | · | delay lease commencements; |
|--------|--------|----------------------------|

|   | · | decline to extend or renew leases upon expiration; |
|--------|--------|----------------------------------------------------|

|   | · | fail to make rental payments when due; or |
|--------|--------|-------------------------------------------|

|   | · | close stores or declare bankruptcy. |
|--------|--------|-------------------------------------|

----

| · | the accessibility and the attractiveness of the area where the shopping center is located; |
|--------|--------------------------------------------------------------------------------------------|

| · | the intrinsic attractiveness of the shopping center; |
|--------|------------------------------------------------------|

| · | the flow of people and the level of sales of each shopping center rental unit; |
|--------|--------------------------------------------------------------------------------|

| · | increasing competition from internet sales; |
|--------|---------------------------------------------|

| · | the amount of rent collected from each shopping center rental unit; |
|--------|---------------------------------------------------------------------|

----

| · | changes in consumer demand and availability of consumer credit, both of which are highly sensitive to general macroeconomic conditions; and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

| · | the fluctuations in occupancy levels in the shopping centers. |
|--------|---------------------------------------------------------------|

| · | our estimates of the cost of improvements needed to bring the property up to established standards for the market may prove to be inaccurate; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| · | properties we acquire may fail to achieve the occupancy or rental levels in the timeframe we project at the time of their acquisition we make the decision to acquire, which may result in the properties’ failure to achieve the returns we projected; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | our pre-acquisition evaluation on the physical condition of each new investment may not detect certain defects or identify necessary repairs, which could significantly increase our total acquisition costs; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | our investigation of a property or building prior to its acquisition, and any representations we may receive from the seller of such building or property, may fail to reveal various liabilities, which could reduce the cash flow from the property or increase our acquisition cost. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a decrease in demand for office space; |
|--------|----------------------------------------|

| · | a deterioration in the financial condition of our tenants, may result in defaults under leases due to bankruptcy, lack of liquidity or for other reasons; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | difficulties or delays renewing leases or re-leasing space; |
|--------|-------------------------------------------------------------|

| · | decreases in rents as a result of oversupply, particularly of newer buildings; |
|--------|--------------------------------------------------------------------------------|

| · | competition from developers, owners and operators of office properties and other commercial real estate, including sublease space available from our tenants; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | maintenance, repair and renovation costs incurred to maintain the competitiveness of our office buildings. |
|--------|------------------------------------------------------------------------------------------------------------|

----

| · | our ability to form successful relationships with international and local operators to run our hotels; |
|--------|--------------------------------------------------------------------------------------------------------|

| · | changes in tourism and travel trends, including seasonal changes and chanes due to pandemic outbreaks, such as the A H1N1 virus, a potential ebola outbreak, among others, or weather phenomenoms or other natural events, such as the eruption of the Puyehué volcano in June 2011; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | affluence of tourists, which can be affected by a slowdown in global economy; and |
|--------|-----------------------------------------------------------------------------------|

| · | taxes and governmental regulations affecting wages, prices, interest rates, construction procedures and costs. |
|--------|----------------------------------------------------------------------------------------------------------------|

| · | lease agreements may not contain inflation adjustment clauses based on consumer price indexes or wholesale price indexes. Although many of our lease agreements contain readjustment clauses, these are not based on an official index nor do they reflect the inflation index. In the event of litigation these provisions may not be enforceable and therefore it may be impossible for us to adjust the amounts owed to us under our lease agreements; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | residential leases must comply with a mandatory minimum term of two years and retail leases must comply with a mandatory minimum term of three years except in the case of stands and/or spaces for special exhibitions; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | lease terms may not exceed ten years, except for leases regulated by Law No. 25,248 (which provides that leases containing a purchase option are not subject to term limitations); and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | tenants may rescind commercial and office lease agreements after the initial six-month period. |
|--------|------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

| · | 50% of our cumulative consolidated net income; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | 75% of our cumulative consolidated net income if our consolidated interest coverage ratio for our most recent four consecutive fiscal quarters is at least 3.0 to 1; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| · | 100% of cumulative consolidated net income if our consolidated interest coverage ratio for our most recent four consecutive fiscal quarters is at least 4.0 to 1; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| · | 100% of the aggregate net cash proceeds (with certain exceptions) and the fair market value of property other than cash received by us or by our restricted subsidiaries from (a) any contribution to our capital stock or the capital stock of our restricted subsidiaries or issuance and sale of our qualified capital stock or the qualified capital stock of our restricted subsidiaries subsequent to the issue of our notes due, (b) issuance and sale subsequent to the issuance of our notes due 2017 or our indebtedness or the indebtedness of our restricted subsidiaries that has been converted into or exchanged for our qualified capital stock, or (c) any reduction in our indebtedness or any restricted subsidiary, (d) any reduction in debt investment (other than permitted investments) and return on assets, or (e) any distribution received from non-restricted subsidiaries. |

----

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

----

----

----

----

----

----

----

----

|   | • | the acquisition, development and operation of shopping centers, including consumer financing activities, |
|--------|---------|----------------------------------------------------------------------------------------------------------|

|   | • | the development and sale of residential properties, |
|--------|---------|-----------------------------------------------------|

|   | • | the acquisition and development of office and other non-shopping center properties primarily for rental purposes, |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | • | the acquisition and operation of luxury hotels, |
|--------|---------|-------------------------------------------------|

|   | • | the acquisition of undeveloped land reserves for future development and sale, and |
|--------|---------|-----------------------------------------------------------------------------------|

|   | • | selected real estate investments outside Argentina. |
|--------|---------|-----------------------------------------------------|

----

----

|                                | Date of      | LeasableArea | APSA’sInterest | OccupancyRate | Accumulated Annual Rental Income as of fiscalyear ended (4) | Book Valuein thousandsof Ps.) |
|-------------------------------------|--------------|--------------|----------------------|---------------|-------------------------------------------------------------|-------------------------------|
| 2                                   | Acquisition  | sqm (1)      | (3)                  | (2)           | 2014                                                        | 2013                          | 2012 | (5) |
| Shopping Centers (6)                |         |         |                 |          |                                                        |                          |   |   |
| Alto Palermo                        | Nov-97       | 19,354       | 100.00%              | 98.90%        | 344,291                                                     | 269,921                       | 220,714 | 258,200 |
| Abasto Shopping  (7)      | Jul-94       | 38,026       | 100.00%              | 99.40%        | 340,073                                                     | 276,685                       | 222,314 | 273,575 |
| Alto Avellaneda                     | Dec-97       | 36,565       | 100.00%              | 99.50%        | 245,248                                                     | 190,470                       | 159,309 | 134,822 |
| Alcorta Shopping                    | Jun-97       | 15,113       | 100.00%              | 99.80%        | 168,331                                                     | 126,950                       | 101,018 | 103,065 |
| Patio Bullrich                      | Oct-98       | 11,738       | 100.00%              | 99.60%        | 125,120                                                     | 103,159                       | 90,086 | 116,539 |
| Alto Noa                            | Mar-95       | 19,157       | 100.00%              | 99.70%        | 58,421                                                      | 47,047                        | 39,300 | 31,638 |
| Buenos Aires Design                 | Nov-97       | 14,592       | 53.68%               | 92.30%        | 50,244                                                      | 42,432                        | 36,361 | 15,722 |
| Alto Rosario (7)                    | Nov-04       | 29,516       | 100.00%              | 97.00%        | 154,911                                                     | 123,510                       | 97,656 | 119,968 |
| Mendoza Plaza                       | Dec-94       | 41,108       | 100.00%              | 95.00%        | 120,086                                                     | 101,419                       | 81,822 | 107,509 |
| Dot Baires Shopping                 | Nov-06       | 46,707       | 80.00%               | 99.70%        | 229,833                                                     | 189,271                       | 150,503 | 421,430 |
| Córdoba Shopping Villa Cabrera | Dec-06       | 15,881       | 100.00%              | 99.80%        | 71,751                                                      | 58,359                        | 47,160 | 64,951 |
| Soleil Premium Outlet               | Jul-10       | 15,190       | 100.00%              | 100.00%       | 69,637                                                      | 45,039                        | 34,564 | 88,634 |
| La Ribera Shopping                  | Sep–11 | 8,285        | 50.00%               | 99.60%        | 15,163                                                      | 11,910                        | 3,833 | 18,242 |
| TOTAL GENERAL                       |         | 311,232      | -                    | 98.40%        | 1,993,109                                                   | 1,586,172                     | 1,284,640 | 1,754,295 |

| Notes:                                                                                                                                                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) Total leasable area in each property. Excludes common areas and parking spaces.                                                                                                                                                           |
| (2) Calculated dividing occupied square meters by leasable area on the last day of the period.                                                                                                                                                |
| (3) APSA’s effective interest in each of its business units. we have a 95.71% interest in APSA.                                                                                                                                         |
| (4) Corresponds to total leases, consolidated according to IFRS.                                                                                                                                                                              |
| (5) Cost of acquisition plus improvements, less accumulated depreciation, plus adjustment for inflation, less allowance for impairment in value, plus recovery of allowances, if applicable. Does not include construction works in progress. |
| (6) Through APSA.                                                                                                                                                                                                                             |
| (7) Excludes Museo de los Niños (3,762 in Abasto and 1,261 in Alto Rosario).                                                                                                                                                             |

----

|                                 |   | As of June 30, |           |
|--------------------------------------|--------|----------------|----------------|
|                                 |   | 2014           |           |   | 2013 |   |   | 2012 |   |
|                                 |   | (In Ps.)       |           |
| Abasto                               |   |           | 2,446,997,551  |   |   |   | 1,938,965,132 |   |   |   | 1,537,349,000 |   |
| Alto Palermo                         |   |           | 2,111,249,238  |   |   |   | 1,609,773,862 |   |   |   | 1,304,634,155 |   |
| Alto Avellaneda                      |   |           | 2,333,762,931  |   |   |   | 1,868,830,321 |   |   |   | 1,466,931,540 |   |
| Alcorta Shopping                     |   |           | 1,120,402,020  |   |   |   | 822,651,597 |   |   |   | 667,798,781 |   |
| Patio Bullrich                       |   |           | 689,311,961    |   |   |   | 548,286,452 |   |   |   | 498,544,904 |   |
| Alto Noa                             |   |           | 766,089,634    |   |   |   | 609,218,016 |   |   |   | 500,371,767 |   |
| Buenos Aires Design                  |   |           | 272,169,880    |   |   |   | 241,540,767 |   |   |   | 235,770,387 |   |
| Mendoza Plaza                        |   |           | 1,514,674,749  |   |   |   | 1,206,715,176 |   |   |   | 929,143,182 |   |
| Alto Rosario                         |   |           | 1,378,320,900  |   |   |   | 1,060,232,481 |   |   |   | 825,191,098 |   |
| Córdoba Shopping- Villa Cabrera |   |           | 546,648,096    |   |   |   | 432,900,243 |   |   |   | 340,253,887 |   |
| Dot Baires Shopping                  |   |           | 2,008,327,638  |   |   |   | 1,566,630,421 |   |   |   | 1,271,165,087 |   |
| Soleil Premium Outlet Shopping       |   |           | 663,955,200    |   |   |   | 366,388,926 |   |   |   | 254,050,011 |   |
| La Ribera Shopping                   |   |           | 280,840,891    |   |   |   | 209,884,472 |   |   |   | 135,223,709 |   |
| Total Sales (1)(2)                   |   |           | 16,132,750,689 |   |   |   | 12,482,017,866 |   |   |   | 9,966,427,508 |   |

| (1) | Retail sales based upon information provided to us by retailers and past 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 the booths and spaces used for special exhibitions. |
|-----|-------------------------------------------------------------------------|

| Lease AgreementsExpiration as ofJune 30: |   | Number of LeaseAgreements toExpire (1) |   |   | Square Meters ofLeases to Expire |   |      | Square MeterPercentage ofLeases to Expire |   |   | Amount of LeaseAgreements to Expire |   |   | Percentage of LeaseAgreements to Expire |          |
|-----------------------------------------------|--------|--------------------------------------------------|--------|--------|---------------------------------------|--------|-----------|----------------------------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------------------------------|---------------|
|                                          |   |                                             |   |   | (sqm)                                 |   |      | (%)                                                      |   |   | (Ps.)                               |   |   | (%)                                                         |          |
| 2015                                          |   |                                             | 619    |   |                                  |   | 103,462.2 |                                                     |   |   | 33                                  | %      |   |                                                        | 236,305,177.3 |   |   |   | 36 | % |
| 2016                                          |   |                                             | 432    |   |                                  |   | 68,671.3  |                                                     |   |   | 22                                  | %      |   |                                                        | 197,778,128.9 |   |   |   | 30 | % |
| 2017                                          |   |                                             | 333    |   |                                  |   | 46,914.5  |                                                     |   |   | 15                                  | %      |   |                                                        | 147,003,680.8 |   |   |   | 21 | % |
| 2018 and subsequent years                     |   |                                             | 91     |   |                                  |   | 92,183.9  |                                                     |   |   | 30                                  | %      |   |                                                        | 84,157,022.6  |   |   |   | 13 | % |
| Total (2)                                     |   |                                             | 1,475  |   |                                  |   | 311,231.9 |                                                     |   |   | 100                                 | %      |   |                                                        | 665,244,009.6 |   |   |   | 100 | % |

| (1) | Does not include vacant stores as of June 30, 2014. A lease agreement may be linked to one or more remises. |
|-----|-------------------------------------------------------------------------------------------------------------|
| (2) | Includes the basic rental income amount. Does not give effect to our ownership interest in each property.   |

|                 |   |                |   |   |                         |   |          |   AnnualAdmission |   |   | AverageAnnual BaseRent per sqm(Ps.) |   |   | AverageAnnual BaseRent per sqm(Ps.) |    |   | Number of non-        |   |    |   Non-renewedagreements (1)Annual Base |   |
|----------------------|--------|---------------------|--------|--------|------------------------------|--------|---------------|------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|---------|--------|-----------------------|--------|---------|---------------------------------------------|--------|
| Type of Business     |   | Number ofAgreements |   |   | Annual Base RentAmount (Ps.) |   |          | Rights Amount(Ps.)     |   |   | New andrenewed                      |   |   | Formeragreements                    |    |   | renewedagreements (1) |   |    | Rent Amount(Ps.)                            |   |
| Clothes and footwear |   |                | 330    |   |                         |   | 136,723,416.6 |                   |   |   | 38,633,825.8                        |   |   |                                | 3,786.2 |   |                  |   | 2,814.2 |                                        |   |   | 509 |   |   |   | 244,679,266.3 |   |
| Restaurant           |   |                | 81     |   |                         |   | 26,658,275.1  |                   |   |   | 4,140,477.6                         |   |   |                                | 2,899.6 |   |                  |   | 2,530.1 |                                        |   |   | 109 |   |   |   | 37,510,553.7 |   |
| Entertainment        |   |                | 8      |   |                         |   | 6,066,000.0   |                   |   |   | 746,250.0                           |   |   |                                | 475.0   |   |                  |   | 426.7   |                                        |   |   | 18 |   |   |   | 11,404,763.8 |   |
| Home                 |   |                | 60     |   |                         |   | 29,496,131.1  |                   |   |   | 5,029,232.0                         |   |   |                                | 2,334.8 |   |                  |   | 1,861.7 |                                        |   |   | 76 |   |   |   | 43,767,887.5 |   |
| Services             |   |                | 19     |   |                         |   | 5,280,000.0   |                   |   |   | 1,144,097.3                         |   |   |                                | 3,213.8 |   |                  |   | 2,405.2 |                                        |   |   | 31 |   |   |   | 7,500,799.1 |   |
| Miscellaneous        |   |                | 75     |   |                         |   | 28,018,088.0  |                   |   |   | 7,727,992.2                         |   |   |                                | 2,918.5 |   |                  |   | 2,329.8 |                                        |   |   | 125 |   |   |   | 88,138,828.4 |   |
|  Total          |   |                | 573    |   |                         |   | 232,241,910.8 |                   |   |   | 57,421,874.9                        |   |   |                                | 2,833.9 |   |                  |   | 2,214.2 |                                        |   |   | 868 |   |   |   | 433,002,098.8 |   |

----

|                                |   | As of June 30, |   |
|-------------------------------------|--------|----------------|--------|
|                                |   | 2014           |   |   | 2013 |   |
| Abasto                              |   |           | 99.4   | % |   |   | 99.8 | % |
| Alto Palermo                        |   |           | 98.9   | % |   |   | 98.4 | % |
| Alto Avellaneda                     |   |           | 99.5   | % |   |   | 99.9 | % |
| Alcorta Shopping                    |   |           | 99.8   | % |   |   | 99.8 | % |
| Patio Bullrich                      |   |           | 99.6   | % |   |   | 99.7 | % |
| Alto Noa                            |   |           | 99.7   | % |   |   | 99.7 | % |
| Buenos Aires Design                 |   |           | 92.3   | % |   |   | 99.0 | % |
| Mendoza Plaza                       |   |           | 95.0   | % |   |   | 97.7 | % |
| Alto Rosario                        |   |           | 97.0   | % |   |   | 97.1 | % |
| Córdoba Shopping Villa Cabrera |   |           | 99.8   | % |   |   | 100.0 | % |
| Dot Baires Shopping                 |   |           | 99.7   | % |   |   | 99.4 | % |
| Soleil Premium Outlet               |   |           | 100.0  | % |   |   | 100.0 | % |
| La Ribera Shopping                  |   |           | 99.6   | % |   |   | 97.7 | % |
| Weighted Average                    |   |           | 98.4   | % |   |   | 99.1 | % |

|                                |   | Fiscal Year ended June 30, (1) |     |
|-------------------------------------|--------|--------------------------------|----------|
|                                |   | 2014                           |     |   | 2013 |   |   | 2012 |   |
|                                |   | (in Ps.)                       |     |
| Abasto                              |   |                           | 8,943.2  |   |   |   | 7,337.5 |   |   |   | 5,895.2 |   |
| Alto Palermo                        |   |                           | 17,789.4 |   |   |   | 14,442.2 |   |   |   | 11,802.1 |   |
| Alto Avellaneda                     |   |                           | 6,707.2  |   |   |   | 5,155.8 |   |   |   | 4,312.3 |   |
| Alcorta Shopping                    |   |                           | 11,138.5 |   |   |   | 8,977.5 |   |   |   | 7,161.0 |   |
| Patio Bullrich                      |   |                           | 10,659.6 |   |   |   | 8,829.8 |   |   |   | 7,710.3 |   |
| Alto Noa                            |   |                           | 3,049.4  |   |   |   | 2,457.9 |   |   |   | 2,064.3 |   |
| Buenos Aires Design                 |   |                           | 3,443.2  |   |   |   | 3,086.9 |   |   |   | 2,640.8 |   |
| Mendoza Plaza                       |   |                           | 2,921.2  |   |   |   | 2,401.2 |   |   |   | 1,937.2 |   |
| Alto Rosario                        |   |                           | 5,248.4  |   |   |   | 4,460.2 |   |   |   | 3,526.5 |   |
| Córdoba Shopping Villa Cabrera |   |                           | 4,518.1  |   |   |   | 3,863.4 |   |   |   | 3,104.6 |   |
| Dot Baires Shopping                 |   |                           | 4,920.7  |   |   |   | 3,806.8 |   |   |   | 3,038.8 |   |
| Soleil Premium Outlet Shopping      |   |                           | 4,584.5  |   |   |   | 3,309.5 |   |   |   | 2,349.3 |   |
| La Ribera Shopping                  |   |                           | 1,830.1  |   |   |   | 1,421.5 |   |   |   | 497.1 |   |

| (1)   | Corresponds to annual accumulated rental income consolidated according to IFRS divided by gross leasable square meters. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| Type of Business     |   | Number ofAgreements |   |   | Annual Base RentAmount (Ps.) |   |           | Annual AdmissionRights Amount(Ps.) |   |   | Average AnnualBase Rent per sqm(Ps.)New and renewed |   |   | Average Annual BaseRent per sqm (Ps.)Former agreements |     |   | Number ofnon-renewedagreements (1) |   |     | Non-renewedagreements (1)Annual BaseRent Amount(Ps.) |   |
|----------------------|--------|---------------------|--------|--------|------------------------------|--------|----------------|------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|--------------------------------------------------------|----------|--------|------------------------------------|--------|----------|------------------------------------------------------|--------|
| Clothes and footwear |   |                | 330    |   |                         |   | 136,723,416.60 |                               |   |   | 38,633,825.80                                       |   |   |                                                   | 3,786.20 |   |                               |   | 2,814.20 |                                                 |   |   | 509 |   |   |   | 244,679,266.30 |   |
| Restaurant           |   |                | 81     |   |                         |   | 26,658,275.10  |                               |   |   | 4,140,477.60                                        |   |   |                                                   | 2,899.60 |   |                               |   | 2,530.10 |                                                 |   |   | 109 |   |   |   | 37,510,553.70 |   |
| Entertainment        |   |                | 8      |   |                         |   | 6,066,000.00   |                               |   |   | 746,250.00                                          |   |   |                                                   | 475      |   |                               |   | 426.7    |                                                 |   |   | 18 |   |   |   | 11,404,763.80 |   |
| Home                 |   |                | 60     |   |                         |   | 29,496,131.10  |                               |   |   | 5,029,232.00                                        |   |   |                                                   | 2,334.80 |   |                               |   | 1,861.70 |                                                 |   |   | 76 |   |   |   | 43,767,887.50 |   |
| Services             |   |                | 19     |   |                         |   | 5,280,000.00   |                               |   |   | 1,144,097.30                                        |   |   |                                                   | 3,213.80 |   |                               |   | 2,405.20 |                                                 |   |   | 31 |   |   |   | 7,500,799.10 |   |
| Miscellaneous        |   |                | 75     |   |                         |   | 28,018,088.00  |                               |   |   | 7,727,992.20                                        |   |   |                                                   | 2,918.50 |   |                               |   | 2,329.80 |                                                 |   |   | 125 |   |   |   | 88,138,828.40 |   |
|  Total          |   |                | 573    |   |                         |   | 232,241,910.80 |                               |   |   | 57,421,874.90                                       |   |   |                                                   | 2,833.90 |   |                               |   | 2,214.20 |                                                 |   |   | 868 |   |   |   | 433,002,098.80 |   |

----

|                 |   | Type of Business |     |
|----------------------|--------|------------------|----------|
|                 |   | 2014             |     |   | 2013 |   |   | 2012 |   |
| Anchor Store         |   |             | 1,098.4  |   |   |   | 869.5 |   |   |   | 708.2 |   |
| Clothes and footwear |   |             | 7,940.2  |   |   |   | 6,149.9 |   |   |   | 4,932.8 |   |
| Entertainment        |   |             | 546.5    |   |   |   | 461.5 |   |   |   | 351.5 |   |
| Home                 |   |             | 3,012.9  |   |   |   | 2,322.6 |   |   |   | 1,795.6 |   |
| Restaurant           |   |             | 1,476.8  |   |   |   | 1,161.5 |   |   |   | 937.4 |   |
| Miscellaneous        |   |             | 1,922.3  |   |   |   | 1,438.2 |   |   |   | 1,186.2 |   |
| Services             |   |             | 135.7    |   |   |   | 78.8 |   |   |   | 54.7 |   |
| Total                |   |             | 16,132.8 |   |   |   | 12,482.0 |   |   |   | 9,966.4 |   |

----

----

----

| Company           | Shopping Center            | Location (1) |   | GrossLeasableArea |      |   | Stores |   |   | National GLAPercentage (2) |   |   | Stores Percentage (2) |   |
|-------------------|----------------------------|--------------|--------|-------------------|-----------|--------|--------|--------|--------|----------------------------|--------|--------|-----------------------|--------|
| APSA              |                       |         |   |              |      |   |   |   |   |                       |   |   |                  |   |
|              | Abasto de Buenos Aires (7) | CABA         |   |              | 41,788    |   |   |   | 171    |                       |   |   | 2.49                  | %      |   |   | 2.71 | % |
|              | Alto Palermo Shopping      | CABA         |   |              | 19,354    |   |   |   | 145    |                       |   |   | 1.16                  | %      |   |   | 2.30 | % |
|              | Buenos Aires Design (3)    | CABA         |   |              | 14,592    |   |   |   | 63     |                       |   |   | 0.87                  | %      |   |   | 1.00 | % |
|              | Dot Baires Shopping (5)    | CABA         |   |              | 46,707    |   |   |   | 153    |                       |   |   | 2.79                  | %      |   |   | 2.42 | % |
|              | Alcorta Shopping (4)       | CABA         |   |              | 15,113    |   |   |   | 107    |                       |   |   | 0.90                  | %      |   |   | 1.70 | % |
|              | Patio Bullrich             | CABA         |   |              | 11,738    |   |   |   | 83     |                       |   |   | 0.70                  | %      |   |   | 1.32 | % |
|              | Córdoba Shopping (4)  | Córdoba |   |              | 15,881    |   |   |   | 106    |                       |   |   | 0.95                  | %      |   |   | 1.68 | % |
|              | Alto Avellaneda (4)        | GBA          |   |              | 36,565    |   |   |   | 141    |                       |   |   | 2.18                  | %      |   |   | 2.23 | % |
|              | Mendoza Plaza Shopping (4) | Mendoza      |   |              | 41,108    |   |   |   | 146    |                       |   |   | 2.45                  | %      |   |   | 2.31 | % |
|              | Alto Rosario (7)           | Rosario      |   |              | 30,776    |   |   |   | 145    |                       |   |   | 1.84                  | %      |   |   | 2.30 | % |
|              | Alto Noa (4)               | Salta        |   |              | 19,158    |   |   |   | 89     |                       |   |   | 1.14                  | %      |   |   | 1.41 | % |
|              | La Ribera Shopping (6)     | Santa Fe     |   |              | 8,285     |   |   |   | 50     |                       |   |   | 0.49                  | %      |   |   | 0.79 | % |
|              | Soleil (4)                 | GBA          |   |              | 15,190    |   |   |   | 78     |                       |   |   | 0.91                  | %      |   |   | 1.24 | % |
|              | Subtotal                   |         |   |              | 316,254   |   |   |   | 1,477  |                       |   |   | 18.87                 | %      |   |   | 23.41 | % |
| Cencosud S.A. (4) |                       |         |   |              |      |   |   |   |   |                       |   |   |                  |   |   |   |   |
|              | Subtotal                   |         |   |              | 617,924   |   |   |   | 1,438  |                       |   |   | 36.87                 | %      |   |   | 22.76 | % |
| Other             |                       |         |   |              |      |   |   |   |   |                       |   |   |                  |   |   |   |   |   |
| Operators         |                       |         |   |              |      |   |   |   |   |                       |   |   |                  |   |   |   |   |   |
|              | Subtotal                   |         |   |              | 741,295   |   |   |   | 3,396  |                       |   |   | 44.27                 | %      |   |   | 53.82 | % |
| Total             |                       |         |   |              | 1,675,473 |   |   |   | 6,311  |                       |   |   | 100                   | %      |   |   | 100 | % |

| (1)   | “GBA” means Greater Buenos Aires, the Buenos Aires metropolitan area, and “CABA” means the City of Buenos Aires. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2)   | Percentage over total shopping centers in Argentina. Figures may not sum due to rounding. |
|-----------------|-------------------------------------------------------------------------------------------|

| (3)   | The effective interest held by APSA, the company that operates the concession of this building, is 53.684 % in ERSA. |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| (4)   | Includes total leasable area occupied by supermarkets and hypermarkets. |
|-----------------|-------------------------------------------------------------------------|

| (5)   | The interest held by APSA is 80% in Pamsa. |
|-----------------|--------------------------------------------|

| (6)   | The interest held by APSA is 50% in NPSF. |
|-----------------|-------------------------------------------|

| (7)   | Includes Museo de los Niños. |
|-----------------|-----------------------------------|

|                      |   | Date of     |   |   | GrossLeasable  |    |   |          |   |   | IRSA’sEffective |   |   | MonthlyRentalIncome (inthousands of |   |   | Annual accumulated rental incomeover fiscal years Ps./000(4) |   |   | Book Value(inthousands |   |
|---------------------------|--------|-------------|--------|--------|----------------|---------|--------|---------------|--------|--------|-----------------------|--------|--------|-------------------------------------|--------|--------|--------------------------------------------------------------|--------|--------|------------------------|--------|
|                      |   | Acquisition |   |   | Area (sqm) (1) |    |   | Occupancy (2) |   |   | Interest              |   |   | Ps.) (3)                            |   |   | 2014                                                         |   |   | 2013                   |   |   | 2012 |   |   | of Ps.) |   |
| Offices                   |   |        |   |   |           |    |   |          |   |   |                  |   |   |                                |   |   |                                                         |   |   |                   |   |   |   |   |   |   |   |
| Edificio República   |   | 04/28/08    |   |   |           | 19,884  |   |          |   | 94.0   | %                     |   |   | 100                                 | %      |   |                                                         | 3,920  |   |                   |   | 61,143 |   |   |   | 45,381 |   |   |   | 36,724 |   |   |   | 200,755 |   |
| Torre BankBoston          |   | 08/27/07    |   |   |           | 14,873  |   |          |   | 100.0  | %                     |   |   | 100                                 | %      |   |                                                         | 3,581  |   |                   |   | 36,699 |   |   |   | 34,732 |   |   |   | 30,643 |   |   |   | 142,085 |   |
| Bouchard 551 (10)         |   | 03/15/07    |   |   |           | 7,592   |   |          |   | 100.0  | %                     |   |   | 100                                 | %      |   |                                                         | 1,854  |   |                   |   | 27,069 |   |   |   | 42,740 |   |   |   | 39,626 |   |   |   | 60,893 |   |
| Intercontinental Plaza    |   | 11/18/97    |   |   |           | 22,535  |   |          |   | 100.0  | %                     |   |   | 100                                 | %      |   |                                                         | 3,824  |   |                   |   | 54,137 |   |   |   | 43,216 |   |   |   | 35,676 |   |   |   | 65,934 |   |
| Bouchard 710              |   | 06/01/05    |   |   |           | 15,044  |   |          |   | 99.8   | %                     |   |   | 100                                 | %      |   |                                                         | 3,411  |   |                   |   | 42,780 |   |   |   | 32,825 |   |   |   | 26,390 |   |   |   | 61,354 |   |
| Dique IV, Juana Manso 295 |   | 12/02/97    |   |   |           | 11,298  |   |          |   | 94.4   | %                     |   |   | 100                                 | %      |   |                                                         | 2,333  |   |                   |   | 30,748 |   |   |   | 23,262 |   |   |   | 20,405 |   |   |   | 55,100 |   |
| Maipú 1300           |   | 09/28/95    |   |   |           | 7,655   |   |          |   | 87.3   | %                     |   |   | 100                                 | %      |   |                                                         | 1,344  |   |                   |   | 22,967 |   |   |   | 21,471 |   |   |   | 19,124 |   |   |   | 23,990 |   |
| Libertador 498            |   | 12/20/95    |   |   |           | 620     |   |          |   | 100.0  | %                     |   |   | 100                                 | %      |   |                                                         | 175    |   |                   |   | 3,241 |   |   |   | 3,077 |   |   |   | 5,256 |   |   |   | 3,257 |   |
| Suipacha 652/64           |   | 11/22/91    |   |   |           | 11,453  |   |          |   | 100.0  | %                     |   |   | 100                                 | %      |   |                                                         | 1,237  |   |                   |   | 17,319 |   |   |   | 11,672 |   |   |   | 9,893 |   |   |   | 8,432 |   |
| Madero 1020               |   | 12/21/95    |   |   |           | -       |   |          |   | -      |                  |   |   | 100                                 | %      |   |                                                         | 2      |   |                   |   | 24 |   |   |   | 24 |   |   |   | 31 |   |   |   | 134 |   |
| Dot Building (8)     |   | 11/28/06    |   |   |           | 11,242  |   |          |   | 100.0  | %                     |   |   | 96                                  | %      |   |                                                         | 1,757  |   |                   |   | 27,090 |   |   |   | 18,707 |   |   |   | 12,673 |   |   |   | 97,967 |   |
| Other Offices (5)         |   | N/A         |   |   |           | 274     |   |          |   | -      |                  |   |   | N/A                                 |   |   |                                                         | -      |   |                   |   | 5,000 |   |   |   | 4,023 |   |   |   | 9,196 |   |   |   | 364 |   |
| Subtotal Offices          |   |        |   |   |           | 122,470 |   |          |   | 97.5   | %                     |   |   | N/A                                 |   |   |                                                         | 23,438 |   |                   |   | 328,217 |   |   |   | 281,130 |   |   |   | 245,637 |   |   |   | 720,265 |   |

----

|                            |   |     |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
|---------------------------------|--------|----------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| Other Properties                |   |     |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Commercial Properties (6)  |   | N/A      |   |   |   | 312     |   |   |   | -      |   |   |   | N/A    |   |   |   | -      |   |   |   | 20      |   |   |   | 119     |   |   |   | 61      |   |   |   | 726     |   |
| Museo Renault                   |   | 12/06/07 |   |   |   | -       |   |   |   | -      |   |   |   | 100    | %      |   |   | -      |   |   |   | -       |   |   |   | -       |   |   |   | 1       |   |   |   | -       |   |
| Santa María del Plata S.A. |   | 07/10/97 |   |   |   | 60,100  |   |   |   | 100.0  | %      |   |   | 100    | %      |   |   | 309    |   |   |   | 4,293   |   |   |   | 3,804   |   |   |   | 1,594   |   |   |   | 12,504  |   |
| Nobleza Picardo (9)             |   | 05/31/11 |   |   |   | 45,587  |   |   |   | 100.0  | %      |   |   | 50     | %      |   |   | 802    |   |   |   | 8,238   |   |   |   | 7,117   |   |   |   | 8,114   |   |   |   | 10,205  |   |
| Other Properties (7)            |   | N/A      |   |   |   | 17,448  |   |   |   | 100.0  | %      |   |   | N/A    |   |   |   | 387    |   |   |   | 94      |   |   |   | 185     |   |   |   | 108     |   |   |   | 67,952  |   |
| Subtotal Other Properties       |   |     |   |   |   | 123,447 |   |   |   | 99.7   | %      |   |   | N/A    |   |   |   | 1,498  |   |   |   | 12,645  |   |   |   | 11,225  |   |   |   | 9,878   |   |   |   | 91,387  |   |
|                            |   |     |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Total Offices and Other (7)     |   |     |   |   |   | 245,917 |   |   |   | 98.6   | %      |   |   | N/A    |   |   |   | 24,936 |   |   |   | 340,862 |   |   |   | 292,355 |   |   |   | 255,515 |   |   |   | 811,652 |   |

| Notes:                                                                                                                                                                                                   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (1) Total leasable area for each property as of 06/30/14. Excludes common areas and parking.                                                                                                             |   |
| (2) Calculated dividing occupied square meters by leasable area as of 06/30/14.                                                                                                                          |   |
| (3) Agreements in force as of 06/30/14 for each property were computed.                                                                                                                                  |   |
| (4) Corresponds to total consolidated rents.                                                                                                                                                             |   |
| (5) Includes the following properties: Rivadavia 2774, Costeros Dique IV, Avenida de Mayo 595, Libertador 602, Dock del Plata and Bolívar 108.                                                      |   |
| (6) Includes the following properties: Constitución 1111, Casona de Abril and others                                                                                                                |   |
| (8) Includes the following properties: Constitución 1159 (fully sold on May 6, 2014), Canteras Natal Crespo (fully sold on June 30, 2013) and Ocampo parking space, Ferro, DOT Adjoining Plot. |   |
| (8) Through APSA.                                                                                                                                                                                        |   |
| (9) Through Quality Invest S.A.                                                                                                                                                                          |   |
| (10) During October, 2014, we sold five floors of Bouchard 551, for more information please see “Recent Developments”.                                                                       |   |

|              |   |            |   |   | As of June 30,                          |   |    |                            |   |   |         |   |   |                |        |
|-------------------|--------|-----------------|--------|--------|-----------------------------------------|--------|---------|---------------------------------|--------|--------|--------------|--------|--------|---------------------|-------------|
| Year ofexpiration |   | Number ofLeases |   |   | Surface area subjectto expiration (sqm) |   |    | Percentage subjectto expiration |   |   | Amount (Ps.) |   |   | Percentage ofLeases |        |
| 2015              |   |            | 21     |   |                                    |   | 25,499  |                            |   |   | 11           | %      |   |                | 45,507,456  |   |   |   | 14 | % |
| 2016              |   |            | 52     |   |                                    |   | 39,078  |                            |   |   | 16           | %      |   |                | 83,692,324  |   |   |   | 26 | % |
| 2017              |   |            | 38     |   |                                    |   | 37,904  |                            |   |   | 16           | %      |   |                | 74,019,528  |   |   |   | 23 | % |
| 2018+             |   |            | 60     |   |                                    |   | 139,688 |                            |   |   | 58           | %      |   |                | 118,898,287 |   |   |   | 37 | % |
| Total             |   |            | 171    |   |                                    |   | 242,170 |                            |   |   | 100          | %      |   |                | 322,117,594 |   |   |   | 100 | % |

|                      |   | Occupancy Percentage(1) |   |
|---------------------------|--------|-------------------------|--------|
|                      |   | 2014                    |   |   | 2013 |   |
| Offices                   |   |                    |   |   |   |   |
| Edificio República   |   |                    | 94.0   | % |   |   | 95.2 | % |
| Torre BankBoston          |   |                    | 100.0  | % |   |   | 100.0 | % |
| Bouchard 551 (3)          |   |                    | 100.0  | % |   |   | 100.0 | % |
| Intercontinental Plaza    |   |                    | 100.0  | % |   |   | 100.0 | % |
| Bouchard 710              |   |                    | 99.8   | % |   |   | 100.0 | % |
| Dique IV, Juana Manso 295 |   |                    | 94.4   | % |   |   | 94.4 | % |
| Maipú 1300           |   |                    | 87.3   | % |   |   | 97.3 | % |
| Libertador 498            |   |                    | 100.0  | % |   |   | 100.0 | % |
| Yacht V and VI (1)        |   |                    | -      |   |   |   | 100.0 | % |
| Suipacha 652/64           |   |                    | 100.0  | % |   |   | 89.9 | % |
| DOT Building              |   |                    | 100.0  | % |   |   | 100.0 | % |
| Other (2)                 |   |                    | 99.5   | % |   |   | 99.3 | % |
| Subtotal Offices          |   |                    | 98.6   | % |   |   | 98.3 | % |

| (1) | Leased surface area in accordance with agreements in effect as of June 30, 2014 and 2013 considering the total leasable office area for each year. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes the following properties:Av. de Mayo 595, Av. Rivadavia 2774, Costero Dique IV (fully sold), Madero 1020, Santa Maria del Plata, Nobleza Piccardo, Constitución 1159 (fully sold), Constitución 1111, Ferro. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | During October 2014, we sold five floors of Bouchard 551, for more information please see “Recent Developments”. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

----

|                      |   | Annual income per surface area (1)(Ps./sqm) |   |
|---------------------------|--------|--------------------------------------------------|--------|
|                      |   | 2014(2)                                          |   |   | 2013(2) |   |   | 2012(2) |   |
| Offices                   |   |                                             |   |   |   |   |   |   |   |
| Edificio República   |   |                                             | 3,075  |   |   |   | 2,282 |   |   |   | 1,847 |   |
| Torre BankBoston          |   |                                             | 2,467  |   |   |   | 2,335 |   |   |   | 2,060 |   |
| Bouchard 557              |   |                                             | 3,565  |   |   |   | 3,538 |   |   |   | 1,695 |   |
| Intercontinental Plaza    |   |                                             | 2,402  |   |   |   | 1,918 |   |   |   | 1,583 |   |
| Bouchard 710              |   |                                             | 2,844  |   |   |   | 2,186 |   |   |   | 1,758 |   |
| Dique IV, Juana Manso 295 |   |                                             | 2,722  |   |   |   | 2,059 |   |   |   | 1,806 |   |
| Maipú 1300           |   |                                             | 3,000  |   |   |   | 2,284 |   |   |   | 1,860 |   |
| Libertador 498            |   |                                             | 5,227  |   |   |   | 4,963 |   |   |   | 2,122 |   |
| Suipacha 652/64           |   |                                             | 1,512  |   |   |   | 1,019 |   |   |   | 864 |   |
| DOT Building              |   |                                             | 2,410  |   |   |   | 1,664 |   |   |   | 1,127 |   |
| Others(3)                 |   |                                             | 143    |   |   |   | 193 |   |   |   | 131 |   |

| (1) | Calculated considering annual leases to total leasable office area, in accordance with our percentage of ownership in each building as of June 30 of each fiscal year. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Leasable square meters vary depending on the rent availability of land reserves(Santa Maria del Plata, Nobleza Piccardo, Ferro, etc.) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes the following properties:Av. de Mayo 595, Av. Rivadavia 2774, Costero Dique IV (fully sold), Madero 1020, Santa Maria del Plata, Nobleza Piccardo, Constitución 1159 (fully sold), Constitución 1111, and Ferro. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Property                |   | Number ofAgreements(1)(5) |   |   | Annual Rentalincome (2) |   |          | Rental incomeper sqm Newand Renewed (3) |   |   | Previous rentalincome per sqm (3) |   |   | No. of non-renewedagreements |   |   | Non-renewedagreements Annualrental income (4) |   |
|-------------------------|--------|---------------------------|--------|--------|-------------------------|--------|---------------|-----------------------------------------|--------|--------|-----------------------------------|--------|--------|------------------------------|--------|--------|-----------------------------------------------|--------|
| Maipú 1300         |   |                      | 5.0    |   |                    |   | 5,592,181.1   |                                    |   |   | 137.3                             |   |   |                         | 148.7  |   |                                          |   | 2.0 |   |   |   | 1,222,978.6 |   |
| Av. Libertador 498      |   |                      | -      |   |                    |   | -             |                                    |   |   | -                                 |   |   |                         | -      |   |                                          |   | - |   |   |   | - |   |
| Costero Dique IV        |   |                      | -      |   |                    |   | -             |                                    |   |   | -                                 |   |   |                         | -      |   |                                          |   | - |   |   |   | - |   |
| Intercontinental        |   |                      | 14.0   |   |                    |   | 27,373,736.69 |                                    |   |   | 127.1                             |   |   |                         | 94.7   |   |                                          |   | - |   |   |   | - |   |
| Bouchard 710            |   |                      | 4.0    |   |                    |   | 4,182,011.4   |                                    |   |   | 168.5                             |   |   |                         | 143.6  |   |                                          |   | 1.0 |   |   |   | 120,000.0 |   |
| Bouchard 557            |   |                      | 4.0    |   |                    |   | 17,886,653.8  |                                    |   |   | 145.4                             |   |   |                         | -      |   |                                          |   | - |   |   |   | - |   |
| Della Paolera 265       |   |                      | 6.0    |   |                    |   | 9,693,642.6   |                                    |   |   | 164.9                             |   |   |                         | 108.9  |   |                                          |   | - |   |   |   | - |   |
| Edificio República |   |                      | 9.0    |   |                    |   | 22,793,022.0  |                                    |   |   | 156.0                             |   |   |                         | 126.2  |   |                                          |   | 4.0 |   |   |   | 8,113,685.6 |   |
| Juana Manso 295         |   |                      | 2.0    |   |                    |   | 18,834,410.6  |                                    |   |   | 151.6                             |   |   |                         | -      |   |                                          |   | - |   |   |   | - |   |
| DOT Building            |   |                      | -      |   |                    |   | -             |                                    |   |   | -                                 |   |   |                         | -      |   |                                          |   | - |   |   |   | - |   |
| Constitución 1159  |   |                      | 1.0    |   |                    |   | 179,356.8     |                                    |   |   | 7.2                               |   |   |                         | -      |   |                                          |   | - |   |   |   | - |   |
| Suipacha 664            |   |                      | 3.0    |   |                    |   | 4,832,284.1   |                                    |   |   | 78.4                              |   |   |                         | -      |   |                                          |   | - |   |   |   | - |   |
| Total Offices           |   |                      | 48.0   |   |                    |   | 111,367,299.2 |                                    |   |   | 135.9                             |   |   |                         | 117.8  |   |                                          |   | 7.0 |   |   |   | 9,456,663.7 |   |

| (1)   | Includes new and renewed agreements executed in fiscal year 2014. |
|-----------------|-------------------------------------------------------------------|

| (2)   | Agreements expressed in US dollars converted into pesos at the exchange rate prevailing in the initial month of the agreement multiplied by 12 months. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Monthly value. |
|-----------------|----------------|

| (4)   | Agreements expressed in US dollars converted into pesos at the exchange rate prevailing in the last month of the agreement, multiplied by 12 months. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Does not include agreements of parking spaces, antennas or terrace space. |
|-----------------|---------------------------------------------------------------------------|

----

----

|                             |   |   |   |   | As of june 30, |   |    |   |   |
|----------------------------------|--------|--------|--------|--------|----------------|--------|---------|--------|--------|
| Development                      |   | 2014   |   |   | 2013           |   |    | 2012   |   |
| Residential apartments           |   |   |   |   |           |   |    |   |   |
| Caballito Nuevo (5)              |   |   | 986    |   |           |   | 6,983   |   |   |   | 9,248 |   |
| Condominios I and II (1)         |   |   | 51,917 |   |           |   | 4,262   |   |   |   | 5,002 |   |
| Horizons (4)                     |   |   | 22,890 |   |           |   | 117,090 |   |   |   | 110,596 |   |
| Other residential apartments (2) |   |   | 44     |   |           |   | 811     |   |   |   | 371 |   |
| Subtotal residential apartments  |   |   | 75,837 |   |           |   | 129,146 |   |   |   | 125,217 |   |
| Residential communities          |   |   |   |   |           |   |    |   |   |   |   |   |
| Abril (3)                        |   |   | 1,750  |   |           |   | 1,113   |   |   |   | - |   |
| El Encuentro (5)                 |   |   | 7,944  |   |           |   | 11,698  |   |   |   | 10,260 |   |
| Subtotal residential communities |   |   | 9,694  |   |           |   | 12,811  |   |   |   | 10,260 |   |
| Land reserve                     |   |   |   |   |           |   |    |   |   |   |   |   |
| Rosario Plot (1)                 |   |   | -      |   |           |   | -       |   |   |   | 27,273 |   |
| Canteras Natal Crespo            |   |   | -      |   |           |   | 39      |   |   |   | - |   |
| Neuquén(1)                  |   |   | 13,390 |   |           |   | -       |   |   |   | - |   |
| Subtotal land reserves           |   |   | 13,390 |   |           |   | 39      |   |   |   | 27,273 |   |
| TOTAL                            |   |   | 98,921 |   |           |   | 141,996 |   |   |   | 162,750 |   |

----

| Development                                                 |   | Company |   | Interest |   | Date of Acquisition |   | Surface areasqm |   | Areaintendedfor salesqm |   | AreaintendedforConstructionsqm |   | Sold    |   | Title deed executed |   | Location           |   | Accumulated income as ofJune 2014 |   | Accumulated income as ofJune 2013 |   | Accumulated income as ofJune 2012 |   | Book Value |
|-------------------------------------------------------------|--------|---------|--------|----------|--------|---------------------|--------|-----------------|--------|-------------------------|--------|--------------------------------|--------|---------|--------|---------------------|--------|--------------------|--------|-----------------------------------|--------|-----------------------------------|--------|-----------------------------------|--------|------------|
| Residential                                                 |   |    |   |     |   |                |   |            |   |                    |   |                           |   |    |   |                |   |               |   |                              |   |                              |   |                              |
| Available for sale (5)                                      |   |    |   |     |   |                |   |            |   |                    |   |                           |   |    |   |                |   |               |   |                              |   |                              |   |                              |
| Condominios del Alto I                                      |   | APSA    |   | 100%     |   | 04/30/1999          |   | -               |   | 2,082                   |   | -                              |   | 71%     |   | 67%                 |   | Santa Fe           |   | 2,614                             |   | 4,262                             |   | 5,002                             |   | 956        |
| Condominios del Alto II                                     |   | APSA    |   | 100%     |   | 04/30/1999          |   | -               |   | 5,009                   |   | -                              |   | 96%     |   | 93%                 |   | Santa Fe           |   | 49,303                            |   | -                                 |   | -                                 |   | 1,122      |
| Caballito Nuevo                                             |   | IRSA    |   | 100%     |   | 11/03/1997          |   | -               |   | 8,173                   |   | -                              |   | 98%     |   | 98%                 |   | CABA               |   | 986                               |   | 6,983                             |   | 9,248                             |   | 279        |
| Barrio Chico                                                |   | IRSA    |   | 100%     |   | 03/01/2003          |   | -               |   | 3,492                   |   | -                              |   | 99%     |   | 99%                 |   | CABA               |   |  -                           |   |  -                           |   | 371                               |   | 124        |
| El Encuentro                                                |   | IRSA    |   | 100%     |   | 11/08/1997          |   | -               |   | 127,795                 |   | -                              |   | 100%    |   | 99%                 |   | Buenos Aires       |   | 7,944                             |   | 11,698                            |   | 10,260                            |   | 79         |
| Abril Club de Campo – Lots (2)                        |   | IRSA    |   | 100%     |   | 01/03/1995          |   | -               |   | 5,135                   |   | -                              |   | 99%     |   | 99%                 |   | Buenos Aires       |   | 1,750                             |   | 1,113                             |   | -                                 |   | 2,357      |
| Abril Club de Campo - Casona (2)                            |   | IRSA    |   | 100%     |   | 01/03/1995          |   | 31,224          |   | 34,605                  |   | -                              |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | -          |
| Torres Jardín                                          |   | IRSA    |   | 100%     |   | 07/18/1996          |   |  -         |   |  -                 |   |                           |   |  - |   | -              |   | CABA               |   | 44                                |   | -                                 |   | -                                 |   | -          |
| Apartment Entre Rios 465/9                                  |   | APSA    |   | 100%     |   |  -             |   |  -         |   |  -                 |   |                           |   |  - |   |  -             |   |  Buenos Aires |   | -                                 |   | -                                 |   | -                                 |   | 1,400      |
| Alto Palermo Park                                           |   | APSA    |   | 100%     |   | 11/18/1997          |   |  -         |   |  -                 |   |                           |   |  - |   | -              |   | CABA               |   | -                                 |   | 811                               |   | -                                 |   | -          |
| Horizons (3)                                                |   | IRSA    |   | 50%      |   | 01/16/2007          |   | -               |   | 71,512                  |   | -                              |   | 100%    |   | 98%                 |   | Buenos Aires       |   | 22,890                            |   | 117,090                           |   | 110,596                           |   | 5,908      |
| Pereiraola (Greenville)                                     |   | IRSA    |   | 100%     |   | 04/21/2010          |   | -               |   | 39,634                  |   | -                              |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | 8,200      |
| Intangible – Units to be received                     |   |    |   |     |   |                |   |  -         |   |                    |   |                           |   |    |   |                |   |  -            |   |  -                           |   |  -                           |   | -                            |
| Beruti (Astor Palermo) (1)                                  |   | APSA    |   | 100%     |   | 06/24/2008          |   | -               |   | 2,632                   |   | -                              |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 32,872     |
| Caballito Manzana 35                                        |   | IRSA    |   | 100%     |   | 10/22/1998          |   | -               |   | 8,258                   |   | -                              |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 52,205     |
| Subtotal Residential                                        |   |    |   |     |   |                |   | 31,224          |   | 308,327                 |   |                           |   |    |   |                |   |               |   | 85,531                            |   | 141,957                           |   | 135,477                           |   | 105,502    |
| Land Reserves                                               |   |    |   |     |   |                |   |            |   |                    |   |                           |   |    |   |                |   |               |   |                              |   |                              |   |                              |
| CONIL - Güemes 836 - Mz 99 and Güemes 902 - Mz 95 |   | APSA    |   | 100%     |   | 07/19/1996          |   | 2,398           |   | -                       |   | 5,994                          |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | 1,749      |
| Neuquén –Hotel Plot                              |   | APSA    |   | 100%     |   | 07/06/1999          |   | 3,000           |   | -                       |   | 10,000                         |   | 100%    |   | 100%                |   | Neuquén       |   | 13,390                            |   | -                                 |   | -                                 |   | -          |
| Isla Sirgadero                                              |   | IRSA    |   | 100%     |   | 02/16/2007          |   | 8,360,000       |   | -                       |   | -                              |   | -       |   | -                   |   | Santa Fe           |   | -                                 |   | -                                 |   | -                                 |   | 2,895      |
| Pilar R8 Km 53                                              |   | IRSA    |   | 100%     |   | 05/29/1997          |   | 74,828          |   | -                       |   | -                              |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | 1,550      |
| Pontevedra                                                  |   | IRSA    |   | 100%     |   | 02/28/1998          |   | 730,994         |   | -                       |   | -                              |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | 918        |
| Mariano Acosta                                              |   | IRSA    |   | 100%     |   | 02/28/1998          |   | 967,290         |   | -                       |   | -                              |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | 804        |
| Merlo                                                       |   | IRSA    |   | 100%     |   | 02/28/1998          |   | 1,004,987       |   | -                       |   | -                              |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | 638        |

----

| Development                                      |   | Company    |   | Interest |   | Date of Acquisition |   | Surface areasqm |   | Areaintendedfor salesqm |   | AreaintendedforConstructionsqm |   | Sold    |   | Title deed executed |   | Location           |   | Accumulated income as ofJune 2014 |   | Accumulated income as ofJune 2013 |   | Accumulated income as ofJune 2012 |   | Book Value |
|--------------------------------------------------|--------|------------|--------|----------|--------|---------------------|--------|-----------------|--------|-------------------------|--------|--------------------------------|--------|---------|--------|---------------------|--------|--------------------|--------|-----------------------------------|--------|-----------------------------------|--------|-----------------------------------|--------|------------|
| Rosario Plot                                     |   | APSA       |   | 100%     |   | 04/30/1999          |   | -               |   | -                       |   | -                              |   | 100%    |   | 100%                |   | Santa Fe           |   | -                                 |   | -                                 |   | 27,273                            |   | -          |
| Zelaya 3102                                      |   | IRSA       |   | 10%      |   | 07/01/2005          |   |  -         |   | -                  |   |  -                        |   |  - |   |  -             |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 1,724      |
| San Luis Plot                                    |   | IRSA       |   | 50%      |   | 03/31/2008          |   | 3,250,523       |   | -                       |   | -                              |   | -       |   | -                   |   | San Luis           |   | -                                 |   | -                                 |   | -                                 |   | 1,584      |
| Subtotal Land Reserves                           |   |       |   |     |   |                |   | 14,394,020      |   | -                       |   | 15,994                         |   |    |   |                |   |               |   | 13,390                            |   | -                                 |   | 27,273                            |   | 11,862     |
| Future Developments                              |   |       |   |     |   |                |   |            |   |                    |   |                           |   |    |   |                |   |               |   |                              |   |                              |   |                              |
| Mixed Used                                       |   |       |   |     |   |                |   |            |   |                    |   |                           |   |    |   |                |   |               |   |                              |   |                              |   |                              |
| UOM Lujan (1)                                    |   | APSA       |   | 100%     |   | 05/31/2008          |   | 1,160,000       |   | -                       |   | -                              |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | 33,907     |
| Canteras Natal Crespo                            |   |  IRSA |   | -   |   |  -             |   |  -         |   |  -                 |   | -                         |   |  - |   | -              |   |  Buenos Aires |   | -                                 |   | 39                                |   | -                                 |   | -          |
| Nobleza Picardo (1)                              |   | APSA       |   | 50%      |   | 05/31/2011          |   | 159,995         |   | -                       |   | 127,996                        |   | -       |   | -                   |   | Buenos Aires       |   | -                                 |   | -                                 |   | -                                 |   | 75,161     |
| Puerto Retiro                                    |   | IRSA       |   | 50%      |   | 05/18/1997          |   | 82,051          |   | -                       |   | -                              |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 51,343     |
| Solares Santa María (4)                     |   | IRSA       |   | 100%     |   | 07/10/1997          |   | 716,058         |   | -                       |   | -                              |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 158,951    |
| Residential                                      |   |       |   |     |   |                |   |            |   |                    |   |                           |   |    |   |                |   |  -            |   |  -                           |   |  -                           |   |  -                           |
| Coto Abasto Air Space                            |   | APSA       |   | 100%     |   | 09/24/1997          |   | -               |   | -                       |   | 21,536                         |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 8,945      |
| Neuquén – Residential apartments Plot |   | APSA       |   | 100%     |   | 07/06/1999          |   | 13,000          |   | -                       |   | 18,000                         |   | -       |   | -                   |   | Neuquén       |   | -                                 |   | -                                 |   | -                                 |   | 803        |
| Uruguay Zetol                                    |   | IRSA       |   | 90%      |   | 06/01/2009          |   | 152,977         |   | 62,756                  |   | -                              |   | -       |   | -                   |   | Uruguay            |   | -                                 |   | -                                 |   | -                                 |   | 65,620     |
| Uruguay Vista al Muelle                          |   | IRSA       |   | 90%      |   | 06/01/2009          |   | 102,216         |   | 62,737                  |   | -                              |   | -       |   | -                   |   | Uruguay            |   | -                                 |   | -                                 |   | -                                 |   | 45,368     |
| Retail                                           |   |       |   |     |   |                |   |            |   |                    |   |                           |   |    |   |                |   |               |   |                              |   |                              |   |                              |
| Caballito Shopping Plot (1)                      |   | APSA       |   | 100%     |   | -                   |   | 23,791          |   | -                       |   | -                              |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | -          |
| Dot Possible extension                           |   | APSA       |   | 80%      |   | -                   |   | 15,881          |   | -                       |   | 47,643                         |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | -          |
| Offices                                          |   |       |   |     |   |                |   |            |   |                    |   |                           |   |    |   |                |   |               |   |                              |   |                              |   |                              |
| Philips Adjoining Plots - Offices 1 and 2        |   | APSA       |   | 80%      |   | 11/28/2006          |   | 12,800          |   | -                       |   | 38,400                         |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 25,332     |
| Baicom                                           |   | IRSA       |   | 50%      |   | 12/23/2009          |   | 6,905           |   | -                       |   | 34,500                         |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 4,459      |
| Intercontinental Plaza II                        |   | IRSA       |   | 100%     |   | 02/28/1998          |   | 6,135           |   | -                       |   | 19,598                         |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 1,501      |
| Catalinas Norte Plot                             |   | IRSA       |   | 100%     |   | 12/17/2009          |   | 3,649           |   | -                       |   | 35,300                         |   | -       |   | -                   |   | CABA               |   | -                                 |   | -                                 |   | -                                 |   | 109,494    |
| Subtotal Future Development                      |   |       |   |     |   |                |   | 2,455,458       |   | 125,493                 |   | 342,973                        |   |    |   |                |   |               |   | -                                 |   | 39                                |   | -                                 |   | 580,884    |
| Total Land Reserves                              |   |       |   |     |   | 16,880,702          |   | 433,820         |   | 358,967                 |   |                           |   |    |   |                |   | 98,921             |   | 141,996                           |   | 162,750                           |   | 698,248                           |

----

----

----

----

----

----

|                    | Date of     |   | IRSA’s |   |   | Number of  |   |   |         |   |   | Average Price  |   |   | Fiscal Year Sales as of June 30, |   |   | Book   |   |
|-------------------------|-------------|--------|--------------|--------|--------|-----------------|--------|--------|--------------|--------|--------|---------------------|--------|--------|----------------------------------|--------|--------|--------|--------|
| Hotels                  | Acquisition |   | Interest     |   |   | rooms           |   |   | Occupancy(1) |   |   | per Room Ps.(2)     |   |   | 2014                             |   |   | 2013   |   |   | 2012 |   |   | Value |   |
|                    |        |   |         |   |   |            |   |   |         |   |   |                |   |   |                             |   |   |   |   |   |   |   |   |   |   |
| Intercontinental (3)    | 11/01/1997  |   |         | 76.34  | %      |            |   | 309    |         |   |   | 70.49               | %      |   |                             | 1,029  |   |   |   | 123,925 |   |   |   | 87,081 |   |   |   | 85,977 |   |   |   | 46,026 |   |
| Sheraton Libertador (4) | 03/01/1998  |   |         | 80.00  | %      |            |   | 200    |         |   |   | 76.46               | %      |   |                             | 940    |   |   |   | 74,178 |   |   |   | 52,089 |   |   |   | 55,642 |   |   |   | 35,149 |   |
| Llao Llao (5)           | 06/01/1997  |   |         | 50.00  | %      |            |   | 205    |         |   |   | 58.63               | %      |   |                             | 1,959  |   |   |   | 133,459 |   |   |   | 86,666 |   |   |   | 28,393 |   |   |   | 83,211 |   |
| Total                   | -           |   |         | -      |   |            |   | 714    |         |   |   | 68.73               | %      |   |                             | 1,230  |   |   |   | 331,562 |   |   |   | 225,836 |   |   |   | 170,012 |   |   |   | 164,386 |   |

| Notes:                                               |   |
|------------------------------------------------------|--------|
| (1) Accumulated average in the twelve-month period.  |   |
| (2) Accumulated average in the twelve-month period.  |   |
| (3) Indirectly owned through Nuevas Fronteras S.A.   |   |
| (4) Indirectly owned through Hoteles Argentinos S.A. |   |
| (5) Indirectly owned through Llao Llao Resorts S.A.  |   |

----

| Lipstick                  |   | Jun-14 |   |   | Jun-13 |   |   | YoY Var |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|---------|--------|
| Gross Leasable Area (sqm) |   |   | 58,092 |   |   |   | 57,842 |    |   |   | 0.4 | % |
| Occupancy                 |   |   | 88.94  | %      |   |   | 86.2   | %       |   |   | 2.74 | % |
| Rent (US$/sqm)            |   |   | 63.69  |   |   |   | 62.9   |    |   |   | 1.3 | % |

| Madison                   |   | Jun-14 |   |   | Jun-13 |   |   | YoY Var |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|---------|--------|
| Gross Leasable Area (sqm) |   |   | 23,489 |   |   |   | 23,489 |    |   |   | - |   |
| Occupancy rate            |   |   | 94.58  | %      |   |   | 98.5   | %       |   |   | (3.2 | %) |
| Rental price (US$/sqm)    |   |   | 43.87  |   |   |   | 40.30  |    |   |   | 8.85 | % |

----

----

|                                              |   | As of June 30,                            |     |   | % Variation |   |
|---------------------------------------------------|--------|-------------------------------------------|----------|--------|-------------|--------|
|                                              |   | 2014                                      |     |   | 2013        |   |   | 2014/2013 |   |
|                                              |   | (in millions of pesos, except percentage) |     |
| Deposits                                          |   |                                      | 13,907.2 |   |        |   | 8,978.1 |   |   |   | 54.90 | % |
| Bond(1)                                           |   |                                      | 3,501.7  |   |        |   | 2,291.7 |   |   |   | 52.80 | % |
| Loans from banking and international institutions |   |                                      | 558.4    |   |        |   | 393.0 |   |   |   | 42.10 | % |
| Borrowings from Argentine Central Bank            |   |                                      | 0.1      |   |        |   | - |   |   | NA |   |
| Total                                             |   |                                      | 17,967.4 |   |        |   | 11,662.8 |   |   |   | 54.10 | % |

| (1) | Excludes accrued interest. |
|-----|----------------------------|

----

| · | 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 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 becomes higher or lower than the amount at the time of 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. |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

----

| · | The registration of the intention to sell the property in subdivided plots with 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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| · | Guarantees and liability disclaimers; |
|--------|---------------------------------------|

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

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

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

----

| · | 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 time of 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; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | 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. |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

----

| Subsidiary                  |   | Activity    |   | Country ofincorporation |   | Ownershippercentage (1) |   |   | Voting powerpercentage |   |   | Percentageof our totalnet revenues |   |
|-----------------------------|--------|-------------|--------|-------------------------|--------|-------------------------|--------|--------|------------------------|--------|--------|------------------------------------|--------|
| Alto Palermo S.A. (APSA)    |   | Real estate |   | Argentina               |   |                    | 95.71  | %      |                   |   | 95.71  | %                                  |   |   | 74.27 | % |
| E-Commerce Latina S.A.      |   | Investment  |   | Argentina               |   |                    | 100    | %      |                   |   | 100    | %                                  |   |   | 0 | % |
| Efanur S.A.                 |   | Investment  |   | Uruguay                 |   |                    | 100    | %      |                   |   | 100    | %                                  |   |   | 0 | % |
| Hoteles Argentinos S.A.     |   | Hotel       |   | Argentina               |   |                    | 80     | %      |                   |   | 80     | %                                  |   |   | 2. 61 | % |
| Llao Llao Resorts S.A.      |   | Hotel       |   | Argentina               |   |                    | 50     | %      |                   |   | 50     | %                                  |   |   | 4.69 | % |
| Nuevas Fronteras S.A        |   | Hotel       |   | Argentina               |   |                    | 76.34  | %      |                   |   | 76.34  | %                                  |   |   | 4.36 | % |
| Inversora Bolívar S.A. |   | Investment  |   | Argentina               |   |                    | 100    | %      |                   |   | 100    | %                                  |   |   | 0 | % |
| Palermo Invest S.A.         |   | Investment  |   | Argentina               |   |                    | 100    | %      |                   |   | 100    | %                                  |   |   | 0 | % |
| Ritelco S.A.                |   | Investment  |   | Uruguay                 |   |                    | 100    | %      |                   |   | 100    | %                                  |   |   | 0 | % |
| Solares de Santa Maria S.A. |   | Real estate |   | Argentina               |   |                    | 100    | %      |                   |   | 100    | %                                  |   |   | 0.15 | % |
| Tyrus S.A.                  |   | Investment  |   | Uruguay                 |   |                    | 100    | %      |                   |   | 100    | %                                  |   |   | 3.19 | % |
| Unicity S.A.                |   | Investment  |   | Argentina               |   |                    | 100    | %      |                   |   | 100    | %                                  |   |   | 0.0 | % |

| (1) | Includes direct and indirect ownership. |
|-----|-----------------------------------------|

----

| Property (6)               |   | Date ofAcquisition |   | Leasable/Sale m2(1) |   | Location             |   | Net BookValue Ps.(2) |   | Encumbrance |   | Outstanding principalamountPs./000 |   | MaturityDate |   | Balancedue atmaturityPs./000 |   | Rate |   | Use               |   | Occupancyrate (7) |
|----------------------------|--------|--------------------|--------|---------------------|--------|----------------------|--------|----------------------|--------|-------------|--------|------------------------------------|--------|--------------|--------|------------------------------|--------|------|--------|-------------------|--------|-------------------|
| Intercontinental Plaza     |   | 11/18/1997         |   | 22,535              |   | City of Buenos Aires |   | 65,934               |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 100.0%            |
| Bouchard 710               |   | 06/01/2005         |   | 15,044              |   | City of Buenos Aires |   | 61,354               |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 99.8%             |
| Bouchard 551 (12)          |   | 03/15/2007         |   | 7,592               |   | City of Buenos Aires |   | 60,893               |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 100.0%            |
| Libertador 498             |   | 12/20/1995         |   | 620                 |   | City of Buenos Aires |   | 3,257                |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 100.0%            |
| Maipú 1300            |   | 09/28/1995         |   | 7,655               |   | City of Buenos Aires |   | 23,990               |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 87.3%             |
| Madero 1020                |   | 12/21/1995         |   | -                   |   | City of Buenos Aires |   | 134                  |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 0.0%              |
| Suipacha 652               |   | 11/22/1991         |   | 11,453              |   | City of Buenos Aires |   | 8,432                |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 100.0%            |
| Edificio República    |   | 04/28/2008         |   | 19,884              |   | City of Buenos Aires |   | 200,755              |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 94.0%             |
| Dique IV, Juana Manso 295  |   | 12/02/1997         |   | 11,298              |   | City of Buenos Aires |   | 55,100               |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 94.4%             |
| Rivadavia 2768             |   | 09/19/1991         |   | 274                 |   | City of Buenos Aires |   | 364                  |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 0.0%              |
| Constitución 1111     |   | 06/16/1994         |   | 312                 |   | City of Buenos Aires |   | 726                  |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Commercial Rental |   | 0.0%              |
| Torre Bank Boston          |   | 08/27/2007         |   | 14,873              |   | City of Buenos Aires |   | 142,085              |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Office Rental     |   | 100.0%            |
| Santa María del Plata |   | 07/10/1997         |   | 60,100              |   | City of Buenos Aires |   | 12,504               |   | -           |   | -                                  |   | -            |   | -                            |   | -    |   | Other Rentals     |   | 100.0%            |

----

| Property (6)                 |   | Date ofAcquisition |   | Leasable/Sale m2(1) |   | Location                 |   | Net BookValue Ps.(2) |   | Encumbrance |   | OutstandingprincipalamountPs./000 |   | MaturityDate |   | Balancedue atmaturityPs./000 |   | Rate |   | Use             |   | Occupancyrate (7) |
|------------------------------|--------|--------------------|--------|---------------------|--------|--------------------------|--------|----------------------|--------|-------------|--------|-----------------------------------|--------|--------------|--------|------------------------------|--------|------|--------|-----------------|--------|-------------------|
| Constitución 1159       |   | 01/16/1994         |   | 2,072               |   | City of Buenos Aires     |   | -                    |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Other Rentals   |   | 0.0%              |
| Plot of Land Catalinas Norte |   | 12/17/2009         |   | N/A                 |   | City of Buenos Aires     |   | 109,494              |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Other Rentals   |   | N/A               |
| Dot Building (3)             |   | 11/28/2006         |   | 11,242              |   | City of Buenos Aires     |   | 97,967               |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Office Rental   |   | 100.0%            |
| Other Properties (5)         |   | N/A                |   | N/A                 |   | City of Buenos Aires     |   | 67,952               |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Other Rentals   |   | N/A               |
| Alto Palermo Shopping (3)    |   | 11/23/1997         |   | 19,354              |   | City of Buenos Aires     |   | 258,200              |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Shopping Center |   | 98.9%             |
| Abasto Shopping (3)          |   | 07/17/1994         |   | 38,026              |   | City of Buenos Aires     |   | 273,575              |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Shopping Center |   | 99.4%             |
| Alto Avellaneda (3)          |   | 11/23/1997         |   | 36,565              |   | Province of Buenos Aires |   | 134,822              |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Shopping Center |   | 99.5%             |
| Paseo Alcorta (3)            |   | 06/06/1997         |   | 15,113              |   | City of Buenos Aires     |   | 103,065              |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Shopping Center |   | 99.8%             |
| Patio Bullrich (3)           |   | 10/01/1998         |   | 11,738              |   | City of Buenos Aires     |   | 116,539              |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Shopping Center |   | 99.6%             |
| Alto Noa (3)                 |   | 03/29/1995         |   | 19,157              |   | City of Salta            |   | 31,638               |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Shopping Center |   | 99.7%             |
| Buenos Aires Design (3)      |   | 11/18/1997         |   | 14,592              |   | City of Buenos Aires     |   | 15,722               |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Shopping Center |   | 92.3%             |
| Alto Rosario Shopping (3)    |   | 11/09/2004         |   | 29,516              |   | City of Rosario          |   | 119,968              |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Shopping Center |   | 97.0%             |

----

| Property (6)                                    |   | Date ofAcquisition |   | Leasable/Sale m2(1) |   | Location                           |   | Net BookValue Ps.(2) |   | Encumbrance           |   | OutstandingprincipalamountPs./000 |   | MaturityDate |   | Balancedue atmaturityPs./000 |   | Rate              |   | Use                               |   | Occupancyrate (7) |
|-------------------------------------------------|--------|--------------------|--------|---------------------|--------|------------------------------------|--------|----------------------|--------|-----------------------|--------|-----------------------------------|--------|--------------|--------|------------------------------|--------|-------------------|--------|-----------------------------------|--------|-------------------|
| Mendoza Plaza Shopping (3)                      |   | 12/02/2004         |   | 41,108              |   | City of Mendoza                    |   | 107,509              |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Shopping Center                   |   | 95.0%             |
| Córdoba Shopping – Villa Cabrera (3) |   | 12/31/2006         |   | 15,881              |   | City of Cordoba                    |   | 64,951               |   | Mortgage -Antichresis |   | 13.2                              |   | Jan-26       |   | 13.2                         |   | Libor+1,5%+CER    |   | Shopping Center                   |   | 99.8%             |
| Dot Baires Shopping (3)                         |   | 12/01/2006         |   | 46,707              |   | City of Buenos Aires               |   | 421,430              |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Shopping Center                   |   | 99.7%             |
| Soleil Premiun Outlet (3) (11)                  |   | 07/01/2010         |   | 15,190              |   | Province of Buenos Aires           |   | 88,634               |   | Mortgage              |   | 105.8                             |   | jul-17       |   | 105.8                        |   | Annual Rate 5.00% |   | Shopping Center                   |   | 100.0%            |
| Alto Comahue Project (3) (8) (10)               |   | 07/06/1999         |   | N/A                 |   | Province of Neuquen                |   | 126,799              |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Shopping Center (in construction) |   | N/A               |
| Distrito Arcos Project (3) (9) (10)             |   | 12/01/2011         |   | N/A                 |   | City of Buenos Aires               |   | 236,202              |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Shopping Center (in construction) |   | N/A               |
| Santa María del Plata                      |   | 07/10/1997         |   | 716,058             |   | Province of Buenos Aires           |   | 158,951              |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Land Reserve                      |   | N/A               |
| Patio Olmos (3)                                 |   | 09/25/2007         |   | 5,147               |   | City of Cordoba                    |   | 29,192               |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Land Reserve                      |   | N/A               |
| Caballito plot of land                          |   | 03/11/1997         |   | 8,173               |   | City of Buenos Aires               |   | 45,814               |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Land Reserve                      |   | N/A               |
| Others Reserves of Land(4)                      |   | N/A                |   | 14,391,020          |   | City and Province of Buenos Aires. |   | 11,639               |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Land Reserve                      |   | N/A               |
| Lujan (3)                                       |   | 05/31/08           |   | 1,160,000           |   | Province of Buenos Aires.          |   | 41,973               |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Land Reserve                      |   | N/A               |
| Hotel Llao Llao                                 |   | 06/01/1997         |   | 24,000              |   | Ciudad de Bariloche                |   | 83,211               |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Hotel                             |   | 58.63%            |
| Hotel Intercontinental                          |   | 01/11/1997         |   | 37,600              |   | City of Buenos Aires               |   | 46,026               |   | -                     |   | -                                 |   | -            |   | -                            |   | -                 |   | Hotel                             |   | 70.49%            |

----

| Property (6)     |   | Date ofAcquisition |   | Leasable/Sale m2(1) |   | Location             |   | Net BookValue Ps.(2) |   | Encumbrance |   | OutstandingprincipalamountPs./000 |   | MaturityDate |   | Balancedue atmaturityPs./000 |   | Rate |   | Use   |   | Occupancyrate (7) |
|------------------|--------|--------------------|--------|---------------------|--------|----------------------|--------|----------------------|--------|-------------|--------|-----------------------------------|--------|--------------|--------|------------------------------|--------|------|--------|-------|--------|-------------------|
| Hotel Libertador |   | 03/01/1998         |   | 17,463              |   | City of Buenos Aires |   | 35,149               |   | -           |   | -                                 |   | -            |   | -                            |   | -    |   | Hotel |   | 76.46%            |

----

| Item 4A. | Unresolved Staff Comments. |
|---------------|----------------------------|

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

----

| · | Business combinations; |
|--------|------------------------|

| · | Impairment testing of goodwill and intangible assets; |
|--------|-------------------------------------------------------|

| · | Determination of the fair value of financial instruments; |
|--------|-----------------------------------------------------------|

| · | Trading property; |
|--------|-------------------|

| · | Allowances; |
|--------|-------------|

| · | Taxation; |
|--------|-----------|

| · | Venture capital organization; |
|--------|-------------------------------|

| Description                                                                                 |   | Pricing model        |   | Pricing method    |   | Parameters                                                                                                         |   | Range                                                                                              |
|---------------------------------------------------------------------------------------------|--------|----------------------|--------|-------------------|--------|--------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|
| Foreign currency-contracts                                                                  |   | Present value method |   | Theoretical price |   | Money market interest-rate curve; Foreign exchange curve.                                                          |   | -                                                                                                  |
| Derivate related to “tender     offer” of IDBD shares. |   | Black-Scholes        |   | Theoretical price |   | Underlying asset price; share price volatility (historical) and money market interest-rate curve (Curve rate ILS). |   | Underlying asset price3.5 a 4.7Share price volatility30% a 40%Money market interest rate 0.7% a 1% |

----

| Borrowing to acquire shares of IDBD. |   | Underlying market value |   | Theoretical price |   | Price of the underlying assets                                                                                                |   | -                                                                                                          |
|--------------------------------------|--------|-------------------------|--------|-------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|
| Interest rate swaps                  |   | Cash flow               |   | Theoretical price |   | Interest rate and cash flow forward contract.                                                                                 |   | -                                                                                                          |
| Preferred shares of Supertel         |   | Binomial tree           |   | Theoretical price |   | Underlying asset price (Market price); share price volatility (historical) and money market interest-rate curve (Libor rate). |   | Underlying asset price 1.4 to 1.7Share price volatility 55% to 75%Money market interest rate 0.75% to 0.9% |
| Warrants of Supertel                 |   | Black-Scholes           |   | Theoretical price |   | Underlying asset price (Market price); share price volatility (historical) and money market interest-rate curve (Libor rate). |   | Underlying asset price 1.4 to 1.7Share price volatility 55% to 75%Money market interest rate 0.75% to 0.9% |
| Call option of Arcos                 |   | Discounted cash flow    |   | -                 |   | Projected income and discounted interest rate.                                                                                |   | -                                                                                                          |

| · | the acquisition, development and operation of shopping centers, including consumer finance activities, |
|--------|--------------------------------------------------------------------------------------------------------|

----

| · | the development and sale of residential properties, |
|--------|-----------------------------------------------------|

| · | the acquisition and development of office and other non-shopping center properties primarily for rental purposes, |
|--------|-------------------------------------------------------------------------------------------------------------------|

| · | the acquisition and operation of luxury hotels, |
|--------|-------------------------------------------------|

| · | the acquisition of undeveloped land reserves for future development and sale, and |
|--------|-----------------------------------------------------------------------------------|

| · | selected real estate investments outside Argentina. |
|--------|-----------------------------------------------------|

|                                                                 |   | Fiscal year ended June 30, |   |
|----------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                 |   | 2014                            |   |   | 2013 |   |   | 2012 |   |
| GDP growth(6)                                                        |   |                            | 0.00   | % |   |   | 5.5 | % |   |   | (1.5 | %) |
| Inflation (IPIM)(1)                                                  |   |                            | 27.7   | % |   |   | 13.5 | % |   |   | 12.8 | % |
| Inflation (CPI)(2)                                                   |   |                            | 15.0   | %(5) |   |   | 10.5 | % |   |   | 9.90 | % |
| Appreciation (depreciation) of the Peso against the U.S. Dollar |   |                            | (50,6  | %) |   |   | (19.1 | %) |   |   | (10.2 | %) |
| Exhange rate per US$ 1.00 as of the end of the year(3)               |   | Ps.8.0830                       |   |   | Ps.5.3680 |   |   | Ps.4.5070 |   |
| Average exchange rate per US$1.00(4)                                 |   | Ps.6.9333                       |   |   | Ps.4.9339 |   |   | 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.                                                                                                                                                                                                                                                                                                          |
| (5) | Since January 2014, the Argentine government established the IPCNu, which more broadly reflects consumer prices by considering price information from the 24 provinces of Argentina. Therefore, the consumer price index for the fiscal year ended June 30, 2014 only takes notice of the six month period after the new consumer price index was introduced. |
| (6) | As from March, 2014, a new historic base starting in 2004, was stablished for the calculation and adjustment of the GDP figures.                                                                                                                                                                                                                              |

| 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                     |   | 5.3                            | %      |                                   | 5.6 | % |
| 2010                     |   | 11.0                           | %      |                                   | 15.5 | % |
|                     |   |                           |   |                                   |   |   |
| 2011                     |   | 9.7                            | %      |                                   | 12.5 | % |
| 2012                     |   | 9.9                            | %      |                                   | 12.8 | % |
| 2013                     |   | 10.5                           | %      |                                   | 13.5 | % |
| 2014                     |   | 15.0                           | %(1)   |                                   | 27.7 | % |

| (1) | Since January 2014, the Argentine government established the IPCNu which more broadly reflects consumer prices by considering price information from the 24 provinces of Argentina. Therefore, the consumer price index for the fiscal year ended June 30, 2014 only takes notice of the six month period after the new consumer price index was introduced. The increase in inflation may erode our present macroeconomic stability, causing a negative impact on our operations. The wholesale price index increased by 27,7 % in the fiscal year 2014, and the IPCNu for the six month period ended June 30, 2014 increased 15%. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | Our Shopping Centers segment includes the operating results from our portfolio of shopping centers principally comprised of lease and service revenues related to rental of commercial space and other spaces in our shopping centers. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our “Offices and Others” segment includes the operating results of our lease and service revenues of office space and other non-retail building properties principally comprised of lease and service revenue from tenants. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our “Sale and Development” segment includes the operating results of the sales of Undeveloped parcels of land and/or trading properties, as the results related with its development and maintenance. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our “Hotels” segment includes the operating results of our hotels mainly comprised of room, catering and restaurant revenues. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our “International” segment includes profit or loss on investments in subsidiaries and/or associates that mainly operate in the United States in relation to the lease of office buildings and hotels in that country, and the results arising from investment in IDBD at fair value. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our “Financial Operations and Others” segment primarily includes the financial activities carried out by the associates Banco Hipotecario and Tarshop, and e-commerce activities carried out by the associate Avenida Inc., among others. Banco Hipotecario is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. Banco Hipotecario’s common shares are listed on the BASE. Both Tarshop’s and Apsamedia’s (Metroshop’s surviving company merged with APSA) operations consist primarily of lending and servicing activities related to the credit card and personal loan products offered to consumers at retail venues. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                      |   | Fiscal Year ended June 30, 2014 (Restated) |       |
|-----------------------------------------------------------|--------|--------------------------------------------|------------|
|                                                      |   | Total SegmentInformation                   |       |   | Adjustment for share ofprofit / (loss) ofjoint ventures |   |   | Adjustment to incomefor elimination ofinter-segmenttransactions |   |   | As per Statementof income |   |
| Revenues                                                  |   |                                       | 2,897,865  |   |   |   | (46,439 | ) |   |   | (6,250 | ) |   |   | 2,845,176 |   |
| Costs                                                     |   |                                       | (1,388,160 | ) |   |   | 28,986 |   |   |   | 4,681 |   |   |   | (1,354,493 | ) |
| Gross profit                                              |   |                                       | 1,509,705  |   |   |   | (17,453 | ) |   |   | (1,569 | ) |   |   | 1,490,683 |   |
| Gain from disposal of investment properties               |   |                                       | 235,507    |   |   |   | - |   |   |   | - |   |   |   | 235,507 |   |
| General and administrative expenses                       |   |                                       | (300,066   | ) |   |   | 804 |   |   |   | 2,334 |   |   |   | (296,928 | ) |
| Selling expenses                                          |   |                                       | (150,109   | ) |   |   | 3,507 |   |   |   | 366 |   |   |   | (146,236 | ) |
| Other operating results, net                              |   |                                       | (47,922    | ) |   |   | 3,183 |   |   |   | (1,131 | ) |   |   | (45,870 | ) |
| Profit from operations                                    |   |                                       | 1,247,115  |   |   |   | (9,959 | ) |   |   | - |   |   |   | 1,237,156 |   |
| Share of profit / (loss) of associates and joint ventures |   |                                       | (440,139   | ) |   |   | 26,368 |   |   |   | - |   |   |   | (413,771 | ) |
| Segment profit before financing and taxation              |   |                                       | 806,976    |   |   |   | 16,409 |   |   |   | - |   |   |   | 823,385 |   |

|                                                      |   | Fiscal Year ended June 30, 2013 |       |
|-----------------------------------------------------------|--------|---------------------------------|------------|
|                                                      |   | Total SegmentInformation        |       |   | Adjustment for share ofprofit / (loss) ofjoint ventures |   |   | Adjustment to incomefor elimination ofinter-segmenttransactions |   |   | As per Statementof income |   |
| Revenues                                                  |   |                            | 2,327,308  |   |   |   | (136,229 | ) |   |   | (3,899 | ) |   |   | 2,187,180 |   |
| Costs                                                     |   |                            | (1,196,160 | ) |   |   | 105,882 |   |   |   | 2,667 |   |   |   | (1,087,611 | ) |
| Gross profit                                              |   |                            | 1,131,148  |   |   |   | (30,347 | ) |   |   | (1,232 | ) |   |   | 1,099,569 |   |
| Gain from disposal of investment properties               |   |                            | 183,767    |   |   |   | - |   |   |   | - |   |   |   | 183,767 |   |
| General and administrative expenses                       |   |                            | (198,772   | ) |   |   | 2,157 |   |   |   | 1,774 |   |   |   | (194,841 | ) |
| Selling expenses                                          |   |                            | (117,230   | ) |   |   | 10,993 |   |   |   | 112 |   |   |   | (106,125 | ) |
| Other operating results, net                              |   |                            | 92,425     |   |   |   | 1,497 |   |   |   | (654 | ) |   |   | 93,268 |   |
| Profit from operations                                    |   |                            | 1,091,338  |   |   |   | (15,700 | ) |   |   | - |   |   |   | 1,075,638 |   |
| Share of profit / (loss) of associates and joint ventures |   |                            | (20,080    | ) |   |   | 12,689 |   |   |   | - |   |   |   | (7,391 | ) |
| Segment profit before financing and taxation              |   |                            | 1,071,258  |   |   |   | (3,011 | ) |   |   | - |   |   |   | 1,068,247 |   |

|                                         |   | Fiscal Year ended June 30, 2012 |      |
|----------------------------------------------|--------|---------------------------------|-----------|
|                                         |   | Total SegmentInformation        |      |   | Adjustment for share ofprofit / (loss) ofjoint ventures |   |   | Adjustment to incomefor elimination ofinter-segmenttransactions |   |   | As per Statementof income |   |
| Revenues                                     |   |                            | 1,914,702 |   |   |   | (122,843 | ) |   |   | (1,543 | ) |   |   | 1,790,316 |   |
| Costs                                        |   |                            | (957,021  | ) |   |   | 98,281 |   |   |   | 82 |   |   |   | (858,658 | ) |
| Gross profit                                 |   |                            | 957,681   |   |   |   | (24,562 | ) |   |   | (1,461 | ) |   |   | 931,658 |   |
| Gain from disposal of investment properties  |   |                            | 116,689   |   |   |   | - |   |   |   | - |   |   |   | 116,689 |   |
| General and administrative expenses          |   |                            | (178,701  | ) |   |   | 2,395 |   |   |   | 1,959 |   |   |   | (174,347 | ) |
| Selling expenses                             |   |                            | (95,991   | ) |   |   | 11,218 |   |   |   | - |   |   |   | (84,773 | ) |
| Other operating results, net                 |   |                            | (36,497   | ) |   |   | 4,549 |   |   |   | (498 | ) |   |   | (32,446 | ) |
| Profit from operations                       |   |                            | 763,181   |   |   |   | (6,400 | ) |   |   | - |   |   |   | 756,781 |   |
| Share of profit / (loss) of associates       |   |                            | 14,766    |   |   |   | (3,106 | ) |   |   | - |   |   |   | 11,660 |   |
| Segment profit before financing and taxation |   |                            | 777,947   |   |   |   | (9,506 | ) |   |   | - |   |   |   | 768,441 |   |

----

|                                                    |   | Fiscal Year ended June 30, |      |
|---------------------------------------------------------|--------|----------------------------|-----------|
|                                                    |   | 2014 (Restated)            |      |   | 2013 |   |   | 2012 |   |
| Total reportable assets as per segment information      |   |                       | 7,206,639 |   |   |   | 5,814,519 |   |   |   | 5,264,916 |   |
| Investment properties                                   |   |                       | (137,253  | ) |   |   | (161,664 | ) |   |   | (215,838 | ) |
| Property, plant and equipment                           |   |                       | (99       | ) |   |   | (112 | ) |   |   | - |   |
| Trading properties                                      |   |                       | (5,908    | ) |   |   | (19,396 | ) |   |   | (125,433 | ) |
| Goodwill                                                |   |                       | (5,235    | ) |   |   | (5,235 | ) |   |   | (5,235 | ) |
| Right to receive future units under barter agreements   |   |                       | -         |   |   |   | - |   |   |   | - |   |
| Inventories                                             |   |                       | (257      | ) |   |   | (106 | ) |   |   | - |   |
| Assets held for sale                                    |   |                       | -         |   |   |   | - |   |   |   | - |   |
| Investment in associates and joint ventures             |   |                       | 293,509   |   |   |   | 264,461 |   |   |   | 228,970 |   |
| Total assets as per the statement of financial position |   |                       | 7,351,396 |   |   |   | 5,892,467 |   |   |   | 5,147,380 |   |

----

|                                                      |   | Fiscal Year ended June 30, 2014 (Restated) |      |
|-----------------------------------------------------------|--------|--------------------------------------------|-----------|
|                                                      |   | Shopping Center                            |      |   | Offices and others |   |   | Sales anddevelopments |   |   | Hotels |   |   | International |   |   | Financialoperations andothers |   |   | Total UrbanProperties andInvestment |   |
| Revenues (i)                                              |   |                                       | 2,048,516 |   |   |   | 340,862 |   |   |   | 85,531 |   |   |   | 331,562 |   |   |   | 90,820 |   |   |   | 574 |   |   |   | 2,897,865 |   |
| Costs                                                     |   |                                       | (966,187  | ) |   |   | (111,718 | ) |   |   | (33,498 | ) |   |   | (215,980 | ) |   |   | (60,404 | ) |   |   | (373 | ) |   |   | (1,388,160 | ) |
| Gross Profit                                              |   |                                       | 1,082,329 |   |   |   | 229,144 |   |   |   | 52,033 |   |   |   | 115,582 |   |   |   | 30,416 |   |   |   | 201 |   |   |   | 1,509,705 |   |
| Gain from disposal of investment properties               |   |                                       | -         |   |   |   | - |   |   |   | 235,507 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 235,507 |   |
| General and administrative expenses                       |   |                                       | (101,538  | ) |   |   | (41,945 | ) |   |   | (37,466 | ) |   |   | (59,585 | ) |   |   | (59,476 | ) |   |   | (56 | ) |   |   | (300,066 | ) |
| Selling expenses                                          |   |                                       | (73,427   | ) |   |   | (20,751 | ) |   |   | (13,706 | ) |   |   | (42,335 | ) |   |   | - |   |   |   | 110 |   |   |   | (150,109 | ) |
| Other operating results, net                              |   |                                       | (46,568   | ) |   |   | (3,060 | ) |   |   | 8,137 |   |   |   | (2,680 | ) |   |   | (895 | ) |   |   | (2,856 | ) |   |   | (47,922 | ) |
| Profit / (loss) from operations                           |   |                                       | 860,796   |   |   |   | 163,388 |   |   |   | 244,505 |   |   |   | 10,982 |   |   |   | (29,955 | ) |   |   | (2,601 | ) |   |   | 1,247,115 |   |
| Share of profit / (loss) of associates and joint ventures |   |                                       | -         |   |   |   | (899 | ) |   |   | 6,368 |   |   |   | 789 |   |   |   | (616,313 | ) |   |   | 169,916 |   |   |   | (440,139 | ) |
| Segment Profit / (loss)                                   |   |                                       | 860,796   |   |   |   | 162,489 |   |   |   | 250,873 |   |   |   | 11,771 |   |   |   | (646,268 | ) |   |   | 167,315 |   |   |   | 806,976 |   |
| Investment properties                                     |   |                                       | 2,253,372 |   |   |   | 783,683 |   |   |   | 369,793 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,406,848 |   |
| Property, plant and equipment                             |   |                                       | 20,455    |   |   |   | 30,026 |   |   |   | 3,744 |   |   |   | 164,386 |   |   |   | 1,501 |   |   |   | - |   |   |   | 220,112 |   |
| Trading properties                                        |   |                                       | -         |   |   |   | - |   |   |   | 141,161 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 141,161 |   |
| Goodwill                                                  |   |                                       | 1,667     |   |   |   | 9,392 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,059 |   |
| Right to receive future units under barter agreements     |   |                                       | 9,264     |   |   |   | - |   |   |   | 75,813 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 85,077 |   |
| Assets classified as held for sale (iii)                  |   |                                       | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,357,866 |   |   |   | - |   |   |   | 1,357,866 |   |
| Inventories                                               |   |                                       | 10,625    |   |   |   | - |   |   |   | 584 |   |   |   | 6,011 |   |   |   | - |   |   |   | - |   |   |   | 17,220 |   |
| Investments in associates and joint ventures              |   |                                       | -         |   |   |   | 23,208 |   |   |   | 38,289 |   |   |   | 22,129 |   |   |   | 628,658 |   |   |   | 1,255,012 |   |   |   | 1,967,296 |   |
| Operating assets (ii)                                     |   |                                       | 2,295,383 |   |   |   | 846,309 |   |   |   | 629,384 |   |   |   | 192,526 |   |   |   | 1,988,025 |   |   |   | 1,255,012 |   |   |   | 7,206,639 |   |

| (i)   | From all of our revenues, Ps. 2.807 million is originated in Argentina and Ps. 91 million in the United States. |
|-----------------|-----------------------------------------------------------------------------------------------------------------|

| (ii)   | From all of our assets included in the segment, Ps. 5,108 million is located in Argentina and Ps. 2,099 million in other countries, principally in the United States for Ps. 1,988 and Uruguay for Ps. 111 million, respectively. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | See Note 42 for details. |
|-------------------|--------------------------|

----

|                                                      |   | Fiscal Year ended June 30, 2013 |      |
|-----------------------------------------------------------|--------|---------------------------------|-----------|
|                                                      |   | Shopping Center                 |      |   | Offices and others |   |   | Sales anddevelopments |   |   | Hotels |   |   | International |   |   | Financialoperations andothers |   |   | Total UrbanProperties andInvestment |   |
| Revenues (i)                                              |   |                            | 1,625,013 |   |   |   | 292,355 |   |   |   | 141,996 |   |   |   | 225,836 |   |   |   | 40,905 |   |   |   | 1,203 |   |   |   | 2,327,308 |   |
| Costs                                                     |   |                            | (768,516  | ) |   |   | (118,561 | ) |   |   | (106,399 | ) |   |   | (168,283 | ) |   |   | (33,494 | ) |   |   | (907 | ) |   |   | (1,196,160 | ) |
| Gross Profit                                              |   |                            | 856,497   |   |   |   | 173,794 |   |   |   | 35,597 |   |   |   | 57,553 |   |   |   | 7,411 |   |   |   | 296 |   |   |   | 1,131,148 |   |
| Gain from disposal of investment property                 |   |                            | -         |   |   |   | - |   |   |   | 183,767 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 183,767 |   |
| General and administrative expenses                       |   |                            | (67,596   | ) |   |   | (34,984 | ) |   |   | (32,901 | ) |   |   | (49,883 | ) |   |   | (13,158 | ) |   |   | (250 | ) |   |   | (198,772 | ) |
| Selling expenses                                          |   |                            | (58,908   | ) |   |   | (11,360 | ) |   |   | (16,455 | ) |   |   | (28,919 | ) |   |   | - |   |   |   | (1,588 | ) |   |   | (117,230 | ) |
| Other operating results, net                              |   |                            | (45,020   | ) |   |   | (247 | ) |   |   | 6,342 |   |   |   | (369 | ) |   |   | 135,082 |   |   |   | (3,363 | ) |   |   | 92,425 |   |
| Profit / (loss) from operations                           |   |                            | 684,973   |   |   |   | 127,203 |   |   |   | 176,350 |   |   |   | (21,618 | ) |   |   | 129,335 |   |   |   | (4,905 | ) |   |   | 1,091,338 |   |
| Share of profit / (loss) of associates and joint ventures |   |                            | -         |   |   |   | (2,514 | ) |   |   | 2,329 |   |   |   | 83 |   |   |   | (82,552 | ) |   |   | 62,574 |   |   |   | (20,080 | ) |
| Segment Profit / (loss)                                   |   |                            | 684,973   |   |   |   | 124,689 |   |   |   | 178,679 |   |   |   | (21,535 | ) |   |   | 46,783 |   |   |   | 57,669 |   |   |   | 1,071,258 |   |
| Investment properties                                     |   |                            | 2,224,008 |   |   |   | 799,644 |   |   |   | 376,691 |   |   |   | - |   |   |   | 744,587 |   |   |   | - |   |   |   | 4,144,930 |   |
| Property, plant and equipment                             |   |                            | 17,385    |   |   |   | 23,029 |   |   |   | 3,972 |   |   |   | 168,200 |   |   |   | 199 |   |   |   | - |   |   |   | 212,785 |   |
| Trading properties                                        |   |                            | -         |   |   |   | - |   |   |   | 125,549 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 125,549 |   |
| Goodwill                                                  |   |                            | 1,667     |   |   |   | 9,392 |   |   |   | - |   |   |   | - |   |   |   | 51,069 |   |   |   | - |   |   |   | 62,128 |   |
| Right to receive future units under barter agreements     |   |                            | 9,264     |   |   |   | - |   |   |   | 83,961 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 93,225 |   |
| Inventories                                               |   |                            | 10,002    |   |   |   | - |   |   |   | 463 |   |   |   | 5,962 |   |   |   | - |   |   |   | - |   |   |   | 16,427 |   |
| Investments in associates and joint ventures              |   |                            | -         |   |   |   | 23,385 |   |   |   | 32,759 |   |   |   | 21,339 |   |   |   | 802 |   |   |   | 1,081,190 |   |   |   | 1,159,475 |   |
| Operating assets (ii)                                     |   |                            | 2,262,326 |   |   |   | 855,450 |   |   |   | 623,395 |   |   |   | 195,501 |   |   |   | 796,657 |   |   |   | 1,081,190 |   |   |   | 5,814,519 |   |

|   | From all of our revenues, Ps. 2,286 million is originated in Argentina and Ps. 41 million in the United States. |
|--------|-----------------------------------------------------------------------------------------------------------------|

|   | From all of our assets included in the segment, Ps. 4,937 million is located in Argentina and Ps. 877 million in other countries, principally in the United States for Ps. 797 and Uruguay for Ps. 81 million, respectively. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                        |   | Fiscal Year ended June 30, 2012 |      |
|-------------------------------------------------------------|--------|---------------------------------|-----------|
|                                                        |   | Shopping Center                 |      |   | Offices andothers |   |   | Sales anddevelopments |   |   | Hotels |   |   | International |   |   | Financialoperations andothers |   |   | Total UrbanProperties andInvestment |   |
| Revenues (i)                                                |   |                            | 1,321,589 |   |   |   | 255,515 |   |   |   | 162,750 |   |   |   | 170,012 |   |   |   | - |   |   |   | 4,836 |   |   |   | 1,914,702 |   |
| Costs                                                       |   |                            | (628,474  | ) |   |   | (95,007 | ) |   |   | (114,191 | ) |   |   | (117,662 | ) |   |   | - |   |   |   | (1,687 | ) |   |   | (957,021 | ) |
| Gross Profit                                                |   |                            | 693,115   |   |   |   | 160,508 |   |   |   | 48,559 |   |   |   | 52,350 |   |   |   | - |   |   |   | 3,149 |   |   |   | 957,681 |   |
| Gain from disposal of investment properties                 |   |                            | -         |   |   |   | - |   |   |   | 116,689 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 116,689 |   |
| General and administrative expenses                         |   |                            | (58,324   | ) |   |   | (36,897 | ) |   |   | (36,473 | ) |   |   | (37,873 | ) |   |   | (8,838 | ) |   |   | (296 | ) |   |   | (178,701 | ) |
| Selling expenses                                            |   |                            | (44,175   | ) |   |   | (10,049 | ) |   |   | (21,136 | ) |   |   | (22,788 | ) |   |   | - |   |   |   | 2,157 |   |   |   | (95,991 | ) |
| Other operating results, net                                |   |                            | (23,126   | ) |   |   | (5,804 | ) |   |   | (6,820 | ) |   |   | (1,526 | ) |   |   | 43 |   |   |   | 736 |   |   |   | (36,497 | ) |
| Profit / (loss) from operations                             |   |                            | 567,490   |   |   |   | 107,758 |   |   |   | 100,819 |   |   |   | (9,837 | ) |   |   | (8,795 | ) |   |   | 5,746 |   |   |   | 763,181 |   |
| Share of profit / (loss) of associates                      |   |                            | -         |   |   |   | - |   |   |   | 1,046 |   |   |   | (134 | ) |   |   | (76,840 | ) |   |   | 90,694 |   |   |   | 14,766 |   |
| Segment Profit / (loss)                                     |   |                            | 567,490   |   |   |   | 107,758 |   |   |   | 101,865 |   |   |   | (9,971 | ) |   |   | (85,635 | ) |   |   | 96,440 |   |   |   | 777,947 |   |
| Investment properties                                       |   |                            | 2,139,447 |   |   |   | 980,178 |   |   |   | 362,175 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,481,800 |   |
| Property, plant and equipment                               |   |                            | 15,989    |   |   |   | 26,359 |   |   |   | 4,164 |   |   |   | 181,322 |   |   |   | 199 |   |   |   | - |   |   |   | 228,033 |   |
| Trading properties                                          |   |                            | -         |   |   |   | - |   |   |   | 218,295 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 218,295 |   |
| Goodwill                                                    |   |                            | 1,667     |   |   |   | 9,392 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,059 |   |
|  Right to receive future units under barter agreements |   |                            | 9,264     |   |   |   | - |   |   |   | 83,961 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 93,225 |   |
| Inventories                                                 |   |                            | 10,394    |   |   |   | - |   |   |   | 474 |   |   |   | 4,791 |   |   |   | - |   |   |   | - |   |   |   | 15,659 |   |
| Investments in associates                                   |   |                            | -         |   |   |   | - |   |   |   | 28,727 |   |   |   | 21,256 |   |   |   | 118,326 |   |   |   | 1,048,536 |   |   |   | 1,216,845 |   |
| Total segment assets (ii)                                   |   |                            | 2,176,761 |   |   |   | 1,015,929 |   |   |   | 697,796 |   |   |   | 207,369 |   |   |   | 118,525 |   |   |   | 1,048,536 |   |   |   | 5,264,916 |   |

|   | Our revenues are entirely originated in Argentina. |
|--------|----------------------------------------------------|

|   | From all of our assets included in the segment, Ps. 5,085 million is located in Argentina and Ps. 180 million in other countries, principally in the United States for Ps. 119 and Uruguay for Ps. 61 million, respectively. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                            |   | Fiscal Year ended on June 30, 2014 |    |
|---------------------------------|--------|------------------------------------|---------|
| Revenues                        |   | Incomestatement                    |    |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | 2,032.0 |   |   |   | 15.1 |   |   |   | 1.4 |   |   |   | 2,048.5 |   |
| Offices and others              |   |                               | 327.6   |   |   |   | 8.5 |   |   |   | 4.8 |   |   |   | 340.9 |   |
| Sales and Developments          |   |                               | 62.6    |   |   |   | 22.9 |   |   |   | - |   |   |   | 85.5 |   |
| Hotels                          |   |                               | 331.6   |   |   |   | - |   |   |   | - |   |   |   | 331.6 |   |
| International                   |   |                               | 90.8    |   |   |   | - |   |   |   | - |   |   |   | 90.8 |   |
| Financial Operations and Others |   |                               | 0.6     |   |   |   | - |   |   |   | - |   |   |   | 0.6 |   |
| Total revenues                  |   |                               | 2,845.2 |   |   |   | 46.5 |   |   |   | 6.2 |   |   |   | 2,897.9 |   |

----

|                            |   | Fiscal Year ended on June 30, 2013 |    |
|---------------------------------|--------|------------------------------------|---------|
| Revenues                        |   | Incomestatement                    |    |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | 1,613.3 |   |   |   | 11.7 |   |   |   | - |   |   |   | 1,625.0 |   |
| Offices and others              |   |                               | 281.1   |   |   |   | 7.4 |   |   |   | 3.9 |   |   |   | 292.4 |   |
| Sales and Developments          |   |                               | 24.9    |   |   |   | 117.1 |   |   |   | - |   |   |   | 142.0 |   |
| Hotels                          |   |                               | 225.8   |   |   |   | - |   |   |   | - |   |   |   | 225.8 |   |
| International                   |   |                               | 40.9    |   |   |   | - |   |   |   | - |   |   |   | 40.9 |   |
| Financial Operations and Others |   |                               | 1.2     |   |   |   | - |   |   |   | - |   |   |   | 1.2 |   |
| Total revenues                  |   |                               | 2,187.2 |   |   |   | 136.2 |   |   |   | 3.9 |   |   |   | 2,327.3 |   |

|                            |   | Fiscal Year ended on June 30, 2014 |     |
|---------------------------------|--------|------------------------------------|----------|
| Costs                           |   | Incomestatement                    |     |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | (952.9   | ) |   |   | (8.6 | ) |   |   | (4.7 | ) |   |   | (966.2 | ) |
| Offices and others              |   |                               | (107.3   | ) |   |   | (4.4 | ) |   |   | - |   |   |   | (111.7 | ) |
| Sales and Developments          |   |                               | (17.5    | ) |   |   | (16.0 | ) |   |   | - |   |   |   | (33.5 | ) |
| Hotels                          |   |                               | (216.0   | ) |   |   | - |   |   |   | - |   |   |   | (216.0 | ) |
| International                   |   |                               | (60.4    | ) |   |   | - |   |   |   | - |   |   |   | (60.4 | ) |
| Financial Operations and Others |   |                               | (0.4     | ) |   |   | - |   |   |   | - |   |   |   | (0.4 | ) |
| Total Costs                     |   |                               | (1,354.5 | ) |   |   | (29.0 | ) |   |   | (4.7 | ) |   |   | (1,388.2 | ) |

----

|                            |   | Fiscal Year ended on June 30, 2013 |     |
|---------------------------------|--------|------------------------------------|----------|
| Costs                           |   | Incomestatement                    |     |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | (759.0   | ) |   |   | (6.9 | ) |   |   | (2.7 | ) |   |   | (768.5 | ) |
| Offices and others              |   |                               | (113.8   | ) |   |   | (4.8 | ) |   |   | - |   |   |   | (118.6 | ) |
| Sales and Developments          |   |                               | (12.2    | ) |   |   | (94.2 | ) |   |   | - |   |   |   | (106.4 | ) |
| Hotels                          |   |                               | (168.3   | ) |   |   | - |   |   |   | - |   |   |   | (168.3 | ) |
| International                   |   |                               | (33.5    | ) |   |   | - |   |   |   | - |   |   |   | (33.5 | ) |
| Financial Operations and Others |   |                               | (0.9     | ) |   |   | - |   |   |   | - |   |   |   | (0.9 | ) |
| Total Costs                     |   |                               | (1,087.7 | ) |   |   | (105.9 | ) |   |   | (2.7 | ) |   |   | (1,196.2 | ) |

----

|                                |   | Fiscal Year ended on June 30, 2014 |   |
|-------------------------------------|--------|------------------------------------|--------|
| General and administrative expenses |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                    |   |                               | (100.7 | ) |   |   | (0.1 | ) |   |   | (0.7 | ) |   |   | (101.5 | ) |
| Offices and others                  |   |                               | (41.2  | ) |   |   | (0.1 | ) |   |   | (0.6 | ) |   |   | (41.9 | ) |
| Sales and Developments              |   |                               | (37.0  | ) |   |   | (0.5 | ) |   |   | - |   |   |   | (37.5 | ) |
| Hotels                              |   |                               | (58.6  | ) |   |   | - |   |   |   | (1.0 | ) |   |   | (59.6 | ) |
| International                       |   |                               | (59.5  | ) |   |   | - |   |   |   | - |   |   |   | (59.5 | ) |
| Financial Operations and Others     |   |                               | (0.1   | ) |   |   | - |   |   |   | - |   |   |   | (0.1 | ) |
| Total administrative expenses       |   |                               | (296.9 | ) |   |   | (0.7 | ) |   |   | (2.3 | ) |   |   | (300.1 | ) |

|                                |   | Fiscal Year ended on June 30, 2013 |   |
|-------------------------------------|--------|------------------------------------|--------|
| General and administrative expenses |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                    |   |                               | (66.4  | ) |   |   | (0.1 | ) |   |   | (1.1 | ) |   |   | (67.6 | ) |
| Offices and others                  |   |                               | (34.8  | ) |   |   | (0.2 | ) |   |   | - |   |   |   | (35.0 | ) |
| Sales and Developments              |   |                               | (31.0  | ) |   |   | (1.9 | ) |   |   | - |   |   |   | (32.9 | ) |
| Hotels                              |   |                               | (49.4  | ) |   |   | - |   |   |   | (0.5 | ) |   |   | (49.9 | ) |
| International                       |   |                               | (13.2  | ) |   |   | - |   |   |   | - |   |   |   | (13.2 | ) |
| Financial Operations and Others     |   |                               | (0.3   | ) |   |   | - |   |   |   | - |   |   |   | (0.3 | ) |
| Total administrative expenses       |   |                               | (195.0 | ) |   |   | (2.2 | ) |   |   | (1.6 | ) |   |   | (198.9 | ) |

----

|                            |   | Fiscal Year ended on June 30, 2014 |   |
|---------------------------------|--------|------------------------------------|--------|
| Selling expenses                |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | (72.5  | ) |   |   | (0.7 | ) |   |   | (0.2 | ) |   |   | (73.4 | ) |
| Offices and others              |   |                               | (20.3  | ) |   |   | (0.4 | ) |   |   | - |   |   |   | (20.7 | ) |
| Sales and Developments          |   |                               | (11.3  | ) |   |   | (2.4 | ) |   |   | - |   |   |   | (13.7 | ) |
| Hotels                          |   |                               | (42.2  | ) |   |   | - |   |   |   | (0.2 | ) |   |   | (42.4 | ) |
| International                   |   |                               | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Financial Operations and Others |   |                               | 0.1    |   |   |   | - |   |   |   | - |   |   |   | 0.1 |   |
| Total de Selling expenses       |   |                               | (146.2 | ) |   |   | (3.5 | ) |   |   | (0.4 | ) |   |   | (150.1 | ) |

|                            |   | Year ended on June 30, 2013 |   |
|---------------------------------|--------|-----------------------------|--------|
| Selling expenses                |   | Incomestatement             |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                        | (58.2  | ) |   |   | (0.7 | ) |   |   | - |   |   |   | (58.9 | ) |
| Offices and others              |   |                        | (10.9  | ) |   |   | (0.5 | ) |   |   | - |   |   |   | (11.4 | ) |
| Sales and Developments          |   |                        | (6.7   | ) |   |   | (9.8 | ) |   |   | - |   |   |   | (16.5 | ) |
| Hotels                          |   |                        | (28.8  | ) |   |   | - |   |   |   | (0.1 | ) |   |   | (28.9 | ) |
| International                   |   |                        | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Financial Operations and Others |   |                        | (1.6   | ) |   |   | - |   |   |   | - |   |   |   | (1.6 | ) |
| Total de Selling expenses       |   |                        | (106.2 | ) |   |   | (11.0 | ) |   |   | (0.1 | ) |   |   | (117.3 | ) |

----

|                                  |   | Year ended on June 30, 2014 |   |
|---------------------------------------|--------|-----------------------------|--------|
| Other operating results, net          |   | Incomestatement             |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                      |   |                        | (46.0  | ) |   |   | (0.7 | ) |   |   | 0.1 |   |   |   | (46.6 | ) |
| Offices and others                    |   |                        | (1.8   | ) |   |   | (2.3 | ) |   |   | 1.0 |   |   |   | (3.1 | ) |
| Sales and Developments                |   |                        | 8.3    |   |   |   | (0.2 | ) |   |   | - |   |   |   | 8.1 |   |
| Hotels                                |   |                        | (2.7   | ) |   |   | - |   |   |   | - |   |   |   | (2.7 | ) |
| International                         |   |                        | (0.9   | ) |   |   | - |   |   |   | - |   |   |   | (0.9 | ) |
| Financial Operations and Others       |   |                        | (2.9   | ) |   |   | - |   |   |   | - |   |   |   | (2.9 | ) |
| Total de Other operating results, net |   |                        | (46.0  | ) |   |   | (3.2 | ) |   |   | 1.1 |   |   |   | (48.1 | ) |

|                                  |   | Year ended on June 30, 2013 |   |
|---------------------------------------|--------|-----------------------------|--------|
| Other operating results, net          |   | Incomestatement             |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                      |   |                        | (44.5  | ) |   |   | (0.5 | ) |   |   | - |   |   |   | (45.0 | ) |
| Offices and others                    |   |                        | 0.2    |   |   |   | (1.0 | ) |   |   | 0.5 |   |   |   | (0.2 | ) |
| Sales and Developments                |   |                        | 6.3    |   |   |   | 0.1 |   |   |   | - |   |   |   | 6.3 |   |
| Hotels                                |   |                        | (0.4   | ) |   |   | - |   |   |   | - |   |   |   | (0.4 | ) |
| International                         |   |                        | 135.1  |   |   |   | - |   |   |   | - |   |   |   | 135.1 |   |
| Financial Operations and Others       |   |                        | (3.4   | ) |   |   | - |   |   |   | - |   |   |   | (3.4 | ) |
| Total de Other operating results, net |   |                        | 93.3   |   |   |   | (1.4 | ) |   |   | 0.5 |   |   |   | 92.4 |   |

----

----

|                            |   | Fiscal Year ended on June 30, 2013 |    |
|---------------------------------|--------|------------------------------------|---------|
| Revenues                        |   | Incomestatement                    |    |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | 1,613.3 |   |   |   | 11.7 |   |   |   | - |   |   |   | 1,625.0 |   |
| Offices and others              |   |                               | 281.1   |   |   |   | 7.4 |   |   |   | 3.9 |   |   |   | 292.4 |   |
| Sales and Developments          |   |                               | 24.9    |   |   |   | 117.1 |   |   |   | - |   |   |   | 142.0 |   |
| Hotels                          |   |                               | 225.8   |   |   |   | - |   |   |   | - |   |   |   | 225.8 |   |
| International                   |   |                               | 40.9    |   |   |   | - |   |   |   | - |   |   |   | 40.9 |   |
| Financial Operations and Others |   |                               | 1.2     |   |   |   | - |   |   |   | - |   |   |   | 1.2 |   |
| Total revenues                  |   |                               | 2,187.2 |   |   |   | 136.2 |   |   |   | 3.9 |   |   |   | 2,327.3 |   |

----

|                            |   | Fiscal Year ended on June 30, 2012 |    |
|---------------------------------|--------|------------------------------------|---------|
| Revenues                        |   | Incomestatement                    |    |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | 1,317.8 |   |   |   | 3.8 |   |   |   | - |   |   |   | 1,321.6 |   |
| Offices and others              |   |                               | 245.9   |   |   |   | 8.2 |   |   |   | 1.5 |   |   |   | 255.6 |   |
| Sales and Developments          |   |                               | 51.9    |   |   |   | 110.9 |   |   |   | - |   |   |   | 162.8 |   |
| Hotels                          |   |                               | 170.0   |   |   |   | - |   |   |   | - |   |   |   | 170.0 |   |
| International                   |   |                               | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Financial Operations and Others |   |                               | 4.8     |   |   |   | - |   |   |   | - |   |   |   | 4.8 |   |
| Total revenues                  |   |                               | 1,790.4 |   |   |   | 122.9 |   |   |   | 1.5 |   |   |   | 1,914.8 |   |

| · | Ps. 110.6 million in revenues from the sale of Horizons’ completed units; |
|--------|--------------------------------------------------------------------------------------|

| · | Ps. 27.3 million in revenues from the sale of plots of “Rosario Plots”; |
|--------|------------------------------------------------------------------------------------------|

| · | Ps. 10.3 million in revenues from the sale of plots of “El Encuentro”, and |
|--------|---------------------------------------------------------------------------------------------|

| · | Ps. 9.2 million in revenues from the sale of Caballito Nuevo. |
|--------|--------------------------------------------------------------------|

| · | Ps. 117.1 million in revenues from the sale of Horizons’ completed units; |
|--------|--------------------------------------------------------------------------------------|

| · | Ps. 11.7 million in revenues from the sale of plots of “El Encuentro”, and |
|--------|---------------------------------------------------------------------------------------------|

| · | Ps. 7.0 million in revenues from the sale of Caballito Nuevo. |
|--------|--------------------------------------------------------------------|

----

|                            |   | Fiscal Year ended on June 30, 2013 |     |
|---------------------------------|--------|------------------------------------|----------|
| Costs                           |   | Incomestatement                    |     |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | (759.0   | ) |   |   | (6.9 | ) |   |   | (2.7 | ) |   |   | (768.6 | ) |
| Offices and others              |   |                               | (113.8   | ) |   |   | (4.8 | ) |   |   | - |   |   |   | (118.6 | ) |
| Sales and Developments          |   |                               | (12.2    | ) |   |   | (94.2 | ) |   |   | - |   |   |   | (106.4 | ) |
| Hotels                          |   |                               | (168.3   | ) |   |   | - |   |   |   | - |   |   |   | (168.3 | ) |
| International                   |   |                               | (33.5    | ) |   |   | - |   |   |   | - |   |   |   | (33.5 | ) |
| Financial Operations and Others |   |                               | (0.9     | ) |   |   | - |   |   |   | - |   |   |   | (0.9 | ) |
| Total Costs                     |   |                               | (1,087.7 | ) |   |   | (105.9 | ) |   |   | (2.7 | ) |   |   | (1,196.3 | ) |

|                            |   | Fiscal Year ended on June 30, 2012 |   |
|---------------------------------|--------|------------------------------------|--------|
| Costs                           |   | Incomestatement                    |   |   | Interests injoint venture |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | (625.3 | ) |   |   | (3.1 | ) |   |   | (0.1 | ) |   |   | (628.5 | ) |
| Offices and others              |   |                               | (93.7  | ) |   |   | (1.3 | ) |   |   | - |   |   |   | (95.0 | ) |
| Sales and Developments          |   |                               | (20.2  | ) |   |   | (94.0 | ) |   |   | - |   |   |   | (114.2 | ) |
| Hotels                          |   |                               | (117.7 | ) |   |   | - |   |   |   | - |   |   |   | (117.7 | ) |
| International                   |   |                               | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Financial Operations and Others |   |                               | (1.7   | ) |   |   | - |   |   |   | - |   |   |   | (1.7 | ) |
| Total Costs                     |   |                               | (858.6 | ) |   |   | (98.4 | ) |   |   | (0.1 | ) |   |   | (957.1 | ) |

| · | Ps. 91.3 million of costs related to the sale of Horizons’ completed units; |
|--------|----------------------------------------------------------------------------------------|

----

| · | Ps. 7.6 million of costs related to the sale of plots of “Rosario Plot”, and |
|--------|-----------------------------------------------------------------------------------------------|

| · | Ps. 3.0 million of costs related to the sale of Caballito Nuevo. |
|--------|-----------------------------------------------------------------------|

| · | Ps. 91.1 million of costs related to the sale of Horizons’ completed units; |
|--------|----------------------------------------------------------------------------------------|

| · | Ps. 1.8 million of costs related to the sale of Caballito Nuevo; and |
|--------|---------------------------------------------------------------------------|

| · | Ps. 1.8 million of costs related to the sale of plots of “El Encuentro”. |
|--------|-------------------------------------------------------------------------------------------|

|                                |   | Fiscal Year ended on June 30, 2013 |   |
|-------------------------------------|--------|------------------------------------|--------|
| General and administrative expenses |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                    |   |                               | (66.4  | ) |   |   | (0.1 | ) |   |   | (1.1 | ) |   |   | (67.6 | ) |
| Offices and others                  |   |                               | (34.8  | ) |   |   | (0.2 | ) |   |   | - |   |   |   | (35.0 | ) |
| Sales and Developments              |   |                               | (31.0  | ) |   |   | (1.9 | ) |   |   | - |   |   |   | (32.9 | ) |
| Hotels                              |   |                               | (49.4  | ) |   |   | - |   |   |   | (0.5 | ) |   |   | (49.9 | ) |
| International                       |   |                               | (13.2  | ) |   |   | - |   |   |   | - |   |   |   | (13.2 | ) |
| Financial Operations and Others     |   |                               | (0.3   | ) |   |   | - |   |   |   | - |   |   |   | (0.3 | ) |
| Total administrative expenses       |   |                               | (195.1 | ) |   |   | (2.2 | ) |   |   | (1.6 | ) |   |   | (198.8 | ) |

----

|                                |   | Fiscal Year ended on June 30, 2012 |   |
|-------------------------------------|--------|------------------------------------|--------|
| General and administrative expenses |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                    |   |                               | (56.3  | ) |   |   | (0.5 | ) |   |   | (1.5 | ) |   |   | (58.3 | ) |
| Offices and others                  |   |                               | (36.9  | ) |   |   | - |   |   |   | - |   |   |   | (36.9 | ) |
| Sales and Developments              |   |                               | (34.6  | ) |   |   | (1.9 | ) |   |   | - |   |   |   | (36.5 | ) |
| Hotels                              |   |                               | (37.4  | ) |   |   | - |   |   |   | (0.5 | ) |   |   | (37.9 | ) |
| International                       |   |                               | (8.8   | ) |   |   | - |   |   |   | - |   |   |   | (8.8 | ) |
| Financial Operations and Others     |   |                               | (0.3   | ) |   |   | - |   |   |   | - |   |   |   | (0.3 | ) |
| Total administrative expenses       |   |                               | (174.3 | ) |   |   | (2.4 | ) |   |   | (2.0 | ) |   |   | (178.7 | ) |

|                            |   | Fiscal Year ended on June 30, 2013 |   |
|---------------------------------|--------|------------------------------------|--------|
| Selling expenses                |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | (58.2  | ) |   |   | (0.7 | ) |   |   | - |   |   |   | (58.9 | ) |
| Offices and others              |   |                               | (10.9  | ) |   |   | (0.5 | ) |   |   | - |   |   |   | (11.4 | ) |
| Sales and Developments          |   |                               | (6.7   | ) |   |   | (9.8 | ) |   |   | - |   |   |   | (16.5 | ) |
| Hotels                          |   |                               | (28.8  | ) |   |   | - |   |   |   | (0.1 | ) |   |   | (28.9 | ) |
| International                   |   |                               | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Financial Operations and Others |   |                               | (1.6   | ) |   |   | - |   |   |   | - |   |   |   | (1.6 | ) |
| Total de Selling expenses       |   |                               | (106.2 | ) |   |   | (11.0 | ) |   |   | (0.1 | ) |   |   | (117.3 | ) |

----

|                            |   | Fiscal Year ended on June 30, 2012 |   |
|---------------------------------|--------|------------------------------------|--------|
| Selling expenses                |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                |   |                               | (43.6  | ) |   |   | (0.5 | ) |   |   | - |   |   |   | (44.1 | ) |
| Offices and others              |   |                               | (9.6   | ) |   |   | (0.5 | ) |   |   | - |   |   |   | (10.1 | ) |
| Sales and Developments          |   |                               | (10.9  | ) |   |   | (10.2 | ) |   |   | - |   |   |   | (21.1 | ) |
| Hotels                          |   |                               | (22.8  | ) |   |   | - |   |   |   | - |   |   |   | (22.8 | ) |
| International                   |   |                               | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Financial Operations and Others |   |                               | 2.2    |   |   |   | - |   |   |   | - |   |   |   | 2.2 |   |
| Total de Selling expenses       |   |                               | (84.7  | ) |   |   | (11.2 | ) |   |   | - |   |   |   | (95.9 | ) |

|                                  |   | Fiscal Year ended on June 30, 2013 |   |
|---------------------------------------|--------|------------------------------------|--------|
| Other operating results, net          |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                      |   |                               | (44.5  | ) |   |   | (0.5 | ) |   |   | - |   |   |   | (45.0 | ) |
| Offices and others                    |   |                               | 0.2    |   |   |   | (1.0 | ) |   |   | 0.5 |   |   |   | (0.3 | ) |
| Sales and Developments                |   |                               | 6.3    |   |   |   | 0.1 |   |   |   | - |   |   |   | 6.4 |   |
| Hotels                                |   |                               | (0.4   | ) |   |   | - |   |   |   | - |   |   |   | (0.4 | ) |
| International                         |   |                               | 135.1  |   |   |   | - |   |   |   | - |   |   |   | 135.1 |   |
| Financial Operations and Others       |   |                               | (3.4   | ) |   |   | - |   |   |   | - |   |   |   | (3.4 | ) |
| Total de Other operating results, net |   |                               | 93.3   |   |   |   | (1.4 | ) |   |   | 0.5 |   |   |   | 92.4 |   |

----

|                                  |   | Fiscal Year ended on June 30, 2012 |   |
|---------------------------------------|--------|------------------------------------|--------|
| Other operating results, net          |   | Incomestatement                    |   |   | Interests injoint ventures |   |   | Inter-segmenteliminations |   |   | Segment-reporting |   |
| Shopping Centers                      |   |                               | (20.7  | ) |   |   | (2.4 | ) |   |   | - |   |   |   | (23.1 | ) |
| Offices and others                    |   |                               | (6.1   | ) |   |   | (0.2 | ) |   |   | 0.5 |   |   |   | (5.8 | ) |
| Sales and Developments                |   |                               | (4.9   | ) |   |   | (1.9 | ) |   |   | - |   |   |   | (6.8 | ) |
| Hotels                                |   |                               | (1.5   | ) |   |   | - |   |   |   | - |   |   |   | (1.5 | ) |
| International                         |   |                               | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Financial Operations and Others       |   |                               | 0.8    |   |   |   | - |   |   |   | - |   |   |   | 0.8 |   |
| Total de Other operating results, net |   |                               | (32.4  | ) |   |   | (4.5 | ) |   |   | 0.5 |   |   |   | (36.4 | ) |

----

| · | A Ps. 189.1 million in net loss for a currency exchange difference during the fiscal year ended June 30, 2013 and with respect to the previous fiscal year, due to a higher variation of the applicable exchange rate, of approximately 19% in the selling exchange rate of the U.S. Dollar during the fiscal year ended June 30, 2013 (which increased from Ps. 4.527 as of June 30, 2012 to Ps. 5.388 as of June 30, 2013), as compared to the previous fiscal year, in which the U.S. Dollar applicable exchange rate experienced a variation, of approximately 10% (from Ps. 4.110 as of June 30, 2011 to Ps. 4.527 as of June 30, 2012). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | A Ps. 51.2 million loss due to the increase in financing expenses for interest payments of financial debts, mainly from our notes. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

| · | Ps. 22.4 million in income for higher interest received. |
|--------|---------------------------------------------------------------|

----

----

|                                   |   | Period ended June 30,                          |     |   | % Change |   |
|----------------------------------------|--------|------------------------------------------------|----------|--------|----------|--------|
|                                   |   | 2014                                           |     |   | 2013     |   |   |  2014/2013 |   |
|                                   |   | (in millions of pesos, except for percentages) |     |
|                                   |   |                                           |     |   |     |   |   |   |   |   |
| Financial income                       |   | Ps.                                            | 4,696.2  |   |     | Ps.    | 2,424.2 |   |   |   | 93.7 | % |
| Financial expenses                     |   |                                           | (2,403.1 | )      |     |   | (1,284.3 | ) |   |   | 87.1 | % |
| Net financial income                   |   | Ps.                                            | 2,293.1  |   |     | Ps.    | 1,139.9 |   |   |   | 101.2 | % |
| Provision for loan losses              |   |                                           | (303.3   | )      |     |   | (233.4 | ) |   |   | 30.0 | % |
| Net contribution from insurance (1)    |   |                                           | 720.4    |   |     |   | 359.8 |   |   |   | 100.2 | % |
| Other income from services             |   |                                           | 1,222.8  |   |     |   | 977.6 |   |   |   | 25.1 | % |
| Other expenses for services            |   |                                           | (507.9   | )      |     |   | (233.3 | ) |   |   | 117.7 | % |
| Administrative expenses                |   |                                           | (2,340.8 | )      |     |   | (1,612.2 | ) |   |   | 45.2 | % |
| Net income from financial transactions |   | Ps.                                            | 1,084.3  |   |     | Ps.    | 398.4 |   |   |   | 172.2 | % |
| Miscellaneous income, net (2)          |   |                                           | (99.2    | )      |     |   | 31.4 |   |   |   | N/A |   |
| Non-Controlling interest               |   |                                           | 11.0     |   |     |   | (14.1 | ) |   |   | N/A |   |
| Income tax                             |   |                                           | (369.1   | )      |     |   | (76.5 | ) |   |   | N/A |   |
| Net income                             |   | Ps.                                            | 627.0    |   |     | Ps.    | 339.1 |   |   |   | 84.9 | % |

| · | Higher financial income principally as a result of an increase on consumer products partially and higher income from government and private securities. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Higher income from services mainly due to increase in credit card commissions, and the increase in the activity developed by BHN Sociedad de Inversión S.A. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Higher administrative expenses mainly related to salaries, social security contributions, and fees related to actions adopted by the Bank in developing its retail banking business. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Higher financial expenditures principally as a result of higher interest liabilities resulting from increased average balances of time deposits and bonds and similar obligations. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                            |   | Periods ended June 30,                         |    |   | % Change |   |
|-------------------------------------------------|--------|------------------------------------------------|---------|--------|----------|--------|
|                                            |   | 2014                                           |    |   | 2013     |   |   |  2014/2013 |   |
|                                            |   | (in millions of pesos, except for percentages) |    |
|                                            |   |                                           |    |   |     |   |   |   |   |   |
| Interests from:                                 |   | Ps.                                            |    |   | Ps.      |   |   |   |   |   |
| Mortgage loans and other financial transactions |   |                                           | 353.8   |   |     |   | 264.3 |   |   |   | 33.8 | % |
| Financial trusts                                |   |                                           | 139.8   |   |     |   | 134.2 |   |   |   | 4.2 | % |
| Cash and due from banks                         |   |                                           | 12.2    |   |     |   | 6.9 |   |   |   | 76.5 | % |
| Interbank Loans                                 |   |                                           | 55.6    |   |     |   | 49.8 |   |   |   | 11.6 | % |
| Other Loans                                     |   |                                           | 600.9   |   |     |   | 321.3 |   |   |   | 87.0 | % |
| Credit card Loans                               |   |                                           | 1,114.0 |   |     |   | 649.3 |   |   |   | 71.6 | % |
| Personal Loans                                  |   |                                           | 609.1   |   |     |   | 371.1 |   |   |   | 64.1 | % |
| Overdraft facilities                            |   |                                           | 256.5   |   |     |   | 168.8 |   |   |   | 52.0 | % |
| Government and Corporate Securities             |   |                                           | 774.8   |   |     |   | 285.9 |   |   |   | N/A |   |
| Adjustment from application of CER clause       |   |                                           | 13.9    |   |     |   | 8.3 |   |   |   | 67.0 | % |
| Hedges                                          |   |                                           | 634.2   |   |     |   | 95.3 |   |   |   | N/A |   |
| Others                                          |   |                                           | 131.5   |   |     |   | 69.0 |   |   |   | 90.3 | % |
| Total Financial Income                          |   | Ps.                                            | 4,696.2 |   |     | Ps.    | 2,424.2 |   |   |   | 93.7 | % |

----

| · | Higher income from credit cards and personal loans as a result of higher loans originations. The balances of credit card loans and personal loans have increased 46.4% and 51.0%, respectively, during the twelve-month period ended June 30, 2014. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Higher income from other loans because of higher average balances |
|--------|-------------------------------------------------------------------|

| · | Higher income from hedge operations and government and corporate securities, mainly due to higher market prices. |
|--------|------------------------------------------------------------------------------------------------------------------|

|                                        |   | Periods ended June 30,                         |    |   | % Change |   |
|---------------------------------------------|--------|------------------------------------------------|---------|--------|----------|--------|
|                                        |   | 2014                                           |    |   | 2013     |   |   |  2014/2013 |   |
|                                        |   | (in millions of pesos, except for percentages) |    |
|                                        |   |                                           |    |   |     |   |   |   |   |   |
| Bonds and similar obligations               |   | Ps.                                            | 462.0   |   |     | Ps.    | 267.2 |   |   |   | 72.9 | % |
| Borrowings from banks                       |   |                                           | 95.0    |   |     |   | 50.0 |   |   |   | 90.1 | % |
| Borrowings from the Argentine Central Bank  |   |                                           | -       |   |     |   | 0.1 |   |   |   | (100.0 | %) |
| Other(*)                                    |   |                                           | 1.5     |   |     |   | 1.8 |   |   |   | (19.5 | %) |
| Time deposits                               |   |                                           | 1,294.3 |   |     |   | 677.6 |   |   |   | 91.0 | % |
| Effects of changes in exchange rates        |   |                                           | 139.9   |   |     |   | 93.2 |   |   |   | 50.2 | % |
| Forward transactions                        |   |                                           | 70.7    |   |     |   | 30.6 |   |   |   | 131.0 | % |
| Contributions and taxes on financial income |   |                                           | 339.7   |   |     |   | 163.8 |   |   |   | 107.4 | % |
| Total Financial expenses                    |   | Ps.                                            | 2,403.1 |   |     | Ps.    | 1,284.3 |   |   |   | 87.1 | % |

| i)   | Higher interest liabilities as a result of increased average balances on time deposits. The balances of time deposits increased 54.2%, during the twelve-month period ended June 30, 2014. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii)   | Higher liabilities resulting from increased of contributions and taxes on financial income. |
|-----------------|---------------------------------------------------------------------------------------------|

| iii)   | Higher interest liabilities resulting from increase of Bonds and similar obligations as consequences of higher average balances. The balances of bonds increased 52.8%, during the twelve-month period ended June 30, 2014. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                      |   | Periods ended June 30,                         |   |   | % Change |   |
|---------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                      |   | 2014                                           |   |   | 2013     |   |   | 2014/2013 |   |
|                      |   | (in millions of pesos, except for percentages) |   |
|                      |   |                                           |   |   |     |   |   |   |   |   |
| Provision for loan losses |   | Ps.                                            | 303.3  |   |     | Ps.    | 233.4 |   |   |   | 30.0 | % |
| Charge-offs               |   | Ps.                                            | 125.9  |   |     | Ps.    | 74.2 |   |   |   | 69.7 | % |

----

|                                     |   | Periods ended June 30                          |   |   | % Change |   |
|------------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                     |   | 2014                                           |   |   | 2013     |   |   |  2014/2013 |   |
|                                     |   | (in millions of pesos, except for percentages) |   |
| Insurance premiums earned                |   |                                           |   |   |     |   |   |   |   |   |
|                                     |   |                                           |   |   |     |   |   |   |   |   |
| Life                                     |   | Ps.                                            | 26.7   |   |     | Ps.    | 43.9 |   |   |   | (39.2 | %) |
| Property damage                          |   |                                           | 16.3   |   |     |   | 18.4 |   |   |   | (11.5 | %) |
| Unemployment                             |   |                                           | 0.3    |   |     |   | 0.4 |   |   |   | (20.0 | %) |
| Others (a)                               |   |                                           | 851.8  |   |     |   | 354.7 |   |   |   | 140.2 | % |
| Total Premiums earned                    |   | Ps.                                            | 895.1  |   |     | Ps.    | 417.4 |   |   |   | 114.5 | % |
|                                     |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Insurance claims                         |   |                                           |   |   |     |   |   |   |   |   |   |   |
|                                     |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Life                                     |   | Ps.                                            | 5.0    |   |     | Ps.    | 4.7 |   |   |   | 5.8 | % |
| Property damage                          |   |                                           | 0.2    |   |     |   | 0.3 |   |   |   | (42.2 | %) |
| Unemployment                             |   |                                           | -      |   |     |   | - |   |   |   | N/A |   |
| Others (b)                               |   |                                           | 169.8  |   |     |   | 52.6 |   |   |   | 223.7 | % |
| Total claims                             |   | Ps.                                            | 175.0  |   |     | Ps.    | 57.6 |   |   |   | 203.9 | % |
|                                     |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Net contribution from insurance activity |   | Ps.                                            | 720.1  |   |     | Ps.    | 359.8 |   |   |   | 100.1 | % |

| (a) | As of June 30, 2014 and 2013 contains Ps. 792.1 million and Ps. 316.2 million, respectively, related to the activity of its subsidiary BHN Sociedad de Inversión S.A. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | As of June 30, 2014 and 2013 contains Ps. 169.0 million and Ps. 51.2 million, respectively, related to the activity of its subsidiary BHN Sociedad de Inversión S.A. As mentioned before, BHN Sociedad Inversion has increased their activity regarding the rise in the origination of loans granted by Banco Hipotecario and the rise in the origination of Mortgage loans granted under the Pro.cre.ar. trusts. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                   |   | Periods ended June 30,                         |    |   | % Change |   |
|----------------------------------------|--------|------------------------------------------------|---------|--------|----------|--------|
|                                   |   | 2014                                           |    |   | 2013     |   |   |  2014/2013 |   |
|                                   |   | (in millions of pesos, except for percentages) |    |
|                                   |   |                                           |    |   |     |   |   |   |   |   |
| Loan servicing fees from third parties |   | Ps.                                            | 30.9    |   |     | Ps.    | 26.5 |   |   |   | 16.2 | % |
| FONAVI commissions                     |   |                                           | -       |   |     |   | 11.4 |   |   |   | (100 | %) |
| Credit Card Commissions                |   |                                           | 705.1   |   |     |   | 555.1 |   |   |   | 27.0 | % |
| Other Commissions                      |   |                                           | 130.6   |   |     |   | 77.2 |   |   |   | 69.2 | % |
|    Total Commissions    |   | Ps.                                            | 866.6   |   |     | Ps.    | 670.2 |   |   |   | 29.3 | % |
|                                   |   |                                           |    |   |     |   |   |   |   |   |   |   |
| Commissions earned by subsidiaries     |   |                                           | 285.7   |   |     |   | 226.9 |   |   |   | 25.9 | % |
| Recovery of loan expenses              |   |                                           | 37.3    |   |     |   | 68.7 |   |   |   | (45.7 | %) |
| Others                                 |   |                                           | 33.2    |   |     |   | 11.8 |   |   |   | N/A |   |
|    Total Others         |   | Ps.                                            | 356.2   |   |     | Ps.    | 307.4 |   |   |   | 15.9 | % |
|                                   |   |                                           |    |   |     |   |   |   |   |   |   |   |
| Total Other Income from Services       |   | Ps.                                            | 1,222.8 |   |     | Ps.    | 977.6 |   |   |   | 25.1 | % |

|                                                |   | Periods ended June 30,                         |   |   | % Change |   |
|-----------------------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                                |   | 2014                                           |   |   | 2013     |   |   |  2014/2013 |   |
|                                                |   | (in millions of pesos, except for percentages) |   |
|                                                |   |                                           |   |   |     |   |   |   |   |   |
| Structuring and underwriting fees                   |   | Ps.                                            | 14.3   |   |     | Ps.    | 8.2 |   |   |   | 74.4 | % |
| Retail bank originations                            |   |                                           | 6.3    |   |     |   | 2.0 |   |   |   | N/A |   |
| Collections                                         |   |                                           | 0.2    |   |     |   | 0.2 |   |   |   | 26.6 | % |
| Banking services                                    |   |                                           | 384.8  |   |     |   | 155.4 |   |   |   | N/A |   |
| Commissions paid to real estate agents              |   |                                           | 40.7   |   |     |   | 28.3 |   |   |   | 43.6 | % |
|    Total Commissions                 |   |                                           | 446.3  |   |     |   | 194.1 |   |   |   | N/A |   |
|                                                |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Contributions and taxes on income from services     |   |                                           | 61.6   |   |     |   | 39.2 |   |   |   | 56.9 | % |
|    Total Other expenses for services |   | Ps.                                            | 507.9  |   |     | Ps.    | 233.3 |   |   |   | 117.7 | % |

----

|                                        |   | Periods ended June 30,                         |    |   | % Change |   |
|---------------------------------------------|--------|------------------------------------------------|---------|--------|----------|--------|
|                                        |   | 2014                                           |    |   | 2013     |   |   |  2014/2013 |   |
|                                        |   | (in millions of pesos, except for percentages) |    |
|                                        |   |                                           |    |   |     |   |   |   |   |   |
|                                        |   |                                           |    |   |     |   |   |   |   |   |
| Salaries and social security contributions  |   | Ps.                                            | 1,284.8 |   |     | Ps.    | 845.0 |   |   |   | 52.1 | % |
| Fees and external administrative services   |   |                                           | 329.7   |   |     |   | 221.2 |   |   |   | 49.0 | % |
| Advertising and publicity                   |   |                                           | 118.3   |   |     |   | 88.5 |   |   |   | 33.6 | % |
| Value added tax and other taxes             |   |                                           | 113.9   |   |     |   | 115.4 |   |   |   | (1.2 | %) |
| Electricity and communications              |   |                                           | 71.9    |   |     |   | 56.5 |   |   |   | 27.3 | % |
| Maintenance and repair                      |   |                                           | 54.0    |   |     |   | 37.2 |   |   |   | 45.2 | % |
| Depreciation of bank premises and equipment |   |                                           | 21.0    |   |     |   | 15.8 |   |   |   | 32.6 | % |
| Amortization of organizational expenses     |   |                                           | 41.3    |   |     |   | 19.5 |   |   |   | 111.3 | % |
| Corporate personnel benefits                |   |                                           | 121.8   |   |     |   | 43.8 |   |   |   | 178.2 | % |
| Rent                                        |   |                                           | 69.8    |   |     |   | 49.9 |   |   |   | 39.8 | % |
| Others                                      |   |                                           | 114.2   |   |     |   | 119.4 |   |   |   | (4.3 | %) |
| Total                                       |   | Ps.                                            | 2,340.8 |   |     | Ps.    | 1,612.2 |   |   |   | 45.2 | % |

|                                  |   | Periods ended June 30,                         |   |   | % Change |   |
|---------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                  |   | 2014                                           |   |   | 2013     |   |   |  2014/2013 |   |
|                                  |   | (in millions of pesos, except for percentages) |   |
|                                  |   |                                           |   |   |     |   |   |   |   |   |
| Penalty interest                      |   | Ps.                                            | 59.3   |   |     | Ps.    | 54.8 |   |   |   | 8.1 | % |
| Reversal of provision for loan losses |   |                                           | 15.4   |   |     |   | 9.7 |   |   |   | 58.5 | % |
| Loan loss recoveries                  |   |                                           | 66.7   |   |     |   | 91.1 |   |   |   | (26.8 | %) |
| Others                                |   |                                           | 47.5   |   |     |   | 37.7 |   |   |   | 25.9 | % |
| Total Miscellaneous Income            |   | Ps.                                            | 188.9  |   |     | Ps.    | 193.3 |   |   |   | (2.3 | %) |

|                                                            |   | Periods ended June 30,                         |   |   | % Change |   |
|-----------------------------------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                                            |   | 2014                                           |   |   | 2013     |   |   |  2014/2013 |   |
|                                                            |   | (in millions of pesos, except for percentages) |   |
|                                                            |   |                                           |   |   |     |   |   |   |   |   |
| Provision for lawsuits contingencies                            |   | Ps.                                            | 29.4   |   |     | Ps.    | 18.9 |   |   |   | 55.2 | % |
| Provision for other contingencies and miscellaneous receivables |   |                                           | 7.4    |   |     |   | 0.9 |   |   |   | N/A |   |
| Provision for administrative organization                       |   |                                           | 11.2   |   |     |   | (1.7 | ) |   |   | N/A |   |
| Other taxes                                                     |   |                                           | 45.3   |   |     |   | 26.3 |   |   |   | 72.3 | % |
| Benefits prepayments                                            |   |                                           | 63.7   |   |     |   | 71.3 |   |   |   | (10.7 | %) |
| Others                                                          |   |                                           | 131.1  |   |     |   | 46.3 |   |   |   | N/A |   |
| Total Miscellaneous Expenses                                    |   | Ps.                                            | 288.0  |   |     | Ps.    | 162.0 |   |   |   | 77.7 | % |

----

|                                                          |   | June 30, 2014          |    |
|---------------------------------------------------------------|--------|------------------------|---------|
|                                                          |   | (in millions of pesos) |    |
| Holding booked at fair value                                  |   |                   |    |
| Government securities denominated in pesos                    |   |                   | 439.8   |   |
| Government securities denominated in US$                      |   |                   | 844.0   |   |
|                                                          |   | Ps.                    | 1,283.8 |   |
|                                                          |   |                   |    |   |
| Holding booked at cost plus return                            |   |                   |    |   |
| Discount Bonds                                                |   |                   | 13.5    |   |
| PRO XIII Bonds                                                |   |                   | 15.8    |   |
| Other Bonds                                                   |   |                   | 39.6    |   |
|                                                          |   | Ps.                    | 68.8    |   |
|                                                          |   |                   |    |   |
| Investment in listed corporate securities                     |   |                   |    |   |
| Corporate securities denominated in pesos                     |   |                   | 345.6   |   |
|                                                          |   | Ps.                    | 345.6   |   |
|                                                          |   |                   |    |   |
| Securities issued by the Argentine Central Bank               |   |                   |    |   |
| Quoted bills and notes issued by the Argentine Central Bank   |   |                   | 354.5   |   |
| Unquoted bills and notes issued by the Argentine Central Bank |   |                   | 1,342.4 |   |
|                                                          |   | Ps.                    | 1,697.0 |   |
|                                                          |   |                   |    |   |
| Total                                                         |   | Ps.                    | 3,395.2 |   |

|                                                                                        |   | June 30, 2014          |    |
|---------------------------------------------------------------------------------------------|--------|------------------------|---------|
|                                                                                        |   | (in millions of pesos) |    |
| Goverment Securities by country:                                                            |   |                   |    |
| Argentina                                                                                   |   |                   | 3,395.2 |   |
|                                                                                        |   | Ps.                    | 3,395.2 |   |
|                                                                                        |   |                   |    |   |
| Goverment Securities by counterparty:                                                       |   |                   |    |   |
| Goverment securities                                                                        |   |                   | 1,352.6 |   |
| Argentine Central Bank bills and notes                                                      |   |                   | 1,697.0 |   |
| Corporate securities                                                                        |   |                   | 345.6   |   |
|                                                                                        |   | Ps.                    | 3,395.2 |   |
|                                                                                        |   |                   |    |   |
| Goverment Securities by Financial Instruments according with Central Bank Accounting Rules: |   |                   |    |   |
| Recorded at fair value                                                                      |   |                   | 1,983.9 |   |
| Recorded at cost plus return                                                                |   |                   | 1,411.3 |   |
|                                                                                        |   | Ps.                    | 3,395.2 |   |

| · | Banco Hipotecario’s portfolios of securities are monitored on a daily basis and risk is quantified through globally accepted methodologies and practices (above all, “value at risk”) whose limits are fixed by the Finance Committee. The robustness of the models used is verified through back-testing procedures and the portfolio exposed to price risks is subject to stress testing. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | As regards the foreign exchange rate risk, exposure to foreign exchange and its associated risk is described in a weekly report that details the different products and securities exposed. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | As regards interest rate risk, the amounts and contractual conditions of new originations and of the current portfolio (i.e., loans, deposits, swaps, hedges, securities and other) are monitored to ensure that the Bank is permanently within the limits of its pre-defined risk appetite. This follow up is accompanied by an ongoing analysis of the various hedging alternatives in order to reduce interest rate balances. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                             |   | At June 30,                                    |     |   | % Change |   |
|--------------------------------------------------|--------|------------------------------------------------|----------|--------|----------|--------|
|                                             |   | 2014                                           |     |   | 2013     |   |   |  2014/2013 |   |
|                                             |   | (in millions of pesos, except for percentages) |     |
|                                             |   |                                           |     |   |     |   |   |   |   |   |
| Bonds (*)                                        |   | Ps.                                            | 3,501.7  |   |     | Ps.    | 2,291.7 |   |   |   | 52.8 | % |
| Borrowings from Argentine Central Bank.          |   |                                           | 0.1      |   |     |   | - |   |   |   | N/A |   |
| Borrowings from banks and international entities |   |                                           | 558.4    |   |     |   | 393.0 |   |   |   | 42.1 | % |
| Deposits (*)                                     |   |                                           | 13,691.3 |   |     |   | 8,899.2 |   |   |   | 53.8 | % |
| Total                                            |   | Ps.                                            | 17,751.6 |   |     | Ps.    | 11,583.9 |   |   |   | 53.2 | % |

|                                                  |   | Outstandingprincipal amount                          |   | Date of issue |   | Maturity Date |   | AnnualInterest rate |
|-------------------------------------------------------|--------|------------------------------------------------------|--------|---------------|--------|---------------|--------|---------------------|
|                                                  |   | (millions of pesos)                                  |   |          |   |          |   | (%)                 |
| Banco Hipotecario S.A.                                |   |                                                 |   |          |   |          |   |                |
| Series 5 (US$ 250,000 thousand)                       |   | 1,709.8                                              |   | Apr. 27, 2006 |   | Apr. 27, 2016 |   | 9.750%              |
| Series IX (Ps. 258,997)                               |   | 202.4                                                |   | Apr 25, 2013  |   | Jan 25, 2015  |   | Badlar +280bp       |
| Series X (Ps. 34,523)                                 |   | 32.5                                                 |   | Aug 08, 2013  |   | Aug 09, 2014  |   | 22.00%              |
| Series XI (Ps. 146,137)                               |   | 131.0                                                |   | Aug 08, 2013  |   | May 14, 2015  |   | Badlar +375bp       |
| Series XII (US$ 44,508 thousand)                      |   | 362.0                                                |   | Aug 08, 2013  |   | Aug 14, 2017  |   | 3.95%               |
| Series XIII (Ps. 55,510)                              |   | 55.6                                                 |   | Nov 11, 2013  |   | Nov 06, 2014  |   | 23.50%              |
| Series XIV (Ps. 115,400)                              |   | 115.4                                                |   | Nov 11, 2013  |   | Nov 11, 2015  |   | Badlar +375bp       |
| Series XV (Ps. 12,340)                                |   | 12.3                                                 |   | Jan 31, 2014  |   | Jan 26, 2015  |   | 27.00%              |
| Series XVI (Ps. 89,683)                               |   | 89.7                                                 |   | Jan 31, 2014  |   | Jan 31, 2016  |   | Badlar +425bp       |
| Series XVIII (Ps. 20,046)                             |   | 20.0                                                 |   | May 16, 2014  |   | Feb 16, 2015  |   | 27.00%              |
| Series XIX (Ps. 275,830)                              |   | 270.0                                                |   | May 16, 2014  |   | Nov 16, 2015  |   | Badlar +375bp       |
|                                                  |   |                                                 |   |          |   |          |   |                |
| BACS Banco de Crédito y Securitización S.A. |   |                                                 |   |          |   |          |   |                |
| Series I (Ps. 130,435)                                |   | 126.3                                                |   | Feb 19, 2014  |   | Aug 19, 2015  |   | Badlar +450bp       |
|                                                  |   |                                                 |   |          |   |          |   |                |
| Tarshop S.A.                                          |   |                                                 |   |          |   |          |   |                |
| Long term bond Series VIII (Ps. 79,589)               |   | 74.0                                                 |   | Jan 28, 2013  |   | Jul 30, 2014  |   | Badlar+445bp        |
| Long term bond Series X (Ps. 72,592)                  |   | 70.6                                                 |   | May 23, 2013  |   | Nov 23, 2014  |   | Badlar+475bp        |
| Long term bond Series XI (Ps. 10,837)                 |   | 9.7                                                  |   | May 23, 2013  |   | May 23, 2016  |   | Badlar+580bp        |
| Long term bond Series XII (Ps. 83,588)                |   | 74.8                                                 |   | Aug 09, 2013  |   | Aug 09, 2015  |   | 15.00%              |
| Long term bond Series XIV (Ps. 30,245)                |   | 28.4                                                 |   | Apr 21, 2014  |   | Jan 21, 2015  |   | 30.00%              |
| Long term bond Series XV (Ps. 119,755)                |   | 117.2                                                |   | Apr 21, 2014  |   | Oct 21, 2015  |   | Badlar+490bp        |
|                                                  |   | Ps.       3,501.7 |   |          |   |          |   |                |

----

|                     |   | As of June 30,                                 |     |   | %Change |   |
|--------------------------|--------|------------------------------------------------|----------|--------|---------|--------|
|                     |   | 2014                                           |     |   | 2013    |   |   |  2014/2013 |   |
|                     |   | (in millions of pesos, except for percentages) |     |
|                     |   |                                           |     |   |    |   |   |   |   |   |
| Checking accounts        |   | Ps.                                            | 2,800.9  |   |    | Ps.    | 1,689.8 |   |   |   | 65.8 | % |
| Saving accounts          |   |                                           | 1,662.4  |   |    |   | 1,225.6 |   |   |   | 35.6 | % |
| Time deposits            |   |                                           | 9,049.6  |   |    |   | 5,870.2 |   |   |   | 54.2 | % |
| Other deposits accounts  |   |                                           | 178.4    |   |    |   | 113.6 |   |   |   | 57.0 | % |
| Accrued interest payable |   |                                           | 215.8    |   |    |   | 78.9 |   |   |   | 173.5 | % |
| Total                    |   | Ps.                                            | 13,907.2 |   |    | Ps.    | 8,978.1 |   |   |   | 54.9 | % |

|                                   |   | Period ended June 30,                          |     |   | % Change |   |
|----------------------------------------|--------|------------------------------------------------|----------|--------|----------|--------|
|                                   |   | 2013                                           |     |   | 2012     |   |   |  2013/2012 |   |
|                                   |   | (in millions of pesos, except for percentages) |     |
|                                   |   |                                           |     |   |     |   |   |   |   |   |
| Financial income                       |   | Ps.                                            | 2,424.2  |   |     | Ps.    | 1,881.7 |   |   |   | 28.8 | % |
| Financial expenses                     |   |                                           | (1,284.3 | )      |     |   | (983.2 | ) |   |   | 30.6 | % |
| Net financial income                   |   | Ps.                                            | 1,139.9  |   |     | Ps.    | 898.5 |   |   |   | 26.9 | % |
| Provision for loan losses              |   |                                           | (233.4   | )      |     |   | (154.5 | ) |   |   | 51.0 | % |
| Net contribution from insurance (1)    |   |                                           | 359.8    |   |     |   | 256.9 |   |   |   | 40.0 | % |
| Other income from services             |   |                                           | 977.6    |   |     |   | 796.2 |   |   |   | 22.8 | % |
| Other expenses for services            |   |                                           | (233.3   | )      |     |   | (191.3 | ) |   |   | 22.0 | % |
| Administrative expenses                |   |                                           | (1,612.2 | )      |     |   | (1,276.9 | ) |   |   | 26.3 | % |
| Net income from financial transactions |   | Ps.                                            | 398.4    |   |     | Ps.    | 328.9 |   |   |   | 21.1 | % |
| Miscellaneous income, net (2)          |   |                                           | 31.4     |   |     |   | 23.1 |   |   |   | 35.7 | % |
| Non-Controlling interest               |   |                                           | (14.1    | )      |     |   | (0.6 | ) |   |   | N/A |   |
| Income tax                             |   |                                           | (76.5    | )      |     |   | (50.3 | ) |   |   | 52.2 | % |
| Net income                             |   | Ps.                                            | 339.1    |   |     | Ps.    | 301.1 |   |   |   | 12.6 | % |

| · | Higher financial income principally as a result of an increase on consumer products partially offset by lower income from government and private securities. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Higher income from services mainly due to increase in credit card commissions, and the increase in the activity developed by BHN Sociedad de Inversión S.A. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Higher administrative expenses mainly related to salaries, social security contributions, and fees related to actions adopted by the Bank in developing its retail banking business. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| · | Higher financial expenditures principally as a result of higher interest liabilities resulting from increased average balances of time deposits and bonds and similar obligations. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                            |   | Periods ended June 30,                         |    |   | % Change |   |
|-------------------------------------------------|--------|------------------------------------------------|---------|--------|----------|--------|
|                                            |   | 2013                                           |    |   | 2012     |   |   |  2013/2012 |   |
|                                            |   | (in millions of pesos, except for percentages) |    |
|                                            |   |                                           |    |   |     |   |   |   |   |   |
| Interests from:                                 |   | Ps.                                            |    |   | Ps.      |   |   |   |   |   |
| Mortgage loans and other financial transactions |   |                                           | 264.3   |   |     |   | 239.7 |   |   |   | 10.3 | % |
| Financial trusts                                |   |                                           | 134.2   |   |     |   | 105.7 |   |   |   | 27.0 | % |
| Cash and due from banks                         |   |                                           | 6.9     |   |     |   | 5.1 |   |   |   | 35.2 | % |
| Interbank loans                                 |   |                                           | 49.8    |   |     |   | 23.3 |   |   |   | 114.1 | % |
| Other loans                                     |   |                                           | 321.3   |   |     |   | 245.6 |   |   |   | 30.8 | % |
| Credit card loans                               |   |                                           | 649.3   |   |     |   | 454.6 |   |   |   | 42.8 | % |
| Personal loans                                  |   |                                           | 371.1   |   |     |   | 217.1 |   |   |   | 70.8 | % |
| Overdraft facilities                            |   |                                           | 168.8   |   |     |   | 115.0 |   |   |   | 46.7 | % |
| Buyback of restructured debt                    |   |                                           | -       |   |     |   | 11.9 |   |   |   | N/A |   |
| Government and corporate securities             |   |                                           | 285.9   |   |     |   | 353.5 |   |   |   | (19.1 | %) |
| Adjustment from application of CER clause       |   |                                           | 8.3     |   |     |   | 8.7 |   |   |   | (5.0 | %) |
| Hedges                                          |   |                                           | 95.3    |   |     |   | 51.6 |   |   |   | 84.8 | % |
| Others                                          |   |                                           | 69.0    |   |     |   | 49.9 |   |   |   | 38.3 | % |
| Total financial income                          |   | Ps.                                            | 2,424.2 |   |     | Ps.    | 1,881.7 |   |   |   | 28.8 | % |

| · | Higher income from credit cards and personal loans as a result of higher loans originations. The balances of credit card loans and personal loans have increased 31.4% and 41.5%, respectively, during the twelve-month period ended June 30, 2013. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Higher income from other loans and overdraft facilities as a result of higher average balances |
|--------|------------------------------------------------------------------------------------------------|

| · | Higher income from hedge operations, mainly due to higher market prices. |
|--------|--------------------------------------------------------------------------|

| · | Lower income from government and private securities as a result of lower average balances. |
|--------|--------------------------------------------------------------------------------------------|

|                                        |   | Periods ended June 30,                         |    |   | % Change |   |
|---------------------------------------------|--------|------------------------------------------------|---------|--------|----------|--------|
|                                        |   | 2013                                           |    |   | 2012     |   |   |  2013/2012 |   |
|                                        |   | (in millions of pesos, except for percentages) |    |
|                                        |   |                                           |    |   |     |   |   |   |   |   |
| Bonds and similar obligations               |   | Ps.                                            | 267.2   |   |     | Ps.    | 186.5 |   |   |   | 43.3 | % |
| Borrowings from banks                       |   |                                           | 50.0    |   |     |   | 42.5 |   |   |   | 17.6 | % |
| Borrowings from the Argentine Central Bank  |   |                                           | 0.1     |   |     |   | 2.9 |   |   |   | (96.6 | %) |
| Other(1)                                    |   |                                           | 1.8     |   |     |   | 1.1 |   |   |   | 61.7 | % |
| Time deposits                               |   |                                           | 677.6   |   |     |   | 518.4 |   |   |   | 30.7 | % |
| Effects of changes in exchange rates        |   |                                           | 93.2    |   |     |   | 97.8 |   |   |   | (4.7 | %) |
| Forward transactions                        |   |                                           | 30.6    |   |     |   | 23.0 |   |   |   | 32.8 | % |
| Contributions and taxes on financial income |   |                                           | 163.8   |   |     |   | 111.0 |   |   |   | 47.6 | % |
| Total Financial expenses                    |   | Ps.                                            | 1,284.3 |   |     | Ps.    | 983.2 |   |   |   | 30.6 | % |

| iv)   | Higher interest liabilities as a result of increased average balances on time deposits. |
|-----------------|-----------------------------------------------------------------------------------------|

| v)   | Higher liabilities resulting from increased of contributions and taxes on financial income. |
|----------------|---------------------------------------------------------------------------------------------|

| vi)   | Higher interest liabilities resulting from increase of bonds and similar obligations as consequences of a higher average balances. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

|                      | Periods ended June 30,                         |   |   | % Change |   |
|---------------------------|------------------------------------------------|--------|--------|----------|--------|
|                      | 2013                                           |   |   | 2012     |   |   |  2013/2012 |   |
|                      | (in millions of pesos, except for percentages) |   |
|                      |                                           |   |   |     |   |   |   |   |   |   |
| Provision for loan losses |                                           | Ps.    | 233.4  |     |   | Ps. | 154.5 |   |   |   | 111.9 | % |
| Charge-offs               |                                           | Ps.    | 74.2   |     |   | Ps. | 52.3 |   |   |   | 41.9 | % |

----

|                                     |   | Periods ended June 30                          |   |   | % Change |   |
|------------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                     |   | 2013                                           |   |   | 2012     |   |   |  2013/2012 |   |
|                                     |   | (in millions of pesos, except for percentages) |   |
| Insurance premiums earned                |   |                                           |   |   |     |   |   |   |   |   |
|                                     |   |                                           |   |   |     |   |   |   |   |   |
| Life                                     |   | Ps.                                            | 43.9   |   |     | Ps.    | 50.6 |   |   |   | (13.3 | %) |
| Property damage                          |   |                                           | 18.4   |   |     |   | 17.3 |   |   |   | 6.5 | % |
| Unemployment                             |   |                                           | 0.4    |   |     |   | 0.5 |   |   |   | (25.3 | %) |
| Others                                   |   |                                           | 354.7  |   |     |   | 229.3 |   |   |   | 54.7 | % |
| Total Premiums earned                    |   | Ps.                                            | 417.4  |   |     | Ps.    | 297.7 |   |   |   | 40.2 | % |
|                                     |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Insurance claims                         |   |                                           |   |   |     |   |   |   |   |   |   |   |
|                                     |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Life                                     |   | Ps.                                            | 4.7    |   |     | Ps.    | 26.4 |   |   |   | (82.1 | %) |
| Property damage                          |   |                                           | 0.3    |   |     |   | 0.7 |   |   |   | (51.1 | %) |
| Unemployment                             |   |                                           | -      |   |     |   | - |   |   |   | N/A |   |
| Others                                   |   |                                           | 52.6   |   |     |   | 13.7 |   |   |   | N/A |   |
| Total claims                             |   | Ps.                                            | 57.6   |   |     | Ps.    | 40.8 |   |   |   | 41.0 | % |
|                                     |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Net contribution from insurance activity |   | Ps.                                            | 359.8  |   |     | Ps.    | 256.9 |   |   |   | 40.0 | % |

| (c) | As of June 30, 2013 and 2012 contains Ps. 316.2 million and Ps. 199.1 million, respectively, related to the activity of its subsidiary BHN Sociedad de Inversión S.A. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | As of June 30, 2013 and 2012 contains Ps. 51.2 million and Ps. 13.6 million, respectively, related to the activity of its subsidiary BHN Sociedad de Inversión S.A. As mentioned before, BHN Sociedad Inversion has increase their activity regarding the increase in the origination of loans granted by Banco Hipotecario and the increase in the origination of Mortgage loans granted by Pro.cre.ar.. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                   |   | Periods ended June 30,                         |   |   | % Change |   |
|----------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                   |   | 2013                                           |   |   | 2012     |   |   |  2013/2012 |   |
|                                   |   | (in millions of pesos, except for percentages) |   |
|                                   |   |                                           |   |   |     |   |   |   |   |   |
| Loan servicing fees from third parties |   | Ps.                                            | 26.5   |   |     | Ps.    | 16.1 |   |   |   | 64.9 | % |
| FONAVI commissions                     |   |                                           | 11.4   |   |     |   | 17.2 |   |   |   | (34.0 | %) |
| Credit Card Commissions                |   |                                           | 555.1  |   |     |   | 453.4 |   |   |   | 22.4 | % |
| Other Commissions                      |   |                                           | 77.2   |   |     |   | 60.7 |   |   |   | 27.1 | % |
| Total Commissions                      |   | Ps.                                            | 670.2  |   |     | Ps.    | 547.5 |   |   |   | 22.4 | % |
|                                   |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Commissions earned by subsidiaries     |   |                                           | 226.9  |   |     |   | 184.1 |   |   |   | 23.2 | % |
| Recovery of loan expenses              |   |                                           | 68.7   |   |     |   | 63.3 |   |   |   | 8.6 | % |
| Others                                 |   |                                           | 11.8   |   |     |   | 1.3 |   |   |   | N/A |   |
| Total Others                           |   | Ps.                                            | 307.4  |   |     | Ps.    | 248.7 |   |   |   | 23.6 | % |
|                                   |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Total Other Income from Services       |   | Ps.                                            | 977.6  |   |     | Ps.    | 796.2 |   |   |   | 22.8 | % |

----

|                                            |   | Periods ended June 30,                         |   |   | % Change |   |
|-------------------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                            |   | 2013                                           |   |   | 2012     |   |   |  2013/2012 |   |
|                                            |   | (in millions of pesos, except for percentages) |   |
|                                            |   |                                           |   |   |     |   |   |   |   |   |
| Structuring and underwriting fees               |   | Ps.                                            | 8.2    |   |     | Ps.    | 6.1 |   |   |   | 35.4 | % |
| Retail Bank originations                        |   |                                           | 2.0    |   |     |   | 0.9 |   |   |   | 120.5 | % |
| Collections                                     |   |                                           | 0.2    |   |     |   | 0.4 |   |   |   | (61.7 | %) |
| Banking services                                |   |                                           | 155.4  |   |     |   | 137.8 |   |   |   | 12.8 | % |
| Commissions paid to real estate agents          |   |                                           | 28.3   |   |     |   | 20.5 |   |   |   | 38.0 | % |
| Total Commissions                               |   |                                           | 194.1  |   |     |   | 165.6 |   |   |   | 17.2 | % |
|                                            |   |                                           |   |   |     |   |   |   |   |   |   |   |
| Contributions and taxes on income from services |   |                                           | 39.2   |   |     |   | 25.7 |   |   |   | 52.5 | % |
| Total Other expenses for services               |   | Ps.                                            | 233.3  |   |     | Ps.    | 191.3 |   |   |   | 22.0 | % |

|                                        |   | Periods ended June 30,                         |    |   | % Change |   |
|---------------------------------------------|--------|------------------------------------------------|---------|--------|----------|--------|
|                                        |   | 2013                                           |    |   | 2012     |   |   |  2013/2012 |   |
|                                        |   | (in millions of pesos, except for percentages) |    |
|                                        |   |                                           |    |   |     |   |   |   |   |   |
|                                        |   |                                           |    |   |     |   |   |   |   |   |
| Salaries and social security contributions  |   | Ps.                                            | 845.0   |   |     | Ps.    | 655.5 |   |   |   | 28.9 | % |
| Fees and external administrative services   |   |                                           | 221.2   |   |     |   | 189.4 |   |   |   | 16.8 | % |
| Advertising and publicity                   |   |                                           | 88.5    |   |     |   | 85.3 |   |   |   | 3.8 | % |
| Value added tax and other taxes             |   |                                           | 115.4   |   |     |   | 80.2 |   |   |   | 43.8 | % |
| Electricity and communications              |   |                                           | 56.5    |   |     |   | 38.8 |   |   |   | 45.8 | % |
| Maintenance and repair                      |   |                                           | 37.2    |   |     |   | 31.2 |   |   |   | 19.2 | % |
| Depreciation of bank premises and equipment |   |                                           | 15.8    |   |     |   | 14.6 |   |   |   | 8.6 | % |
| Amortization of organizational expenses     |   |                                           | 19.5    |   |     |   | 20.9 |   |   |   | (6.3 | %) |
| Corporate personnel benefits                |   |                                           | 43.8    |   |     |   | 45.3 |   |   |   | (3.3 | %) |
| Rent                                        |   |                                           | 49.9    |   |     |   | 38.0 |   |   |   | 31.2 | % |
| Others                                      |   |                                           | 119.4   |   |     |   | 77.7 |   |   |   | 53.6 | % |
| Total                                       |   | Ps.                                            | 1,612.2 |   |     | Ps.    | 1,276.9 |   |   |   | 26.3 | % |

|                                    |   | Periods ended June 30,                         |   |   | % Change |   |
|-----------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                    |   | 2013                                           |   |   | 2012     |   |   |  2013/2012 |   |
|                                    |   | (in millions of pesos, except for percentages) |   |
|                                    |   |                                           |   |   |     |   |   |   |   |   |
|                                    |   |                                           |   |   |     |   |   |   |   |   |
| Penalty interest                        |   | Ps.                                            | 54.8   |   |     | Ps.    | 49.5 |   |   |   | 10.7 | % |
| Reversal of provision for contingencies |   |                                           | 9.7    |   |     |   | 12.3 |   |   |   | (20.9 | %) |
| Loan loss recoveries                    |   |                                           | 91.1   |   |     |   | 130.1 |   |   |   | (29.9 | %) |
| Others                                  |   |                                           | 37.7   |   |     |   | 78.4 |   |   |   | (51.8 | %) |
| Total Miscellaneous Income              |   | Ps.                                            | 193.3  |   |     | Ps.    | 270.2 |   |   |   | (28.4 | %) |

----

|                                                            |   | Periods ended June 30,                         |   |   | % Change |   |
|-----------------------------------------------------------------|--------|------------------------------------------------|--------|--------|----------|--------|
|                                                            |   | 2013                                           |   |   | 2012     |   |   |  2013/2012 |   |
|                                                            |   | (in millions of pesos, except for percentages) |   |
|                                                            |   |                                           |   |   |     |   |   |   |   |   |
| Provision for lawsuits contingencies                            |   | Ps.                                            | 18.9   |   |     | Ps.    | 68.6 |   |   |   | (72.4 | %) |
| Provision for other contingencies and miscellaneous receivables |   |                                           | 0.9    |   |     |   | 5.5 |   |   |   | (83.8 | %) |
| Provision for administrative organization                       |   |                                           | (1.7   | )      |     |   | 30.3 |   |   |   | N/A |   |
| Other taxes                                                     |   |                                           | 26.3   |   |     |   | 16.6 |   |   |   | 58.1 | % |
| Benefits prepayments                                            |   |                                           | 71.3   |   |     |   | 61.2 |   |   |   | 16.5 | % |
| Others                                                          |   |                                           | 46.3   |   |     |   | 64.8 |   |   |   | (28.6 | %) |
| Total Miscellaneous Expenses                                    |   | Ps.                                            | 162.0  |   |     | Ps.    | 247.1 |   |   |   | (34.4 | %) |

|                                                          |   | June 30, 2013          |    |
|---------------------------------------------------------------|--------|------------------------|---------|
|                                                          |   | (in millions of pesos) |    |
| Holding booked at fair value                                  |   |                   |    |
| Government securities denominated in pesos                    |   |                   | 232,5   |   |
| Government securities denominated in US$                      |   |                   | 686,8   |   |
|                                                          |   | Ps.                    | 919,3   |   |
|                                                          |   |                   |    |   |
| Holding booked at cost plus return                            |   |                   |    |   |
| Bonar 2017 Bonds                                              |   |                   | 55.5    |   |
| PAR US Dollar Bonds                                           |   |                   | 5.2     |   |
| Other Bonds                                                   |   |                   | 232.2   |   |
|                                                          |   | Ps.                    | 295.9   |   |
|                                                          |   |                   |    |   |
| Investment in listed corporate securities                     |   |                   |    |   |
| Corporate securities denominated in pesos                     |   |                   | 150.1   |   |
| Corporate securities denominated in US$                       |   |                   | -       |   |
|                                                          |   | Ps.                    | 150.1   |   |
|                                                          |   |                   |    |   |
| Securities issued by the Argentine Central Bank               |   |                   |    |   |
| Quoted bills and notes issued by the Argentine Central Bank   |   |                   | 49.2    |   |
| Unquoted bills and notes issued by the Argentine Central Bank |   |                   | 96.0    |   |
|                                                          |   | Ps.                    | 145.2   |   |
|                                                          |   |                   |    |   |
| Total                                                         |   | Ps.                    | 1,510.5 |   |

|                                                                                        |   | June 30, 2013          |    |
|---------------------------------------------------------------------------------------------|--------|------------------------|---------|
|                                                                                        |   | (in millions of pesos) |    |
| Goverment Securities by country:                                                            |   |                   |    |
| Argentina                                                                                   |   |                   | 1,510.5 |   |
|                                                                                        |   | Ps.                    | 1,510.5 |   |
|                                                                                        |   |                   |    |   |
| Goverment Securities by counterparty:                                                       |   |                   |    |   |
| Goverment securities                                                                        |   |                   | 1,215.2 |   |
| Argentine Central Bank bills and notes                                                      |   |                   | 145.2   |   |
| Corporate securities                                                                        |   |                   | 150.1   |   |
|                                                                                        |   | Ps.                    | 1,510.5 |   |
|                                                                                        |   |                   |    |   |
| Goverment Securities by Financial Instruments according with Central Bank Accounting Rules: |   |                   |    |   |
| Recorded at fair value                                                                      |   |                   | 1,118.6 |   |
| Recorded at cost plus return                                                                |   |                   | 391.9   |   |
|                                                                                        |   | Ps.                    | 1,510.5 |   |

----

| · | Banco Hipotecario’s portfolios of securities are monitored on a daily basis and risk is quantified through globally accepted methodologies and practices (above all, “value at risk”) whose limits are fixed by the Finance Committee. The robustness of the models used is verified through back-testing procedures and the portfolio exposed to price risks is subject to stress testing. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | As regards the foreign exchange rate risk, exposure to foreign exchange and its associated risk is described in a weekly report that details the different products and securities exposed. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | As regards interest rate risk, the amounts and contractual conditions of new originations and of the current portfolio (i.e., loans, deposits, swaps, hedges, securities and other) are monitored to ensure that the Bank is permanently within the limits of its pre-defined risk appetite. This follow up is accompanied by an ongoing analysis of the various hedging alternatives in order to reduce interest rate imbalances. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                             |   | At June 30,                                    |     |   | % Change |   |
|--------------------------------------------------|--------|------------------------------------------------|----------|--------|----------|--------|
|                                             |   | 2013                                           |     |   | 2012     |   |   |  2013/2012 |   |
|                                             |   | (in millions of pesos, except for percentages) |     |
|                                             |   |                                           |     |   |     |   |   |   |   |   |
| Bonds (*)                                        |   | Ps.                                            | 2,291.7  |   |     | Ps.    | 1,984.0 |   |   |   | 15.5 | % |
| Borrowings from Argentine Central Bank.          |   |                                           | -        |   |     |   | 6.9 |   |   |   | N/A |   |
| Borrowings from banks and international entities |   |                                           | 393.0    |   |     |   | 550.9 |   |   |   | (28.7 | %) |
| Deposits (*)                                     |   |                                           | 8,899.2  |   |     |   | 6,806.1 |   |   |   | 30.8 | % |
| Total                                            |   | Ps.                                            | 11,583.9 |   |     | Ps.    | 9,347.9 |   |   |   | 61.6 | % |

----

|                                         |   | Outstandingprincipal amount                          |   | Date of issue |   | Maturity Date |   | AnnualInterest rate |
|----------------------------------------------|--------|------------------------------------------------------|--------|---------------|--------|---------------|--------|---------------------|
|                                         |   | (millions of pesos)                                  |   |          |   |          |   | (%)                 |
| Banco Hipotecario S.A.:                      |   |                                                 |   |          |   |          |   |                |
| Long term bond (US$ 449,880 thousand)        |   | 113.2                                                |   | Sep 15, 2003  |   | Dec. 1, 2013  |   | 3.0 – 6.0%    |
| Long term bond (EUR 278,367 thousand)        |   | 202.4                                                |   | Sep 15, 2003  |   | Dec. 1, 2013  |   | 3.0 – 6.0%    |
| Series 5 (US$ 250,000 thousand)              |   | 1,129.7                                              |   | Apr. 27, 2006 |   | Apr. 27, 2016 |   | 9.750%              |
| Series II (Ps. 120,101)                      |   | 109.4                                                |   | May. 11, 2012 |   | Nov 11, 2013  |   | Badlar +195bp       |
| Series III (US$ 10,541 thousand)             |   | 56.8                                                 |   | May. 11, 2012 |   | Nov 11, 2013  |   | 4.5%                |
| Series V (Ps. 85,264)                        |   | 78.7                                                 |   | Aug 17, 2012  |   | Feb 17, 2014  |   | Badlar +375bp       |
| Series VI (Ps. 55,693)                       |   | 53.7                                                 |   | Nov 08, 2012  |   | Aug 08, 2013  |   | 18.75%              |
| Series VII (Ps. 77,055)                      |   | 77.1                                                 |   | Nov 08, 2012  |   | May 08, 2014  |   | Badlar +400bp       |
| Series VIII (Ps. 41,003)                     |   | 38.9                                                 |   | Apr 25, 2013  |   | Apr 20, 2014  |   | 18.5%               |
| Series IX (Ps. 258,997)                      |   | 157.6                                                |   | Apr 25, 2013  |   | Jan 25, 2015  |   | Badlar +280bp       |
|                                         |   |                                                 |   |          |   |          |   |                |
| Tarshop                                      |   |                                                 |   |          |   |          |   |                |
| Long term bond Series IV (Ps. 74,823)        |   | 24.3                                                 |   | May 02, 2012  |   | Sep 02, 2013  |   | Badlar+298bp        |
| Long term bond Series V (US$ 1,237 thousand) |   | 2.2                                                  |   | May 02, 2012  |   | Sep 02, 2013  |   | 6.00%               |
| Long term bond Series VI (Ps. 70,148)        |   | 63.5                                                 |   | Jul 25, 2012  |   | Mar 27, 2014  |   | Badlar+424bp        |
| Long term bond Series VII (Ps. 20,411)       |   | 20.1                                                 |   | Jan 28, 2013  |   | Oct 30, 2013  |   | 18.5%               |
| Long term bond Series VIII (Ps. 79,589)      |   | 73.5                                                 |   | Jan 28, 2013  |   | Jul 30, 2014  |   | Badlar+445bp        |
| Long term bond Series IX (Ps. 10,996)        |   | 10.8                                                 |   | May 23, 2013  |   | Feb 23, 2014  |   | 19.75%              |
| Long term bond Series X (Ps. 72,592)         |   | 70.1                                                 |   | May 23, 2013  |   | Nov 23, 2014  |   | Badlar+475bp        |
| Long term bond Series XI (Ps. 10,837)        |   | 9.7                                                  |   | May 23, 2013  |   | May 23, 2016  |   | Badlar+580bp        |
|                                         |   | Ps.       2,291.7 |   |          |   |          |   |                |

|                     |   | At June 30,                                    |    |   | %Change |   |
|--------------------------|--------|------------------------------------------------|---------|--------|---------|--------|
|                     |   | 2013                                           |    |   | 2012    |   |   |  2013/2012 |   |
|                     |   | (in millions of pesos, except for percentages) |    |
|                     |   |                                           |    |   |    |   |   |   |   |   |
| Checking accounts        |   | Ps.                                            | 1,689.8 |   |    | Ps.    | 2,029.4 |   |   |   | (16.7 | %) |
| Saving accounts          |   |                                           | 1,225.6 |   |    |   | 524.1 |   |   |   | N/A |   |
| Time deposits            |   |                                           | 5,870.2 |   |    |   | 4,172.9 |   |   |   | 40.7 | % |
| Other deposits accounts  |   |                                           | 113.6   |   |    |   | 79.8 |   |   |   | 42.5 | % |
| Accrued interest payable |   |                                           | 78.9    |   |    |   | 137.1 |   |   |   | (42.4 | %) |
| Total                    |   | Ps.                                            | 8,978.1 |   |    | Ps.    | 6,943.2 |   |   |   | 29.3 | % |

----

| · | Cash generated by operations; |
|--------|-------------------------------|

| · | Cash generated by issuance of debt securities; |
|--------|------------------------------------------------|

| · | Cash from borrowing and financing arrangements; and |
|--------|-----------------------------------------------------|

| · | Cash proceeds from the sale of real estate assets. |
|--------|----------------------------------------------------|

| · | capital expenditures for acquisition or construction of investment properties and property, plant and equipment; |
|--------|------------------------------------------------------------------------------------------------------------------|

| · | interest payments and repayments of debt; |
|--------|-------------------------------------------|

| · | acquisition of shares in companies; |
|--------|-------------------------------------|

| · | payments of dividends; and |
|--------|----------------------------|

| · | acquisitions or purchases of real estate. |
|--------|-------------------------------------------|

----

|                                             |   | Currency                                                           |   | Less than1 year |    |   | More than 1 andup to 2 years |   |    | More than 2 andup to 3 years |   |   | More than 3 andup to 4 years |   |   | More than4 years |   |   | Total (1) |   |      | AnualAverageInterest Rate |   |
|--------------------------------------------------|--------|--------------------------------------------------------------------|--------|-----------------|---------|--------|------------------------------|--------|---------|------------------------------|--------|--------|------------------------------|--------|--------|------------------|--------|--------|-----------|--------|-----------|---------------------------|--------|
|                                             |   | (In thousands of Pesos, constant currency, as of June 30, 2014)(2) |   |            | %       |   |
| Bank loans (3)                                   |   | $                                                                  |   |            | 417,722 |   |                         |   | 11,019  |                         |   |   | 2,340                        |   |   |             | -      |   |      |   | -         |                      |   |   | 431,081 |   |   |   | 15.25 | % |
| Other loans (3)                                  |   | NIS                                                                |   |            | 74,344  |   |                         |   | -       |                         |   |   | -                            |   |   |             | -      |   |      |   | -         |                      |   |   | 74,344 |   |   |   |   |   |
| APSA’s 2017 Notes for US$ 120 M (Series I) |   | US$                                                                |   |            | 8,968   |   |                         |   | (7,063  | )                            |   |   | 873,612                      |   |   |             | -      |   |      |   | -         |                      |   |   | 875,517 |   |   |   | 7.875 | % |
| IRSA’s 2015 Notes                          |   | $                                                                  |   |            | 4,325   |   |                         |   | 209,297 |                         |   |   | -                            |   |   |             | -      |   |      |   | -         |                      |   |   | 213,622 |   |   | Badlar+ 395 |   |
| IRSA’s 2017 Notes                          |   | US$                                                                |   |            | 41,472  |   |                         |   | (729    | )                            |   |   | 1,211,088                    |   |   |             | -      |   |      |   | -         |                      |   |   | 1,251,831 |   |   |   | 8.50 | % |
| IRSA’s 2017 Notes                          |   | $                                                                  |   |            | 255     |   |                         |   | (28     | )                            |   |   | 10,762                       |   |   |             | -      |   |      |   | -         |                      |   |   | 10,989 |   |   | Badlar+ 450 |   |
| IRSA’s 2020 Notes                          |   | US$                                                                |   |            | 57,281  |   |                         |   | 665     |                         |   |   | 666                          |   |   |             | 665    |   |      |   | 1,109,453 |                      |   |   | 1,168,730 |   |   |   | 11.50 | % |
| Related Party                                    |   | $                                                                  |   |            | 71      |   |                         |   | -       |                         |   |   | 133,314                      |   |   |             | -      |   |      |   | -         |                      |   |   | 133,385 |   |   | Badlar |   |
| Related Party                                    |   | $                                                                  |   |            | 1,250   |   |                         |   | 2,500   |                         |   |   | 1,250                        |   |   |             | -      |   |      |   | -         |                      |   |   | 5,000 |   |   |   | 15.25 | % |
| Syndicated loans                                 |   | $                                                                  |   |            | 101,339 |   |                         |   | 74,964  |                         |   |   | -                            |   |   |             | -      |   |      |   | -         |                      |   |   | 176,303 |   |   |   | 15.30 | % |
| Seller financing (2)                             |   | US$                                                                |   |            | 23,542  |   |                         |   | -       |                         |   |   | -                            |   |   |             | -      |   |      |   | 41,130    |                      |   |   | 64,672 |   |   |   | 3.50 | % |
| Seller financing (2)                             |   | US$                                                                |   |            | 5,128   |   |                         |   | -       |                         |   |   | -                            |   |   |             | 80,126 |   |      |   | -         |                      |   |   | 85,254 |   |   |   | 5.00 | % |
| Financial Leases                                 |   | US$                                                                |   |            | 1,780   |   |                         |   | 541     |                         |   |   | 431                          |   |   |             | -      |   |      |   | -         |                      |   |   | 2,752 |   |   |   | 7.50 | % |
| Total banking debt and other                     |   |                                                               |   |            | 737,477 |   |                         |   | 291,166 |                         |   |   | 2,233,463                    |   |   |             | 80,791 |   |      |   | 1,150,583 |                      |   |   | 4,493,480 |   |   |   |   |   |
| Total debt                                       |   |                                                               |   |            | 737,477 |   |                         |   | 291,166 |                         |   |   | 2,233,463                    |   |   |             | 80,791 |   |      |   | 1,150,583 |                      |   |   | 4,493,480 |   |   |   |   |   |

----

| · | 50% of our cumulative consolidated net income; or |
|--------|---------------------------------------------------|

| · | 75% of our cumulative consolidated net income if the consolidated interest coverage ratio for the most recent four consecutive fiscal quarters is at least 3.0 to 1; or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | 100% of our cumulative consolidated net income if the consolidated interest coverage ratio for the most recent four consecutive fiscal quarters is at least 4.0 to 1; plus |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | 100% of our aggregate net cash proceeds (with certain exceptions) and the fair market value of property other than cash received by the company or by our restricted subsidiaries from (a) any contribution to the company’s capital stock or the capital stock of its restricted subsidiaries or issuance and sale of the our qualified capital stock or the qualified capital stock of its restricted subsidiaries subsequent to the issue of our Series I, or (b) issuance and sale subsequent to the issuance of our Series I or its indebtedness or the indebtedness of its restricted subsidiaries that has been converted into or exchanged for our qualified capital stock, (c) any kind of reduction in our indebtedness or the indebtedness of any of its restricted subsidiaries; or (d) any kind of reduction in investments in debt certificates (other than permitted investments) and in the return on assets; or (e) any distribution received from an unrestricted subsidiary. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| At June 30, 2014                                 |   | Less than 1 year |      |   | Between 1 and 2 years |   |    | Between 2 and 3 years |   |   | Between 3 and 4 years |   |   | More than 4 years |    |   | Total  |   |
|--------------------------------------------------|--------|------------------|-----------|--------|-----------------------|--------|---------|-----------------------|--------|--------|-----------------------|--------|--------|-------------------|---------|--------|--------|--------|
| Trade and other payables                         |   |             | 631,980   |   |                  |   | 67,232  |                  |   |   | 47,809                |   |   |              | 16,646  |   |   |   | 47,322 |   |   |   | 810,989 |   |
| Borrowings (excluding finance lease liabilities) |   |             | 1,733,305 |   |                  |   | 653,608 |                  |   |   | 2,615,045             |   |   |              | 226,214 |   |   |   | 1,493,185 |   |   |   | 6,721,357 |   |
| Finance leases                                   |   |             | 1,780     |   |                  |   | 547     |                  |   |   | 426                   |   |   |              | -       |   |   |   | - |   |   |   | 2,753 |   |
| Totalyear                                        |   |             | 2,367,065 |   |                  |   | 721,387 |                  |   |   | 2,663,280             |   |   |              | 242,860 |   |   |   | 1,540,507 |   |   |   | 7,535,099 |   |

----

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

| Name                    |   | Date ofBirth |   | Position in IRSA |   | Date of currentappointment |   | Term expiration |   | Current position heldsince |
|-------------------------|--------|--------------|--------|----------------------------|--------|----------------------------|--------|-----------------|--------|----------------------------|
| Eduardo S. Elsztain     |   | 01/26/1960   |   | Chairman                   |   | 2012                       |   | 2015            |   | 1991                       |
| Saúl Zang          |   | 12/30/1945   |   | First Vice-Chairman        |   | 2012                       |   | 2015            |   | 1994                       |
| Alejandro G. Elsztain   |   | 03/31/1966   |   | Second Vice-Chairman       |   | 2013                       |   | 2016            |   | 2001                       |
| Fernando A. Elsztain    |   | 01/04/1961   |   | Regular Director           |   | 2011                       |   | 2014            |   | 1999                       |
| Carlos Ricardo Esteves  |   | 05/25/1949   |   | Regular Director           |   | 2011                       |   | 2014            |   | 2005                       |
| Cedric D. Bridger       |   | 11/09/1935   |   | Regular Director           |   | 2012                       |   | 2015            |   | 2003                       |
| Marcos Fischman         |   | 04/09/1960   |   | Regular Director           |   | 2012                       |   | 2015            |   | 2003                       |
| Fernando Rubín     |   | 06/20/1966   |   | Regular Director           |   | 2013                       |   | 2016            |   | 2004                       |
| Gary S. Gladstein       |   | 07/07/1944   |   | Regular Director           |   | 2013                       |   | 2016            |   | 2004                       |
| Mario Blejer            |   | 06/11/1948   |   | Regular Director           |   | 2011                       |   | 2014            |   | 2005                       |
| Mauricio Wior           |   | 10/23/1956   |   | Regular Director           |   | 2012                       |   | 2015            |   | 2006                       |
| Gabriel A. G. Reznik    |   | 11/18/1958   |   | Regular Director           |   | 2011                       |   | 2014            |   | 2008                       |
| Ricardo H. Liberman     |   | 12/18/1959   |   | Regular Director           |   | 2011                       |   | 2014            |   | 2008                       |
| Daniel Ricardo Elsztain |   | 12/22/1972   |   | Regular Director           |   | 2011                       |   | 2014            |   | 2007                       |
| Salvador D. Bergel      |   | 04/17/1932   |   | Alternate Director         |   | 2011                       |   | 2014            |   | 1996                       |
| Enrique Antonini        |   | 03/16/1950   |   | Alternate Director         |   | 2013                       |   | 2016            |   | 2007                       |

----

|   | • |   | designate the managers of our Company and establish the duties and compensation of such managers; |
|--------|---------|--------|---------------------------------------------------------------------------------------------------|
|   | • |   | grant and revoke powers of attorney on behalf of our Company;                                     |
|   | • |   | hire, discipline and fire personnel and determine wages, salaries and compensation of personnel;  |
|   | • |   | enter into contracts related to our business;                                                     |
|   | • |   | manage our assets;                                                                                |
|   | • |   | enter into loan agreements for our business and set up liens to secure our obligations; and       |
|   | • |   | perform any other acts necessary to manage our day-to-day business.                               |

| Name                    | Date of birth | Position                     | Current position held since |
|-------------------------|--------------------|------------------------------|----------------------------------|
| Eduardo S. Elsztain     | 01/26/1960         | Chief Executive Officer      | 1991                             |
| Daniel Ricardo Elsztain | 12/22/1972         | Chief Operating Officer      | 2012                             |
| David A. Perednik       | 11/15/1957         | Chief Administrative Officer | 2002                             |
| Matias Ivan Gaivironsky | 02/23/1976         | Chief Financial Officer      | 2011                             |

----

| Name                       | Date of Birth | Position         | Expiration Date | Current position held since |
|----------------------------|---------------|------------------|----------------------|-----------------------------|
| José Daniel Abelovich | 07/20/1956    | Regular Member   | 2014                 | 1992                        |
| Marcelo Héctor Fuxman | 11/30/1955    | Regular Member   | 2014                 | 1992                        |
| Noemí Ivonne Cohn     | 05/20/1959    | Regular Member   | 2014                 | 2010                        |
| Sergio Leonardo Kolaczyk   | 11/28/1964    | Alternate Member | 2014                 | 2003                        |
| Roberto Daniel Murmis      | 04/07/1959    | Alternate Member | 2014                 | 2005                        |
| Alicia Graciela Rigueira   | 12/02/1951    | Alternate Member | 2014                 | 2006                        |

| · | Effectiveness and efficiency of operations |
|--------|--------------------------------------------|

| · | Reliability of financial reporting, and |
|--------|-----------------------------------------|

| · | Compliance with applicable laws and regulations |
|--------|-------------------------------------------------|

| · | the board of directors, by establishing the objectives, principles and values, setting the tone at the top and making the overall assessment of results; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| · | the management of each area is responsible for the internal control in relation to objectives and activities of the relevant area, i.e. the implementation of policies and procedures to achieve the results of the areas and, therefore, those of the entity as a whole; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the other personnel play a role in exercising control, by generating information used in the control system or taking action to ensure control. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | ordinary retirement in accordance with applicable labor regulations; |
|--------|---------|--------|----------------------------------------------------------------------|
|   | • |   | total or permanent incapacity or disability; and                     |
|   | • |   | death.                                                               |

----

|                | Development and sale of properties andOffice and other non-shopping center retailproperties (1) | Shopping Centers | Hotels(2) | Total |
|---------------------|-------------------------------------------------------------------------------------------------|------------------|-----------|-------|
| As of June 30, 2012 | 92                                                                                              | 833              | 662       | 1,587 |
| As of June 30, 2013 | 91                                                                                              | 787              | 662       | 1,540 |
| As of June 30, 2014 | 89                                                                                              | 872              | 647       | 1,608 |

| (1) | Includes IRSA and Consorcio Libertador S.A. |
|-----|---------------------------------------------|

| (2) | Hotels include Intercontinental, Sheraton Libertador and Llao Llao. |
|-----|---------------------------------------------------------------------|

| Name                          | Position          |   | Number of Shares |        |   | Percentage |   |
|-------------------------------|-------------------|--------|------------------|-------------|--------|------------|--------|
| Directors                     |              |   |             |        |   |       |   |
| Eduardo Sergio Elsztain (1)   | Chairman          |   |             | 381,524,046 |   |       |   | 65.9 | % |
| Saúl Zang                | Vice-Chairman I   |   |             | 8           |   |       |   | 0.0 | % |
| Alejandro Gustavo Elsztain    | Vice- Chairman II |   |             | 1,005,400   |   |       |   | 0.2 | % |
| Fernando Adrián Elsztain | Regular Director  |   |             | -           |   |       |   | - |   |
| Carlos Ricardo Esteves        | Regular Director  |   |             | -           |   |       |   | - |   |
| Cedric D. Bridger             | Regular Director  |   |             | -           |   |       |   | - |   |
| Marcos Fischman               | Regular Director  |   |             | -           |   |       |   | - |   |
| Fernando Rubín           | Regular Director  |   |             | 64,226      |   |       |   | 0.0 | % |

----

| Gary S. Gladstein              | Regular Director             |   |   | 210,030 |   |   |   | 0.0    | %      |
|--------------------------------|------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|
| Mario Blejer                   | Regular Director             |   |   | 60,220  |   |   |   | 0.0    | %      |
| Mauricio Wior                  | Regular Director             |   |   | -       |   |   |   | -      |   |
| Gabriel Adolfo Gregorio Reznik | Regular Director             |   |   | -       |   |   |   | -      |   |
| Ricardo Liberman               | Regular Director             |   |   | -       |   |   |   | -      |   |
| Daniel Ricardo Elsztain        | Regular Director             |   |   | 394,600 |   |   |   | 0.1    | %      |
| Salvador Darío Bergel     | Alternate Director           |   |   | -       |   |   |   | -      |   |
| Enrique Antonini               | Alternate Director           |   |   | -       |   |   |   | -      |   |
| Senior Management              |                         |   |   |    |   |   |   |   |   |
| Matias Gaivironsky             | Chief Financial Officer      |   |   | 89,200  |   |   |   | 0.0    | %      |
| Jorge Cruces                   | Chief Real Estate Officer    |   |   | 14,605  |   |   |   | 0.0    | %      |
| David Alberto Perednik         | Chief Administrative Officer |   |   | 127,778 |   |   |   | 0.0    | %      |
| Supervisory Committee          |                         |   |   |    |   |   |   |   |   |
| José Daniel Abelovich     | Member                       |   |   | -       |   |   |   | -      |   |
| Marcelo Héctor Fuxman     | Member                       |   |   | -       |   |   |   | -      |   |
| Noemí Ivonne Cohn         | Member                       |   |   | -       |   |   |   | -      |   |
| Sergio Leonardo Kolaczyk       | Alternate member             |   |   | -       |   |   |   | -      |   |
| Roberto Daniel Murmis          | Alternate member             |   |   | -       |   |   |   | -      |   |
| Alicia Graciela Rigueira       | Alternate member             |   |   | -       |   |   |   | -      |   |

| (1)   | Includes (i) 378,742,216 common shares beneficially owned by Cresud, (ii) 2,780,930 common shares beneficially owned by Inversiones Financieras del Sur S.A., and (iii) 900 common shares owned directly by Mr. Eduardo S. Elsztain. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|                                                |   | Share Ownership as of June 30, 2014 |        |
|-----------------------------------------------------|--------|-------------------------------------|-------------|
| Shareholder                                         |   | Number of Shares                    |        |   | Percentage (3) |   |
| Cresud (1) (2)                                      |   |                                | 381,524,046 |   |   |   | 65.9 | % |
| Directors and officers (excluding Eduardo Elsztain) |   |                                | 1,966,067   |   |   |   | 0.3 | % |
| ANSES                                               |   |                                | 25,914,834  |   |   |   | 4.5 | % |
| Total                                               |   |                                | 409,404,947 |   |   |   | 70.7 | % |

|   | (1) | Eduardo S. Elsztain is the beneficial owner of 191,777,216 common shares of Cresud, representing 39.33% (on a fully diluted basis) of its total share capital. Although Mr. Elsztain does not own a majority of the common shares of Cresud, he is its largest shareholder and exercises substantial influence over Cresud. If Mr. Elsztain were considered the beneficial owner of Cresud due to his substantial influence over it, he would be the beneficial owner of 65.9% of our common shares by virtue of his investment in Cresud. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Includes (i) 378,742,216 common shares beneficially owned by Cresud, (ii) 2,780,930 common shares beneficially owned by Inversiones Financieras del Sur S.A., and (iii) 900 common shares owned directly by Mr. Elsztain. As a result, Mr. Elsztain’s aggregate beneficial ownership of our outstanding common shares may be as high as 381,524,046 common shares, representing 65.9% of our outstanding common shares. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | As of June 30, 2014, the number of outstanding common shares was 578,676,460. |
|--------|-----|-------------------------------------------------------------------------------|

----

| Changes in Share Ownership                   |   |
|----------------------------------------------|--------|
| Shareholder                                  |   | June 30,2014 (%) |   |   | June 30,2013 (%) |   |   | June 30,2012 (%) |   |   | June 30,2011 (%) |   |   | June 302010(%) |   |
|                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cresud (1)                                   |   |   | 65.5 |   |   |   | 65.5 |   |   |   | 64.2 |   |   |   | 57.7 |   |   |   | 57.6 |   |
| Inversiones Financieras del Sur S.A. (2) (3) |   |   | 0.5 |   |   |   | 0.6 |   |   |   | 1.7 |   |   |   | - |   |   |   | - |   |
| D.E. Shaw & Co. Inc.                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7.7 |   |   |   | 7.7 |   |
| Directors and officers (4)                   |   |   | 0.3 |   |   |   | 0.5 |   |   |   | 0.8 |   |   |   | 1.4 |   |   |   | 1.7 |   |
| ANSES                                        |   |   | 4.5 |   |   |   | 4.5 |   |   |   | 4.5 |   |   |   | 4.5 |   |   |   | 4.5 |   |
| Total                                        |   |   | 70.8 |   |   |   | 71.1 |   |   |   | 71.2 |   |   |   | 71.3 |   |   |   | 71.5 |   |

| (1) | Eduardo S. Elsztain is the beneficial owner of 191,777,216 common shares of Cresud, representing 39.33% (on a fully diluted basis) of its total share capital. Although Mr. Elsztain does not own a majority of the common shares of Cresud, he is its largest shareholder and exercises substantial influence over Cresud. If Mr. Elsztain were considered the beneficial owner of Cresud due to his substantial influence over it, he would be the beneficial owner of 65.9% of our common shares by virtue of his investment in Cresud. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Eduardo S. Elsztain is the Chairman of the board of directors of IFIS Limited, a corporation organized under the laws of Bermuda and Inversiones Financieras del Sur S.A., a corporation organized under the laws of Uruguay. Mr. Elsztain, is the beneficial owner of 37.94% of IFIS capital stock, which owns 100% of Inversiones Financieras del Sur S.A. As a result, Mr. Elsztain may be deemed to be the beneficial owner of an additional 0.5% of our common shares due to Inversiones Financieras del Sur S.A.’s 0.5% interest in us, without taking into account his indirect interest in us through Cresud. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes (i) 2,780,930 common shares beneficially owned by Inversiones Financieras del Sur S.A., and (ii) 900 common shares owned directly by Mr. Elsztain As a result, Mr. Elsztain’s aggregate beneficial ownership of our outstanding common shares may be as high as 381,524,046 common shares, representing 65.9% of our outstanding common shares. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Includes only direct ownership of our directors and senior management. |
|-----|------------------------------------------------------------------------|

| (5) | As of June 30, 2014, the number of outstanding common shares was 578,676,460. |
|-----|-------------------------------------------------------------------------------|

----

----

----

|  ITEM 8. | Financial information |
|--------------------|-----------------------|

----

----

|   | • |   | 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;                      |
|   | • |   | additional amounts may be allocated for the payment of optional reserve funds, or to establish contingency reserves or for whatever other purpose our shareholders determine. |

| ·        | 50% of our cumulative consolidated net income; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·        | 75% of our cumulative consolidated net income if our consolidated interest coverage ratio for our most recent four consecutive fiscal quarters is at least 3.0 to 1; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| ·        | 100% of our cumulative consolidated net income if our consolidated interest coverage ratio for our most recent four consecutive fiscal quarters is at least 4.0 to 1; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ·   | 100% of our aggregate net cash proceeds (with certain exceptions) and the fair market value of property other than cash received by us or by our restricted subsidiaries from (a) any contribution to our capital stock or the capital stock of our restricted subsidiaries or issuance and sale of our qualified capital stock or the qualified capital stock of our restricted subsidiaries subsequent to the issue of our notes due, (b) issuance and sale subsequent to the issuance of our Series I notes or our indebtedness or the indebtedness of our restricted subsidiaries that has been converted into or exchanged for our qualified capital stock, or (c) any reduction in our indebtedness or any restricted subsidiary, (d) any reduction in debt investment (other than permitted investments) and return on assets, or (e) any distribution received from non-restricted subsidiaries. |

| Year declared |   | Cash dividends      |    |   | Cashdividends(1) |   |    | Stockdividends(1) |   |   | Total percommonshare |   |
|---------------|--------|---------------------|---------|--------|------------------|--------|---------|-------------------|--------|--------|----------------------|--------|
|          |   | (in million of Ps.) |    |   | (Ps.)            |   |    | (Ps.)             |   |   | (Ps.)                |   |
|          |   |                |    |   |             |   |    |              |   |   |                 |   |
| 1997          |   |                | 15.0    |   |             |   | 0.110   |              |   |   | —              |   |   |   | 0.110 |   |
| 1998          |   |                | 13.0    |   |             |   | 0.060   |              |   |   | 0.05                 |   |   |   | 0.110 |   |
| 1999          |   |                | 18.0    |   |             |   | 0.076   |              |   |   | 0.04                 |   |   |   | 0.116 |   |
| 2000          |   |                | — |   |             |   | — |              |   |   | 0.20                 |   |   |   | 0.204 |   |
| 2001          |   |                | — |   |             |   | — |              |   |   | —              |   |   |   | — |   |
| 2002          |   |                | — |   |             |   | — |              |   |   | —              |   |   |   | — |   |
| 2003          |   |                | — |   |             |   | — |              |   |   | —              |   |   |   | — |   |
| 2004          |   |                | — |   |             |   | — |              |   |   | —              |   |   |   | — |   |
| 2005          |   |                | — |   |             |   | — |              |   |   | —              |   |   |   | — |   |
| 2006          |   |                | — |   |             |   | — |              |   |   | —              |   |   |   | — |   |
| 2007          |   |                | — |   |             |   | — |              |   |   | —              |   |   |   | — |   |

----

| 2008   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| 2009   |   |   | 31.7    |   |   |   | 0.055   |   |   |   | — |   |   |   | 0.055   |   |
| 2010   |   |   | 120.0   |   |   |   | 0.207   |   |   |   | — |   |   |   | 0.207   |   |
|   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
|   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
|   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
|   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
| 2011   |   |   | 311.6   |   |   |   | 0.539   |   |   |   | — |   |   |   | 0.539   |   |
|   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
|   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
| 2012   |   |   | 99.0    |   |   |   | 0.171   |   |   |   | — |   |   |   | 0.171   |   |
| 2013   |   |   | 180.0   |   |   |   | 0.311   |   |   |   | — |   |   |   | 0.311   |   |
| 2014   |   |   | 306.6   |   |   |   | 0.532   |   |   |   | — |   |   |   | 0.532   |   |

| (1)   | Corresponds to payments per common share. |
|-----------------|-------------------------------------------|

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

|             |   | Buenos Aires Stock Exchange |       |   | NYSE                    |   |
|------------------|--------|--------------------------------------------|------------|--------|-------------------------|--------|
|             |   | Share                                      |       |   | Ps. per Share |   |   | GDS |   |   | US$ per GDS |   |
|             |   | Volume                                     |       |   | High                    |   |   | Low |   |   | Volume |   |   | High |   |   | Low |   |
|             |   |                                       |       |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|             |   |                                       |       |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fiscal Year 2009 |   |                                       |       |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter      |   |                                       | 3,762,169  |   |                    |   | 3.57 |   |   |   | 2.26 |   |   |   | 8,494,740 |   |   |   | 12.00 |   |   |   | 7.27 |   |
| 2nd Quarter      |   |                                       | 10,154,077 |   |                    |   | 2.25 |   |   |   | 1.15 |   |   |   | 11,729,450 |   |   |   | 7.11 |   |   |   | 3.08 |   |
| 3rd Quarter      |   |                                       | 2,806,623  |   |                    |   | 1.50 |   |   |   | 1.10 |   |   |   | 2,515,185 |   |   |   | 4.53 |   |   |   | 3.01 |   |
| 4th Quarter      |   |                                       | 4,308,241  |   |                    |   | 1.95 |   |   |   | 1.40 |   |   |   | 3,352,171 |   |   |   | 5.00 |   |   |   | 3.54 |   |
| Annual           |   |                                       | 21,031,110 |   |                    |   | 3.57 |   |   |   | 1.10 |   |   |   | 26,091,546 |   |   |   | 12.00 |   |   |   | 3.01 |   |
|             |   |                                       |       |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fiscal Year 2010 |   |                                       |       |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter      |   |                                       | 4,860,106  |   |                    |   | 3.15 |   |   |   | 1.87 |   |   |   | 4,150,441 |   |   |   | 8.3 |   |   |   | 4.75 |   |
| 2nd Quarter      |   |                                       | 4,233,548  |   |                    |   | 3.75 |   |   |   | 2.89 |   |   |   | 3,108,017 |   |   |   | 9.87 |   |   |   | 7.85 |   |
| 3rd Quarter      |   |                                       | 2,946,428  |   |                    |   | 4.24 |   |   |   | 3.4 |   |   |   | 2,564,299 |   |   |   | 10.83 |   |   |   | 9.05 |   |
| 4th Quarter      |   |                                       | 3,799,325  |   |                    |   | 5.23 |   |   |   | 4.18 |   |   |   | 4,055,650 |   |   |   | 13.23 |   |   |   | 10.22 |   |
| Annual           |   |                                       | 15,839,407 |   |                    |   | 5.23 |   |   |   | 1.87 |   |   |   | 13,878,407 |   |   |   | 13.23 |   |   |   | 4.75 |   |
| Fiscal Year 2011 |   |                                       |       |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter      |   |                                       | 3,216,854  |   |                    |   | 5.80 |   |   |   | 4.12 |   |   |   | 5,280,873 |   |   |   | 14.79 |   |   |   | 10.41 |   |
| 2nd Quarter      |   |                                       | 6,564,773  |   |                    |   | 6.97 |   |   |   | 5.52 |   |   |   | 6,160,767 |   |   |   | 17.56 |   |   |   | 13.92 |   |
| 3rd Quarter      |   |                                       | 2,538,953  |   |                    |   | 6.85 |   |   |   | 5.72 |   |   |   | 4,155,521 |   |   |   | 16.77 |   |   |   | 13.80 |   |
| 4th Quarter      |   |                                       | 3,134,678  |   |                    |   | 5.90 |   |   |   | 5.29 |   |   |   | 2,138,722 |   |   |   | 13.78 |   |   |   | 12.46 |   |
| Annual           |   |                                       | 15,455,258 |   |                    |   | 6.97 |   |   |   | 4.12 |   |   |   | 17,735,883 |   |   |   | 17.56 |   |   |   | 10.41 |   |
| Fiscal Year 2012 |   |                                       |       |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter      |   |                                       | 1,559,282  |   |                    |   | 5.83 |   |   |   | 4 |   |   |   | 2,145,035 |   |   |   | 13.75 |   |   |   | 8.52 |   |
| 2nd Quarter      |   |                                       | 980,406    |   |                    |   | 5.2 |   |   |   | 3.95 |   |   |   | 1,398,563 |   |   |   | 11.17 |   |   |   | 8.60 |   |
| 3rd Quarter      |   |                                       | 1,338,946  |   |                    |   | 5.5 |   |   |   | 4.6 |   |   |   | 2,481,773 |   |   |   | 11.24 |   |   |   | 10.01 |   |
| 4th Quarter      |   |                                       | 1,298,975  |   |                    |   | 5.03 |   |   |   | 3.87 |   |   |   | 5,169,653 |   |   |   | 9.67 |   |   |   | 6.48 |   |
| Annual           |   |                                       | 5,177,609  |   |                    |   | 5.83 |   |   |   | 3.87 |   |   |   | 11,195,024 |   |   |   | 13.75 |   |   |   | 6.48 |   |
| Fiscal Year 2013 |   |                                       |       |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1st Quarter      |   |                                       | 1,583,675  |   |                    |   | 4.90 |   |   |   | 4.25 |   |   |   | 2,809,916 |   |   |   | 7.35 |   |   |   | 6.55 |   |
| 2nd Quarter      |   |                                       | 1,299,758  |   |                    |   | 5.65 |   |   |   | 4.40 |   |   |   | 2,584,636 |   |   |   | 8.10 |   |   |   | 6.88 |   |
| 3rd Quarter      |   |                                       | 5,457,467  |   |                    |   | 8.00 |   |   |   | 4.95 |   |   |   | 3,557,654 |   |   |   | 9.48 |   |   |   | 7.26 |   |
| 4th Quarter      |   |                                       | 2,940,138  |   |                    |   | 8.50 |   |   |   | 5.80 |   |   |   | 5,672,720 |   |   |   | 9.53 |   |   |   | 7.00 |   |
| Annual           |   |                                       | 11,281,038 |   |                    |   | 8.50 |   |   |   | 4.25 |   |   |   | 14,624,926 |   |   |   | 9.53 |   |   |   | 6.55 |   |

----

| Fiscal Year 2014       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|------------------------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| 1st Quarter            |   |   | 2,288,603 |   |   |   | 8.15   |   |   |   | 5.60   |   |   |   | 3,003,517  |   |   |   | 8.92   |   |   |   | 7.28   |   |
| 2nd Quarter            |   |   | 2,143,645 |   |   |   | 11.5   |   |   |   | 8.1    |   |   |   | 3,821,126  |   |   |   | 12.22  |   |   |   | 9.06   |   |
| 3rd Quarter            |   |   | 1,044,008 |   |   |   | 12     |   |   |   | 10.45  |   |   |   | 1,469,214  |   |   |   | 12.06  |   |   |   | 9.41   |   |
| 4th Quarter            |   |   | 1,018,570 |   |   |   | 18.45  |   |   |   | 10.7   |   |   |   | 4,515,032  |   |   |   | 17.73  |   |   |   | 10.71  |   |
| Annual                 |   |   | 6,494,826 |   |   |   | 18.45  |   |   |   | 5.6    |   |   |   | 12,808,889 |   |   |   | 17.73  |   |   |   | 7.28   |   |
| Fiscal Year 2015       |   |   |      |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
| 1st Quarter            |   |   | 4,637,175 |   |   |   | 21.0   |   |   |   | 14.0   |   |   |   | 3,942,683  |   |   |   | 17.39  |   |   |   | 13.76  |   |
| July 2014              |   |   | 2,247,325 |   |   |   | 17.1   |   |   |   | 14.0   |   |   |   | 1,877,102  |   |   |   | 17.39  |   |   |   | 14.89  |   |
| August, 2014           |   |   | 2,006,309 |   |   |   | 18.9   |   |   |   | 15.1   |   |   |   | 1,376,924  |   |   |   | 16.07  |   |   |   | 14.28  |   |
| September, 2014        |   |   | 383,541   |   |   |   | 21.0   |   |   |   | 18.2   |   |   |   | 688,657    |   |   |   | 15.18  |   |   |   | 13.76  |   |
| As of October 27, 2014 |   |   | 291,720   |   |   |   | 19.9   |   |   |   | 16,9   |   |   |   | 776,362    |   |   |   | 14,2   |   |   |   | 12,9   |   |

| · | Promoting the participation of small investors, union associations, industry groups and trade associations, professional associations and all public savings entities in the capital market, particularly encouraging mechanisms designed to promote domestic savings and channel such funds towards the development of production; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Strengthening mechanisms for the protection of and prevention of abuses against small investors for the protection of consumers’ rights; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Promoting access of small and medium-sized companies to the capital market; |
|--------|-----------------------------------------------------------------------------|

| · | Fostering the creation of a federally integrated capital market through mechanisms designed to achieve an interconnection of computer systems from different trading markets, with the use of state-of-the-art technology; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Encouraging simpler trading procedures available to users to attain greater liquidity and competitiveness in order to provide the most favorable conditions for the implementation of transactions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                           |   | As of June 30, |   |
|------------------------------------------------|--------|----------------|--------|
|                                           |   | 2014           |   |   | 2013 |   |
| Market capitalization (Ps. billion)            |   |           | 3.957  |   |   |   | 2.464 |   |
| Average daily trading volume (1) (Ps. million) |   |           | 200.5  |   |   |   | 43.9 |   |
| Number of listed companies                     |   |           | 104    |   |   |   | 106 |   |

| (1) | During the month of June of 2013 and 2014, respectively. |
|-----|----------------------------------------------------------|

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

|   | • |   | Invest, develop and operate real estate developments; |
|--------|---------|--------|-------------------------------------------------------|

----

|   | • |   | Invest, develop and operate personal property, including securities;                    |
|--------|---------|--------|-----------------------------------------------------------------------------------------|
|   | • |   | Construct and operate works, services and public property;                              |
|   | • |   | 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;                     |
|   | • |   | Finance projects, undertakings, works and/or real estate transactions of third parties; |
|   | • |   | Finance, create, develop and operate projects related to Internet.                      |

|   | • | shall not be allowed to make use of any corporate assets or confidential information for his/her own private purposes; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------|

|   | • | shall not be allowed to profit or permit a third party to profit, whether by an action or an omission to act, from any business opportunities available to the company; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | shall be required to exercise any powers conferred to them solely for the purposes for which they were conferred under the law or the corporate bylaws or by a shareholders’ meeting or the board of directors; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | shall be required to meticulously ensure that no conflict of interest, whether direct or indirect, shall under any circumstances arise between his/her actions and the company’s interests. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i) | Directors, members of the supervisory body or surveillance committee, as well as chief executive officers or special managers of the issuing company appointed under section 270 of Argentine Corporation Law; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | Natural persons or legal entities controlling or holding a substantial interest, as determined by the CNV, in the capital stock of the issuer or the issuer’s controlling entity; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii) | Any other company under the common control of the same controlling entity; |
|--------|------|----------------------------------------------------------------------------|

|   | iv) | The ascendants, descendants, spouses or siblings of any of the natural persons referred to in paragraphs i) and ii) above; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | v) | Companies in which any of the persons referred to in paragraphs i) to iv) above hold a significant direct or indirect interest. Provided none of the circumstances described above is present, a subsidiary of the issuer shall not be deemed a “related party”. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • |   | 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. |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | allocate 5% of such net profits to legal reserve, until the amount of such reserve equals 20% of our capital stock;                                                                                                          |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | the sum established by the shareholders’ meeting as remuneration of the board of Directors and the supervisory committee; and                                                                                          |
|   | • |   | 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 determine at the shareholders’ meeting. |

|   | • |   | to be applied to satisfy our liabilities; and                                                                                                                                                                                                                                                                                                     |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | to be proportionally distributed among holders of preferred stock in accordance with the terms of the preferred stock. If any surplus remains, our shareholders are entitled to receive and share proportionally in all net assets available for distribution to our shareholders, subject to the order of preference established by our by-laws. |

|   | • |   | acquisitions by persons holding or controlling common shares or convertible securities in accordance to Decree No. 677/2001, supersede by Law No. 26,831, notwithstanding the provisions of the Comisión Nacional de Valores ; and                                                                                                                                                                                                        |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | holdings of more than 35%, which derive from the distribution of common shares or dividends paid in shares approved by the shareholders, or the issuance of common shares as a result of a merger approved by the shareholders; in both cases, the excess holding shall be disposed of within 180 days of its registration in the relevant shareholder’s account, or prior to the holding of our shareholders meeting, whatever occurs first. |

----

|   | • |   | matters that may not be approved at an ordinary shareholders’ meeting;                                               |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------|
|   | • |   | the amendment of our by-laws;                                                                                              |
|   | • |   | reductions in our share capital;                                                                                           |
|   | • |   | redemption, reimbursement and amortization of our shares;                                                                  |
|   | • |   | mergers, and other corporate changes, including dissolution and winding-up;                                                |
|   | • |   | limitations or suspensions to preemptive rights to the subscription of the new shares; and                                 |
|   | • |   | issuance of debentures, convertible negotiable obligations and bonds that not qualify as notes (obligaciones negociables). |

|   | • |   | advanced winding-up of the company;                                                  |
|--------|---------|--------|--------------------------------------------------------------------------------------|
|   | • |   | transfer of the domicile of the company outside of Argentina;                        |
|   | • |   | fundamental change in the purpose of the company;                                    |
|   | • |   | total or partial mandatory repayment by the shareholders of the paid-in capital; and |
|   | • |   | a merger or a spin-off, when our company will not be the surviving company.          |

----

----

----

----

----

----

|   | • |   | an individual citizen or resident of the United States;                                                                                                                                                                                                                                                                                             |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | a corporation (or other entity treated as a corporation for United States federal income tax purposes) 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. |

----

|   | • |   | at least 75% of our gross income is passive income; or                                                                                                                     |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | at least 50% of the value (determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income. |

|   | • |   | the excess distribution or gain will be allocated ratably over your holding period for the common shares or GDSs;                                                                                                                                        |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we become a PFIC, will be treated as ordinary income; and                                                                                |
|   | • |   | the amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year. |

----

----

----

|    | • |   | The tax on free transmission of assets 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  is payable by individuals and legal entities that are beneficiaries of a free transmission of assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|         | • |   | For taxpayers domiciled in the Province of Buenos Aires, the tax is levied on 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 is levied only on 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 issuer ́s assets situated in the Province of Buenos Aires. |
|    | • |   | Free transmissions of assets 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 21.925% have been established, based on the degree of kinship and taxable base involved.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

| ITEM 11. | Quantitative and qualitative disclosures about market risk |
|---------------|------------------------------------------------------------|

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

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

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

----

|   | • |   | acquisitions by existing shareholders or by those exercising control over shares or convertible securities in accordance with the provisions under Law 26.831, irrespective of the application of the regulations imposed by the CNV; and                                                                                                                                                                                                           |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | holdings of more than 35%, which derive from the distribution of common shares or dividends paid in shares approved by the shareholders, or the issuance of common shares as a result of a merger approved by the shareholders; in both cases, the excess holding shall be disposed of within 180 days of its registration in the relevant shareholder’s account, or prior to the holding of our shareholders meeting, whatever occurs first. |

|   | • |   | the identity and nationality of the offering party and, in the event the offer is made by a group, the identity of each member of the group; |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | the terms and conditions of the offering, including the price, the tender offer period and the requirements for accepting the tender offer;  |
|   | • |   | accounting documentation required by Argentine law relating to the offering party;                                                           |
|   | • |   | details of all prior acquisitions by the offering party of common shares or securities convertible into shares of our capital stock.         |

|   | • |   | the highest price per share of our common stock paid by the offering party, or on behalf of the offering party, for any acquisition of shares or convertible securities within the 2 years prior to the commencement of the tender offer;                                                                                                                                                                                                                                                      |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | the highest closing selling price of a share of our common stock on the BASE during the thirty day period immediately preceding the commencement of the tender offer;                                                                                                                                                                                                                                                                                                                          |
|   | • |   | the highest price resulting from the calculations made according to the provisions of (i) and (ii) above multiplied by a fraction the numerator of which is such highest price and the denominator of which is the lowest closing price of a share of our common stock on the BASE during the two-year period prior to the period referred to in sub-sections (i) or (ii), as applicable;                                                                                       |
|   | • |   | our aggregate net earnings per common share during our preceding four completed fiscal quarters prior to the commencement of the tender offer, multiplied by our highest price to earnings ratio during the two-year period immediately preceding the commencement of the tender offer. Such multiples shall be determined considering the average closing selling price of our common stock in the BASE, and our aggregate net income from our preceding four completed fiscal quarters; and, |
|   | • |   | the book value per share of our common stock at the time the tender offer is commenced, multiplied by the highest ratio determined by a fraction the numerator of which is the closing selling price of a share of our common stock oi the BASE on each day during the two year period prior to the commencement of the tender offer and the denominator of which is the latest known book value per share of our common stock on each such date.                                              |

| ·       | 50% of our cumulative consolidated net income; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·       | 75% of our cumulative consolidated net income if our consolidated interest coverage ratio for our most recent four consecutive fiscal quarters is at least 3.0 to 1; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ·       | 100% of our cumulative consolidated net income if our consolidated interest coverage ratio for our most recent four consecutive fiscal quarters is at least 4.0 to 1; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| ·  | 100% of our aggregate net cash proceeds (with certain exceptions) and the fair market value of property other than cash received by us or by our restricted subsidiaries from (a) any contribution to our capital stock or the capital stock of our restricted subsidiaries or issuance and sale of our qualified capital stock or the qualified capital stock of our restricted subsidiaries subsequent to the issue of our notes due, (b) issuance and sale subsequent to the issuance of our Series I and Series II notes or our indebtedness or the indebtedness of our restricted subsidiaries that has been converted into or exchanged for our qualified capital stock, or (c) any reduction in our indebtedness or any restricted subsidiary, (d) any reduction in debt investment (other than permitted investments) and return on assets, or (e) any distribution received from non-restricted subsidiaries. |

----

| ITEM 15. | Controls and Procedures |
|----------|-------------------------|

----

| · | hiring additional qualified accounting personnel versed in the technical requirements of IFRS at the subsidiary level to interpret, analyze and account for significant complex contractual provisions; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | develop a solution to collect and consolidate all material contractual provisions at the subsidiary level to assist in the appropriate evaluation and documentation requirements required by IFRS; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | institute additional review by management of the Company to confirm proper identification, analysis and implementation of relevant accounting standards going forward; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | provide additional training to personnel at both the Company and subsidiaries to better assess and evaluate contractual provisions and the impact of derivative financial instruments. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

| · | Require any additional and complementary documentation related to this analysis. |
|--------|----------------------------------------------------------------------------------|

| · | 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; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Inform the fees billed by the external auditor, separating the services related to the audit services and other special services that could be not included in the audit services previously mentioned. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Take notice of any strategy proposed by of the external auditors and review it in accordance with the reality other business 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; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| Period                                     |   | Total Number ofCommon SharesPurchased |    |   | Average PricePaid per Share |   |   | Total Number ofADR’s Purchased |   |   | Average Price Paidper ADR |   |   | Total Number ofShares Purchased asPart of the PubliclyAnnounced Plan (3) |   |   | Maximum Number of Sharesthat may yet be purchasedunder the plan |   |
|-------------------------------------------------|--------|---------------------------------------|---------|--------|-----------------------------|--------|--------|--------------------------------------|--------|--------|---------------------------|--------|--------|--------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|
|                                            |   |                                  |    |   | (Ps.)                       |   |   |                                 |   |   | (U$S)                     |   |   |                                                                     |   |   |                                                            |   |
| July 2013                                       |   |                                  | 9,300   |   |                        |   | 6.63   |                                 |   |   | -                         |   |   |                                                                     | -      |   |                                                            |   | 9,300 |   |   |   | 29,990,700 |   |
| August 2013                                     |   |                                  | 51,584  |   |                        |   | 7.21   |                                 |   |   | -                         |   |   |                                                                     | -      |   |                                                            |   | 51,584 |   |   |   | 29,939,116 |   |
| September 2013                                  |   |                                  | 78,298  |   |                        |   | 7.81   |                                 |   |   | 8,815                     |   |   |                                                                     | 8.68   |   |                                                            |   | 166,448 |   |   |   | 29,772,668 |   |
| October 2013                                    |   |                                  | 130,204 |   |                        |   | 9.76   |                                 |   |   | 72,279                    |   |   |                                                                     | 10.49  |   |                                                            |   | 852,994 |   |   |   | 28,919,674 |   |
| November 2013                                   |   |                                  | 70,989  |   |                        |   | 10.48  |                                 |   |   | 132,337                   |   |   |                                                                     | 11.68  |   |                                                            |   | 1,394,359 |   |   |   | 27,525,315 |   |
| December 2013                                   |   |                                  | 55,431  |   |                        |   | 10.27  |                                 |   |   | 155,799                   |   |   |                                                                     | 12.09  |   |                                                            |   | 1,613,421 |   |   |   | 25,911,894 |   |
| January 2014                                    |   |                                  | 49,380  |   |                        |   | 10.77  |                                 |   |   | 30,445                    |   |   |                                                                     | 11.54  |   |                                                            |   | 353,830 |   |   |   | 25,558,064 |   |
| February 2014                                   |   |                                  | 24,224  |   |                        |   | 11.06  |                                 |   |   | -                         |   |   |                                                                     | -      |   |                                                            |   | 24,224 |   |   |   | 25,533,840 |   |
| March 2014                                      |   |                                  | 31,833  |   |                        |   | 11.11  |                                 |   |   | -                         |   |   |                                                                     | -      |   |                                                            |   | 31,833 |   |   |   | 25,502,007 |   |
| April 2014                                      |   |                                  | 31,054  |   |                        |   | 11.88  |                                 |   |   | -                         |   |   |                                                                     | -      |   |                                                            |   | 31,054 |   |   |   | 25,470,953 |   |
| May 2014                                        |   |                                  | 1,650   |   |                        |   | 14.30  |                                 |   |   | 37,400                    |   |   |                                                                     | 14.64  |   |                                                            |   | 375,650 |   |   |   | 25,095,303 |   |
|        Total |   |                                  | 533,947 |   |                        |   |   |                                 |   |   | 437.075                   |   |   |                                                                     |   |   |                                                            |   | 4,904,697 |   |   |   |   |   |

| (1)   | Corresponds to trading date. |
|-----------------|------------------------------|

| (2)   | Up to 5% of the Companies outstanding capital. |
|-----------------|------------------------------------------------|

| (3)   | Correspond to the sum of common shares and ADR’s purchased. Each ADR represents 10 common shares. |
|-----------------|---------------------------------------------------------------------------------------------------------|

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| NYSE Standards for US companies Listed Companies Manual Section 303.A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | IRSA’s Corporate Practices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |         |
| Section 303A.01 A NYSE-listed company must have a majority of independent directors on its board of directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 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 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 Rules of the CNV.                                                                                                                                                                                                                                                                                                                                                                                  |
| Section 303A.02 This section establishes general standards to evaluate directors’ independence (no director qualifies as “independent” unless the board of directors affirmatively determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company)), and emphasizes that the concern is independence from management. The board is also required to express an opinion with regard to the independence or lack of independence, on a case by case basis, of each individual director. |    | CNV standards (former General Resolution No. 400 and now General Resolucion 622/2013, as amended) for purposes of identifying an independent director are substantially similar to NYSE’s standards. CNV standards provide that independence is required with respect to the company itself and to its shareholders with direct or indirect material holdings (35% or more). To qualify as an independent director, such person must not perform executive functions within the company. Close relatives of any persons who would not qualify as “independent directors” shall also not be considered “independent.” When directors are appointed, each shareholder that nominates a director is required to report at the meeting whether or not such director is independent. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |         |
| Section 303A.03 Non-management directors must meet at regularly scheduled executive meetings not attended by management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | Neither Argentine law nor our by-laws require that any such meetings be held. Our board of directors as a whole is responsible for monitoring the company’s 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 a aompany. Also, it is mandatory for public companies to form a supervisory committee (composed of syndics) which is responsible for monitoring legal compliance by a company under Argentine law and compliance with its by-laws.                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |         |
| Section 303A.05(a) Listed companies shall have a “Compensation Committee” comprised entirely of independent directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | Neither Argentine law nor our by-laws require the formation of a “Compensation Committee.” Under Argentine law, if the compensation of the members of the board of directors and the supervisory committee is not established in the by-laws of a company, it should be determined at the shareholders meeting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |         |
| Section 303A.05(b). The “Compensation Committee” shall have a written charter addressing the committee’s purpose and certain minimum responsibilities as set forth in Section 303A.05(b)(i) and (ii).                                                                                                                                                                                                                                                                                                                                                                                                                    |    | Neither Argentine law nor our by-laws require the formation of a “Compensation Committee.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| NYSE Standards for US companies Listed Companies Manual Section 303.A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | IRSA’s Corporate Practices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |         |
| Section 303A.06 Listed companies must have an “Audit Committee” that satisfies the requirements of Rule 10 A-3 under the 1934 Exchange Act (the “Exchange Act”). Foreign private issuers must satisfy the requirements of Rule 10 A-3 under the Exchange Act as of July 31, 2005.                                                                                                                                                                                                                                                                                                                                       |    | Pursuant to the Capital Markets Law and the Rules of the CNV, as from May 27, 2004 we have appointed an “Audit Committee” composed of three of the members of the Board of Directors. Since December 21, 2005 all of its members are independent as per the criteria of Rule 10 A-3 under the Exchange Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |         |

----

| Section 303A.07(a) The Audit Committee shall consist of at least three members. All of its members shall be financially literate or must acquire such financial knowledge within a reasonable period and at least one of its members shall have experience in accounting or financial administration. |    | In accordance with Argentine law, a public Company must have an Audit Committee with a minimum of three members of the board of directors, the majority of which shall be independent pursuant to the criteria established by the CNV. There is no requirement related to the financial expertise of the members of the Audit Committee. However, our Audit Committee has a financial expert. The committee creates its own written internal code that addresses among others: (i) its purpose; (ii) an annual performance evaluation of the committee; and (iii) its duties and responsibilities. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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.                                                                                                                                                                                                                                                                                                                                   |
|         |         |
| 1.3          |         | Amended and restated English translation of 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 Amendments to the Corporate Services Master Agreement, October 15, 2012                                                                                                                                                                                                                                          |
|         |         |
| 4.8          |         | English translation of the Sixth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated November 12, 2013.                                                                                                                                                                                                                                |
|         |         |                                                                                                                                                                                                                                                                                                                                                                                  |
| 4.9          |         | English translation of the Second Amendment to the Exchange of Operating Services Agreement between the Company, Cresud and Alto Palermo dated February 24, 2014.                                                                                                                                                                                                                     |
|         |         |                                                                                                                                                                                                                                                                                                                                                                                  |
| 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.                 |
| ********* | Incorporated herein by reference to the annual report on Form 20-F (File No. 1280-30982) filed with the SEC on October 26, 2012.                  |

|                                                      |
|-----------------------------------------------------------|
| IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANÓNIMA |
| /s/  Matías I. Gaivironsky                      |   |
| Matías I. Gaivironsky                                |   |
| Chief Financial OfficerIRSA                               |   |
|                                                      |

----

| IRSA Inversiones y Representaciones Sociedad Anónima                                                                |               |
|--------------------------------------------------------------------------------------------------------------------------|--------------------|
|                                                                                                                     | Page               |
| Report of Independent Registered Public Accounting Firm                                                                  | F - 2              |
| Consolidated Statements of Financial Position as of June 30, 2014 and 2013                                               | F - 4              |
| Consolidated Statements of Income for the fiscal years ended June 30, 2014, 2013 and 2012                                | F - 5              |
| Consolidated Statements of Comprehensive Income for the fiscal years ended June 30, 2014, 2013 and 2012                  |  F - 6        |
| Consolidated Statements of Changes in Shareholders’ Equity for the fiscal years ended June 30, 2014, 2013 and 2012 |  F - 7        |
| Consolidated Statements of Cash Flows for the fiscal years ended June 30, 2014, 2013 and 2012                            | F - 10             |
| Notes to the Consolidated Financial Statements                                                                      |  F – 11 |

----

----

| By: | /s/ Eduardo A. Loiácono | (Partner) |
|-----|------------------------------|-----------|

----

|                                                                    |   | Note   |   |   | 06.30.2014(Restated) |   |      |   | 06.30.2013 |   |
|-------------------------------------------------------------------------|--------|--------|--------|--------|----------------------|--------|-----------|--------|------------|--------|
| ASSETS                                                                  |   |   |   |   |                 |   |      |   |       |   |
| Non- Current Assets                                                     |   |   |   |   |                 |   |      |   |       |   |
| Investment properties                                                   |   |   | 10     |   |                 |   | 3,269,595 |   |       |   | 3,983,266 |   |
| Property, plant and equipment                                           |   |   | 11     |   |                 |   | 220,013   |   |       |   | 212,673 |   |
| Trading properties                                                      |   |   | 12     |   |                 |   | 130,657   |   |       |   | 94,464 |   |
| Intangible assets                                                       |   |   | 13     |   |                 |   | 124,085   |   |       |   | 172,878 |   |
| Investments in associates and joint ventures                            |   |   | 8,9    |   |                 |   | 2,260,805 |   |       |   | 1,423,936 |   |
| Deferred income tax assets                                              |   |   | 27     |   |                 |   | 368,641   |   |       |   | 85,236 |   |
| Restricted assets                                                       |   |   | 16     |   |                 |   | -         |   |       |   | 10,881 |   |
| Income tax and minimum presumed income tax ("MPIT") credit              |   |   |   |   |                 |   | 110,185   |   |       |   | 130,086 |   |
| Trade and other receivables                                             |   |   | 17     |   |                 |   | 92,388    |   |       |   | 85,126 |   |
| Investments in financial assets                                         |   |   | 18     |   |                 |   | 274,716   |   |       |   | 267,455 |   |
| Derivative financial instruments                                        |   |   | 19     |   |                 |   | -         |   |       |   | 21,208 |   |
| Total Non-Current Assets                                                |   |   |   |   |                 |   | 6,851,085 |   |       |   | 6,487,209 |   |
| Current Assets                                                          |   |   |   |   |                 |   |      |   |       |   |   |   |
| Trading properties                                                      |   |   | 12     |   |                 |   | 4,596     |   |       |   | 11,689 |   |
| Inventories                                                             |   |   | 14     |   |                 |   | 16,963    |   |       |   | 16,321 |   |
| Restricted assets                                                       |   |   | 16     |   |                 |   | -         |   |       |   | 1,022 |   |
| Income tax and minimum presumed income tax ("MPIT") credit              |   |   |   |   |                 |   | 15,866    |   |       |   | - |   |
| Assets held for sale                                                    |   |   | 42     |   |                 |   | 1,357,866 |   |       |   | - |   |
| Trade and other receivables                                             |   |   | 17     |   |                 |   | 706,846   |   |       |   | 769,333 |   |
| Investments in financial assets                                         |   |   | 18     |   |                 |   | 234,107   |   |       |   | 244,053 |   |
| Derivative financial instruments                                        |   |   | 19     |   |                 |   | 12,870    |   |       |   | - |   |
| Cash and cash equivalents                                               |   |   | 20     |   |                 |   | 609,907   |   |       |   | 796,902 |   |
| Total Current Assets                                                    |   |   |   |   |                 |   | 2,959,021 |   |       |   | 1,839,320 |   |
| TOTAL ASSETS                                                            |   |   |   |   |                 |   | 9,810,106 |   |       |   | 8,326,529 |   |
| SHAREHOLDERS' EQUITY                                                    |   |   |   |   |                 |   |      |   |       |   |   |   |
| Capital and reserves attributable to equity holders of the parent       |   |   |   |   |                 |   |      |   |       |   |   |   |
| Share capital                                                           |   |   |   |   |                 |   | 573,771   |   |       |   | 578,676 |   |
| Treasury stock                                                          |   |   |   |   |                 |   | 4,905     |   |       |   | - |   |
| Inflation adjustment of share capital and treasury stock                |   |   |   |   |                 |   | 123,329   |   |       |   | 123,329 |   |
| Share premium                                                           |   |   |   |   |                 |   | 793,123   |   |       |   | 793,123 |   |
| Cost of treasury stock                                                  |   |   |   |   |                 |   | (37,906   | )      |       |   | - |   |
| Acquisition of additional interest in subsidiaries                      |   |   |   |   |                 |   | (21,808   | )      |       |   | (20,782 | ) |
| Reserve for share-based compensation                                    |   |   | 26     |   |                 |   | 53,235    |   |       |   | 8,258 |   |
| Legal reserve                                                           |   |   |   |   |                 |   | 116,840   |   |       |   | 85,140 |   |
| Special reserve                                                         |   |   |   |   |                 |   | 375,487   |   |       |   | 395,249 |   |
| Reserve for new developments                                            |   |   |   |   |                 |   | 413,206   |   |       |   | 492,441 |   |
| Cumulative translation adjustment                                       |   |   |   |   |                 |   | 398,931   |   |       |   | 50,776 |   |
| (Accumulated deficit) retained earnings                                 |   |   |   |   |                 |   | (784,869  | )      |       |   | 239,328 |   |
| Total capital and reserves attributable to equity holders of the parent |   |   |   |   |                 |   | 2,008,244 |   |       |   | 2,745,538 |   |
| Non-controlling interest                                                |   |   |   |   |                 |   | 548,352   |   |       |   | 385,151 |   |
| TOTAL SHAREHOLDERS' EQUITY                                              |   |   |   |   |                 |   | 2,556,596 |   |       |   | 3,130,689 |   |
| LIABILITIES                                                             |   |   |   |   |                 |   |      |   |       |   |   |   |
| Non-Current Liabilities                                                 |   |   |   |   |                 |   |      |   |       |   |   |   |
| Trade and other payables                                                |   |   | 21     |   |                 |   | 202,652   |   |       |   | 211,118 |   |
| Borrowings                                                              |   |   | 24     |   |                 |   | 3,756,003 |   |       |   | 2,922,642 |   |
| Derivative financial instruments                                        |   |   | 19     |   |                 |   | 320,847   |   |       |   | - |   |
| Deferred income tax liabilities                                         |   |   | 27     |   |                 |   | 345,607   |   |       |   | 395,936 |   |
| Salaries and social security liabilities                                |   |   | 22     |   |                 |   | 3,749     |   |       |   | 3,160 |   |
| Provisions                                                              |   |   | 23     |   |                 |   | 205,228   |   |       |   | 57,737 |   |
| Total Non-Current Liabilities                                           |   |   |   |   |                 |   | 4,834,086 |   |       |   | 3,590,593 |   |
| Current Liabilities                                                     |   |   |   |   |                 |   |      |   |       |   |   |   |
| Trade and other payables                                                |   |   | 21     |   |                 |   | 678,725   |   |       |   | 677,010 |   |
| Income tax and minimum presumed income tax ("MPIT") liabilities         |   |   |   |   |                 |   | 64,677    |   |       |   | 90,916 |   |
| Liabilities held for sale                                               |   |   | 42     |   |                 |   | 806,612   |   |       |   | - |   |
| Salaries and social security liabilities                                |   |   | 22     |   |                 |   | 99,276    |   |       |   | 49,010 |   |
| Derivative financial instruments                                        |   |   | 19     |   |                 |   | 14,225    |   |       |   | 1,732 |   |
| Borrowings                                                              |   |   | 24     |   |                 |   | 737,477   |   |       |   | 772,529 |   |
| Provisions                                                              |   |   | 23     |   |                 |   | 18,432    |   |       |   | 14,050 |   |
| Total Current Liabilities                                               |   |   |   |   |                 |   | 2,419,424 |   |       |   | 1,605,247 |   |
| TOTAL LIABILITIES                                                       |   |   |   |   |                 |   | 7,253,510 |   |       |   | 5,195,840 |   |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES                              |   |   |   |   |                 |   | 9,810,106 |   |       |   | 8,326,529 |   |

----

|                                                                                              |   | Note   |   |   | 06.30.2014(Restated) |   |       |   | 06.30.2013 |   |       |   | 06.30.2012 |   |
|---------------------------------------------------------------------------------------------------|--------|--------|--------|--------|----------------------|--------|------------|--------|------------|--------|------------|--------|------------|--------|
| Revenues                                                                                          |   |   | 30     |   |                 |   | 2,845,176  |   |       |   | 2,187,180  |   |       |   | 1,790,316 |   |
| Costs                                                                                             |   |   | 31     |   |                 |   | (1,354,493 | )      |       |   | (1,087,611 | )      |       |   | (858,658 | ) |
|  Gross Profit                                                                                |   |   |   |   |                 |   | 1,490,683  |   |       |   | 1,099,569  |   |       |   | 931,658 |   |
| Gain from disposal of investment properties                                                       |   |   | 10     |   |                 |   | 235,507    |   |       |   | 183,767    |   |       |   | 116,689 |   |
| General and administrative expenses                                                               |   |   | 32     |   |                 |   | (296,928   | )      |       |   | (194,841   | )      |       |   | (174,347 | ) |
| Selling expenses                                                                                  |   |   | 32     |   |                 |   | (146,236   | )      |       |   | (106,125   | )      |       |   | (84,773 | ) |
| Other operating results, net                                                                      |   |   | 34     |   |                 |   | (45,870    | )      |       |   | 93,268     |   |       |   | (32,446 | ) |
| Profit from operations                                                                            |   |   |   |   |                 |   | 1,237,156  |   |       |   | 1,075,638  |   |       |   | 756,781 |   |
| Share of (loss) / profit of associates and joint ventures                                         |   |   | 8,9    |   |                 |   | (413,771   | )      |       |   | (7,391     | )      |       |   | 11,660 |   |
| Profit before financial results and income tax                                                    |   |   |   |   |                 |   | 823,385    |   |       |   | 1,068,247  |   |       |   | 768,441 |   |
| Finance income                                                                                    |   |   | 35     |   |                 |   | 131,509    |   |       |   | 119,525    |   |       |   | 105,100 |   |
| Finance cost                                                                                      |   |   | 35     |   |                 |   | (1,726,875 | )      |       |   | (772,412   | )      |       |   | (528,010 | ) |
|  Other financial results                                                                     |   |   | 35     |   |                 |   | (123,903   | )      |       |   | 14,695     |   |       |   | (3,917 | ) |
|  Financial results, net                                                                      |   |   | 35     |   |                 |   | (1,719,269 | )      |       |   | (638,192   | )      |       |   | (426,827 | ) |
| (Loss) / Profit before income tax                                                                 |   |   |   |   |                 |   | (895,884   | )      |       |   | 430,055    |   |       |   | 341,614 |   |
| Income tax and Minimum Presumed Income Tax                                                        |   |   | 27     |   |                 |   | 64,267     |   |       |   | (132,847   | )      |       |   | (116,938 | ) |
| (Loss) / Profit for the year                                                                      |   |   |   |   |                 |   | (831,617   | )      |       |   | 297,208    |   |       |   | 224,676 |   |
|                                                                                              |   |   |   |   |                 |   |       |   |       |   |       |   |       |   |   |   |
| Attributable to:                                                                                  |   |   |   |   |                 |   |       |   |       |   |       |   |       |   |   |   |
| Equity holders of the parent                                                                      |   |   |   |   |                 |   | (786,487   | )      |       |   | 238,737    |   |       |   | 203,891 |   |
| Non-controlling interest                                                                          |   |   |   |   |                 |   | (45,130    | )      |       |   | 58,471     |   |       |   | 20,785 |   |
|                                                                                              |   |   |   |   |                 |   |       |   |       |   |       |   |       |   |   |   |
| (Loss) / Profit per share attributable to equity holders of the parent during the year (Note 36): |   |   |   |   |                 |   |       |   |       |   |       |   |       |   |   |   |
| Basic                                                                                             |   |   |   |   |                 |   | (1.37      | )      |       |   | 0.41       |   |       |   | 0.35 |   |
| Diluted                                                                                           |   |   |   |   |                 |   | (1.37      | )      |       |   | 0.41       |   |       |   | 0.35 |   |

----

|                                                           |   | 06.30.2014(Restated) |     |   |   | 06.30.2013 |    |   |   | 06.30.2012 |    |
|----------------------------------------------------------------|--------|----------------------|----------|--------|--------|------------|---------|--------|--------|------------|---------|
| (Loss) / Profit for the year                                   |   |                 | (831,617 | )      |   |       | 297,208 |   |   |       | 224,676 |   |
| Other comprehensive income:                                    |   |                 |     |   |   |       |    |   |   |       |    |   |
| Items that may be reclassified subsequently to profit or loss: |   |                 |     |   |   |       |    |   |   |       |    |   |
| Currency translation adjustment                                |   |                 | 442,844  |   |   |       | 56,799  |   |   |       | 14,682  |   |
| Other comprehensive income for the year (i)                    |   |                 | 442,844  |   |   |       | 56,799  |   |   |       | 14,682  |   |
| Total comprehensive income for the year                        |   |                 | (388,773 | )      |   |       | 354,007 |   |   |       | 239,358 |   |
|                                                           |   |                 |     |   |   |       |    |   |   |       |    |   |
| Attributable to:                                               |   |                 |     |   |   |       |    |   |   |       |    |   |
| Equity holders of the parent                                   |   |                 | (438,332 | )      |   |       | 287,926 |   |   |       | 218,393 |   |
| Non-controlling interest                                       |   |                 | 49,559   |   |   |       | 66,081  |   |   |       | 20,965  |   |

| (i)   | Components of other comprehensive income have no impact on income tax. |
|-----------------|------------------------------------------------------------------------|

----

|                                                                                                  |   | Attributable to equity holders of the parent |    |   |           |   |   |                                                         |   |
|-------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|---------|--------|----------------|--------|--------|--------------------------------------------------------------|--------|
|                                                                                                  |   | Share capital                                |    |   | Treasury stock |   |   | Inflation adjustment of share capital and treasury stock (2) |   |   | Share premium |   |   | Cost oftreasurystock |   |   | Acquisition of additional interestin subsidiaries |   |   | Reserve for share-based compensation |   |   | Legal reserve |   |   | Special reserve(1) |   |   | Reserve for new development |   |   | Cumulative translation adjustment |   |   | Retained earnings(Accumulated deficit) |   |   | Subtotal |   |   | Non-controlling interest |   |   | Total shareholders' equity(Restated) |   |
| Balance at July 1st, 2013                                                                        |   |                                         | 578,676 |   |           |   | -      |                                                         |   |   | 123,329 |   |   |   | 793,123 |   |   |   | - |   |   |   | (20,782 | ) |   |   | 8,258 |   |   |   | 85,140 |   |   |   | 395,249 |   |   |   | 492,441 |   |   |   | 50,776 |   |   |   | 239,328 |   |   |   | 2,745,538 |   |   |   | 385,151 |   |   |   | 3,130,689 |   |
| Loss for the year                                                                                     |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (786,487 | ) |   |   | (786,487 | ) |   |   | (45,130 | ) |   |   | (831,617 | ) |
| Other comprehensive income for the year                                                               |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 348,155 |   |   |   | - |   |   |   | 348,155 |   |   |   | 94,689 |   |   |   | 442,844 |   |
| Total comprehensive income for the year                                                               |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 348,155 |   |   |   | (786,487 | ) |   |   | (438,332 | ) |   |   | 49,559 |   |   |   | (388,773 | ) |
| Distribution of retained earnings approved by Shareholders’ meeting held  10.31.13    |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 31,700 |   |   |   | (19,762 | ) |   |   | - |   |   |   | - |   |   |   | (11,938 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Reversal of reserve for new developments – Shareholders’ meeting held 10.31.13            |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (22,610 | ) |   |   | - |   |   |   | 22,610 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Dividends distribution – approved by Shareholders’ meeting held 10.31.13                  |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (250,000 | ) |   |   | (250,000 | ) |   |   | - |   |   |   | (250,000 | ) |
| Reversal of reserve for new developments – Shareholders’ meeting held  06.19.14 |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (56,625 | ) |   |   | - |   |   |   | 56,625 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Reserve for share-based compensation  (Note 26)                                             |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 44,977 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 44,977 |   |   |   | (287 | ) |   |   | 44,690 |   |
| Purchase of Treasury stock                                                                            |   |                                         | (4,905  | )      |           |   | 4,905  |                                                         |   |   | - |   |   |   | - |   |   |   | (37,906 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (37,906 | ) |   |   | - |   |   |   | (37,906 | ) |
| Distribution of share capital of subsidiaries                                                         |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,163 | ) |   |   | (4,163 | ) |
| Acquisition of non-controlling interest (Note 3)                                                      |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,026 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,026 | ) |   |   | (182 | ) |   |   | (1,208 | ) |
| Reversal of expired dividends                                                                         |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,618 |   |   |   | 1,618 |   |   |   | 72 |   |   |   | 1,690 |   |
| Dividends distribution – approved by Shareholders’ meeting held 06.19.2014                |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (56,625 | ) |   |   | (56,625 | ) |   |   | - |   |   |   | (56,625 | ) |
| Dividends distributed by subsidiaries                                                                 |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (20,837 | ) |   |   | (20,837 | ) |
| Capital contribution of non-controlling interest                                                      |   |                                         | -       |   |           |   | -      |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 139,039 |   |   |   | 139,039 |   |
| Balance at June 30, 2014 (Restated)                                                                   |   |                                         | 573,771 |   |           |   | 4,905  |                                                         |   |   | 123,329 |   |   |   | 793,123 |   |   |   | (37,906 | ) |   |   | (21,808 | ) |   |   | 53,235 |   |   |   | 116,840 |   |   |   | 375,487 |   |   |   | 413,206 |   |   |   | 398,931 |   |   |   | (784,869 | ) |   |   | 2,008,244 |   |   |   | 548,352 |   |   |   | 2,556,596 |   |

| (1)  | Related to CNV General Resolution No. 609/12. See Note 29. |
|-----------|------------------------------------------------------------|

| (2)  | Includes Ps. 1,045 of Inflation adjustment treasury stock. See Note 29. |
|-----------|-------------------------------------------------------------------------|

----

|                                                                                                         |   | Attributable to equity holders of the parent |    |   |                                 |   |     |          |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|---------|--------|--------------------------------------|--------|----------|---------------|--------|
|                                                                                                         |   | Share capital                                |    |   | Inflationadjustment of share capital |   |     | Share premium |   |   | Acquisition of additional interest in subsidiaries |   |   | Reserve for share-based compensation |   |   | Legal reserve |   |   |  Special reserve(1) |   |   | Reserve for new developments |   |   | Cumulative translation adjustment |   |   | Retained earnings (Accumulated deficit) |   |   | Subtotal |   |   | Non-controlling interest |   |   | Total shareholders’ equity |   |
| Balance at June 30, 2012                                                                                     |   |                                         | 578,676 |   |                                 |   | 274,387  |          |   |   | 793,123 |   |   |   | (15,714 | ) |   |   | 2,595 |   |   |   | 71,136 |   |   |   | - |   |   |   | 419,783 |   |   |   | 14,502 |   |   |   | 510,853 |   |   |   | 2,649,341 |   |   |   | 390,428 |   |   |   | 3,039,769 |   |
| Profit for the year                                                                                          |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 238,737 |   |   |   | 238,737 |   |   |   | 58,471 |   |   |   | 297,208 |   |
| Other comprehensive income for the year                                                                      |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 49,189 |   |   |   | - |   |   |   | 49,189 |   |   |   | 7,610 |   |   |   | 56,799 |   |
| Total comprehensive income for the year                                                                      |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 49,189 |   |   |   | 238,737 |   |   |   | 287,926 |   |   |   | 66,081 |   |   |   | 354,007 |   |
| Appropriation of retained earnings approved by Shareholders’ meeting held 10.31.12                     |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,004 |   |   |   | - |   |   |   | 72,658 |   |   |   | - |   |   |   | (86,662 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Reclassification of the deferred tax liability – Approved by Shareholders’ meeting held 10.31.12 |   |                                         | -       |   |                                 |   | (151,058 | )             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 151,058 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Dividends distribution – approved by Shareholders’ meeting held 10.31.12                         |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (180,000 | ) |   |   | (180,000 | ) |   |   | - |   |   |   | (180,000 | ) |
| Dividends distribution of non-controlling interest                                                           |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (27,045 | ) |   |   | (27,045 | ) |
| Acquisition of non-controlling interest by business combination (Note 3)                                     |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 102,723 |   |   |   | 102,723 |   |
| Cumulative translation adjustment for interest held before business combination (Note 3)                     |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (12,915 | ) |   |   | - |   |   |   | (12,915 | ) |   |   | - |   |   |   | (12,915 | ) |
| Distribution of share capital of subsidiaries                                                                |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (152,102 | ) |   |   | (152,102 | ) |
| Reserve for share-based compensation (Note 26)                                                               |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | 5,663 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,663 |   |   |   | 193 |   |   |   | 5,856 |   |
| Reallocation General Ruling No. 609/12                                                                       |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 395,249 |   |   |   | - |   |   |   | - |   |   |   | (395,249 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Capital contribution of non-controlling interest                                                             |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,510 |   |   |   | 6,510 |   |
| Conversion of notes                                                                                          |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 126 |   |   |   | 126 |   |
| Acquisition of additional interest in subsidiaries                                                           |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | (5,068 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (5,068 | ) |   |   | (1,798 | ) |   |   | (6,866 | ) |
| Reversal of expired dividends                                                                                |   |                                         | -       |   |                                 |   | -        |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 591 |   |   |   | 591 |   |   |   | 35 |   |   |   | 626 |   |
| Balance at June 30, 2013                                                                                     |   |                                         | 578,676 |   |                                 |   | 123,329  |          |   |   | 793,123 |   |   |   | (20,782 | ) |   |   | 8,258 |   |   |   | 85,140 |   |   |   | 395,249 |   |   |   | 492,441 |   |   |   | 50,776 |   |   |   | 239,328 |   |   |   | 2,745,538 |   |   |   | 385,151 |   |   |   | 3,130,689 |   |

| (1)  | Corresponds to CNV General Ruling No. 609/12. See Note 29. |
|-----------|------------------------------------------------------------|

----

|                                                                                           |   | Attributable to equity holders of the parent |    |   |                                 |   |    |          |   |
|------------------------------------------------------------------------------------------------|--------|----------------------------------------------|---------|--------|--------------------------------------|--------|---------|---------------|--------|
|                                                                                           |   | Share capital                                |    |   | Inflationadjustment of share capital |   |    | Share premium |   |   | Acquisition of additional interest in subsidiaries |   |   | Reserve for share-based compensation |   |   | Legal reserve |   |   | Reserve for new developments |   |   | Cumulative translation adjustment |   |   | Retained earnings (Accumulated deficit) |   |   | Subtotal |   |   | Non-controlling interest |   |   | Total shareholders’ equity |   |
| Balance at July 1st, 2011                                                                 |   |                                         | 578,676 |   |                                 |   | 274,387 |          |   |   | 793,123 |   |   |   | - |   |   |   | - |   |   |   | 57,031 |   |   |   | 391,262 |   |   |   | - |   |   |   | 656,525 |   |   |   | 2,751,004 |   |   |   | 331,609 |   |   |   | 3,082,613 |   |
| Profit for the year                                                                            |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 203,891 |   |   |   | 203,891 |   |   |   | 20,785 |   |   |   | 224,676 |   |
| Other comprehensive income for the year                                                        |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,502 |   |   |   | - |   |   |   | 14,502 |   |   |   | 180 |   |   |   | 14,682 |   |
| Total comprehensive income for the year                                                        |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,502 |   |   |   | 203,891 |   |   |   | 218,393 |   |   |   | 20,965 |   |   |   | 239,358 |   |
| Appropriation of retained earnings approved by Shareholders’ meeting held 10.31.11       |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,105 |   |   |   | 56,421 |   |   |   | - |   |   |   | (70,526 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Dividends distribution – approved by Shareholders’ meetingheld  10.31.11 |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (211,575 | ) |   |   | (211,575 | ) |   |   | - |   |   |   | (211,575 | ) |
| Dividends distribution of non-controlling interest                                             |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (19,354 | ) |   |   | (19,354 | ) |
| Reversal of expired dividends                                                                  |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,638 |   |   |   | 3,638 |   |   |   | 171 |   |   |   | 3,809 |   |
| Capital contribution of non-controlling interest                                               |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 58,299 |   |   |   | 58,299 |   |
| Acquisition of additional interest in subsidiaries                                             |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | (15,714 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (15,714 | ) |   |   | (537 | ) |   |   | (16,251 | ) |
| Reserve for share-based compensation (Note 26)                                                 |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | 2,595 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,595 |   |   |   | 95 |   |   |   | 2,690 |   |
| Distribution of share capital of subsidiaries                                                  |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (820 | ) |   |   | (820 | ) |
| Dividends distribution – approved by Shareholders’ meetingheld  05.23.12 |   |                                         | -       |   |                                 |   | -       |          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (27,900 | ) |   |   | - |   |   |   | (71,100 | ) |   |   | (99,000 | ) |   |   | - |   |   |   | (99,000 | ) |
| Balance at June 30, 2012                                                                       |   |                                         | 578,676 |   |                                 |   | 274,387 |          |   |   | 793,123 |   |   |   | (15,714 | ) |   |   | 2,595 |   |   |   | 71,136 |   |   |   | 419,783 |   |   |   | 14,502 |   |   |   | 510,853 |   |   |   | 2,649,341 |   |   |   | 390,428 |   |   |   | 3,039,769 |   |

----

|                                                                    |   | Note   |   |   | 06.30.2014 (Restated) |   |       |   | 06.30.2013 |   |      |   | 06.30.2012 |   |
|-------------------------------------------------------------------------|--------|--------|--------|--------|-----------------------|--------|------------|--------|------------|--------|-----------|--------|------------|--------|
| Operating activities:                                                   |   |   |   |   |                  |   |       |   |       |   |      |   |       |   |
| Cash generated by operations                                            |   |   | 20     |   |                  |   | 1,298,251  |   |       |   | 1,141,013 |   |       |   | 876,770 |   |
| Income tax and Minimum Presumed Income tax paid                         |   |   |   |   |                  |   | (276,272   | )      |       |   | (277,640  | )      |       |   | (184,888 | ) |
| Net cash generated by operating activities                              |   |   |   |   |                  |   | 1,021,979  |   |       |   | 863,373   |   |       |   | 691,882 |   |
| Investing activities:                                                   |   |   |   |   |                  |   |       |   |       |   |      |   |       |   |   |   |
| Capital contributions in associates and joint ventures                  |   |   | 8,9    |   |                  |   | (20,059    | )      |       |   | (67,438   | )      |       |   | (17,138 | ) |
| Purchases of associates and joint ventures                              |   |   | 3,8,9  |   |                  |   | (1,131,806 | )      |       |   | (25,899   | )      |       |   | (46,693 | ) |
| Purchases of investment properties                                      |   |   | 10     |   |                  |   | (264,853   | )      |       |   | (210,456  | )      |       |   | (110,968 | ) |
| Proceeds from sale of investment properties                             |   |   | 10     |   |                  |   | 402,139    |   |       |   | 127,688   |   |       |   | 143,818 |   |
| Purchases of property, plant and equipment                              |   |   | 11     |   |                  |   | (23,224    | )      |       |   | (13,415   | )      |       |   | (12,985 | ) |
| Purchases of intangible assets                                          |   |   | 13     |   |                  |   | (11,739    | )      |       |   | (800      | )      |       |   | (2,360 | ) |
| Purchase of investments in financial assets                             |   |   |   |   |                  |   | (1,533,331 | )      |       |   | (950,913  | )      |       |   | (899,199 | ) |
| Proceeds from sale of investments in financial assets                   |   |   |   |   |                  |   | 1,647,674  |   |       |   | 1,197,240 |   |       |   | 717,776 |   |
| Advanced payments                                                       |   |   |   |   |                  |   | (29,647    | )      |       |   | (15,780   | )      |       |   | (9,924 | ) |
| Proceeds from sale of  joint ventures                         |   |   |   |   |                  |   | 22,754     |   |       |   | -         |   |       |   | - |   |
| Acquisition of subsidiaries, net of cash acquired                       |   |   | 3      |   |                  |   | -          |   |       |   | (117,874  | )      |       |   | - |   |
| Interest received                                                       |   |   |   |   |                  |   | 10,166     |   |       |   | 18,399    |   |       |   | 594 |   |
| Loans granted to associates and joint ventures                          |   |   |   |   |                  |   | (2,090     | )      |       |   | (41,591   | )      |       |   | (125,729 | ) |
| Dividends received                                                      |   |   |   |   |                  |   | 16,896     |   |       |   | 54,246    |   |       |   | 12,321 |   |
| Loans repayments received from associates and joint ventures            |   |   |   |   |                  |   | -          |   |       |   | 701       |   |       |   | 103,711 |   |
| Net cash used in investing activities                                   |   |   |   |   |                  |   | (917,120   | )      |       |   | (45,892   | )      |       |   | (246,776 | ) |
| Financing activities:                                                   |   |   |   |   |                  |   |       |   |       |   |      |   |       |   |   |   |
| Borrowings                                                              |   |   |   |   |                  |   | 501,770    |   |       |   | 646,750   |   |       |   | 116,904 |   |
| Repayments of borrowings                                                |   |   |   |   |                  |   | (446,164   | )      |       |   | (206,390  | )      |       |   | (380,146 | ) |
| Payment of seller financing of shares                                   |   |   |   |   |                  |   | (1,640     | )      |       |   | (10,910   | )      |       |   | (23,304 | ) |
| Acquisition of non-controlling interest in subsidiaries                 |   |   |   |   |                  |   | (1,208     | )      |       |   | (4,062    | )      |       |   | (8,054 | ) |
| Dividends paid                                                          |   |   | 29     |   |                  |   | (113,251   | )      |       |   | (239,652  | )      |       |   | (262,724 | ) |
| Capital contribution of non-controlling interest                        |   |   |   |   |                  |   | 139,039    |   |       |   | 6,510     |   |       |   | 58,299 |   |
| Interest paid                                                           |   |   |   |   |                  |   | (414,932   | )      |       |   | (269,785  | )      |       |   | (248,277 | ) |
| Distribution of capital of subsidiaries                                 |   |   |   |   |                  |   | (4,163     | )      |       |   | (152,102  | )      |       |   | (820 | ) |
| Repurchase of treasury stock                                            |   |   |   |   |                  |   | (37,906    | )      |       |   | -         |   |       |   | - |   |
| Payment of seller financing                                             |   |   |   |   |                  |   | (1,871     | )      |       |   | (1,107    | )      |       |   | - |   |
| Acquisition of derivative financial instruments                         |   |   |   |   |                  |   | (37,961    | )      |       |   | -         |   |       |   | - |   |
| Proceeds from derivative financial instruments                          |   |   |   |   |                  |   | 62,158     |   |       |   | -         |   |       |   | - |   |
| Issuance of non-convertible notes                                       |   |   |   |   |                  |   | 218,262    |   |       |   | -         |   |       |   | 295,030 |   |
| Loans from associates and joint ventures                                |   |   |   |   |                  |   | 17,246     |   |       |   | 70,672    |   |       |   | - |   |
| Payments of borrowings from subsidiaries, associates and joint ventures |   |   |   |   |                  |   | (188,906   | )      |       |   | -         |   |       |   | - |   |
| Payment of non-convertible notes                                        |   |   |   |   |                  |   | (287,240   | )      |       |   | (146,192  | )      |       |   | (39,765 | ) |
| Net cash used in financing activities                                   |   |   |   |   |                  |   | (596,767   | )      |       |   | (306,268  | )      |       |   | (492,857 | ) |
| Net (decrease) / increase in cash and cash equivalents                  |   |   |   |   |                  |   | (491,908   | )      |       |   | 511,213   |   |       |   | (47,751 | ) |
| Cash and cash equivalents at beginning of year                          |   |   | 20     |   |                  |   | 796,902    |   |       |   | 259,169   |   |       |   | 301,559 |   |
| Foreign exchange gain on cash and cash equivalents                      |   |   |   |   |                  |   | 304,913    |   |       |   | 26,520    |   |       |   | 5,361 |   |
| Cash and cash equivalents at end of the year                            |   |   | 20     |   |                  |   | 609,907    |   |       |   | 796,902   |   |       |   | 259,169 |   |

----

| 1.   | The Group’s business and general information |
|----------------|----------------------------------------------------|

----

| 1.   | The Group’s business and general information (Continued) |
|----------------|----------------------------------------------------------------|

| 2. | Summary of significant accounting policies |
|----|--------------------------------------------|

| 2.1.   | Basis of preparation of the consolidated financial statement |
|------------------|--------------------------------------------------------------|

| (a)   | Basis of preparation |
|-----------------|----------------------|

| (b)   | Restatement of Previously Issued Financial Statements |
|-----------------|-------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.1.   | Basis of preparation of the consolidated financial statement (Continued) |
|------------------|--------------------------------------------------------------------------|

| (b)   | Restatement of Previously Issued Financial Statements (Continued) |
|-----------------|-------------------------------------------------------------------|

|                                                                                              |   | 06.30.2014(Reported) |       |   | 06.30.2014(Adjustment) |   |     | 06.30.2014(Restated) |   |
|---------------------------------------------------------------------------------------------------|--------|----------------------|------------|--------|------------------------|--------|----------|----------------------|--------|
| Revenues                                                                                          |   |                 | 2,845,176  |   |                   |   | -        |                 |   |   | 2,845,176 |   |
| Costs                                                                                             |   |                 | (1,354,493 | )      |                   |   | -        |                 |   |   | (1,354,493 | ) |
|  Gross Profit                                                                                |   |                 | 1,490,683  |   |                   |   | -        |                 |   |   | 1,490,683 |   |
| Gain from disposal of investment properties                                                       |   |                 | 235,507    |   |                   |   | -        |                 |   |   | 235,507 |   |
| General and administrative expenses                                                               |   |                 | (296,928   | )      |                   |   | -        |                 |   |   | (296,928 | ) |
| Selling expenses                                                                                  |   |                 | (146,236   | )      |                   |   | -        |                 |   |   | (146,236 | ) |
| Other operating results, net                                                                      |   |                 | (45,870    | )      |                   |   | -        |                 |   |   | (45,870 | ) |
| Profit from operations                                                                            |   |                 | 1,237,156  |   |                   |   | -        |                 |   |   | 1,237,156 |   |
| Share of (loss) / profit of associates and joint ventures                                         |   |                 | (413,771   | )      |                   |   | -        |                 |   |   | (413,771 | ) |
| Profit before financial results and income tax                                                    |   |                 | 823,385    |   |                   |   | -        |                 |   |   | 823,385 |   |
| Finance income                                                                                    |   |                 | 131,509    |   |                   |   | -        |                 |   |   | 131,509 |   |
| Finance cost                                                                                      |   |                 | (1,726,875 | )      |                   |   | -        |                 |   |   | (1,726,875 | ) |
|  Other financial results                                                                     |   |                 | 191,697    |   |                   |   | (315,600 | )                    |   |   | (123,903 | ) |
|  Financial results, net                                                                      |   |                 | (1,403,669 | )      |                   |   | (315,600 | )                    |   |   | (1,719,269 | ) |
| (Loss) / Profit before income tax                                                                 |   |                 | (580,284   | )      |                   |   | (315,600 | )                    |   |   | (895,884 | ) |
| Income tax and Minimum Presumed Income Tax                                                        |   |                 | 64,267     |   |                   |   | -        |                 |   |   | 64,267 |   |
| (Loss) / Profit for the year                                                                      |   |                 | (516,017   | )      |                   |   | (315,600 | )                    |   |   | (831,617 | ) |
|                                                                                              |   |                 |       |   |                   |   |     |                 |   |   |   |   |
| Attributable to:                                                                                  |   |                 |       |   |                   |   |     |                 |   |   |   |   |
| Equity holders of the parent                                                                      |   |                 | (514,566   | )      |                   |   | (271,921 | )                    |   |   | (786,487 | ) |
| Non-controlling interest                                                                          |   |                 | (1,451     | )      |                   |   | (43,679  | )                    |   |   | (45,130 | ) |
|                                                                                              |   |                 |       |   |                   |   |     |                 |   |   |   |   |
| (Loss) / Profit per share attributable to equity holders of the parent during the year (Note 36): |   |                 |       |   |                   |   |     |                 |   |   |   |   |
| Basic                                                                                             |   |                 | (0.89      | )      |                   |   | (0.48    | )                    |   |   | (1.37 | ) |
| Diluted                                                                                           |   |                 | (0.89      | )      |                   |   | (0.48    | )                    |   |   | (1.37 | ) |

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.1.   | Basis of preparation of the consolidated financial statement (Continued) |
|------------------|--------------------------------------------------------------------------|

| (b)   | Restatement of Previously Issued Financial Statements (Continued) |
|-----------------|-------------------------------------------------------------------|

|                                                           |   | 06.30.2014(Reported) |     |   | 06.30.2014(Adjustment) |   |     | 06.30.2014(Restated) |   |
|----------------------------------------------------------------|--------|----------------------|----------|--------|------------------------|--------|----------|----------------------|--------|
| (Loss) / Profit for the year                                   |   |                 | (516,017 | )      |                   |   | (315,600 | )                    |   |   | (831,617 | ) |
| Other comprehensive income:                                    |   |                 |     |   |                   |   |     |                 |   |   |   |   |
| Items that may be reclassified subsequently to profit or loss: |   |                 |     |   |                   |   |     |                 |   |   |   |   |
| Currency translation adjustment                                |   |                 | 448,091  |   |                   |   | (5,247   | )                    |   |   | 442,844 |   |
| Other comprehensive income for the year (i)                    |   |                 | 448,091  |   |                   |   | (5,247   | )                    |   |   | 442,844 |   |
| Total comprehensive income for the year                        |   |                 | (67,926  | )      |                   |   | (320,847 | )                    |   |   | (388,773 | ) |
|                                                           |   |                 |     |   |                   |   |     |                 |   |   |   |   |
| Attributable to:                                               |   |                 |     |   |                   |   |     |                 |   |   |   |   |
| Equity holders of the parent                                   |   |                 | (161,890 | )      |                   |   | (276,442 | )                    |   |   | (438,332 | ) |
| Non-controlling interest                                       |   |                 | 93,964   |   |                   |   | (44,405  | )                    |   |   | 49,559 |   |

|                                                       |   | 06.30.2014(Reported) |      |   | 06.30.2014(Adjustment) |   |   | 06.30.2014(Restated) |   |
|------------------------------------------------------------|--------|----------------------|-----------|--------|------------------------|--------|--------|----------------------|--------|
| ASSETS                                                     |   |                 |      |   |                   |   |   |                 |   |
| Non- Current Assets                                        |   |                 |      |   |                   |   |   |                 |   |
| Investment properties                                      |   |                 | 3,269,595 |   |                   |   | -      |                 |   |   | 3,269,595 |   |
| Property, plant and equipment                              |   |                 | 220,013   |   |                   |   | -      |                 |   |   | 220,013 |   |
| Trading properties                                         |   |                 | 130,657   |   |                   |   | -      |                 |   |   | 130,657 |   |
| Intangible assets                                          |   |                 | 124,085   |   |                   |   | -      |                 |   |   | 124,085 |   |
| Investments in associates and joint ventures               |   |                 | 2,260,805 |   |                   |   | -      |                 |   |   | 2,260,805 |   |
| Deferred income tax assets                                 |   |                 | 368,641   |   |                   |   | -      |                 |   |   | 368,641 |   |
| Restricted assets                                          |   |                 | -         |   |                   |   | -      |                 |   |   | - |   |
| Income tax and minimum presumed income tax ("MPIT") credit |   |                 | 110,185   |   |                   |   | -      |                 |   |   | 110,185 |   |
| Trade and other receivables                                |   |                 | 92,388    |   |                   |   | -      |                 |   |   | 92,388 |   |
| Investments in financial assets                            |   |                 | 274,716   |   |                   |   | -      |                 |   |   | 274,716 |   |
| Derivative financial instruments                           |   |                 | -         |   |                   |   | -      |                 |   |   | - |   |
| Total Non-Current  Assets                        |   |                 | 6,851,085 |   |                   |   | -      |                 |   |   | 6,851,085 |   |
| Current Assets                                             |   |                 |      |   |                   |   |   |                 |   |   |   |   |
| Trading properties                                         |   |                 | 4,596     |   |                   |   | -      |                 |   |   | 4,596 |   |
| Inventories                                                |   |                 | 16,963    |   |                   |   | -      |                 |   |   | 16,963 |   |
| Restricted assets                                          |   |                 | -         |   |                   |   | -      |                 |   |   | - |   |
| Income tax and minimum presumed income tax ("MPIT") credit |   |                 | 15,866    |   |                   |   | -      |                 |   |   | 15,866 |   |
| Assets held for sale                                       |   |                 | 1,357,866 |   |                   |   | -      |                 |   |   | 1,357,866 |   |
| Trade and other receivables                                |   |                 | 706,846   |   |                   |   | -      |                 |   |   | 706,846 |   |
| Investments in financial assets                            |   |                 | 234,107   |   |                   |   | -      |                 |   |   | 234,107 |   |
| Derivative financial instruments                           |   |                 | 12,870    |   |                   |   | -      |                 |   |   | 12,870 |   |
| Cash and cash equivalents                                  |   |                 | 609,907   |   |                   |   | -      |                 |   |   | 609,907 |   |
| Total Current Assets                                       |   |                 | 2,959,021 |   |                   |   | -      |                 |   |   | 2,959,021 |   |
| TOTAL ASSETS                                               |   |                 | 9,810,106 |   |                   |   | -      |                 |   |   | 9,810,106 |   |

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.1. | Basis of preparation of the consolidated financial statement (Continued) |
|------|--------------------------------------------------------------------------|

| (b) | Restatement of Previously Issued Financial Statements (Continued) |
|-----|-------------------------------------------------------------------|

| SHAREHOLDERS' EQUITY                                                    |   | 06.30.2014(Reported) |      |   | 06.30.2014(Adjustment) |   |     | 06.30.2014(Restated) |   |
|-------------------------------------------------------------------------|--------|----------------------|-----------|--------|------------------------|--------|----------|----------------------|--------|
| Capital and reserves attributable to equity holders of the parent       |   |                 |      |   |                   |   |     |                 |   |
| Share capital                                                           |   |                 | 573,771   |   |                   |   | -        |                 |   |   | 573,771 |   |
| Treasury stock                                                          |   |                 | 4,905     |   |                   |   | -        |                 |   |   | 4,905 |   |
| Inflation adjustment of share capital and treasury stock                |   |                 | 123,329   |   |                   |   | -        |                 |   |   | 123,329 |   |
| Share premium                                                           |   |                 | 793,123   |   |                   |   | -        |                 |   |   | 793,123 |   |
| Cost of treasury stock                                                  |   |                 | (37,906   | )      |                   |   | -        |                 |   |   | (37,906 | ) |
| Acquisition of additional interest in subsidiaries                      |   |                 | (21,808   | )      |                   |   | -        |                 |   |   | (21,808 | ) |
| Reserve for share-based compensation                                    |   |                 | 53,235    |   |                   |   | -        |                 |   |   | 53,235 |   |
| Legal reserve                                                           |   |                 | 116,840   |   |                   |   | -        |                 |   |   | 116,840 |   |
| Special reserve                                                         |   |                 | 375,487   |   |                   |   | -        |                 |   |   | 375,487 |   |
| Reserve for new developments                                            |   |                 | 413,206   |   |                   |   | -        |                 |   |   | 413,206 |   |
| Cumulative translation adjustment                                       |   |                 | 403,452   |   |                   |   | (4,521   | )                    |   |   | 398,931 |   |
| (Accumulated deficit) retained earnings                                 |   |                 | (512,948  | )      |                   |   | (271,921 | )                    |   |   | (784,869 | ) |
| Total capital and reserves attributable to equity holders of the parent |   |                 | 2,284,686 |   |                   |   | (276,442 | )                    |   |   | 2,008,244 |   |
| Non-controlling interest                                                |   |                 | 592,757   |   |                   |   | (44,405  | )                    |   |   | 548,352 |   |
| TOTAL SHAREHOLDERS' EQUITY                                              |   |                 | 2,877,443 |   |                   |   | (320,847 | )                    |   |   | 2,556,596 |   |
|                                                                    |   |                 |      |   |                   |   |     |                 |   |   |   |   |
| LIABILITIES                                                             |   |                 |      |   |                   |   |     |                 |   |   |   |   |
| Non-Current Liabilities                                                 |   |                 |      |   |                   |   |     |                 |   |   |   |   |
| Trade and other payables                                                |   |                 | 202,652   |   |                   |   | -        |                 |   |   | 202,652 |   |
| Borrowings                                                              |   |                 | 3,756,003 |   |                   |   | -        |                 |   |   | 3,756,003 |   |
| Derivative financial instruments                                        |   |                 | -         |   |                   |   | 320,847  |                 |   |   | 320,847 |   |
| Deferred income tax liabilities                                         |   |                 | 345,607   |   |                   |   | -        |                 |   |   | 345,607 |   |
| Salaries and social security liabilities                                |   |                 | 3,749     |   |                   |   | -        |                 |   |   | 3,749 |   |
| Provisions                                                              |   |                 | 205,228   |   |                   |   | -        |                 |   |   | 205,228 |   |
| Total Non-Current Liabilities                                           |   |                 | 4,513,239 |   |                   |   | 320,847  |                 |   |   | 4,834,086 |   |
| Current Liabilities                                                     |   |                 |      |   |                   |   |     |                 |   |   |   |   |
| Trade and other payables                                                |   |                 | 678,725   |   |                   |   | -        |                 |   |   | 678,725 |   |
| Income tax and minimum presumed income tax ("MPIT") liabilities         |   |                 | 64,677    |   |                   |   | -        |                 |   |   | 64,677 |   |
| Liabilities held for sale                                               |   |                 | 806,612   |   |                   |   | -        |                 |   |   | 806,612 |   |
| Salaries and social security liabilities                                |   |                 | 99,276    |   |                   |   | -        |                 |   |   | 99,276 |   |
| Derivative financial instruments                                        |   |                 | 14,225    |   |                   |   | -        |                 |   |   | 14,225 |   |
| Borrowings                                                              |   |                 | 737,477   |   |                   |   | -        |                 |   |   | 737,477 |   |
| Provisions                                                              |   |                 | 18,432    |   |                   |   | -        |                 |   |   | 18,432 |   |
| Total Current Liabilities                                               |   |                 | 2,419,424 |   |                   |   | -        |                 |   |   | 2,419,424 |   |
| TOTAL LIABILITIES                                                       |   |                 | 6,932,663 |   |                   |   | 320,847  |                 |   |   | 7,253,510 |   |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES                              |   |                 | 9,810,106 |   |                   |   | -        |                 |   |   | 9,810,106 |   |

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.1. | Basis of preparation of the consolidated financial statement (Continued) |
|------|--------------------------------------------------------------------------|

| (b) | Restatement of Previously Issued Financial Statements (Continued) |
|-----|-------------------------------------------------------------------|

|                            |   | Attributable to equity holders of the parent |    |   |           |   |   |                                                     |   |
|---------------------------------|--------|----------------------------------------------|---------|--------|----------------|--------|--------|----------------------------------------------------------|--------|
|                            |   | Share capital                                |    |   | Treasury stock |   |   | Inflation adjustment of share capital and treasury stock |   |   | Share premium |   |   | Cost oftreasurystock |   |   | Acquisition of additional interestin subsidiaries |   |   | Reserve for share-based compensation |   |   | Legal reserve |   |   | Special reserve |   |   | Reserve for new development |   |   | Cumulative translation adjustment |   |   | Retained earnings(Accumulated deficit) |   |   | Subtotal |   |   | Non-controlling interest |   |   | Total shareholders' equity |   |
| 06.30.2014 – (Reported)   |   |                                         | 573,771 |   |           |   | 4,905  |                                                     |   |   | 123,329 |   |   |   | 793,123 |   |   |   | (37,906 | ) |   |   | (21,808 | ) |   |   | 53,235 |   |   |   | 116,840 |   |   |   | 375,487 |   |   |   | 413,206 |   |   |   | 403,452 |   |   |   | (512,948 | ) |   |   | 2,284,686 |   |   |   | 592,757 |   |   |   | 2,877,443 |   |
| 06.30.2014 – (Adjustment) |   |                                         | -       |   |           |   | -      |                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,521 | ) |   |   | (271,921 | ) |   |   | (276,442 | ) |   |   | (44,405 | ) |   |   | (320,847 | ) |
| 06.30.2014 – (Restated)   |   |                                         | 573,771 |   |           |   | 4,905  |                                                     |   |   | 123,329 |   |   |   | 793,123 |   |   |   | (37,906 | ) |   |   | (21,808 | ) |   |   | 53,235 |   |   |   | 116,840 |   |   |   | 375,487 |   |   |   | 413,206 |   |   |   | 398,931 |   |   |   | (784,869 | ) |   |   | 2,008,244 |   |   |   | 548,352 |   |   |   | 2,556,596 |   |

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.1. | Basis of preparation of the consolidated financial statement (Continued) |
|------|--------------------------------------------------------------------------|

| (c)   | Current and non-current classification |
|-----------------|----------------------------------------|

----

| 2.   | Summary of significant accounting policies (Continued) |
|----------------|--------------------------------------------------------|

| (d)   | Presentation currency |
|-----------------|-----------------------|

| (e)   | Fiscal year-end |
|-----------------|-----------------|

| (f)   | Accounting conventions |
|-----------------|------------------------|

| (g)   | Reporting cash flows |
|-----------------|----------------------|

| (h)   | Use of estimates |
|-----------------|------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.2.   | New accounting standards |
|------------------|--------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.3.   | Scope of consolidation |
|------------------|------------------------|

| (a)   | Subsidiaries |
|-----------------|--------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

|                                   |                                        |                                    |   | June 30, 2014                            |   |   | June 30, 2013                           |   |   | June 30, 2012                             |   |
|----------------------------------------|---------------------------------------------|-----------------------------------------|--------|------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------------|--------|
| Name of the entity                     | Place ofbusiness / country of incorporation | Main activities(*)                      |   | % of ownership interest heldby the Group |   |   | % of ownership interest held by the NCI |   |   | % of ownership interest held by the Group |   |   | % of ownership interest held by the NCI |   |   | % of ownership interest held by the Group |   |   | % of ownership interest held by the NCI |   |
| Direct equity interest of IRSA:        |                                        |                                    |   |                                     |   |   |                                    |   |   |                                      |   |   |   |   |   |   |   |   |   |   |
| Alafox S.A.(2)                    | Uruguay                                     | Investment                              |   |                                     | -      |   |                                    |   | -      |                                      |   |   | - |   |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Alto Palermo S.A. (APSA)               | Argentina                                   | Real estate                             |   |                                     | 95.71  | %      |                                    |   | 4.29   | %                                         |   |   | 95.68 | % |   |   | 4.32 | % |   |   | 95.61 | % |   |   | 4.39 | % |
| Codalis S.A. (2)                  | Uruguay                                     | Investment                              |   |                                     | -      |   |                                    |   | -      |                                      |   |   | - |   |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Doneldon S.A. (2)                 | Uruguay                                     | Investment                              |   |                                     | -      |   |                                    |   | -      |                                      |   |   | - |   |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| E-Commerce Latina S.A.                 | Argentina                                   | Investment                              |   |                                     | 97.00  | %      |                                    |   | -      |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Efanur S.A.                            | Uruguay                                     | Investment                              |   |                                     | 100.00 | %      |                                    |   | -      |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Hoteles Argentinos S.A.                | Argentina                                   | Hotel                                   |   |                                     | 80.00  | %      |                                    |   | 20.00  | %                                         |   |   | 80.00 | % |   |   | 20.00 | % |   |   | 80.00 | % |   |   | 20.00 | % |
| Inversora Bolívar S.A.            | Argentina                                   | Investment                              |   |                                     | 100.00 | %      |                                    |   | -      |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Llao Llao Resorts S.A. (1)        | Argentina                                   | Hotel                                   |   |                                     | 50.00  | %      |                                    |   | 50.00  | %                                         |   |   | 50.00 | % |   |   | 50.00 | % |   |   | 50.00 | % |   |   | 50.00 | % |
| Nuevas Fronteras S.A.                  | Argentina                                   | Hotel                                   |   |                                     | 76.34  | %      |                                    |   | 23.66  | %                                         |   |   | 76.34 | % |   |   | 23.66 | % |   |   | 76.34 | % |   |   | 23.66 | % |
| Palermo Invest S.A.                    | Argentina                                   | Investment                              |   |                                     | 100.00 | %      |                                    |   | -      |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Ritelco S.A.                           | Uruguay                                     | Investment                              |   |                                     | 100.00 | %      |                                    |   | -      |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Sedelor S.A. (2)                  | Uruguay                                     | Investment                              |   |                                     | -      |   |                                    |   | -      |                                      |   |   | - |   |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Solares de Santa María S.A.       | Argentina                                   | Real estate                             |   |                                     | 100.00 | %      |                                    |   | -      |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Tyrus S.A.                             | Uruguay                                     | Investment                              |   |                                     | 100.00 | %      |                                    |   | -      |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Unicity S.A.                           | Argentina                                   | Investment                              |   |                                     | 100.00 | %      |                                    |   | -      |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Interest indirectly held through APSA: |                                        |                                    |   |                                     |   |   |                                    |   |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Apsamedia S.A.                         | Argentina                                   | Consumer financing and Advertising (**) |   |                                     | -      |   |                                    |   | -      |                                      |   |   | 95.68 | % |   |   | 4.32 | % |   |   | 95.61 | % |   |   | 4.39 | % |
| Arcos del Gourmet S.A.                 | Argentina                                   | Real estate                             |   |                                     | 86.14  | %      |                                    |   | 13.86  | %                                         |   |   | 86.12 | % |   |   | 13.88 | % |   |   | 84.31 | % |   |   | 15.69 | % |
| Conil S.A.                             | Argentina                                   | Real estate                             |   |                                     | 95.71  | %      |                                    |   | 4.29   | %                                         |   |   | 95.68 | % |   |   | 4.32 | % |   |   | 95.61 | % |   |   | 4.39 | % |
| Emprendimiento Recoleta S.A.           | Argentina                                   | Real estate                             |   |                                     | 51.38  | %      |                                    |   | 48.62  | %                                         |   |   | 51.36 | % |   |   | 48.64 | % |   |   | 51.32 | % |   |   | 48.68 | % |
| Fibesa S.A.                            | Argentina                                   | Real estate                             |   |                                     | 95.71  | %      |                                    |   | 4.29   | %                                         |   |   | 95.68 | % |   |   | 4.32 | % |   |   | 95.61 | % |   |   | 4.39 | % |
| Panamerican Mall S.A.                  | Argentina                                   | Real estate                             |   |                                     | 76.57  | %      |                                    |   | 23.43  | %                                         |   |   | 76.55 | % |   |   | 23.45 | % |   |   | 76.49 | % |   |   | 23.51 | % |
| Shopping Neuquén S.A.             | Argentina                                   | Real estate                             |   |                                     | 94.95  | %      |                                    |   | 5.05   | %                                         |   |   | 94.80 | % |   |   | 5.20 | % |   |   | 93.83 | % |   |   | 6.17 | % |
| Torodur S.A.                           | Uruguay                                     | Investment                              |   |                                     | 95.71  | %      |                                    |   | 4.29   | %                                         |   |   | 95.68 | % |   |   | 4.32 | % |   |   | 95.61 | % |   |   | 4.39 | % |

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

|                                                 |                                        |               | June 30, 2014 |                                     |   | June 30, 2013 |                                    |   | June 30, 2012 |                                      |
|------------------------------------------------------|---------------------------------------------|--------------------|---------------|------------------------------------------|--------|---------------|-----------------------------------------|--------|---------------|-------------------------------------------|
| Name of the entity                                   | Place ofbusiness / country of incorporation | Main activities(*) |          | % of ownership interest heldby the Group |   |          | % of ownership interest held by the NCI |   |          | % of ownership interest held by the Group |   |   | % of ownership interest held by the NCI |   |   | % of ownership interest held by the Group |   |   | % of ownership interest held by the NCI |   |
| Interest indirectly held through Tyrus S.A.:         |                                        |               |          |                                     |   |          |                                    |   |          |                                      |   |   |   |   |   |   |   |   |   |   |
| Dolphin Fund Ltd (3)                            | Bermuda                                     | Investment         |          |                                     | 86.16  | %             |                                    |   | 13.84         | %                                         |   |   | 99.39 | % |   |   | 0.61 | % |   |   | 91.12 | % |   |   | 8.88 | % |
| E-Commerce Latina S.A.                               | Argentina                                   | Investment         |          |                                     | 3.00   | %             |                                    |   | -             |                                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| I Madison LLC                                        | United States                               | Investment         |          |                                     | 100.00 | %             |                                    |   | -             |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| IRSA Development LP                                  | United States                               | Investment         |          |                                     | 100.00 | %             |                                    |   | -             |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| IRSA International LLC                               | United States                               | Investment         |          |                                     | 100.00 | %             |                                    |   | -             |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Jiwin S.A.                                           | Uruguay                                     | Investment         |          |                                     | 100.00 | %             |                                    |   | -             |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Liveck S.A.                                          | Uruguay                                     | Investment         |          |                                     | 100.00 | %             |                                    |   | -             |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Real Estate Investment Group LP (“REIG”) | Bermuda                                     | Investment         |          |                                     | 64.01  | %             |                                    |   | 35.99         | %                                         |   |   | 64.01 | % |   |   | 35.99 | % |   |   | 64.01 | % |   |   | 35.99 | % |
| Real Estate Investment Group II LP                   | Bermuda                                     | Investment         |          |                                     | 80.54  | %             |                                    |   | 19.46         | %                                         |   |   | 80.54 | % |   |   | 19.46 | % |   |   | 80.54 | % |   |   | 19.46 | % |
| Real Estate Investment Group III LP                  | Bermuda                                     | Investment         |          |                                     | 81.19  | %             |                                    |   | 18.81         | %                                         |   |   | 81.19 | % |   |   | 18.81 | % |   |   | 81.19 | % |   |   | 18.81 | % |
| Real Estate Investment Group IV LP                   | Bermuda                                     | Investment         |          |                                     | 100.00 | %             |                                    |   | -             |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Real Estate Investment Group V LP                    | Bermuda                                     | Investment         |          |                                     | 100.00 | %             |                                    |   | -             |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Real Estate Strategies LLC                           | United States                               | Investment         |          |                                     | 100.00 | %             |                                    |   | -             |                                      |   |   | 100.00 | % |   |   | - |   |   |   | 100.00 | % |   |   | - |   |
| Interest indirectly held through Efanur S.A.:        |                                        |               |          |                                     |   |          |                                    |   |          |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real State Strategies LP                             | Bermuda                                     | Investment         |          |                                     | 66.83  | %             |                                    |   | 33.17         | %                                         |   |   | 66.83 | % |   |   | 33.17 | % |   |   | 66.83 | % |   |   | 33.17 | % |

| (*) | Substantially all holding companies do not have significant assets and liabilities other than their respective interest holdings in operating entities. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (**) | Consumer financing is a residual business. |
|------|--------------------------------------------|

| (1)   | The Group has consolidated the investment in Llao Llao Resorts S.A. considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | See Note 3. |
|-----------------|-------------|

| (3)   | The Group has consolidated its indirect interest in Dolphin Fund Ltd. (DFL) considering its exposure to variable returns coming from its investment in DFL and the nature of the relationship between the Group and the shareholders with right to vote of DFL. The Group has no voting rights on DFL. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| (b)   | Changes in ownership interests in subsidiaries without change of control |
|-----------------|--------------------------------------------------------------------------|

| (c)   | Disposal of subsidiaries without of control |
|-----------------|---------------------------------------------|

| (d)   | Associates |
|-----------------|------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| (e)   | Joint arrangements |
|-----------------|--------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.4.  | Segment reporting |
|------------|-------------------|

| 2.5.  | Foreign currency translation |
|------------|------------------------------|

| (a)   | Functional and presentation currency |
|-----------------|--------------------------------------|

| (b)   | Transactions and balances in foreign currency |
|-----------------|-----------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| (c)   | Group companies |
|-----------------|-----------------|

| 2.6.  | Investment properties |
|------------|-----------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| Shopping center portfolio          | Between 4 and 27 years |
|------------------------------------|------------------------|
| office and other rental properties | Between 9 and 25 years |
|                               |                   |

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.7.  | Property, plant and equipment |
|------------|-------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| Hotels buildings and facilities | Between 14 and 24 years |
|---------------------------------|-------------------------|
| Other buildings and facilities  | Between 20 and 50 years |
| Furniture and fixtures          | 10 years                |
| Machinery and equipment         | Between 3 and 10 years  |
| Vehicles                        | 5 years                 |

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.8. | Leases |
|------|--------|

| 2.9. | Intangible assets |
|------|-------------------|

| (a)   | Goodwill |
|-----------------|----------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| (b)   | Computer software |
|-----------------|-------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| (c) | Rights of use |
|-----|---------------|

| (d)   | Right to receive future units under barter agreements |
|-----------------|-------------------------------------------------------|

| 2.10.  | Impairment of assets |
|-------------|----------------------|

| (a)   | Goodwill |
|-----------------|----------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.11.  | Trading properties |
|-------------|--------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.12. | Inventories |
|-------|-------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.13. | Financial instruments |
|-------|-----------------------|

| (a)   | Classification |
|-----------------|----------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| (b) | Recognition and measurement |
|-----|-----------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| (c) | Impairment of financial assets |
|-----|--------------------------------|

| (d) | Offsetting financial instruments |
|-----|----------------------------------|

| 2.14. | Derivative financial instruments and hedging activities |
|-------|---------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.16. | Restricted assets |
|-------|-------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.17. | Trade and other receivables |
|-------|-----------------------------|

| 2.18.  | Trade and other payables |
|-------------|--------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.19.  | Tenant deposits |
|-------------|-----------------|

| 2.20.  | Borrowings |
|-------------|------------|

| 2.21.  | Borrowings costs |
|-------------|------------------|

| 2.22.  | Provisions |
|-------------|------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.23. | Employee benefits |
|-------|-------------------|

| (a)   | Pension obligations |
|-----------------|---------------------|

| (b) | Termination benefits |
|-----|----------------------|

| (c)   | Bonus plans |
|-----------------|-------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.24. | Share-based payments |
|-------|----------------------|

| 2.25. | Current income tax, deferred income tax and minimum presumed income tax |
|-------|-------------------------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.26. | Cash and cash equivalents |
|-------|---------------------------|

| 2.27. | Revenue recognition |
|-------|---------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

|   | · | Shopping centers portfolio |
|--------|--------|----------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

|   | · | Office and other rental properties portfolio |
|--------|--------|----------------------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

|   | · | Development property activities |
|--------|--------|---------------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

|   | · | Hotel operations of the Group |
|--------|--------|-------------------------------|

| 2.28. | Share capital |
|-------|---------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 2.29. | Earnings / (loss) per share |
|-------|-----------------------------|

| 2.30. | Dividend distribution |
|-------|-----------------------|

| 2.31. | Dividends income |
|-------|------------------|

| 2.32. | Comparative information |
|-------|-------------------------|

----

| 2. | Summary of significant accounting policies (Continued) |
|----|--------------------------------------------------------|

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval |
|----------------|--------------------------------------------------------------------------------|

| 3.1. | Acquisitions and dispositions |
|------|-------------------------------|

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

|                                                                           |   | Ps.    |   |
|--------------------------------------------------------------------------------|--------|--------|--------|
| Carrying value of the equity interests acquired by the Group                   |   |   | 182    |   |
| Price paid for the non-controlling interest                                    |   |   | (1,208 | ) |
| Reserve created due to the acquisition recognized in the parent’s equity |   |   | (1,026 | ) |

----

| 3. | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----|--------------------------------------------------------------------------------------------|

----

| 3. | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----|--------------------------------------------------------------------------------------------|

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

|                                                                           |   | Ps.    |   |
|--------------------------------------------------------------------------------|--------|--------|--------|
| Carrying value of the equity interests acquired by the Group                   |   |   | 824    |   |
| Price paid for the non-controlling interest                                    |   |   | (2,364 | ) |
| Reserve created due to the acquisition recognized in the parent’s equity |   |   | (1,540 | ) |

|                                                                           |   | Ps.    |   |
|--------------------------------------------------------------------------------|--------|--------|--------|
| Carrying value of the equity interests acquired by the Group                   |   |   | 857    |   |
| Price paid for the non-controlling interest                                    |   |   | (4,544 | ) |
| Reserve created due to the acquisition recognized in the parent’s equity |   |   | (3,687 | ) |

----

| 3. | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----|--------------------------------------------------------------------------------------------|

----

| 3. | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----|--------------------------------------------------------------------------------------------|

----

| 3. | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----|--------------------------------------------------------------------------------------------|

| Consideration paid:                                                                     |   |   | 11.27.2012 |   |
|-----------------------------------------------------------------------------------------|--------|--------|------------|--------|
| Cash and cash equivalents                                                               |   |   | 118,373    |   |
| Total consideration paid                                                                |   |   | 118,373    |   |
| Fair value of the interest in Rigby’s equity held before the business combination |   |   | 227,462    |   |
| Total consideration                                                                     |   |   | 345,835    |   |
| Recognized balances of acquired identifiable assets and assumed liabilities:            |   |   |       |   |
| Cash and cash equivalents                                                               |   |   | 499        |   |
| Investment properties (Note 10)                                                         |   |   | 679,219    |   |
| Restricted assets (i)                                                                   |   |   | 11,818     |   |
| Trade and other receivables                                                             |   |   | 2,317      |   |
| Borrowings                                                                              |   |   | (252,834   | )      |
| Trade and other payables                                                                |   |   | (12,081    | )      |
| Deferred income tax liabilities (Note 27)                                               |   |   | (26,103    | )      |
| Total net identifiable assets                                                           |   |   | 402,835    |   |
| Non-controlling interest                                                                |   |   | (102,723   | )      |
| Goodwill (Note 13)                                                                      |   |   | 45,723     |   |
| Total                                                                                   |   |   | 345,835    |   |

| (i)   | Corresponds to cash held in escrow as security deposits and taxes paid in advance by tenants. |
|-----------------|-----------------------------------------------------------------------------------------------|

----

| 3. | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----|--------------------------------------------------------------------------------------------|

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

|                                                         |   | Ps.    |   |
|--------------------------------------------------------------|--------|--------|--------|
| Carrying value of the equity interests acquired by the Group |   |   | 350    |   |
| Price paid for the non-controlling interest                  |   |   | (752   | ) |
| Reserve recognized in the Shareholders ́ equity          |   |   | (402   | ) |

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

|                                                         |   | Ps.    |    |
|--------------------------------------------------------------|--------|--------|---------|
| Carrying value of the equity interests acquired by the Group |   |   | 187     |   |
| Price paid for the non-controlling interest                  |   |   | (16,207 | ) |
| Reserve recognized in the Shareholders ́ equity          |   |   | (16,020 | ) |

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

| 3.2.  | Transactions and authorizations pending |
|------------|-----------------------------------------|

----

| 3. | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----|--------------------------------------------------------------------------------------------|

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

----

| 3.   | Acquisitions, dispositions, transactions and/or authorization pending approval (Continued) |
|----------------|--------------------------------------------------------------------------------------------|

| 4.  | Risk management |
|----------|-----------------|

----

| 4. | Risk management (continued) |
|----|-----------------------------|

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

|                                                                                                                                                                                                                                                                                                                                |   | Net monetary position (Liability)/Asset |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|------------|
| Functional currency                                                                                                                                                                                                                                                                                                                 |   | June 30, 2014(Restated)                 |       |   | June 30, 2013 |   |
|                                                                                                                                                                                                                                                                                                                                |   | US$                                     |       |   | NIS |   |   | US$ |   |   | NIS |   |
| Argentine Peso                                                                                                                                                                                                                                                                                                                      |   |                                    | (3,051,877 | ) |   |   | - |   |   |   | (1,574,393 | ) |   |   | - |   |
| Uruguayan Peso                                                                                                                                                                                                                                                                                                                      |   |                                    | (63,254    | ) |   |   | - |   |   |   | (40,859 | ) |   |   | - |   |
| US Dollar                                                                                                                                                                                                                                                                                                                           |   |                                    | -          |   |   |   | (86,581 | ) |   |   | - |   |   |   | - |   |
| Total                                                      |   |                                    | (3,115,131 | ) |   |   | (86,581 | ) |   |   | (1,615,252 | ) |   |   | - |   |

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

|                                                    |   | June 30, 2014(Restated) Functional currency |      |
|---------------------------------------------------------|--------|--------------------------------------------------|-----------|
| Rate per currency                                       |   | Argentine Peso                                   |      |   | UruguayanPeso |   |   | USDollar |   |   | Total |   |
| Fixed rate:                                             |   |                                             |      |   |   |   |   |   |   |   |   |   |
| Argentine Peso                                          |   |                                             | 210,421   |   |   |   | - |   |   |   | - |   |   |   | 210,421 |   |
| US Dollar                                               |   |                                             | 3,381,332 |   |   |   | 64,672 |   |   |   | 677,365 |   |   |   | 4,123,369 |   |
| Subtotal fixed-rate borrowings                          |   |                                             | 3,591,753 |   |   |   | 64,672 |   |   |   | 677,365 |   |   |   | 4,333,790 |   |
| Variable rate:                                          |   |                                             |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine Peso                                          |   |                                             | 759,959   |   |   |   | - |   |   |   | - |   |   |   | 759,959 |   |
| US Dollar                                               |   |                                             | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Subtotal variable-rate borrowings                       |   |                                             | 759,959   |   |   |   | - |   |   |   | - |   |   |   | 759,959 |   |
| Total borrowings as per analysis                        |   |                                             | 4,351,712 |   |   |   | 64,672 |   |   |   | 677,365 |   |   |   | 5,093,749 |   |
| Finance leases                                          |   |                                             | 2,752     |   |   |   | - |   |   |   | - |   |   |   | 2,752 |   |
| Total borrowings as per statement of financial position |   |                                             | 4,354,464 |   |   |   | 64,672 |   |   | (i) 677,365 |   |   |   | 5,096,501 |   |

|                                                    |   | June 30, 2013 Functional currency |      |
|---------------------------------------------------------|--------|----------------------------------------|-----------|
| Rate per currency                                       |   | Argentine Peso                         |      |   | UruguayanPeso |   |   | USDollar |   |   | Total |   |
| Fixed rate:                                             |   |                                   |      |   |   |   |   |   |   |   |   |   |
| Argentine Peso                                          |   |                                   | 364,497   |   |   |   | - |   |   |   | - |   |   |   | 364,497 |   |
| US Dollar                                               |   |                                   | 2,274,415 |   |   |   | 43,397 |   |   |   | 399,691 |   |   |   | 2,717,503 |   |
| Subtotal fixed-rate borrowings                          |   |                                   | 2,638,912 |   |   |   | 43,397 |   |   |   | 399,691 |   |   |   | 3,082,000 |   |
| Variable rate:                                          |   |                                   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine Peso                                          |   |                                   | 567,319   |   |   |   | - |   |   |   | - |   |   |   | 567,319 |   |
| US Dollar                                               |   |                                   | 43,339    |   |   |   | - |   |   |   | - |   |   |   | 43,339 |   |
| Subtotal variable-rate borrowings                       |   |                                   | 610,658   |   |   |   | - |   |   |   | - |   |   |   | 610,658 |   |
| Total borrowings as per analysis                        |   |                                   | 3,249,570 |   |   |   | 43,397 |   |   |   | 399,691 |   |   |   | 3,692,658 |   |
| Finance leases                                          |   |                                   | 2,513     |   |   |   | - |   |   |   | - |   |   |   | 2,513 |   |
| Total borrowings as per statement of financial position |   |                                   | 3,252,083 |   |   |   | 43,397 |   |   |   | 399,691 |   |   |   | 3,695,171 |   |

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

|                                      |   | June 30, 2014(Restated) |   |
|-------------------------------------------|--------|-------------------------|--------|
|                                      |   | Functional currency     |   |
| Rate per currency                         |   | ArgentinePeso           |   |   | ArgentinePeso |   |   | ArgentinePeso |   |
| Variable rate:                            |   |                    |   |   |   |   |   |   |   |
| Argentine Peso                            |   |                    | 7,600  |   |   |   | - |   |   |   | 7,600 |   |
| US dollar                                 |   |                    | -      |   |   |   | - |   |   |   | - |   |
| Total effects on Profit before income tax |   |                    | 7,600  |   |   |   | - |   |   |   | 7,600 |   |

|                                      |   | June 30, 2013       |   |
|-------------------------------------------|--------|---------------------|--------|
|                                      |   | Functional currency |   |
| Rate per currency                         |   | ArgentinePeso       |   |   | ArgentinePeso |   |   | ArgentinePeso |   |
| Variable rate:                            |   |                |   |   |   |   |   |   |   |
| Argentine Peso                            |   |                | 5,673  |   |   |   | - |   |   |   | 5,673 |   |
| US Dollar                                 |   |                | 433    |   |   |   | - |   |   |   | 433 |   |
| Total effects on Profit before income tax |   |                | 6,106  |   |   |   | - |   |   |   | 6,106 |   |

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

|     |   | Increase loss before income tax (in million) |   |
|----------|--------|----------------------------------------------|--------|
| Company  |   | June 30, 2014(Restated)                      |   |
| IDBD     |   |                                         | 59.3   |   |
| Supertel |   |                                         | 23.3   |   |
| TGLT     |   |                                         | 6.4    |   |
| Hersha   |   |                                         | 5.4    |   |
| Others   |   |                                         | 1.4    |   |
| Total    |   |                                         | 95.8   |   |

|     |   | Decrease profit before income tax (in million) |   |
|----------|--------|------------------------------------------------|--------|
| Company  |   | June 30, 2013                                  |   |
| Supertel |   |                                           | 13.9   |   |
| TGLT     |   |                                           | 5.7    |   |
| Hersha   |   |                                           | 3.0    |   |
| Others   |   |                                           | 1.7    |   |
| Total    |   |                                           | 24.3   |   |

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

|   | (c)   | Liquidity risk management |
|--------|-----------------|---------------------------|

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

| At June 30, 2014(Restated)                            |   | Less than 1 year |      |   | Between 1 and 2 years |   |    | Between 2 and 3 years |   |   | Between 3 and 4 years |   |   | More than 4 years |    |   | Total  |   |
|-------------------------------------------------------|--------|------------------|-----------|--------|-----------------------|--------|---------|-----------------------|--------|--------|-----------------------|--------|--------|-------------------|---------|--------|--------|--------|
| Trade and other payables (i)                          |   |             | 631,980   |   |                  |   | 67,232  |                  |   |   | 47,809                |   |   |              | 16,646  |   |   |   | 47,322 |   |   |   | 810,989 |   |
| Borrowings (excluding finance lease liabilities) (ii) |   |             | 1,733,305 |   |                  |   | 653,608 |                  |   |   | 2,615,045             |   |   |              | 226,214 |   |   |   | 1,493,185 |   |   |   | 6,721,357 |   |
| Finance leases                                        |   |             | 1,780     |   |                  |   | 547     |                  |   |   | 426                   |   |   |              | -       |   |   |   | - |   |   |   | 2,753 |   |
| Derivative financial instruments                      |   |             | -         |   |                  |   | 144,808 |                  |   |   | 176,039               |   |   |              | -       |   |   |   | - |   |   |   | 320,847 |   |
| Total                                                 |   |             | 2,367,065 |   |                  |   | 866,195 |                  |   |   | 2,839,319             |   |   |              | 242,860 |   |   |   | 1,540,507 |   |   |   | 7,855,946 |   |

| (i) | Includes 170,245 disclosed in the line “Liabilities directly associated with assets classified as held for sale” (Note 42) |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | Includes 603,021 disclosed in the line “Liabilities directly associated with assets classified as held for sale” (Note 42) |
|------|----------------------------------------------------------------------------------------------------------------------------------------|

| At June 30, 2013                                 |   | Less than 1 year |      |   | Between 1 and 2 years |   |    | Between 2 and 3 years |   |   | Between 3 and 4 years |   |   | More than 4 years |      |   | Total  |   |
|--------------------------------------------------|--------|------------------|-----------|--------|-----------------------|--------|---------|-----------------------|--------|--------|-----------------------|--------|--------|-------------------|-----------|--------|--------|--------|
| Trade and other payables                         |   |             | 586,630   |   |                  |   | 66,992  |                  |   |   | 30,354                |   |   |              | 32,429    |   |   |   | 19,306 |   |   |   | 735,711 |   |
| Borrowings (excluding finance lease liabilities) |   |             | 1,389,125 |   |                  |   | 334,475 |                  |   |   | 278,468               |   |   |              | 1,534,523 |   |   |   | 1,466,875 |   |   |   | 5,003,466 |   |
| Finance leases                                   |   |             | 1,243     |   |                  |   | 1,270   |                  |   |   | -                     |   |   |              | -         |   |   |   | - |   |   |   | 2,513 |   |
| Total                                            |   |             | 1,976,998 |   |                  |   | 402,737 |                  |   |   | 308,822               |   |   |              | 1,566,952 |   |   |   | 1,486,181 |   |   |   | 5,741,690 |   |

|   | (d)   | Capital risk management |
|--------|-----------------|-------------------------|

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

|              |   | 06.30.2014(Restated) |   |   |   | 06.30.2013 |   |
|-------------------|--------|----------------------|--------|--------|--------|------------|--------|
| Gearing ratio (i) |   |                 | 63.74  | %      |   |       | 54.13  | % |
| Debt ratio (ii)   |   |                 | 121.12 | %      |   |       | 84.07  | % |

----

| 4. | Risk management (Continued) |
|----|-----------------------------|

----

| 5.  | Critical accounting estimates, assumptions and judgments |
|----------|----------------------------------------------------------|

| 5.1.  | Critical accounting estimates and assumptions |
|------------|-----------------------------------------------|

| (b)    | Impairment testing of goodwill, assets classified as held for sale, other non-current assets and calculation of fair value |
|------------------|----------------------------------------------------------------------------------------------------------------------------|

----

| 5. | Critical accounting estimates, assumptions and judgments (Continued) |
|----|----------------------------------------------------------------------|

| Cash-generating unit                                            |   | Country   |    | Segment                    |   | Valuation method      |      | 06.30.2014(Restated) |   |   |   | 06.30.2013 |   |
|-----------------------------------------------------------------|--------|-----------|---------|----------------------------|--------|-----------------------|-----------|----------------------|--------|--------|--------|------------|--------|
| Madison (ii)                                                    |   | U.S.A.    |    | International              |   | Discounted cash flows |      |                 | -      |   |   |       | 51,069 |   |
| Torre Bank Boston                                               |   | Argentina |    | Offices and other          |   | Market comparable     |      |                 | 5,481  |   |   |       | 5,481  |   |
| Arcos del Gourmet                                               |   | Argentina |    | Offices and other          |   | Discounted cash flows |      |                 | 20,873 |   |   |       | 20,873 |   |
| Conil                                                           |   | Argentina |    | Shopping Center Properties |   | Market comparable     |      |                 | 343    |   |   |       | 343    |   |
| Value at year end of non-current assets other than goodwill (i) |   |      | 390,976 |                       |   |                  | 1,024,198 |                 |
| Total assets allocated to Cash-generating units                 |   |      | 417,673 |                       |   |                  | 1,101,964 |                 |

----

| 5. | Critical accounting estimates, assumptions and judgments (Continued) |
|----|----------------------------------------------------------------------|

----

| 5. | Critical accounting estimates, assumptions and judgments (Continued) |
|----|----------------------------------------------------------------------|

|                           | 2014                                      | 2013                                      |
|--------------------------------|-------------------------------------------|-------------------------------------------|
| Operating Shopping Center      | Capitalization                            | Capitalization (“)                  |
| Non-operating shopping centers | Discounted cash flows / Market comparable | Discounted cash flows / Market comparable |
| Offices and other              | Market comparable                         | Market comparable                         |
| International                  | Discounted cash flows                     | Discounted cash flows                     |
| Sales and developments         | Market comparable                         | Market comparable                         |

----

| 5. | Critical accounting estimates, assumptions and judgments (Continued) |
|----|----------------------------------------------------------------------|

| 5.2  | Critical judgments in applying of Group’s accounting policies |
|-----------|---------------------------------------------------------------------|

----

| 6. | Segment information |
|----|---------------------|

|   | · | The operating segment’s reported revenue, including both sales to external customers and inter-segment sales or transfers, is ten per cent or more of the combined revenue, internal and external, of all operating segments; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The absolute amount of its reported profit or loss is ten percent or more of the greater, in absolute amount, of: |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

| o   | the combined reported profit of all operating segments that do not report a loss; and |
|---------------|---------------------------------------------------------------------------------------|

| o   | the combined reported loss of all operating segments that report a loss. |
|---------------|--------------------------------------------------------------------------|

|   | · | Its assets are ten percent or more of the combined assets of all operating segments. |
|--------|--------|--------------------------------------------------------------------------------------|

----

| 6. | Segment information (Continued) |
|----|---------------------------------|

|   | · | The “Shopping Centers” segment includes the operating results of the Group’s shopping centers portfolio principally comprised of lease and service revenues related to rental of commercial space and other spaces in the shopping centers of the Group. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The “Offices and others” segment includes the operating results of the Group’s lease revenues of office and other rental space and other service revenues related to the office activities. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The “Sales and Development” segment includes the operating results of the sales of Undeveloped parcels of land and/or trading properties, as the results related with its development and maintenance. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The “Hotels” segment includes the operating results of the Group’s hotels mainly comprised of room, catering and restaurant revenues. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The “International” segment includes profit or loss on investments in subsidiaries and/or associates that mainly operate in the United States in relation to the lease of office buildings and hotels in that country, and the results arising from investment in IDBD at fair value. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The “Financial operations and others” segment primarily includes the financial activities carried out by the associates Banco Hipotecario S.A. and Tarshop S.A., and e-commerce activities carried out by the associate Avenida Inc., among others. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | Segment information (Continued) |
|----|---------------------------------|

|                                                      |   | June 30, 2014 (Restated) |      |
|-----------------------------------------------------------|--------|-------------------------------|-----------|
|                                                      |   | Shopping Center               |      |   | Offices and others |   |   | Sales and developments |   |   | Hotels |   |   | International |   |   | Financial operations and others |   |   | Total Urban Properties and Investment |   |
| Revenues (i)                                              |   |                          | 2,048,516 |   |   |   | 340,862 |   |   |   | 85,531 |   |   |   | 331,562 |   |   |   | 90,820 |   |   |   | 574 |   |   |   | 2,897,865 |   |
| Costs                                                     |   |                          | (966,187  | ) |   |   | (111,718 | ) |   |   | (33,498 | ) |   |   | (215,980 | ) |   |   | (60,404 | ) |   |   | (373 | ) |   |   | (1,388,160 | ) |
| Gross Profit                                              |   |                          | 1,082,329 |   |   |   | 229,144 |   |   |   | 52,033 |   |   |   | 115,582 |   |   |   | 30,416 |   |   |   | 201 |   |   |   | 1,509,705 |   |
| Gain from disposal of investment properties               |   |                          | -         |   |   |   | - |   |   |   | 235,507 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 235,507 |   |
| General and administrative expenses                       |   |                          | (101,538  | ) |   |   | (41,945 | ) |   |   | (37,466 | ) |   |   | (59,585 | ) |   |   | (59,476 | ) |   |   | (56 | ) |   |   | (300,066 | ) |
| Selling expenses                                          |   |                          | (73,427   | ) |   |   | (20,751 | ) |   |   | (13,706 | ) |   |   | (42,335 | ) |   |   | - |   |   |   | 110 |   |   |   | (150,109 | ) |
| Other operating results, net                              |   |                          | (46,568   | ) |   |   | (3,060 | ) |   |   | 8,137 |   |   |   | (2,680 | ) |   |   | (895 | ) |   |   | (2,856 | ) |   |   | (47,922 | ) |
| Profit / (Loss) from operations                           |   |                          | 860,796   |   |   |   | 163,388 |   |   |   | 244,505 |   |   |   | 10,982 |   |   |   | (29,955 | ) |   |   | (2,601 | ) |   |   | 1,247,115 |   |
| Share of profit / (loss) of associates and joint ventures |   |                          | -         |   |   |   | (899 | ) |   |   | 6,368 |   |   |   | 789 |   |   |   | (616,313 | ) |   |   | 169,916 |   |   |   | (440,139 | ) |
| Segment Profit / (Loss)                                   |   |                          | 860,796   |   |   |   | 162,489 |   |   |   | 250,873 |   |   |   | 11,771 |   |   |   | (646,268 | ) |   |   | 167,315 |   |   |   | 806,976 |   |
| Investment properties                                     |   |                          | 2,253,372 |   |   |   | 783,683 |   |   |   | 369,793 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,406,848 |   |
| Property, plant and equipment                             |   |                          | 20,455    |   |   |   | 30,026 |   |   |   | 3,744 |   |   |   | 164,386 |   |   |   | 1,501 |   |   |   | - |   |   |   | 220,112 |   |
| Trading properties                                        |   |                          | -         |   |   |   | - |   |   |   | 141,161 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 141,161 |   |
| Goodwill                                                  |   |                          | 1,667     |   |   |   | 9,392 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,059 |   |
| Right to receive future units under barter agreements     |   |                          | 9,264     |   |   |   | - |   |   |   | 75,813 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 85,077 |   |
| Assets classified as held for sale (iii)                  |   |                          | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,357,866 |   |   |   | - |   |   |   | 1,357,866 |   |
| Inventories                                               |   |                          | 10,625    |   |   |   | - |   |   |   | 584 |   |   |   | 6,011 |   |   |   | - |   |   |   | - |   |   |   | 17,220 |   |
| Investments in associates and joint ventures              |   |                          | -         |   |   |   | 23,208 |   |   |   | 38,289 |   |   |   | 22,129 |   |   |   | 628,658 |   |   |   | 1,255,012 |   |   |   | 1,967,296 |   |
| Operating assets (ii)                                     |   |                          | 2,295,383 |   |   |   | 846,309 |   |   |   | 629,384 |   |   |   | 192,526 |   |   |   | 1,988,025 |   |   |   | 1,255,012 |   |   |   | 7,206,639 |   |

----

| 6. | Segment information (Continued) |
|----|---------------------------------|

|                                                      |   | June 30, 2013   |      |
|-----------------------------------------------------------|--------|-----------------|-----------|
|                                                      |   | Shopping Center |      |   | Offices and others |   |   | Sales and developments |   |   | Hotels |   |   | International |   |   | Financial operations and others |   |   | Total Urban Properties and Investment |   |
| Revenues (i)                                              |   |            | 1,625,013 |   |   |   | 292,355 |   |   |   | 141,996 |   |   |   | 225,836 |   |   |   | 40,905 |   |   |   | 1,203 |   |   |   | 2,327,308 |   |
| Costs                                                     |   |            | (768,516  | ) |   |   | (118,561 | ) |   |   | (106,399 | ) |   |   | (168,283 | ) |   |   | (33,494 | ) |   |   | (907 | ) |   |   | (1,196,160 | ) |
| Gross Profit                                              |   |            | 856,497   |   |   |   | 173,794 |   |   |   | 35,597 |   |   |   | 57,553 |   |   |   | 7,411 |   |   |   | 296 |   |   |   | 1,131,148 |   |
| Gain from disposal of investment property                 |   |            | -         |   |   |   | - |   |   |   | 183,767 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 183,767 |   |
| General and administrative expenses                       |   |            | (67,596   | ) |   |   | (34,984 | ) |   |   | (32,901 | ) |   |   | (49,883 | ) |   |   | (13,158 | ) |   |   | (250 | ) |   |   | (198,772 | ) |
| Selling expenses                                          |   |            | (58,908   | ) |   |   | (11,360 | ) |   |   | (16.455 | ) |   |   | (28,919 | ) |   |   | - |   |   |   | (1,588 | ) |   |   | (117,230 | ) |
| Other operating results, net                              |   |            | (45,020   | ) |   |   | (247 | ) |   |   | 6,342 |   |   |   | (369 | ) |   |   | 135,082 |   |   |   | (3,363 | ) |   |   | 92,425 |   |
| Profit / (Loss) from operations                           |   |            | 684,973   |   |   |   | 127,203 |   |   |   | 176,350 |   |   |   | (21,618 | ) |   |   | 129,335 |   |   |   | (4,905 | ) |   |   | 1,091,338 |   |
| Share of profit / (loss) of associates and joint ventures |   |            | -         |   |   |   | (2,514 | ) |   |   | 2,329 |   |   |   | 83 |   |   |   | (82,552 | ) |   |   | 62,574 |   |   |   | (20,080 | ) |
| Segment Profit / (Loss)                                   |   |            | 684,973   |   |   |   | 124,689 |   |   |   | 178,679 |   |   |   | (21,535 | ) |   |   | 46,783 |   |   |   | 57,669 |   |   |   | 1,071,258 |   |
| Investment properties                                     |   |            | 2,224,008 |   |   |   | 799,644 |   |   |   | 376,691 |   |   |   | - |   |   |   | 744,587 |   |   |   | - |   |   |   | 4,144,930 |   |
| Property, plant and equipment                             |   |            | 17,385    |   |   |   | 23,029 |   |   |   | 3,972 |   |   |   | 168,200 |   |   |   | 199 |   |   |   | - |   |   |   | 212,785 |   |
| Trading properties                                        |   |            | -         |   |   |   | - |   |   |   | 125,549 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 125,549 |   |
| Goodwill                                                  |   |            | 1,667     |   |   |   | 9,392 |   |   |   | - |   |   |   | - |   |   |   | 51,069 |   |   |   | - |   |   |   | 62,128 |   |
| Right to receive future units under barter agreements     |   |            | 9,264     |   |   |   | - |   |   |   | 83,961 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 93,225 |   |
| Inventories                                               |   |            | 10,002    |   |   |   | - |   |   |   | 463 |   |   |   | 5,962 |   |   |   | - |   |   |   | - |   |   |   | 16,427 |   |
| Investments in associates and joint ventures              |   |            | -         |   |   |   | 23,385 |   |   |   | 32,759 |   |   |   | 21,339 |   |   |   | 802 |   |   |   | 1,081,190 |   |   |   | 1,159,475 |   |
| Operating assets (ii)                                     |   |            | 2,262,326 |   |   |   | 855,450 |   |   |   | 623,395 |   |   |   | 195,501 |   |   |   | 796,657 |   |   |   | 1,081,190 |   |   |   | 5,814,519 |   |

----

| 6. | Segment information (Continued) |
|----|---------------------------------|

|                                                              |   | June 30, 2012   |      |
|-------------------------------------------------------------------|--------|-----------------|-----------|
|                                                              |   | Shopping Center |      |   | Offices andothers |   |   | Sales and developments |   |   | Hotels |   |   | International |   |   | Financial operations and others |   |   | Total Urban Properties and Investment |   |
| Revenues (i)                                                      |   |            | 1,321,589 |   |   |   | 255,515 |   |   |   | 162,750 |   |   |   | 170,012 |   |   |   | - |   |   |   | 4,836 |   |   |   | 1,914,702 |   |
| Costs                                                             |   |            | (628,474  | ) |   |   | (95,007 | ) |   |   | (114,191 | ) |   |   | (117,662 | ) |   |   | - |   |   |   | (1,687 | ) |   |   | (957,021 | ) |
| Gross Profit                                                      |   |            | 693,115   |   |   |   | 160,508 |   |   |   | 48,559 |   |   |   | 52,350 |   |   |   | - |   |   |   | 3,149 |   |   |   | 957,681 |   |
| Gain from disposal of investment properties                       |   |            | -         |   |   |   | - |   |   |   | 116,689 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 116,689 |   |
| General and administrative expenses                               |   |            | (58,324   | ) |   |   | (36,897 | ) |   |   | (36,473 | ) |   |   | (37,873 | ) |   |   | (8,838 | ) |   |   | (296 | ) |   |   | (178,701 | ) |
| Selling expenses                                                  |   |            | (44,175   | ) |   |   | (10,049 | ) |   |   | (21,136 | ) |   |   | (22,788 | ) |   |   | - |   |   |   | 2,157 |   |   |   | (95,991 | ) |
| Other operating results, net                                      |   |            | (23,126   | ) |   |   | (5,804 | ) |   |   | (6,820 | ) |   |   | (1,526 | ) |   |   | 43 |   |   |   | 736 |   |   |   | (36,497 | ) |
| Profit / (Loss) from operations                                   |   |            | 567,490   |   |   |   | 107,758 |   |   |   | 100,819 |   |   |   | (9,837 | ) |   |   | (8,795 | ) |   |   | 5,746 |   |   |   | 763,181 |   |
| Share of profit / (loss) of associates                            |   |            | -         |   |   |   | - |   |   |   | 1,046 |   |   |   | (134 | ) |   |   | (76,840 | ) |   |   | 90,694 |   |   |   | 14,766 |   |
| Segment Profit / (Loss)                                           |   |            | 567,490   |   |   |   | 107,758 |   |   |   | 101,865 |   |   |   | (9,971 | ) |   |   | (85,635 | ) |   |   | 96,440 |   |   |   | 777,947 |   |
| Investment properties                                             |   |            | 2,139,447 |   |   |   | 980,178 |   |   |   | 362,175 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,481,800 |   |
| Property, plant and equipment                                     |   |            | 15,989    |   |   |   | 26,359 |   |   |   | 4,164 |   |   |   | 181,322 |   |   |   | 199 |   |   |   | - |   |   |   | 228,033 |   |
| Trading properties                                                |   |            | -         |   |   |   | - |   |   |   | 218,295 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 218,295 |   |
| Goodwill                                                          |   |            | 1,667     |   |   |   | 9,392 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,059 |   |
|   Right to receive future units under barter agreements |   |            | 9,264     |   |   |   | - |   |   |   | 83,961 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 93,225 |   |
| Inventories                                                       |   |            | 10,394    |   |   |   | - |   |   |   | 474 |   |   |   | 4,791 |   |   |   | - |   |   |   | - |   |   |   | 15,659 |   |
| Investments in associates                                         |   |            | -         |   |   |   | - |   |   |   | 28,727 |   |   |   | 21,256 |   |   |   | 118,326 |   |   |   | 1,048,536 |   |   |   | 1,216,845 |   |
| Total segment assets (ii)                                         |   |            | 2,176,761 |   |   |   | 1,015,929 |   |   |   | 697,796 |   |   |   | 207,369 |   |   |   | 118,525 |   |   |   | 1,048,536 |   |   |   | 5,264,916 |   |

| (i)   | The Group’s revenues are entirely originated in Argentina. |
|-----------------|------------------------------------------------------------------|

| (ii)   | From all of the Group ́s assets included in the segment, Ps. 5,085 million is located in Argentina and Ps. 180 million in other countries, principally in United States for Ps. 119 and Uruguay for Ps. 61 million, respectively. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | Segment information (Continued) |
|----|---------------------------------|

----

| 6. | Segment information (Continued) |
|----|---------------------------------|

|                                                      |   | June 30, 2014 (Restated)  |       |
|-----------------------------------------------------------|--------|--------------------------------|------------|
|                                                      |   | Total Segment Information |       |   | Adjustment for share of profit / (loss) ofjoint ventures |   |   | Adjustment to income for elimination ofinter-segment transactions |   |   | As per Statementof income |   |
| Revenues                                                  |   |                           | 2,897,865  |   |   |   | (46,439 | ) |   |   | (6,250 | ) |   |   | 2,845,176 |   |
| Costs                                                     |   |                           | (1,388,160 | ) |   |   | 28,986 |   |   |   | 4,681 |   |   |   | (1,354,493 | ) |
| Gross profit                                              |   |                           | 1,509,705  |   |   |   | (17,453 | ) |   |   | (1,569 | ) |   |   | 1,490,683 |   |
| Gain from disposal of investment properties               |   |                           | 235,507    |   |   |   | - |   |   |   | - |   |   |   | 235,507 |   |
| General and administrative expenses                       |   |                           | (300,066   | ) |   |   | 804 |   |   |   | 2,334 |   |   |   | (296,928 | ) |
| Selling expenses                                          |   |                           | (150,109   | ) |   |   | 3,507 |   |   |   | 366 |   |   |   | (146,236 | ) |
| Other operating results, net                              |   |                           | (47,922    | ) |   |   | 3,183 |   |   |   | (1,131 | ) |   |   | (45,870 | ) |
| Profit from operations                                    |   |                           | 1,247,115  |   |   |   | (9,959 | ) |   |   | - |   |   |   | 1,237,156 |   |
| Share of profit / (loss) of associates and joint ventures |   |                           | (440,139   | ) |   |   | 26,368 |   |   |   | - |   |   |   | (413,771 | ) |
| Segment profit Before Financing and Taxation              |   |                           | 806,976    |   |   |   | 16,409 |   |   |   | - |   |   |   | 823,385 |   |

|                                                      |   | June 30, 2013                  |       |
|-----------------------------------------------------------|--------|--------------------------------|------------|
|                                                      |   | Total Segment Information |       |   | Adjustment for share of profit / (loss) ofjoint ventures |   |   | Adjustment to income for elimination ofinter-segment transactions |   |   | As per Statementof income |   |
| Revenues                                                  |   |                           | 2,327,308  |   |   |   | (136,229 | ) |   |   | (3,899 | ) |   |   | 2,187,180 |   |
| Costs                                                     |   |                           | (1,196,160 | ) |   |   | 105,882 |   |   |   | 2,667 |   |   |   | (1,087,611 | ) |
| Gross profit                                              |   |                           | 1,131,148  |   |   |   | (30,347 | ) |   |   | (1,232 | ) |   |   | 1,099,569 |   |
| Gain from disposal of investment properties               |   |                           | 183,767    |   |   |   | - |   |   |   | - |   |   |   | 183,767 |   |
| General and administrative expenses                       |   |                           | (198,772   | ) |   |   | 2,157 |   |   |   | 1,774 |   |   |   | (194,841 | ) |
| Selling expenses                                          |   |                           | (117,230   | ) |   |   | 10,993 |   |   |   | 112 |   |   |   | (106,125 | ) |
| Other operating results, net                              |   |                           | 92,425     |   |   |   | 1,497 |   |   |   | (654 | ) |   |   | 93,268 |   |
| Profit from operations                                    |   |                           | 1,091,338  |   |   |   | (15,700 | ) |   |   | - |   |   |   | 1,075,638 |   |
| Share of profit / (loss) of associates and joint ventures |   |                           | (20,080    | ) |   |   | 12,689 |   |   |   | - |   |   |   | (7,391 | ) |
| Segment profit Before Financing and Taxation              |   |                           | 1,071,258  |   |   |   | (3,011 | ) |   |   | - |   |   |   | 1,068,247 |   |

|                                         |   | June 30, 2012                  |      |
|----------------------------------------------|--------|--------------------------------|-----------|
|                                         |   | Total Segment Information |      |   | Adjustment for shareof profit / (loss) ofjoint ventures |   |   | Adjustment to income for elimination ofinter-segment transactions |   |   | As per Statementof income |   |
| Revenues                                     |   |                           | 1,914,702 |   |   |   | (122,843 | ) |   |   | (1,543 | ) |   |   | 1,790,316 |   |
| Costs                                        |   |                           | (957,021  | ) |   |   | 98,281 |   |   |   | 82 |   |   |   | (858,658 | ) |
| Gross profit                                 |   |                           | 957,681   |   |   |   | (24,562 | ) |   |   | (1,461 | ) |   |   | 931,658 |   |
| Gain from disposal of investment properties  |   |                           | 116,689   |   |   |   | - |   |   |   | - |   |   |   | 116,689 |   |
| General and administrative expenses          |   |                           | (178,701  | ) |   |   | 2,395 |   |   |   | 1,959 |   |   |   | (174,347 | ) |
| Selling expenses                             |   |                           | (95,991   | ) |   |   | 11,218 |   |   |   | - |   |   |   | (84,773 | ) |
| Other operating results, net                 |   |                           | (36,497   | ) |   |   | 4,549 |   |   |   | (498 | ) |   |   | (32,446 | ) |
| Profit from operations                       |   |                           | 763,181   |   |   |   | (6,400 | ) |   |   | - |   |   |   | 756,781 |   |
| Share of profit / (loss) of associates       |   |                           | 14,766    |   |   |   | (3,106 | ) |   |   | - |   |   |   | 11,660 |   |
| Segment profit Before Financing and Taxation |   |                           | 777,947   |   |   |   | (9,506 | ) |   |   | - |   |   |   | 768,441 |   |

----

| 6. | Segment information (Continued) |
|----|---------------------------------|

|                                                    |   | June 30,2014(Restated) |      |   | June 30,2013 |   |      | June 30,2012 |   |
|---------------------------------------------------------|--------|------------------------|-----------|--------|--------------|--------|-----------|--------------|--------|
| Total reportable assets as per Segment Information      |   |                   | 7,206,639 |   |         |   | 5,814,519 |         |   |   | 5,264,916 |   |
| Investment properties                                   |   |                   | (137,253  | )      |         |   | (161,664  | )            |   |   | (215,838 | ) |
| Property, plant and equipment                           |   |                   | (99       | )      |         |   | (112      | )            |   |   | - |   |
| Trading properties                                      |   |                   | (5,908    | )      |         |   | (19,396   | )            |   |   | (125,433 | ) |
| Goodwill                                                |   |                   | (5,235    | )      |         |   | (5,235    | )            |   |   | (5,235 | ) |
| Right to receive future units under barter agreements   |   |                   | -         |   |         |   | -         |         |   |   | - |   |
| Inventories                                             |   |                   | (257      | )      |         |   | (106      | )            |   |   | - |   |
| Assets held for sale                                    |   |                   | -         |   |         |   | -         |         |   |   | - |   |
| Investment in associates and joint ventures             |   |                   | 293,509   |   |         |   | 264,461   |         |   |   | 228,970 |   |
| Total assets as per the Statement of Financial Position |   |                   | 7,351,396 |   |         |   | 5,892,467 |         |   |   | 5,147,380 |   |

| 7. | Information about subsidiaries |
|----|--------------------------------|

----

| 7. | Information about subsidiaries (Continued) |
|----|--------------------------------------------|

----

| 7. | Information about subsidiaries (Continued) |
|----|--------------------------------------------|

|                  |   | Equity attributable to non-controlling interest(in million) |   |
|-----------------------|--------|-------------------------------------------------------------|--------|
| Subsidiary            |   | June 30, 2014(Restated)                                     |   |   | June 30, 2013 |   |
| Rigby 183 LLC         |   |                                                        | 120.1  |   |   |   | 85.3 |   |
| Panamerican Mall S.A. |   |                                                        | 148.4  |   |   |   | 126.5 |   |
| Dolphin Fund Ltd.     |   |                                                        | 96.9   |   |   |   | - |   |

----

| 7. | Information about subsidiaries (Continued) |
|----|--------------------------------------------|

|                          |   | PAMSA                  |    |   | RIGBY        |   |    | Dolphin Fund Ltd.      |   |
|-------------------------------|--------|------------------------|---------|--------|--------------|--------|---------|------------------------|--------|
|                          |   | June 30,2014(Restated) |    |   | June 30,2013 |   |    | June 30,2014(Restated) |   |   | June 30,2013 |   |   | June 30,2014 (*)(Restated) |   |
| ASSETS                        |   |                   |    |   |         |   |    |                   |   |   |   |   |   |   |   |
| Total Non-current assets      |   |                   | 474,207 |   |         |   | 516,785 |                   |   |   | - |   |   |   | 761,997 |   |   |   | 595,991 |   |
| Total Current assets          |   |                   | 361,857 |   |         |   | 191,869 |                   |   |   | 1,288,300 |   |   |   | 18,088 |   |   |   | 448,539 |   |
| TOTAL ASSETS                  |   |                   | 836,064 |   |         |   | 708,654 |                   |   |   | 1,288,300 |   |   |   | 780,085 |   |   |   | 1,044,530 |   |
| LIABILITIES                   |   |                   |    |   |         |   |    |                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non-current liabilities |   |                   | 17,895  |   |         |   | 17,456  |                   |   |   | - |   |   |   | 439,432 |   |   |   | 320,847 |   |
| Total Current liabilities     |   |                   | 76,329  |   |         |   | 58,681  |                   |   |   | 817,275 |   |   |   | 5,961 |   |   |   | 187,825 |   |
| TOTAL LIABILITIES             |   |                   | 94,224  |   |         |   | 76,137  |                   |   |   | 817,275 |   |   |   | 445,393 |   |   |   | 508,672 |   |
| NET ASSETS                    |   |                   | 741,840 |   |         |   | 632,517 |                   |   |   | 471,025 |   |   |   | 334,692 |   |   |   | 535,858 |   |

|                                                     |   | PAMSA                        |    |   | RIGBY              |   |    | Dolphin Fund Ltd.             |   |
|----------------------------------------------------------|--------|------------------------------|---------|--------|--------------------|--------|---------|-------------------------------|--------|
|                                                     |   |  June 30,2014(Restated) |    |   |  June 30,2013 |   |    |  June 30,2014 (Restated) |   |   |  June 30,2013 |   |   |  June 30,2014(Restated) |   |
| Revenues                                                 |   |                         | 262,273 |   |               |   | 206,792 |                          |   |   | 90,820 |   |   |   | 40,905 |   |   |   | - |   |
| Profit / (Loss) before income tax                        |   |                         | 168,211 |   |               |   | 98,653  |                          |   |   | (12,264 | ) |   |   | 8,125 |   |   |   | (802,155 | ) |
| Income tax expense                                       |   |                         | (58,888 | )      |               |   | (34,702 | )                             |   |   | - |   |   |   | - |   |   |   | - |   |
| Profit / (Loss) for the year                             |   |                         | 109,323 |   |               |   | 63,951  |                          |   |   | (12,264 | ) |   |   | 8,125 |   |   |   | (802,155 | ) |
| Other comprehensive income                               |   |                         | -       |   |               |   | -       |                          |   |   | 160,112 |   |   |   | 39,952 |   |   |   | 271,213 |   |
| Total comprehensive income/(loss) for the year           |   |                         | 109,323 |   |               |   | 63,951  |                          |   |   | 147,848 |   |   |   | 48,077 |   |   |   | (530,942 | ) |
| Profit / (Loss) attributable to non-controlling interest |   |                         | 21,865  |   |               |   | 12,790  |                          |   |   | (3,127 | ) |   |   | 2,072 |   |   |   | (116,618 | ) |
| Dividends paid to non-controlling interest               |   |                         | -       |   |               |   | 9,170   |                          |   |   | - |   |   |   | 28,499 |   |   |   | - |   |

----

| 7. | Information about subsidiaries (Continued) |
|----|--------------------------------------------|

|                                                               |   | PAMSA                        |    |   | RIGBY              |   |
|--------------------------------------------------------------------|--------|------------------------------|---------|--------|--------------------|--------|
|                                                               |   |  June 30,2014(Restated) |    |   |  June 30,2013 |   |   |  June 30,2014 (Restated) |   |   |  June 30,2013 |   |
| Net cash (used in) generated by operating activities:              |   |                         | (23,749 | )      |               |   | 113,490 |   |   |   | 19,352 |   |   |   | 7,807 |   |
| Net cash generated from (used in) investing activities             |   |                         | 60,871  |   |               |   | (91,033 | ) |   |   | (9,810 | ) |   |   | (1,749 | ) |
| Net cash (used in) generated from  financing activities: |   |                         | (4,301  | )      |               |   | (41,814 | ) |   |   | (17,760 | ) |   |   | 3,909 |   |
| Net increase / (decrease) in cash and cash equivalents             |   |                         | 32,821  |   |               |   | (19,357 | ) |   |   | (8,218 | ) |   |   | 9,967 |   |
| Foreign exchange gain on cash and cash equivalents                 |   |                         | 150     |   |               |   | 888 |   |   |   | 4,247 |   |   |   | 1,039 |   |
| Cash and cash equivalents at the beginning of the year             |   |                         | 11,416  |   |               |   | 29,885 |   |   |   | 11,490 |   |   |   | 486 |   |
| Cash and cash equivalents at end of year                           |   |                         | 44,387  |   |               |   | 11,416 |   |   |   | 7,519 |   |   |   | 11,492 |   |

| 8. | Interests in joint ventures |
|----|-----------------------------|

----

| 8. | Interests in joint ventures (Continued) |
|----|-----------------------------------------|

| Name of the entity           | Place of business / country of incorporation | Main activity                | Natureof therelationship         | Common shares 1 vote | Value of Group's interestin equity |    | Group's interest in comprehensive income | % of ownership interest held |                         |
|------------------------------|----------------------------------------------|------------------------------|----------------------------------|---------------------------|------------------------------------|---------|-----------------------------------------------|------------------------------|------------------------------|
| June 30,                     | June 30,                                     | June 30,                     | Last financial statements issued |
| 2014(Restated)               | 2013                                         |                         | 2014(Restated)                   | 2013                      | 2012                               | 2014    | 2013                                          | 2012                         | Common stock (nominal value) | Profit (loss) for the year | Shareholders' Equity |
| Quality Invest S.A. (1).     | Argentina                                    | Real estate                  | (2)                              | 70,314,342                | 65,927                             | 64,246  |                                          | 1,181                        | (3,056)                      | (23,921) | 50% | 50% | 50% | 140,629 | 2,383 | 129,803 |
| Nuevo Puerto Santa Fe S.A.   | Argentina                                    |  Commercial real estate | (3)                              | 138,750                   | 26,870                             | 21,982  |                                          | 4,874                        | 2,729                        | (254) | 50% | 50% | 50% | 27,750 | 10,124 | 43,132 |
| Canteras Natal Crespo S.A.   | Argentina                                    | Real estate                  | (4)                              | -                         | -                                  | -       |                                          | -                            | (870)                        | (1,235) | - | - | 50% | - | - | - |
| Cyrsa S.A. (1)          | Argentina                                    | Real estate                  | (5)                              | 119,608,531               | 152,229                            | 129,627 |                                          | 22,602                       | 15,898                       | 3,039 | 50% | 50% | 50% | 239,217 | 45,206 | 304,459 |
| Puerto Retiro S.A. (1)       | Argentina                                    | Real estate                  | (6)                              | 23,067,250                | 44,858                             | 44,905  |                                          | (1,828)                      | (1,434)                      | (1,080) | 50% | 50% | 50% | 46,135 | (3,657) | 31,298 |
| Baicom Networks S.A.         | Argentina                                    | Real estate                  | (7)                              | 4,701,455                 | 3,566                              | 3,701   |                                          | (475)                        | (580)                        | (328) | 50% | 50% | 50% | 9,403 | (951) | 6,579 |
| Entertainment Holdings S.A.  | Argentina                                    | Investment                   | (8)                              | 22,395,574                | 23,267                             | 23,385  |                                          | (838)                        | (2,514)                      | - | 50% | 50% | - | 44,791 | (1,596) | 39,627 |
| Entertainment Universal S.A. | Argentina                                    | Event organizationand others | (9)                              | 300                       | (59)                               | -       |                                          | (47)                         | -                            | - | 50% | - | - | 12 | (10)     (1,073) | (2,372) |
|                         |                                         |                         |                             |                      | 316,658                            | 287,846 |                                          | 25,469                       | 10,173                       | (23,779) |   |   |   |   |   |   |

| (1)  | Considered material to the Group. |
|-----------|-----------------------------------|

| (2)  | Quality Invest S.A. (“Quality”) is a joint venture between the Group and Efesul S.A., and is a company engaged in the exploitation of the San Martín premises (formerly owned by Nobleza Piccardo S.A.I.C. y F.). |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)  | Nuevo Puerto Santa Fe S.A. (“NPSF”) is a joint venture between the Group and Grainco S.A., an Argentinian company. The Investment consists of the right to use and operate a shopping center in the province of Santa Fe (“La Ribera Shopping”). (Note 3). |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)  | On June 28, 2013 IRSA sold, assigned and transferred to Euromayor S.A. de Inversiones the 100% of its interest in Canteras Natal Crespo S.A. This represents the 50% of Canteras Natal Crespo S.A.’s share capital (See Note 3). |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)  | Cyrsa S.A. (“Cyrsa”) is a joint venture between the Group and Cyrela Brazil Realty S.A. Emprendimentos e Participaçoes, Brazilian corporation, engaged in developing a residential apartment complex known as "Horizons" in the Northern part of Greater Buenos Aires. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)  | Puerto Retiro S.A. ("Puerto Retiro") is a joint venture between the Group and Havord Corporation N.V. Puerto Retiro owns an undeveloped parcel of land. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)  | Baicom Networks S.A. (“Baicom”) is a joint venture between the Group and Hector Masoero, Octopus S.A. and Rafael Garfunkel. Baicom owns an undeveloped parcel of land. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8)  | Entertainment Holdings S.A. is a joint venture which principal assets is an indirect interest of 25% in La Rural S.A. (“LRSA”), engaged in the exploitation of the exhibition grounds in Buenos Aires (Note 3). |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9)  | Entretenimiento Universal S.A. is a company engaged in event organization, shows and food services. See Note 3. |
|-----------|-----------------------------------------------------------------------------------------------------------------|

| (10)  | Correspond to the result of the period beginning January 1, 2014 and ended June 30, 2014. |
|------------|-------------------------------------------------------------------------------------------|

----

| 8. | Interests in joint ventures (Continued) |
|----|-----------------------------------------|

|                          |   | June 30,2014(Restated) |    |   | June 30,2013 |   |
|-------------------------------|--------|------------------------|---------|--------|--------------|--------|
| Beginning of the year         |   |                   | 287,846 |   |         |   | 228,970 |   |
| Acquisition of joint ventures |   |                   | -       |   |         |   | 25,899 |   |
| Capital contribution          |   |                   | 3,343   |   |         |   | 29,828 |   |
| Disposal of joint ventures    |   |                   | -       |   |         |   | (5,774 | ) |
| Cash dividends (ii)           |   |                   | -       |   |         |   | (1,250 | ) |
| Share of profit               |   |                   | 25,469  |   |         |   | 10,173 |   |
| End of the year (i)           |   |                   | 316,658 |   |         |   | 287,846 |   |

|   | Includes a balance of Ps. (59) reflecting interests in companies with negative equity as of June 30, 2014 which are disclosed in “Provisions” (see Note 23). |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | During the year ended June 30, 2013, the Group cashed dividends from Nuevo Puerto Santa Fe S.A. in the amount of Ps. 1.3 million |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

----

| 8. | Interests in joint ventures (Continued) |
|----|-----------------------------------------|

----

| 8. | Interests in joint ventures (Continued) |
|----|-----------------------------------------|

----

| 8. | Interests in joint ventures (Continued) |
|----|-----------------------------------------|

|                          |   | June 30, 2014(Restated) |    |
|-------------------------------|--------|-------------------------|---------|
|                          |   | Cyrsa S.A.              |    |   | PuertoRetiro S.A. |   |   | Quality Invest S.A. |   |   | Total |   |
| Assets                        |   |                    |    |   |   |   |   |   |   |   |   |   |
| Total non-current assets      |   |                    | 286,950 |   |   |   | 45,484 |   |   |   | 132,806 |   |   |   | 465,240 |   |
| Current                       |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents     |   |                    | 4,144   |   |   |   | - |   |   |   | 1,572 |   |   |   | 5,716 |   |
| Other current assets          |   |                    | 44,814  |   |   |   | 215 |   |   |   | 902 |   |   |   | 45,931 |   |
| Total current assets          |   |                    | 48,958  |   |   |   | 215 |   |   |   | 2,474 |   |   |   | 51,647 |   |
| Total assets                  |   |                    | 335,908 |   |   |   | 45,699 |   |   |   | 135,280 |   |   |   | 516,887 |   |
| Liabilities                   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-current                   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities (i)     |   |                    | -       |   |   |   | 9,006 |   |   |   | 1,378 |   |   |   | 10,384 |   |
| Other liabilities             |   |                    | -       |   |   |   | 78 |   |   |   | 299 |   |   |   | 377 |   |
| Total non-current liabilities |   |                    | -       |   |   |   | 9,084 |   |   |   | 1,677 |   |   |   | 10,761 |   |
| Current                       |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities (i)     |   |                    | -       |   |   |   | 4,655 |   |   |   | 63 |   |   |   | 4,718 |   |
| Other liabilities             |   |                    | 31,449  |   |   |   | 662 |   |   |   | 3,737 |   |   |   | 35,848 |   |
| Total current liabilities     |   |                    | 31,449  |   |   |   | 5,317 |   |   |   | 3,800 |   |   |   | 40,566 |   |
| Total liabilities             |   |                    | 31,449  |   |   |   | 14,401 |   |   |   | 5,477 |   |   |   | 51,327 |   |
| Net assets                    |   |                    | 304,459 |   |   |   | 31,298 |   |   |   | 129,803 |   |   |   | 465,560 |   |

|                          |   | June 30, 2013 |    |
|-------------------------------|--------|---------------|---------|
|                          |   | Cyrsa S.A.    |    |   | PuertoRetiro S.A. |   |   | Quality Invest S.A. |   |   | Total |   |
| Assets                        |   |          |    |   |   |   |   |   |   |   |   |   |
| Total non-current assets      |   |          | 240,060 |   |   |   | 45,067 |   |   |   | 134,922 |   |   |   | 420,049 |   |
| Current                       |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents     |   |          | 2,424   |   |   |   | - |   |   |   | 102 |   |   |   | 2,526 |   |
| Other current assets          |   |          | 65,075  |   |   |   | 781 |   |   |   | 867 |   |   |   | 66,723 |   |
| Total current assets          |   |          | 67,499  |   |   |   | 781 |   |   |   | 969 |   |   |   | 69,249 |   |
| Total assets                  |   |          | 307,559 |   |   |   | 45,848 |   |   |   | 135,891 |   |   |   | 489,298 |   |
| Liabilities                   |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-current                   |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities (i)     |   |          | -       |   |   |   | 9,002 |   |   |   | 3,174 |   |   |   | 12,176 |   |
| Other liabilities             |   |          | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total non-current liabilities |   |          | -       |   |   |   | 9,002 |   |   |   | 3,174 |   |   |   | 12,176 |   |
| Current                       |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities (i)     |   |          | 141     |   |   |   | 4,836 |   |   |   | 1,680 |   |   |   | 6,657 |   |
| Other liabilities             |   |          | 48,165  |   |   |   | 617 |   |   |   | 4,617 |   |   |   | 53,399 |   |
| Total current liabilities     |   |          | 48,306  |   |   |   | 5,453 |   |   |   | 6,297 |   |   |   | 60,056 |   |
| Total liabilities             |   |          | 48,306  |   |   |   | 14,455 |   |   |   | 9,471 |   |   |   | 72,232 |   |
| Net assets                    |   |          | 259,253 |   |   |   | 31,393 |   |   |   | 126,420 |   |   |   | 417,066 |   |

----

| 8. | Interests in joint ventures (Continued) |
|----|-----------------------------------------|

|                                               |   | Cyrsa S.A.   |    |   | Puerto Retiro S.A. |   |    | Quality Invest S.A. |   |   | Total              |   |
|----------------------------------------------------|--------|--------------|---------|--------|--------------------|--------|---------|---------------------|--------|--------|--------------------|--------|
|                                               |   | June 30,2014 |    |   | June 30,2013       |   |    | June 30, 2014  |   |   | June 30, 2013 |   |   | June 30, 2014 |   |   | June 30, 2013 |   |   | June 30, 2014 |   |   | June 30, 2013 |   |
| Revenues                                           |   |         | 46,185  |   |               |   | 234,625 |                |   |   | 52                 |   |   |   | - |   |   |   | 16,476 |   |   |   | 14,235 |   |   |   | 62,713 |   |   |   | 248,860 |   |
| Interest income                                    |   |         | 66,290  |   |               |   | 22,089  |                |   |   | 134                |   |   |   | 99 |   |   |   | 178 |   |   |   | 1,018 |   |   |   | 66,602 |   |   |   | 23,206 |   |
| Income tax expense                                 |   |         | (25,275 | )      |               |   | (17,121 | )                   |   |   | (187               | )      |   |   | (744 | ) |   |   | 1,796 |   |   |   | (437 | ) |   |   | (23,666 | ) |   |   | (18,302 | ) |
| Profit / (Loss) for the year                       |   |         | 45,206  |   |               |   | 31,795  |                |   |   | (3,657             | )      |   |   | (2,868 | ) |   |   | 2,383 |   |   |   | (6,292 | ) |   |   | 43,932 |   |   |   | 22,635 |   |
| Other comprehensive income                         |   |         | -       |   |               |   | -       |                |   |   | -                  |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total comprehensive income  for the year |   |         | 45,206  |   |               |   | 31,795  |                |   |   | (3,657             | )      |   |   | (2,868 | ) |   |   | 2,383 |   |   |   | (6,292 | ) |   |   | 43,932 |   |   |   | 22,635 |   |
| Dividends received                                 |   |         | -       |   |               |   | -       |                |   |   | -                  |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

|                                |   | Cyrsa S.A.   |    |   | Puerto Retiro S.A. |   |    | Quality S.A.       |   |   | Total              |   |
|-------------------------------------|--------|--------------|---------|--------|--------------------|--------|---------|--------------------|--------|--------|--------------------|--------|
|                                |   | June 30,2014 |    |   | June 30,2013       |   |    | June 30, 2014 |   |   | June 30, 2013 |   |   | June 30, 2014 |   |   | June 30, 2013 |   |   | June 30, 2014 |   |   | June 30, 2013 |   |
| Net assets at beginning of the year |   |         | 259,253 |   |               |   | 227,458 |               |   |   | 31,393             |   |   |   | 34,261 |   |   |   | 126,420 |   |   |   | 67,473 |   |   |   | 417,066 |   |   |   | 329,192 |   |
| Profit / (Loss) for the year        |   |         | 45,206  |   |               |   | 31,795  |               |   |   | (3,657             | )      |   |   | (2,868 | ) |   |   | 2,383 |   |   |   | (6,292 | ) |   |   | 43,932 |   |   |   | 22,635 |   |
| Other comprehensive income          |   |         | -       |   |               |   | -       |               |   |   | -                  |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Capital contributions               |   |         | -       |   |               |   | -       |               |   |   | 3,562              |   |   |   | - |   |   |   | 1,000 |   |   |   | 65,239 |   |   |   | 4,562 |   |   |   | 65,239 |   |
| Net assets at end of the year       |   |         | 304,459 |   |               |   | 259,253 |               |   |   | 31,298             |   |   |   | 31,393 |   |   |   | 129,803 |   |   |   | 126,420 |   |   |   | 465,560 |   |   |   | 417,066 |   |
| Interest held                       |   |         | 50.00   | %      |               |   | 50.00   | %                  |   |   | 50.00              | %      |   |   | 50.00 | % |   |   | 50.00 | % |   |   | 50.00 | % |   |   | 50.00 | % |   |   | 50.00 | % |
| Interest in joint ventures          |   |         | 152,229 |   |               |   | 129,627 |               |   |   | 15,649             |   |   |   | 15,696 |   |   |   | 64,902 |   |   |   | 63,210 |   |   |   | 232,780 |   |   |   | 208,533 |   |
| Higher value                        |   |         | -       |   |               |   | -       |               |   |   | 29,209             |   |   |   | 29,209 |   |   |   | 1,025 |   |   |   | 1,036 |   |   |   | 30,234 |   |   |   | 30,245 |   |
| Book amount at end of the year      |   |         | 152,229 |   |               |   | 129,627 |               |   |   | 44,858             |   |   |   | 44,905 |   |   |   | 65,927 |   |   |   | 64,246 |   |   |   | 263,014 |   |   |   | 238,778 |   |

| 9. | Interests in associates |
|----|-------------------------|

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

| Name of the entity                                   | Place of business / country of incorporation | Main activities    | Nature of the relationship | Common shares1 vote              | Value of the Group's interest inequity |      | Group's interest in comprehensive income | % of ownership interest held |                         |                      |                 |
|------------------------------------------------------|----------------------------------------------|--------------------|----------------------------|----------------------------------|----------------------------------------|-----------|------------------------------------------|------------------------------|------------------------------|---------------------------|----------------------|
| June 30,                                             |                                         | June 30,           | June 30,                   | Last financial statements issued |
| 2014(Restated)                                       | 2013                                         |               | 2014(Restated)             | 2013                             | 2012                                   | 2014      | 2013                                     | 2012                         | Common stock (nominal value) | Net incomefor thethe year | Shareholders' Equity |
| Tarshop                                              | Argentina                                    | Consumer financing | (1)                        | 26,759,288                       | 18,681                                 | 34,992    |                                     | (16,300)                     | 2,649                        | 7,829                     | 20%                  | 20% | 20% | 133,796 | (85,940) | 177,648 |
| New Lipstick LLC                                     | United States                                | Real State         | (2)                        | N/A                              | (176,923)                              | (39,091)  |                                     | (154,499)                    | (88,706)                     | (63,970)                  | 49.80%               | 49.87% | 49% | - | (*) (34,014) | (*) (72,764) |
| Rigby                                                | United States                                | Real State         | (3)                        | N/A                              | -                                      | -         |                                     | -                            | 4,414                        | 1,185                     | -                    | - | 49% | - | - | - |
| Lipstick Management LLC                              | United States                                | Management company | (4)                        | N/A                              | 1,739                                  | 799       |                                     | 900                          | 447                          | 324                       | 49%                  | 49% | 49% | - | (*) 145 | (*) 442 |
| BHSA                                                 | Argentina                                    | Financial          | (5)                        | 446,515,208                      | 1,211,625                              | 1,036,298 |                                     | 184,449                      | 58,721                       | 85,006                    | 29.77%               | 29.77% | 29.77% | 1,500,000 | 606,889 | 3,974,368 |
| Manibil S.A.                                         | Argentina                                    | Real estate        | (6)                        | 30,397,880                       | 38,289                                 | 32,760    |                                     | 6,369                        | 2,329                        | 1,045                     | 49%                  | 49% | 49% | 62,037 | 12,997 | 78,121 |
| Banco de Crédito & Securitización S.A. | Argentina                                    | Financial          | (7)                        | 3,984,375                        | 13,610                                 | 9,901     |                                     | 3,709                        | 1,198                        | 1,263                     | 6.38%                | 6.38% | 6.38% | 62,500 | 39,566 | 223,996 |
| Bitania 26 S.A.                                      | Argentina                                    | Real estate        | (8)                        | 4,724,203                        | 22,129                                 | 21,340    |                                     | 789                          | 84                           | (134)                     | 49%                  | 49% | 49% | 20,000 | 1,823 | 24,413 |
| Avenida Inc.                                         | United States                                | Investment         | (9)                        | 3,703,704                        | 11,096                                 | -         |                                     | (1,944)                      | -                            | -                         | 24.79%               | - | - | 16,000 | (8,552) | 7,448 |
| IDB Development Corporation Ltd.                     | Israel                                       | Investment         | (10)                       | 53,300,000                       | 595,342                                | -         |                                     | (507,363)                    | -                            | -                         | 26.65%               | - | - | - | - | - |
| Supertel                                             | United States                                | Hotel              | (11)                       | 1,261,723                        | 31,577                                 | -         |                                     | 15,517                       | -                            | -                         | 26.91%               | - | - | 65 | (10,849) | 30,870 |
|                                                 |                                         |               |                       |                             | 1,767,165                              | 1,096,999 |                                     | (468,373)                    | (18,864)                     | 32,548                    |                 |   |   |   |   |   |

| (1) | Tarshop is primarily engaged in credit card and loan origination activities. |
|-----|------------------------------------------------------------------------------|

| (2) | New Lipstick LLC (“New Lipstick”) net equity comprises a rental office building in New York City known as the “Lipstick Building” with related debt. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Rigby owns a rental office building located at 183 Madison Avenue, New York, NY. Since December 31, 2012, Rigby began to be reported in a consolidated basis and ceased to be an affiliate. The building is classified as held for sale as of June 30, 2014. See Note 42. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Lipstick Management LLC is engaged in managing the Lipstick Building, an office building for rent located in New York City. |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (5) | BHSA is a full-service commercial bank offering a wide variety of banking activities and related financial services to individuals, small- and medium-sized companies and large corporations. Share market value is 2.41. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Manibil S.A. is engaged in the development and sale of real estate investment projects in the City of Buenos Aires and its surrounding areas. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (7)  | Banco de Crédito & Securitización S.A. (“BACS”) is a second-tier commercial bank established in 2000 in order to foster asset securitization. The bank also offers products, such as, export financing and pre-financing and purchase of mortgage-backed and personal assets. Its product and service offering is mainly distributed through a network of financial entities. BACS is controlled by BHSA. In addition, the Group directly holds an additional 6.38% interest. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | The main asset of Bitania 26 S.A. (“Bitania”) is a hotel located in the City of Rosario known as Esplendor Savoy Rosario. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Avenida Inc. is principally engaged in investing activities. As of June 30, 2014, holds 100% of Avenida Compras S.A., a Company engaged in e-commerce activity. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10)  | The Group acquired IDB on May 7, 2014. IDBD is one of the Israeli biggest and most diversified investment groups. The Group has valued its interest in IDBD at fair value through profit or loss, according to an exception of IAS 28. See Notes 2.3 (d) and 3 for further information. Since interest in IDBD is valued at fair value, participation in financial statements and other comprehensive income statement of IDBD is not shown in the table below. Share market value is 4.699 NIS. |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Supertel is an investment Company engaged in hotels in EEUU.. |
|------|---------------------------------------------------------------|

| (*)  | In million of US dollars. |
|-----------|---------------------------|

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

|                                      |   | June 30,2014(Restated) |      |   | June 30,2013 |   |
|-------------------------------------------|--------|------------------------|-----------|--------|--------------|--------|
| Beginning of the year                     |   |                   | 1,096,999 |   |         |   | 1,216,845 |   |
| Acquisition of associates                 |   |                   | 1,131,806 |   |         |   | - |   |
| Capital contributions                     |   |                   | 16,716    |   |         |   | 37,610 |   |
| Share of (loss) / profit                  |   |                   | 77,721    |   |         |   | (17,564 | ) |
| Currency translation adjustment           |   |                   | (29,133   | )      |         |   | (1,300 | ) |
| Cash dividends (ii)                       |   |                   | (9,983    | )      |         |   | (35,277 | ) |
| Decrease for the taking over (see Note 3) |   |                   | -         |   |         |   | (103,315 | ) |
| Net loss on investments at fair value     |   |                   | (516,961  | )      |         |   | - |   |
| End of the year (i) .                     |   |                   | 1,767,165 |   |         |   | 1,096,999 |   |

| (i)  | Includes Ps. (176,923) and Ps. (39,091) reflecting interests in companies with negative equity as of June 30, 2014 and June 30, 2013, respectively, which are disclosed in “Provisions” (see Note 23). |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | During the year ended June 30, 2014, the Group received dividends from BHSA and Manibil S.A. in the amount of Ps. 9.2 million and Ps. 0.8 million, respectively. During the year ended June 30, 2013, the Group received dividends from Manibil S.A. and BHSA in the amount of Ps. 4.8 million and Ps. 30.5 million, respectively. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

|                             |   | BHSA         |       |
|----------------------------------|--------|--------------|------------|
|                             |   | June 30,2014 |       |   | June 30,2013 |   |
| Assets                           |   |         |       |   |   |   |
| Total non-current Assets         |   |         | 8,794,304  |   |   |   | 6,262,939 |   |
| Current                          |   |         |       |   |   |   |   |   |
| Cash and cash equivalents        |   |         | 3,111,615  |   |   |   | 2,285,063 |   |
| Other current assets             |   |         | 15,432,874 |   |   |   | 10,302,035 |   |
| Total current assets             |   |         | 18,544,489 |   |   |   | 12,587,098 |   |
| Total assets                     |   |         | 27,338,793 |   |   |   | 18,850,037 |   |
| Liabilities                      |   |         |       |   |   |   |   |   |
| Non-current                      |   |         |       |   |   |   |   |   |
| Financial liabilities (i)        |   |         | 4,208,630  |   |   |   | 2,919,676 |   |
| Other liabilities                |   |         | (129,996   | ) |   |   | 138,720 |   |
| Total non-current liabilities    |   |         | 4,078,634  |   |   |   | 3,058,396 |   |
| Current                          |   |         |       |   |   |   |   |   |
| Financial liabilities (i)        |   |         | 18,140,073 |   |   |   | 11,826,566 |   |
| Other liabilities                |   |         | 1,095,056  |   |   |   | 507,429 |   |
| Total current liabilities        |   |         | 19,235,129 |   |   |   | 12,333,995 |   |
| Total liabilities                |   |         | 23,313,763 |   |   |   | 15,392,391 |   |
| Net assets                       |   |         | 4,025,030  |   |   |   | 3,457,646 |   |
| Non-controlling interest         |   |         | 50,662     |   |   |   | 60,167 |   |
| Net assets of the Parent company |   |         | 3,974,368  |   |   |   | 3,397,479 |   |

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

|                                                     |   | BHSA         |       |
|----------------------------------------------------------|--------|--------------|------------|
|                                                     |   | June 30,2014 |       |   | June 30,2013 |   |
| Revenues                                                 |   |         | 3,046,657  |   |   |   | 1,823,104 |   |
| Depreciation and amortization                            |   |         | (86,035    | ) |   |   | (47,438 | ) |
| Interest income                                          |   |         | 3,729,649  |   |   |   | 1,930,312 |   |
| Interest expense                                         |   |         | (2,059,377 | ) |   |   | (1,120,480 | ) |
| Allowance for trade receivables                          |   |         | (333,025   | ) |   |   | (258,629 | ) |
| General and administrative expenses                      |   |         | (2,297,449 | ) |   |   | (1,584,543 | ) |
| Other expenses                                           |   |         | (1,022,315 | ) |   |   | (454,701 | ) |
| Other earnings, net                                      |   |         | (94,463    | ) |   |   | 36,794 |   |
| Income tax expense                                       |   |         | (301,273   | ) |   |   | (104,898 | ) |
| Profit for the year                                      |   |         | 582,369    |   |   |   | 219,521 |   |
| Other comprehensive income                               |   |         | 14,760     |   |   |   | (7,377 | ) |
| Total other comprehensive income for the year            |   |         | 597,129    |   |   |   | 212,144 |   |
| (Loss) / Profit attributable to non-controlling interest |   |         | (9,760     | ) |   |   | 8,715 |   |
| Dividends received                                       |   |         | 9,144      |   |   |   | 30,481 |   |

|                                |   | BHSA         |      |
|-------------------------------------|--------|--------------|-----------|
|                                |   | June 30,2014 |      |   | June 30,2013 |   |
| Net assets at beginning of the year |   |         | 3,397,479 |   |   |   | 3,294,050 |   |
| Profit for the year                 |   |         | 592,129   |   |   |   | 210,806 |   |
| Other comprehensive income          |   |         | 14,760    |   |   |   | (7,377 | ) |
| Dividends distribution              |   |         | (30,000   | ) |   |   | (100,000 | ) |
| Net assets at end of the year       |   |         | 3,974,368 |   |   |   | 3,397,479 |   |
| Interest held                       |   |         | 30.51     | % |   |   | 30.51 | % |
| Interest in associates              |   |         | 1,212,781 |   |   |   | 1,036,669 |   |
| Intergroup transactions             |   |         | (1,156    | ) |   |   | (371 | ) |
| Book amount at the end of the year  |   |         | 1,211,625 |   |   |   | 1,036,298 |   |

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

| Statements of financial position                                                       |   | June 30, 2014Ps.(in millions) (*) |   |
|----------------------------------------------------------------------------------------|--------|-----------------------------------|--------|
| Assets                                                                                 |   |                              |   |
| Investments in investee companies accounted by the equity method                       |   |                              | 9,146  |   |
| Other investments, including derivatives                                               |   |                              | 5,856  |   |
| Loans, deposits, pledged and restricted deposits and debit balances                    |   |                              | 412    |   |
| Fixed assets                                                                           |   |                              | 12,791 |   |
| Investment property                                                                    |   |                              | 24,317 |   |
| Long-term trade receivables                                                            |   |                              | 1,256  |   |
| Real estate and other inventory                                                        |   |                              | 905    |   |
| Deferred expenses                                                                      |   |                              | 652    |   |
| Deferred tax assets                                                                    |   |                              | 149    |   |
| Intangible assets                                                                      |   |                              | 12,580 |   |
| Total non-current assets                                                               |   |                              | 68,064 |   |
| Current                                                                                |   |                              |   |   |
| Other investments, including derivatives                                               |   |                              | 8,354  |   |
| Loans, deposits and pledged and restricted deposits                                    |   |                              | 723    |   |
| Other receivables and debit balances                                                   |   |                              | 1,000  |   |
| Current tax assets                                                                     |   |                              | 192    |   |
| Trade receivables                                                                      |   |                              | 6,878  |   |
| Inventory                                                                              |   |                              | 2,074  |   |
| Inventory of buildings held for sale                                                   |   |                              | 1,773  |   |
| Cash and cash equivalents                                                              |   |                              | 10,829 |   |
| Total current assets                                                                   |   |                              | 31,823 |   |
| Total assets                                                                           |   |                              | 99,887 |   |
| Liabilities                                                                            |   |                              |   |   |
| Non-current                                                                            |   |                              |   |   |
| Debentures                                                                             |   |                              | 45,756 |   |
| Loans from banks and other financial liabilities                                       |   |                              | 6,747  |   |
| Hybrid financial instrument in respect of non-recourse loans                           |   |                              | 8,108  |   |
| Financial liabilities presented at fair value                                          |   |                              | 31     |   |
| Other non-financial liabilities                                                        |   |                              | 287    |   |
| Provisions                                                                             |   |                              | 517    |   |
| Deferred tax liabilities                                                               |   |                              | 3,503  |   |
| Employee benefits                                                                      |   |                              | 429    |   |
| Total non-current liabilities                                                          |   |                              | 65,378 |   |
| Current                                                                                |   |                              |   |   |
| Debentures and current maturities of debentures                                        |   |                              | 7,899  |   |
| Credit from banking corporations and current maturities of loans from banks and others |   |                              | 6,340  |   |
| Financial liabilities presented at fair value                                          |   |                              | 164    |   |
| Other accounts payable                                                                 |   |                              | 5,389  |   |
| Trade payables                                                                         |   |                              | 5,923  |   |
| Current tax liabilities                                                                |   |                              | 301    |   |
| Overdraft                                                                              |   |                              | 121    |   |
| Provisions                                                                             |   |                              | 526    |   |
| Total current liabilities                                                              |   |                              | 26,663 |   |
| Total liabilities                                                                      |   |                              | 92,041 |   |
| Capital deficit attributable to equity holders of the parent                           |   |                              | (794   | ) |
| Non-controlling interest                                                               |   |                              | 8,641  |   |
| Total shareholder’s equity                                                       |   |                              | 7,847  |   |

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

| Statements of comprehensive income                                          |   | Six Months Ended June 30, 2014Ps. (in millions) (*) |    |
|-----------------------------------------------------------------------------|--------|----------------------------------------------------------|---------|
| Revenues                                                                    |   |                                                     | 24,195  |   |
| Costs                                                                       |   |                                                     | (14,554 | ) |
| Gross profit                                                                |   |                                                     | 9,641   |   |
| Research and development expenses                                           |   |                                                     | (47     | ) |
| Selling and marketing expenses                                              |   |                                                     | (4,394  | ) |
| General and administrative expenses                                         |   |                                                     | (1,246  | ) |
| Loss from realization, impairment, and write-down of investments and assets |   |                                                     | (232    | ) |
| Decrease in fair value of investment property                               |   |                                                     | (9      | ) |
| Other operating results                                                     |   |                                                     | (2      | ) |
| Financial expenses                                                          |   |                                                     | (2,702  | ) |
| Profit for the six-month period before taxes on income                      |   |                                                     | 1,009   |   |
| Taxes on income                                                             |   |                                                     | (592    | ) |
| Profit from continuing operations for the six-month period                  |   |                                                     | 417     |   |
| Profit from discontinued operations for the six-month period, after tax     |   |                                                     | 144     |   |
| Net profit for the six-month period                                         |   |                                                     | 561     |   |
|                                                                        |   |                                                     |    |   |
| Net profit for the six-month period attributable to:                        |   |                                                     |    |   |
| The Company’s owners                                             |   |                                                     | (164    | ) |
| Non-controlling interest                                                    |   |                                                     | 725     |   |
|                                                                        |   |                                                     |    |   |
| Other comprehensive income:                                                 |   |                                                     |    |   |
| Items that may be transferred subsequently to profit or loss                |   |                                                     | 279     |   |
| Items that may not be transferred subsequently to profit or loss            |   |                                                     | (58     | ) |
| Other comprehensive income for the six-month period                         |   |                                                     | 221     |   |
| Total comprehensive income for the six-month period                         |   |                                                     | 782     |   |
|                                                                        |   |                                                     |    |   |
| Attributable to:                                                            |   |                                                     |    |   |
| Equity holders of the parent                                           |   |                                                     | (47     | ) |
| Non-controlling interest                                                    |   |                                                     | 829     |   |

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

| Statements of cash flows                                                                                       |   | Six Months Ended June 30, 2014Ps.(in millions) (*) |   |
|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|--------|
| Cash flows from operating activities                                                                           |   |                                               |   |
| Net profit for the period                                                                                      |   |                                               | 561    |   |
| Net profit from discontinued operations, after tax                                                             |   |                                               | (144   | ) |
|                                                                                                           |   |                                               |   |   |
| Adjustments:                                                                                                   |   |                                               |   |   |
| Group’s share of profit of equity accounted investees, net                                               |   |                                               | (315   | ) |
| Dividends received                                                                                             |   |                                               | 25     |   |
| Gains on sale, impairment and write-downs net of investments, assets and dividends                             |   |                                               | (1,827 | ) |
| Increase in fair value of investment property, net                                                             |   |                                               | (508   | ) |
| Depreciation of fixed assets and amortization of deferred expenses                                             |   |                                               | 965    |   |
| Amortization of intangible and other assets                                                                    |   |                                               | 427    |   |
| Financing expenses, net                                                                                        |   |                                               | 2,207  |   |
| Income tax expense, net                                                                                        |   |                                               | 592    |   |
| Income tax paid, net                                                                                           |   |                                               | (353   | ) |
| Share-based payment transactions                                                                               |   |                                               | 18     |   |
| Payments in respect of settlement of derivatives, net                                                          |   |                                               | (13    | ) |
|                                                                                                           |   |                                               | 1,635  |   |
| Changes in other balance sheet items                                                                           |   |                                               |   |   |
| Change in debtors and debit balances (including long-term amounts)                                             |   |                                               | (168   | ) |
| Change in trade receivables (including long-term amounts)                                                      |   |                                               | 646    |   |
| Change in inventory                                                                                            |   |                                               | 45     |   |
| Change in non-current inventory                                                                                |   |                                               | (20    | ) |
| Change in provisions and employee benefits                                                                     |   |                                               | 11     |   |
| Change in trade payables                                                                                       |   |                                               | 416    |   |
| Change in creditors and credit balances and in liabilities for government grants (including long-term amounts) |   |                                               | 781    |   |
|                                                                                                           |   |                                               | 1,711  |   |
|                                                                                                           |   |                                               |   |   |
| Net cash provided by continuing operating activities                                                           |   |                                               | 3,346  |   |
| Net cash provided by discontinued operating activities                                                         |   |                                               | -      |   |
| Net cash from operating activities                                                                             |   |                                               | 3,346  |   |

----

| 9. | Interests in associates (Continued) |
|----|-------------------------------------|

|                                                                                                             |   | Six Months Ended June 30, 2014Ps.(in millions) (*) |    |
|------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|---------|
|                                                                                                             |   |                                               |    |
| Cash flows from investing activities                                                                             |   |                                               |    |
| Deposits, loans and long term investments provided                                                               |   |                                               | (403    | ) |
| Repayment of long term deposits and loans provided                                                               |   |                                               | 92      |   |
| Decrease (increase) in pledged and restricted deposits, net                                                      |   |                                               | 988     |   |
| Current investments, loans and short-term deposits, net                                                          |   |                                               | (1,170  | ) |
| Investments and loans, net, in investee companies accounted by the equity method                                 |   |                                               | (74     | ) |
| Non-current investments                                                                                          |   |                                               | (7      | ) |
| Investments in fixed assets and intangible assets                                                                |   |                                               | (868    | ) |
| Investments in investment property                                                                               |   |                                               | (547    | ) |
| Payments from settlement of derivatives, net                                                                     |   |                                               | (4      | ) |
| Acquisition of subsidiaries, net of cash acquired, in framework of first-time consolidation                      |   |                                               | (9      | ) |
| Receipts from realization of subsidiaries, net of cash expended, in framework of discontinuance of consolidation |   |                                               | 2,959   |   |
| Receipts from realization of non-current investments, including dividend from the realization                    |   |                                               | 90      |   |
| Receipts from sale of investment property, fixed assets and other assets                                         |   |                                               | 459     |   |
| Net taxes paid on investment property, fixed assets and other assets                                             |   |                                               | (166    | ) |
| Interest received                                                                                                |   |                                               | 184     |   |
| Net cash provided by (used for) continuing investing activities                                                  |   |                                               | 1,524   |   |
| Net cash provided by (used for) discontinued investing activities                                                |   |                                               | 2,704   |   |
| Net cash (used in) from investing activities                                                                     |   |                                               | 4,228   |   |
|                                                                                                             |   |                                               |    |   |
| Cash flows from financing activities                                                                             |   |                                               |    |   |
| Repayment of non-current financial liabilities                                                                   |   |                                               | (9,389  | ) |
| Interest paid                                                                                                    |   |                                               | (2,142  | ) |
| Acquisition of shares in subsidiaries from non- controlling interests                                            |   |                                               | (2,524  | ) |
| Dividend paid to non-controlling interests in subsidiaries                                                       |   |                                               | (164    | ) |
| Receipts from non-controlling interests in subsidiaries, net                                                     |   |                                               | (4      | ) |
| Raising capital                                                                                                  |   |                                               | 1,462   |   |
| Non-current financial liabilities received                                                                       |   |                                               | 1,075   |   |
| Current financial liabilities, net                                                                               |   |                                               | 45      |   |
| Sale of shares in subsidiaries to non-controlling interests                                                      |   |                                               | -       |   |
| Consideration (payments) from settlement of derivatives, net                                                     |   |                                               | (164    | ) |
| Net cash used for continuing financing activities                                                                |   |                                               | (11,805 | ) |
| Net cash used for discontinued financing activities                                                              |   |                                               | -       |   |
| Net cash used for financing activities                                                                           |   |                                               | (11,805 | ) |
|                                                                                                             |   |                                               |    |   |
| Change in cash and cash equivalents from continuing operations                                                   |   |                                               | (6,935  | ) |
| Change in cash and cash equivalents from discontinued operations                                                 |   |                                               | 2,704   |   |
| Change in cash and cash equivalents                                                                              |   |                                               |    |   |
| Change in cash and cash equivalents from continuing operations and discontinued operations                       |   |                                               | (4,231  | ) |
| Balance of cash and cash equivalents as at the beginning of the period                                           |   |                                               | 11,870  |   |
| Effect of exchange rate fluctuations on cash and cash equivalents                                                |   |                                               | 2,846   |   |
| Change in cash presented in the framework of assets held for sale                                                |   |                                               | 344     |   |
| Balance of cash and cash equivalents as at the end of the period                                                 |   |                                               | 10,829  |   |

----

| 10. | Investment properties |
|-----|-----------------------|

|                                |   | Shopping Center portfolio |       |   | Office buildings and other rental properties portfolio |   |       |   Undeveloped parcel of lands |   |   | Properties under development |   |   | Total  |    |
|-------------------------------------|--------|---------------------------|------------|--------|--------------------------------------------------------|--------|------------|------------------------------------|--------|--------|------------------------------|--------|--------|--------|---------|
| At July 1, 2012                     |   |                      |       |   |                                                   |   |       |                               |   |   |                         |   |   |   |    |
| Costs                               |   |                      | 3,048,649  |   |                                                   |   | 1,049,407  |                               |   |   | 365,828                      |   |   |   | 40,998  |   |   |   | 4,504,882 |   |
| Accumulated amortization            |   |                      | (1,097,669 | )      |                                                   |   | (141,251   | )                                  |   |   | -                            |   |   |   | -       |   |   |   | (1,238,920 | ) |
| Residual value                      |   |                      | 1,950,980  |   |                                                   |   | 908,156    |                               |   |   | 365,828                      |   |   |   | 40,998  |   |   |   | 3,265,962 |   |
| Year ended June 30, 2013            |   |                      |       |   |                                                   |   |       |                               |   |   |                         |   |   |   |    |   |   |   |   |   |
| Opening residual value              |   |                      | 1,950,980  |   |                                                   |   | 908,156    |                               |   |   | 365,828                      |   |   |   | 40,998  |   |   |   | 3,265,962 |   |
| Additions                           |   |                      | 51,231     |   |                                                   |   | 13,275     |                               |   |   | 1,763                        |   |   |   | 133,880 |   |   |   | 200,149 |   |
| Currency translation adjustment     |   |                      | -          |   |                                                   |   | 77,769     |                               |   |   | -                            |   |   |   | -       |   |   |   | 77,769 |   |
| Acquisition of subsidiaries         |   |                      | -          |   |                                                   |   | 679,219    |                               |   |   | -                            |   |   |   | -       |   |   |   | 679,219 |   |
| Transfers                           |   |                      | (86        | )      |                                                   |   | 86         |                               |   |   | -                            |   |   |   | -       |   |   |   | - |   |
| Disposals                           |   |                      | (65        | )      |                                                   |   | (62,792    | )                                  |   |   | -                            |   |   |   | -       |   |   |   | (62,857 | ) |
| Financial costs capitalized         |   |                      | -          |   |                                                   |   | -          |                               |   |   | -                            |   |   |   | 10,307  |   |   |   | 10,307 |   |
| Depreciation (i) (Note 32)          |   |                      | (142,162   | )      |                                                   |   | (45,121    | )                                  |   |   | -                            |   |   |   | -       |   |   |   | (187,283 | ) |
| Closing residual value              |   |                      | 1,859,898  |   |                                                   |   | 1,570,592  |                               |   |   | 367,591                      |   |   |   | 185,185 |   |   |   | 3,983,266 |   |
| At June 30, 2013                    |   |                      |       |   |                                                   |   |       |                               |   |   |                         |   |   |   |    |   |   |   |   |   |
| Costs                               |   |                      | 3,099,729  |   |                                                   |   | 1,756,964  |                               |   |   | 367,591                      |   |   |   | 185,185 |   |   |   | 5,409,469 |   |
| Accumulated amortization            |   |                      | (1,239,831 | )      |                                                   |   | (186,372   | )                                  |   |   | -                            |   |   |   | -       |   |   |   | (1,426,203 | ) |
| Residual value                      |   |                      | 1,859,898  |   |                                                   |   | 1,570,592  |                               |   |   | 367,591                      |   |   |   | 185,185 |   |   |   | 3,983,266 |   |
| Year ended June 30, 2014 (Restated) |   |                      |       |   |                                                   |   |       |                               |   |   |                         |   |   |   |    |   |   |   |   |   |
| Opening residual value              |   |                      | 1,859,898  |   |                                                   |   | 1,570,592  |                               |   |   | 367,591                      |   |   |   | 185,185 |   |   |   | 3,983,266 |   |
| Additions                           |   |                      | 61,108     |   |                                                   |   | 23,988     |                               |   |   | 454                          |   |   |   | 156,927 |   |   |   | 242,477 |   |
| Currency translation adjustment     |   |                      | -          |   |                                                   |   | 375,263    |                               |   |   | -                            |   |   |   | -       |   |   |   | 375,263 |   |
| Reclassification of held for sale   |   |                      | -          |   |                                                   |   | (1,098,990 | )                                  |   |   | -                            |   |   |   | -       |   |   |   | (1,098,990 | ) |
| Disposals                           |   |                      | (35        | )      |                                                   |   | (46,977    | )                                  |   |   | -                            |   |   |   | (684    | ) |   |   | (47,696 | ) |
| Transfers                           |   |                      | (25,332    | )      |                                                   |   | 15,076     |                               |   |   | (174                         | )      |   |   | (803    | ) |   |   | (11,233 | ) |
| Financial costs capitalized         |   |                      | -          |   |                                                   |   | -          |                               |   |   | -                            |   |   |   | 22,376  |   |   |   | 22,376 |   |
| Depreciation (i) (Note 32)          |   |                      | (130,394   | )      |                                                   |   | (65,474    | )                                  |   |   | -                            |   |   |   | -       |   |   |   | (195,868 | ) |
| Closing residual value              |   |                      | 1,765,245  |   |                                                   |   | 773,478    |                               |   |   | 367,871                      |   |   |   | 363,001 |   |   |   | 3,269,595 |   |
| At June 30, 2014 (Restated)         |   |                      |       |   |                                                   |   |       |                               |   |   |                         |   |   |   |    |   |   |   |   |   |
| Costs                               |   |                      | 3,135,470  |   |                                                   |   | 1,022,389  |                               |   |   | 367,871                      |   |   |   | 363,001 |   |   |   | 4,888,731 |   |
| Accumulated amortization            |   |                      | (1,370,225 | )      |                                                   |   | (248,911   | )                                  |   |   | -                            |   |   |   | -       |   |   |   | (1,619,136 | ) |
| Residual value                      |   |                      | 1,765,245  |   |                                                   |   | 773,478    |                               |   |   | 367,871                      |   |   |   | 363,001 |   |   |   | 3,269,595 |   |

| (i) | As of June 30, 2014 and 2013 depreciation charges of investment property were included in “Costs” in the statement of income (restated) (Note 32). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10. | Investment properties (Continued) |
|-----|-----------------------------------|

|                                      |   | June 30,2014 (Restated) |       |   | June 30,2013 |   |      | June 30,2012 |   |
|-------------------------------------------|--------|-------------------------|------------|--------|--------------|--------|-----------|--------------|--------|
| Rental and service income                 |   |                    | 2,450,399  |   |         |   | 1,935,274 |         |   |   | 1,563,563 |   |
| Direct operating expenses                 |   |                    | (1,120,634 | )      |         |   | (906,234  | )            |   |   | (719,159 | ) |
| Gain from disposal of investment property |   |                    | 235,507    |   |         |   | 183,767   |         |   |   | 116,689 |   |

|                       |   | June 30,2014(Restated) |    |   | June 30,2013 |   |
|----------------------------|--------|------------------------|---------|--------|--------------|--------|
| Soleil Premium Outlet (i)  |   |                   | 88,634  |   |         |   | 91,379 |   |
| Córdoba Shopping (ii) |   |                   | 64,951  |   |         |   | 71,371 |   |
| Madison 183 (iii)          |   |                   | -       |   |         |   | 744,587 |   |
| Total                      |   |                   | 153,585 |   |         |   | 907,337 |   |

----

| 10. | Investment properties (Continued) |
|-----|-----------------------------------|

----

| 10. | Investment properties (Continued) |
|-----|-----------------------------------|

|                                                    |   |         |   |   | Initial costs |   |    | Subsequent costs                           |   |    | Costs at end of the year                            |   |   |         |    |   |                                       |   |    |   |   |    |                     |   |   |
|---------------------------------------------------------|--------|--------------|--------|--------|---------------|--------|---------|--------------------------------------------|--------|---------|-----------------------------------------------------|--------|--------|--------------|---------|--------|--------------------------------------------|--------|---------|--------|--------|---------|--------------------------|--------|--------|
| Name                                                    |   | Encumbrances |   |   | Plot of land  |   |    | Buildings, facilities and improvements (i) |   |    | Improvements / Additions/ Disposals/ Transfers |   |   | Plot of land |    |   | Buildings, facilitiesand improvements |   |    | Total  |   |    | Accumulated depreciation |   |   | Net book amount(Restated) |   |   | Date of construction |   | Date of acquisition |   | Useful life for calculating depreciation |   |
| Shopping centers:                                       |   |         |   |   |          |   |    |                                       |   |    |                                                |   |   |         |    |   |                                       |   |    |   |   |    |                     |   |   |   |   |   |   |   |   |   |   |   |
| Abasto de Buenos Aires                                  |   |         | -      |   |          |   | 9,753   |                                       |   |    | 430,847                                             |   |   |         | 9,089   |   |                                       |   | 9,753   |   |   |    | 439,936                  |   |   |   | 449,689 |   |   |   | (176,114 | ) |   |   | 273,575 |   |   | nov-98 |   | jul-94 |   |   | 20 |   |
| Alto Palermo Shopping                                   |   |         | -      |   |          |   | 8,694   |                                       |   |    | 630,076                                             |   |   |         | 5,775   |   |                                       |   | 8,694   |   |   |    | 635,851                  |   |   |   | 644,545 |   |   |   | (386,345 | ) |   |   | 258,200 |   |   | oct-90 |   | nov-97 |   |   | 18 |   |
| Alto Avellaneda                                         |   |         | -      |   |          |   | 18,089  |                                       |   |    | 299,323                                             |   |   |         | 11,385  |   |                                       |   | 18,089  |   |   |    | 310,708                  |   |   |   | 328,797 |   |   |   | (193,975 | ) |   |   | 134,822 |   |   | oct-95 |   | dec-97 |   |   | 15 |   |
| Paseo Alcorta                                           |   |         | -      |   |          |   | 8,006   |                                       |   |    | 169,389                                             |   |   |         | 4,781   |   |                                       |   | 8,006   |   |   |    | 174,170                  |   |   |   | 182,176 |   |   |   | (79,111 | ) |   |   | 103,065 |   |   | jun-92 |   | jun-97 |   |   | 17 |   |
| Alto Noa                                                |   |         | -      |   |          |   | 227     |                                       |   |    | 68,467                                              |   |   |         | 1,899   |   |                                       |   | 227     |   |   |    | 70,366                   |   |   |   | 70,593 |   |   |   | (38,955 | ) |   |   | 31,638 |   |   | sep-94 |   | mar-95 |   |   | 17 |   |
| Buenos Aires Design                                     |   |         | -      |   |          |   | -       |                                       |   |    | 63,738                                              |   |   |         | 8,475   |   |                                       |   | -       |   |   |    | 72,213                   |   |   |   | 72,213 |   |   |   | (56,491 | ) |   |   | 15,722 |   |   | nov-93 |   | nov-97 |   |   | - |   |
| Patio Bullrich                                          |   |         | -      |   |          |   | 9,814   |                                       |   |    | 220,955                                             |   |   |         | 5,324   |   |                                       |   | 9,814   |   |   |    | 226,279                  |   |   |   | 236,093 |   |   |   | (119,554 | ) |   |   | 116,539 |   |   | sep-88 |   | oct-98 |   |   | 20 |   |
| Alto Rosario                                            |   |         | -      |   |          |   | 25,686  |                                       |   |    | 138,227                                             |   |   |         | 1,792   |   |                                       |   | 25,686  |   |   |    | 140,019                  |   |   |   | 165,705 |   |   |   | (45,737 | ) |   |   | 119,968 |   |   | nov-04 |   | nov-04 |   |   | 22 |   |
| Mendoza Plaza                                           |   |         | -      |   |          |   | 10,546  |                                       |   |    | 173,150                                             |   |   |         | 8,015   |   |                                       |   | 10,546  |   |   |    | 181,165                  |   |   |   | 191,711 |   |   |   | (84,202 | ) |   |   | 107,509 |   |   | jun-94 |   | dec-94 |   |   | 19 |   |
| Dot Baires Shopping                                     |   |         | -      |   |          |   | 84,890  |                                       |   |    | 321,589                                             |   |   |         | 119,192 |   |                                       |   | 84,890  |   |   |    | 440,781                  |   |   |   | 525,671 |   |   |   | (104,241 | ) |   |   | 421,430 |   |   | may-09 |   | may-09 |   |   | 29 |   |
| Córdoba Shopping                                   |   | Antichresis  |   |   |          | 5,009  |    |                                       |   | 112,650 |                                                |   |   | 4,398        |    |   |                                       | 5,009  |    |   |   | 117,048 |                     |   |   | 122,057 |   |   |   | (57,106 | ) |   |   | 64,951 |   |   | mar-90 |   | dec-06 |   |   | 18 |   |
| Patio Olmos                                             |   |         | -      |   |          |   | 11,532  |                                       |   |    | 21,943                                              |   |   |         | -       |   |                                       |   | 11,532  |   |   |    | 21,943                   |   |   |   | 33,475 |   |   |   | (4,283 | ) |   |   | 29,192 |   |   |   | - |   | sep-07 |   |   | 10 |   |
| Soleil Factory                                          |   | Mortgage     |   |   |          | 23,267 |    |                                       |   | 55,905  |                                                |   |   | 33,574       |    |   |                                       | 23,267 |    |   |   | 89,479  |                     |   |   | 112,746 |   |   |   | (24,112 | ) |   |   | 88,634 |   |   |   | - |   | jul-10 |   |   | 13 |   |
| Total Shopping centers                                  |   |         |   |   |          |   | 215,513 |                                       |   |    | 2,706,259                                           |   |   |         | 213,699 |   |                                       |   | 215,513 |   |   |    | 2,919,958                |   |   |   | 3,135,471 |   |   |   | (1,370,226 | ) |   |   | 1,765,245 |   |   |   |   |   |   |   |   |   |   |
| Office buildings and other rental properties portfolio: |   |         |   |   |          |   |    |                                       |   |    |                                                |   |   |         |    |   |                                       |   |    |   |   |    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bouchard 551                                            |   |         | -      |   |          |   | 38,219  |                                       |   |    | 40,742                                              |   |   |         | 532     |   |                                       |   | 38,219  |   |   |    | 41,274                   |   |   |   | 79,493 |   |   |   | (18,600 | ) |   |   | 60,893 |   |   |   | - |   | mar-07 |   |   | 29 |   |
| Bouchard 710                                            |   |         | -      |   |          |   | 39,466  |                                       |   |    | 33,199                                              |   |   |         | 1,934   |   |                                       |   | 39,466  |   |   |    | 35,133                   |   |   |   | 74,599 |   |   |   | (13,245 | ) |   |   | 61,354 |   |   |   | - |   | jun-05 |   |   | 28 |   |
| Dique IV                                                |   |         | -      |   |          |   | 3,660   |                                       |   |    | 63,181                                              |   |   |         | 1,943   |   |                                       |   | 3,660   |   |   |    | 65,124                   |   |   |   | 68,784 |   |   |   | (13,684 | ) |   |   | 55,100 |   |   | apr-09 |   | - |   |   | 32 |   |
| Intercontinental Plaza  (i)                   |   |         | -      |   |          |   | 4,143   |                                       |   |    | 107,606                                             |   |   |         | 7,814   |   |                                       |   | 4,143   |   |   |    | 115,420                  |   |   |   | 119,563 |   |   |   | (53,629 | ) |   |   | 65,934 |   |   | jun-96 |   | nov-97 |   |   | 27 |   |
| Libertador 498                                          |   |         | -      |   |          |   | 1,108   |                                       |   |    | 7,553                                               |   |   |         | 857     |   |                                       |   | 1,108   |   |   |    | 8,410                    |   |   |   | 9,518 |   |   |   | (6,261 | ) |   |   | 3,257 |   |   |   | - |   | dec-95 |   |   | 23 |   |

----

| 10. | Investment properties (Continued) |
|-----|-----------------------------------|

|                                               |   |         |   |   | Initial costs |   |    | Subsequent costs                           |   |   | Costs at end of the year                            |   |   |         |   |   |                                  |   |    |   |   |   |                     |   |   |
|----------------------------------------------------|--------|--------------|--------|--------|---------------|--------|---------|--------------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|--------------|--------|--------|---------------------------------------|--------|---------|--------|--------|--------|--------------------------|--------|--------|
| Name                                               |   | Encumbrances |   |   | Plot of land  |   |    | Buildings, facilities and improvements (i) |   |   | Improvements / Additions/ Disposals/ Transfers |   |   | Plot of land |   |   | Buildings, facilitiesand improvements |   |    | Total  |   |   | Accumulated depreciation |   |   | Net book amount(Restated) |   |   | Date of construction |   | Date of ]acquisition |   | Useful life for calculating depreciation |   |
| Madero 1020                                        |   |         | -      |   |          |   | 70      |                                       |   |   | 294                                                 |   |   |         | -      |   |                                  |   | 70      |   |   |   | 294                      |   |   |   | 364 |   |   |   | (230 | ) |   |   | 134 |   |   |   | - |   | dec-95 |   |   | 5 |   |
| Maipú 1300                                    |   |         | -      |   |          |   | 7,539   |                                       |   |   | 35,648                                              |   |   |         | 1,592  |   |                                  |   | 7,539   |   |   |   | 37,240                   |   |   |   | 44,779 |   |   |   | (20,789 | ) |   |   | 23,990 |   |   |   | - |   | sep-95 |   |   | 22 |   |
| Rivadavia 2768                                     |   |         |   |   |          |   | 88      |                                       |   |   | 497                                                 |   |   |         | -      |   |                                  |   | 88      |   |   |   | 497                      |   |   |   | 585 |   |   |   | (221 | ) |   |   | 364 |   |   | jun-95 |   | sep-91 |   |   | 12 |   |
| Suipacha 652                                       |   |         | -      |   |          |   | 2,547   |                                       |   |   | 14,480                                              |   |   |         | 79     |   |                                  |   | 2,547   |   |   |   | 14,559                   |   |   |   | 17,106 |   |   |   | (8,674 | ) |   |   | 8,432 |   |   | jun-94 |   | nov-91 |   |   | 12 |   |
| Torre BankBoston                                   |   |         | -      |   |          |   | 77,251  |                                       |   |   | 85,536                                              |   |   |         | 2,713  |   |                                  |   | 77,251  |   |   |   | 88,249                   |   |   |   | 165,500 |   |   |   | (23,415 | ) |   |   | 142,085 |   |   |   | - |   | ago-07 |   |   | 29 |   |
| República building                            |   |         | -      |   |          |   | 109,066 |                                       |   |   | 122,214                                             |   |   |         | 2,632  |   |                                  |   | 109,066 |   |   |   | 124,846                  |   |   |   | 233,912 |   |   |   | (33,157 | ) |   |   | 200,755 |   |   |   | - |   | apr-08 |   |   | 28 |   |
| Constitución 1111                             |   |         | -      |   |          |   | 256     |                                       |   |   | 1,082                                               |   |   |         | -      |   |                                  |   | 256     |   |   |   | 1,082                    |   |   |   | 1,338 |   |   |   | (612 | ) |   |   | 726 |   |   | mar-95 |   | jun-94 |   |   | 21 |   |
| Dot building                                       |   |         | -      |   |          |   | 13,346  |                                       |   |   | 75,482                                              |   |   |         | 21,961 |   |                                  |   | 13,346  |   |   |   | 97,443                   |   |   |   | 110,789 |   |   |   | (12,822 | ) |   |   | 97,967 |   |   |   | - |   | nov-06 |   |   | 32 |   |
| Building annexed to DOT                            |   |         | -      |   |          |   | 25,332  |                                       |   |   | -                                                   |   |   |         | -      |   |                                  |   | 25,332  |   |   |   | -                        |   |   |   | 25,332 |   |   |   | - |   |   |   | 25,332 |   |   |   | - |   | jan-94 |   |   | - |   |
| Abasto Offices                                     |   |         | -      |   |          |   | -       |                                       |   |   | -                                                   |   |   |         | 12,230 |   |                                  |   | -       |   |   |   | 12,230                   |   |   |   | 12,230 |   |   |   | (1,221 | ) |   |   | 11,009 |   |   |   |   |   | nov-12 |   |   | 30 |   |
| Santa María del Plata                         |   |         | -      |   |          |   | 12,494  |                                       |   |   | -                                                   |   |   |         | 24     |   |                                  |   | 12,494  |   |   |   | 24                       |   |   |   | 12,518 |   |   |   | (14 | ) |   |   | 12,504 |   |   |   | - |   | jul-97 |   |   | - |   |
| Ocampo parking space                               |   |         | -      |   |          |   | 3,201   |                                       |   |   | 21,137                                              |   |   |         | 225    |   |                                  |   | 3,201   |   |   |   | 21,362                   |   |   |   | 24,563 |   |   |   | (9,214 | ) |   |   | 15,349 |   |   |   |   |   | sep-06 |   |   | 25 |   |
| Others                                             |   |         |   |   |          |   | 4,742   |                                       |   |   | 21,545                                              |   |   |         | (5,053 | )      |                                  |   | 4,742   |   |   |   | 16,492                   |   |   |   | 21,234 |   |   |   | (4,972 | ) |   |   | 16,262 |   |   |   | - |   | - |   |   | - |   |
| Total Office and other rental properties portfolio |   |         |   |   |          |   | 342,528 |                                       |   |   | 630,196                                             |   |   |         | 49,483 |   |                                  |   | 342,528 |   |   |   | 679,679                  |   |   |   | 1,022,207 |   |   |   | (220,760 | ) |   |   | 801,447 |   |   |   |   |   |   |   |   |   |   |

----

| 10. | Investment properties (Continued) |
|-----|-----------------------------------|

|                               |   |         |   |   | Initial costs |   |    | Subsequent costs                           |   |   | Costs at end of the year                            |   |   |         |    |   |                                  |   |    |   |   |   |                     |   |   |                      |      |
|------------------------------------|--------|--------------|--------|--------|---------------|--------|---------|--------------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|--------------|---------|--------|---------------------------------------|--------|---------|--------|--------|--------|--------------------------|--------|--------|---------------------------|-----------|
| Name                               |   | Encumbrances |   |   | Plot of land  |   |    | Buildings, facilities and improvements (i) |   |   | Improvements / Additions/ Disposals/ Transfers |   |   | Plot of land |    |   | Buildings, facilitiesand improvements |   |    | Total  |   |   | Accumulated depreciation |   |   | Net book amount(Restated) |      |   | Date of construction |   |   | Date of acquisition |   |   | Useful life for calculating depreciation |   |
| Undeveloped parcels of lands:      |   |         |   |   |          |   |    |                                       |   |   |                                                |   |   |         |    |   |                                  |   |    |   |   |   |                     |   |   |                      |      |   |   |   |   |   |   |   |   |   |
| Santa María del Plata         |   |         | -      |   |          |   | 158,523 |                                       |   |   | -                                                   |   |   |         | 428     |   |                                  |   | 158,951 |   |   |   | -                        |   |   |                      | 158,951   |   |   |   | - |   |   |   | 158,951 |   |   |   | - |   |   | jun-97 |   |   |   | - |   |
| Catalinas Norte                    |   |         | -      |   |          |   | 100,862 |                                       |   |   | 1,801                                               |   |   |         | 6,831   |   |                                  |   | 100,862 |   |   |   | 8,632                    |   |   |                      | 109,494   |   |   |   | - |   |   |   | 109,494 |   |   |   | - |   |   | dec-09 |   |   |   | - |   |
| Pilar                              |   |         | -      |   |          |   | 1,550   |                                       |   |   | -                                                   |   |   |         | -       |   |                                  |   | 1,550   |   |   |   | -                        |   |   |                      | 1,550     |   |   |   | - |   |   |   | 1,550 |   |   |   |   |   |   |   |   |   |   |   |   |
| Luján plot of land            |   |         | -      |   |          |   | 41,861  |                                       |   |   | -                                                   |   |   |         | 112     |   |                                  |   | 41,861  |   |   |   | 112                      |   |   |                      | 41,973    |   |   |   | - |   |   |   | 41,973 |   |   |   | - |   |   | may-12 |   |   |   | - |   |
| Caballito - Ferro                  |   |         | -      |   |          |   | 45,814  |                                       |   |   | -                                                   |   |   |         | -       |   |                                  |   | 45,814  |   |   |   | -                        |   |   |                      | 45,814    |   |   |   | - |   |   |   | 45,814 |   |   |   | - |   |   | nov-97 |   |   |   | - |   |
| Others                             |   |         | -      |   |          |   | 10,089  |                                       |   |   | -                                                   |   |   |         | -       |   |                                  |   | 10,089  |   |   |   | -                        |   |   |                      | 10,089    |   |   |   | - |   |   |   | 10,089 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total undeveloped parcels of land  |   |         |   |   |          |   | 358,699 |                                       |   |   | 1,801                                               |   |   |         | 7,371   |   |                                  |   | 359,127 |   |   |   | 8,744                    |   |   |                      | 367,871   |   |   |   | - |   |   |   | 367,871 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Properties under development:      |   |         |   |   |          |   |    |                                       |   |   |                                                |   |   |         |    |   |                                  |   |    |   |   |   |                     |   |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distrito Arcos                     |   |         | -      |   |          |   | -       |                                       |   |   | -                                                   |   |   |         | 236,202 |   |                                  |   | -       |   |   |   | 236,202                  |   |   |                      | 236,202   |   |   |   | - |   |   |   | 236,202 |   |   | Under development |   |   | dec-11 |   |   |   | - |   |
| Alto Comahue                       |   |         | -      |   |          |   | 1,143   |                                       |   |   | 10,201                                              |   |   |         | 115,455 |   |                                  |   | 1,143   |   |   |   | 125,656                  |   |   |                      | 126,799   |   |   |   | - |   |   |   | 126,799 |   |   | Under development |   |   | may-06 |   |   |   | - |   |
| Total properties under development |   |         |   |   |          |   | 1,143   |                                       |   |   | 10,201                                              |   |   |         | 351,657 |   |                                  |   | 1,143   |   |   |   | 361,858                  |   |   |                      | 363,001   |   |   |   | - |   |   |   | 363,001 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets                       |   |         |   |   |          |   | 917,883 |                                       |   |   | 3,348,457                                           |   |   |         | 622,210 |   |                                  |   | 918,311 |   |   |   | 3,970,239                |   |   |                      | 4,888,550 |   |   |   | (1,590,986 | ) |   |   | 3,297,564 |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (i)  | As of June 30, 2014, includes property, plant and equipment for an amount of Ps.27,969 since are offices used by the Group. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------|

----

| 11. | Property, plant and equipment |
|-----|-------------------------------|

|                                |   | Hotel buildings and facilities |     |   | Other buildings and facilities |   |    | Furnitureand fixtures |   |   | Machinery and equipment |   |   | Vehicles |    |   | Total  |   |
|-------------------------------------|--------|--------------------------------|----------|--------|--------------------------------|--------|---------|-----------------------|--------|--------|-------------------------|--------|--------|----------|---------|--------|--------|--------|
| At July 1st, 2012                   |   |                           |     |   |                           |   |    |                  |   |   |                    |   |   |     |    |   |   |   |
| Cost                                |   |                           | 376,671  |   |                           |   | 61,291  |                  |   |   | 13,394                  |   |   |     | 78,370  |   |   |   | 512 |   |   |   | 530,238 |   |
| Accumulated depreciation            |   |                           | (194,849 | )      |                           |   | (30,533 | )                     |   |   | (9,513                  | )      |   |     | (66,805 | )      |   |   | (505 | ) |   |   | (302,205 | ) |
| Residual value                      |   |                           | 181,822  |   |                           |   | 30,758  |                  |   |   | 3,881                   |   |   |     | 11,565  |   |   |   | 7 |   |   |   | 228,033 |   |
| Year ended June 30, 2012            |   |                           |     |   |                           |   |    |                  |   |   |                    |   |   |     |    |   |   |   |   |   |   |   |   |   |
| Opening residual value              |   |                           | 181,822  |   |                           |   | 30,758  |                  |   |   | 3,881                   |   |   |     | 11,565  |   |   |   | 7 |   |   |   | 228,033 |   |
| Additions                           |   |                           | 3,872    |   |                           |   | 1,483   |                  |   |   | 585                     |   |   |     | 9,479   |   |   |   | - |   |   |   | 15,419 |   |
| Currency translation adjustment     |   |                           | -        |   |                           |   | -       |                  |   |   | 959                     |   |   |     | -       |   |   |   | - |   |   |   | 959 |   |
| Disposals                           |   |                           | -        |   |                           |   | -       |                  |   |   | (602                    | )      |   |     | (3      | )      |   |   | - |   |   |   | (605 | ) |
| Depreciation charge (i) (Note 32)   |   |                           | (17,494  | )      |                           |   | (6,720  | )                     |   |   | (783                    | )      |   |     | (6,129  | )      |   |   | (7 | ) |   |   | (31,133 | ) |
| Closing residual value at           |   |                           | 168,200  |   |                           |   | 25,521  |                  |   |   | 4,040                   |   |   |     | 14,912  |   |   |   | - |   |   |   | 212,673 |   |
| June 30, 2013                       |   |                           |     |   |                           |   |    |                  |   |   |                    |   |   |     |    |   |   |   |   |   |   |   |   |   |
| Cost                                |   |                           | 380,543  |   |                           |   | 62,773  |                  |   |   | 14,336                  |   |   |     | 87,846  |   |   |   | 512 |   |   |   | 546,010 |   |
| Accumulated depreciation            |   |                           | (212,343 | )      |                           |   | (37,252 | )                     |   |   | (10,296                 | )      |   |     | (72,934 | )      |   |   | (512 | ) |   |   | (333,337 | ) |
| Residual value                      |   |                           | 168,200  |   |                           |   | 25,521  |                  |   |   | 4,040                   |   |   |     | 14,912  |   |   |   | - |   |   |   | 212,673 |   |
| Year ended June 30, 2014 (Restated) |   |                           |     |   |                           |   |    |                  |   |   |                    |   |   |     |    |   |   |   |   |   |   |   |   |   |
| Opening residual value              |   |                           | 168,200  |   |                           |   | 25,521  |                  |   |   | 4,040                   |   |   |     | 14,912  |   |   |   | - |   |   |   | 212,673 |   |
| Additions                           |   |                           | 9,980    |   |                           |   | 1,596   |                  |   |   | 2,818                   |   |   |     | 9,481   |   |   |   | - |   |   |   | 23,875 |   |
| Currency translation adjustment     |   |                           | -        |   |                           |   | -       |                  |   |   | 92                      |   |   |     | -       |   |   |   | - |   |   |   | 92 |   |
| Disposals                           |   |                           | (24      | )      |                           |   | -       |                  |   |   | -                       |   |   |     | (36     | )      |   |   | - |   |   |   | (60 | ) |
| Transfers                           |   |                           | -        |   |                           |   | 12,231  |                  |   |   | -                       |   |   |     | -       |   |   |   | - |   |   |   | 12,231 |   |
| Depreciation charge (i) (Note 32)   |   |                           | (13,770  | )      |                           |   | (7,044  | )                     |   |   | (906                    | )      |   |     | (7,078  | )      |   |   | - |   |   |   | (28,798 | ) |
| Closing residual value              |   |                           | 164,386  |   |                           |   | 32,304  |                  |   |   | 6,044                   |   |   |     | 17,279  |   |   |   | - |   |   |   | 220,013 |   |
| At June 30, 2014 (Restated)         |   |                           |     |   |                           |   |    |                  |   |   |                    |   |   |     |    |   |   |   |   |   |   |   |   |   |
| Costs                               |   |                           | 390,499  |   |                           |   | 76,600  |                  |   |   | 17,246                  |   |   |     | 97,291  |   |   |   | 512 |   |   |   | 582,148 |   |
| Accumulated depreciation            |   |                           | (226,113 | )      |                           |   | (44,296 | )                     |   |   | (11,202                 | )      |   |     | (80,012 | )      |   |   | (512 | ) |   |   | (362,135 | ) |
| Residual value                      |   |                           | 164,386  |   |                           |   | 32,304  |                  |   |   | 6,044                   |   |   |     | 17,279  |   |   |   | - |   |   |   | 220,013 |   |

| (i) | As of June 30, 2014 and 2013 Depreciation charges of property, plant and equipment were included in “Costs” for an amount of Ps. 24,960 and Ps. 26,703 and in “General and administrative expenses” for an amount of Ps. 3,604 and Ps. 4,210 and “Selling expenses” for an amount of Ps. 234 and Ps. 220 in the statement of income (restated) (Note 32). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11. | Property, plant and equipment (Continued) |
|-----|-------------------------------------------|

|                |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
|---------------------|--------|------------------------|--------|--------|--------------|--------|
| Sheraton Libertador |   |                   | 35,149 |   |         |   | 33,307 |   |
| Total               |   |                   | 35,149 |   |         |   | 33,307 |   |

|                         |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
|------------------------------|--------|------------------------|--------|--------|--------------|--------|
| Costs – Finance leases |   |                   | 2,684  |   |         |   | 2,792 |   |
| Accumulated depreciation     |   |                   | (288   | )      |         |   | (279 | ) |
| Net book amount              |   |                   | 2,396  |   |         |   | 2,513 |   |

----

| 11. | Property, plant and equipment (Continued) |
|-----|-------------------------------------------|

|                   |   |         |   |   | Initial costs as ofJuly 1, 2013 |   |   | Subsequent costs                      |   |    | Costs at end of the year                            |   |   |         |   |   |                                   |   |   |   |   |    |
|------------------------|--------|--------------|--------|--------|---------------------------------|--------|--------|---------------------------------------|--------|---------|-----------------------------------------------------|--------|--------|--------------|--------|--------|----------------------------------------|--------|--------|--------|--------|---------|
| Name                   |   | Encumbrances |   |   | Plot of land                    |   |   | Buildings, facilitiesand improvements |   |    | Improvements / Additions/ Disposals/ Transfers |   |   | Plot of land |   |   | Buildings, facilities and improvements |   |   | Total  |   |    | Accumulated amortization |   |   | Net book amount(Restated) |   | Date of acquisition |   | Useful life for calculating depreciation |   |
| Hotels:                |   |         |   |   |                            |   |   |                                  |   |    |                                                |   |   |         |   |   |                                   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Llao Llao              |   |         | -      |   |                            |   | 24,973 |                                  |   |    | 92,011                                              |   |   |         | 2,654  |   |                                   |   | 24,973 |   |   |    | 94,665 |   |   |   | 119,638 |   |   |   | (36,427 | ) |   |   | 83,211 |   | jun-97 |   |   | 10 |   |
| Hotel Intercontinental |   |         | -      |   |                            |   | 8,672  |                                  |   |    | 122,714                                             |   |   |         | 8,356  |   |                                   |   | 8,672  |   |   |    | 131,070 |   |   |   | 139,742 |   |   |   | (93,716 | ) |   |   | 46,026 |   | nov-97 |   |   | 10 |   |
| Sheraton Libertador    |   | Mortgage     |   |   |                            | 3,027  |   |                                  |   | 120,670 |                                                |   |   | 7,422        |   |   |                                   | 3,027  |   |   |   | 128,092 |   |   |   | 131,119 |   |   |   | (95,970 | ) |   |   | 35,149 |   | mar-98 |   |   | 9 |   |
| Total Hotels           |   |         |   |   |                            |   | 36,672 |                                  |   |    | 335,395                                             |   |   |         | 18,432 |   |                                   |   | 36,672 |   |   |    | 353,827 |   |   |   | 390,499 |   |   |   | (226,113 | ) |   |   | 164,386 |   |   |   |   |   |   |

----

| 12. | Trading properties |
|-----|--------------------|

|                            |   | Completed properties |   |   |   Properties under development |   |    | Undeveloped sites |   |   | Total   |   |
|---------------------------------|--------|----------------------|--------|--------|-------------------------------------|--------|---------|-------------------|--------|--------|---------|--------|
| At July 1st, 2012               |   |                 | 12,723 |   |                                |   | 8,200   |              |   |   | 71,939  |   |   |   | 92,862 |   |
| Additions                       |   |                 | 19     |   |                                |   | 1,463   |              |   |   | -       |   |   |   | 1,482 |   |
| Currency translation adjustment |   |                 | -      |   |                                |   | 17,757  |              |   |   | -       |   |   |   | 17,757 |   |
| Transfers                       |   |                 | -      |   |                                |   | 61,444  |              |   |   | (61,444 | )      |   |   | - |   |
| Disposals                       |   |                 | (5,948 | )      |                                |   | -       |              |   |   | -       |   |   |   | (5,948 | ) |
| At June 30, 2013                |   |                 | 6,794  |   |                                |   | 88,864  |              |   |   | 10,495  |   |   |   | 106,153 |   |
| Additions                       |   |                 | 1,400  |   |                                |   | 2,694   |              |   |   | -       |   |   |   | 4,094 |   |
| Currency translation adjustment |   |                 | -      |   |                                |   | 27,630  |              |   |   | -       |   |   |   | 27,630 |   |
| Transfers                       |   |                 | 7,897  |   |                                |   | -       |              |   |   | (747    | )      |   |   | 7,150 |   |
| Disposals                       |   |                 | (9,774 | )      |                                |   | -       |              |   |   | -       |   |   |   | (9,774 | ) |
| At June 30, 2014 (Restated)     |   |                 | 6,317  |   |                                |   | 119,188 |              |   |   | 9,748   |   |   |   | 135,253 |   |

----

| 12. | Trading properties (Continued) |
|-----|--------------------------------|

|                             |   | June 30,2014(Restated) |    |   | June 30,2013 |   |
|----------------------------------|--------|------------------------|---------|--------|--------------|--------|
| Undeveloped land Vista al Muelle |   |                   | 45,368  |   |         |   | 32,080 |   |
| Undeveloped land Zetol           |   |                   | 65,620  |   |         |   | 48,380 |   |
| Total                            |   |                   | 110,988 |   |         |   | 80,460 |   |

| Description                        |   | Encumbrances |   |  Net book amount(Restated) |   | Date of construction |   | Date of acquisition |
|------------------------------------|--------|--------------|--------|---------------------------------|--------|----------------------|--------|---------------------|
| Undeveloped sites:                 |   |         |   |                            |   |                 |   |                |
| Air space Coto                     |   | -            |   | 8,945                           |   | -                    |   | sep-97              |
| Neuquén Project               |   | -            |   | 803                             |   | -                    |   |                |
| Total undeveloped sites            |   |         |   | 9,748                           |   |                 |   |                |
| Properties under development:      |   |         |   |                            |   |                 |   |                |
| Vista al Muelle                    |   | Mortgage     |   | 45,368                          |   | -                    |   | jun-09              |
| Zetol                              |   | Mortgage     |   | 65,620                          |   | -                    |   | jun-09              |
| Pereiraola                         |   | -            |   | 8,200                           |   | -                    |   | dec-96              |
| Total properties under development |   |         |   | 119,188                         |   |                 |   |                |
| Completed properties:              |   |         |   |                            |   |                 |   |                |
| Abril                              |   | -            |   | 2,357                           |   | -                    |   | jan-95              |
| El Encuentro                       |   | -            |   | 79                              |   | -                    |   | nov-97              |
| San Martín de Tours           |   | -            |   | 124                             |   | -                    |   | mar-03              |
| Entre Rios 465/9 apartment         |   | -            |   | 1,400                           |   | -                    |   |                |
| Condominio I                       |   | -            |   | 956                             |   | -                    |   |                |
| Condominio II                      |   |         |   | 1,122                           |   |                 |   | apr-99              |
| Caballito Nuevo                    |   | -            |   | 279                             |   | -                    |   | nov-97              |
| Total completed properties         |   |         |   | 6,317                           |   |                 |   |                |
| Total                              |   |         |   | 135,253                         |   |                 |   |                |

----

| 13. | Intangible assets |
|-----|-------------------|

|                               |   | Goodwill |    |   | Computer software |   |    | Rights of use (ii) |   |   | Right to receive future units under barter agreements (iii) |   |   | Others |   |   | Total  |   |
|------------------------------------|--------|----------|---------|--------|-------------------|--------|---------|-------------------------|--------|--------|-------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| At July 1, 2012                    |   |     |    |   |              |   |    |                    |   |   |                                                        |   |   |   |   |   |   |   |
| Cost                               |   |     | 5,824   |   |              |   | 16,961  |                    |   |   | 20,873                                                      |   |   |   | 93,225 |   |   |   | 898 |   |   |   | 137,781 |   |
| Accumulated depreciation           |   |     | -       |   |              |   | (14,486 | )                       |   |   | -                                                           |   |   |   | -      |   |   |   | (681 | ) |   |   | (15,167 | ) |
| Residual value                     |   |     | 5,824   |   |              |   | 2,475   |                    |   |   | 20,873                                                      |   |   |   | 93,225 |   |   |   | 217 |   |   |   | 122,614 |   |
| Year ended June 30, 2013           |   |     |    |   |              |   |    |                    |   |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening residual value             |   |     | 5,824   |   |              |   | 2,475   |                    |   |   | 20,873                                                      |   |   |   | 93,225 |   |   |   | 217 |   |   |   | 122,614 |   |
| Additions                          |   |     | -       |   |              |   | 791     |                    |   |   | -                                                           |   |   |   | -      |   |   |   | 9 |   |   |   | 800 |   |
| Currency translation adjustment    |   |     | 5,346   |   |              |   | -       |                    |   |   | -                                                           |   |   |   | -      |   |   |   | - |   |   |   | 5,346 |   |
| Acquisition of subsidiaries        |   |     | 45,723  |   |              |   | -       |                    |   |   | -                                                           |   |   |   | -      |   |   |   | - |   |   |   | 45,723 |   |
| Amortization charges (i)           |   |     | -       |   |              |   | (1,512  | )                       |   |   | -                                                           |   |   |   | -      |   |   |   | (93 | ) |   |   | (1,605 | ) |
| Residual value at year end         |   |     | 56,893  |   |              |   | 1,754   |                    |   |   | 20,873                                                      |   |   |   | 93,225 |   |   |   | 133 |   |   |   | 172,878 |   |
| At June 30, 2013                   |   |     |    |   |              |   |    |                    |   |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                               |   |     | 56,893  |   |              |   | 17,752  |                    |   |   | 20,873                                                      |   |   |   | 93,225 |   |   |   | 907 |   |   |   | 189,650 |   |
| Accumulated depreciation           |   |     | -       |   |              |   | (15,998 | )                       |   |   | -                                                           |   |   |   | -      |   |   |   | (774 | ) |   |   | (16,772 | ) |
| Residual value                     |   |     | 56,893  |   |              |   | 1,754   |                    |   |   | 20,873                                                      |   |   |   | 93,225 |   |   |   | 133 |   |   |   | 172,878 |   |
| Year ended June 30, 2014(Restated) |   |     |    |   |              |   |    |                    |   |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening residual value             |   |     | 56,893  |   |              |   | 1,754   |                    |   |   | 20,873                                                      |   |   |   | 93,225 |   |   |   | 133 |   |   |   | 172,878 |   |
| Additions                          |   |     | -       |   |              |   | 785     |                    |   |   | -                                                           |   |   |   | -      |   |   |   | 10,954 |   |   |   | 11,739 |   |
| Currency translation adjustment    |   |     | 26,016  |   |              |   | -       |                    |   |   | -                                                           |   |   |   | -      |   |   |   | - |   |   |   | 26,016 |   |
| Disposals                          |   |     | -       |   |              |   | (162    | )                       |   |   | -                                                           |   |   |   | -      |   |   |   | - |   |   |   | (162 | ) |
| Transfers                          |   |     | -       |   |              |   | -       |                    |   |   | -                                                           |   |   |   | (8,148 | )      |   |   | - |   |   |   | (8,148 | ) |
| Reclassification held for sale     |   |     | (77,085 | )      |              |   | -       |                    |   |   |                                                        |   |   |   |   |   |   |   |   |   |   |   | (77,085 | ) |
| Amortization charges (i)           |   |     | -       |   |              |   | (1,073  | )                       |   |   | -                                                           |   |   |   | -      |   |   |   | (80 | ) |   |   | (1,153 | ) |
| Residual value at year end         |   |     | 5,824   |   |              |   | 1,304   |                    |   |   | 20,873                                                      |   |   |   | 85,077 |   |   |   | 11,007 |   |   |   | 124,085 |   |
| At June 30, 2014 (Restated)        |   |     |    |   |              |   |    |                    |   |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                               |   |     | 5,824   |   |              |   | 18,324  |                    |   |   | 20,873                                                      |   |   |   | 85,077 |   |   |   | 11,861 |   |   |   | 141,959 |   |
| Accumulated depreciation           |   |     | -       |   |              |   | (17,020 | )                       |   |   | -                                                           |   |   |   | -      |   |   |   | (854 | ) |   |   | (17,874 | ) |
| Residual value                     |   |     | 5,824   |   |              |   | 1,304   |                    |   |   | 20,873                                                      |   |   |   | 85,077 |   |   |   | 11,007 |   |   |   | 124,085 |   |

| (i)   | As of June 30, 2014 and 2013 amortization charges of intangible assets are included in “General and administrative expenses” in the statement of income (Note 32). There are no impairment charges for any of the years presented. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Correspond to Distrito Arcos, which has not been amortized yet because it is still in the development stage |
|------------------|-------------------------------------------------------------------------------------------------------------|

| (iii)   | Correspond to receivables in kind representing the right to receive residential apartments in the future by way of barter agreements (Note 38). |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14. | Inventories |
|-----|-------------|

|                                     |   | June 302014(Restated) |   |   | June 302013 |   |
|------------------------------------------|--------|-----------------------|--------|--------|-------------|--------|
| Current                                  |   |                  |   |   |        |   |
| Hotel supplies                           |   |                  | 6,011  |   |        |   | 5,962 |   |
| Materials and other items of inventories |   |                  | 10,952 |   |        |   | 10,359 |   |
| Current inventories                      |   |                  | 16,963 |   |        |   | 16,321 |   |
| Total inventories                        |   |                  | 16,963 |   |        |   | 16,321 |   |

| 15. | Financial instruments by category |
|-----|-----------------------------------|

|                                                                                            |   | Financial assets at amortized cost |      |   | Financial assets at fair value through profit or loss |   |      | Subtotalfinancial assets |   |   | Non-financial assets |   |   | Total  |    |
|-------------------------------------------------------------------------------------------------|--------|------------------------------------|-----------|--------|-------------------------------------------------------|--------|-----------|--------------------------|--------|--------|----------------------|--------|--------|--------|---------|
| June 30, 2014 (Restated)                                                                        |   |                               |      |   |                                                  |   |      |                     |   |   |                 |   |   |   |    |
| Assets as per statement of financial position                                                   |   |                               |      |   |                                                  |   |      |                     |   |   |                 |   |   |   |    |
| Investments in associates (Note 9) (i)                                                          |   |                               | -         |   |                                                  |   | 595,342   |                     |   |   | 595,342              |   |   |   | -       |   |   |   | 595,342 |   |
| Trade and other receivables (excluding the allowance for bad debts and other credits) (Note 17) |   |                               | 693,481   |   |                                                  |   | -         |                     |   |   | 693,481              |   |   |   | 188,062 |   |   |   | 881,543 |   |
| Investments in financial assets (Note 18)                                                       |   |                               | 14,079    |   |                                                  |   | 494,744   |                     |   |   | 508,823              |   |   |   | -       |   |   |   | 508,823 |   |
| Derivative financial instruments (Note 19)                                                      |   |                               | -         |   |                                                  |   | 12,870    |                     |   |   | 12,870               |   |   |   | -       |   |   |   | 12,870 |   |
| Cash and cash equivalents (excluding bank overdrafts) (Note 20)                                 |   |                               | 607,291   |   |                                                  |   | 2,616     |                     |   |   | 609,907              |   |   |   | -       |   |   |   | 609,907 |   |
| Total                                                                                           |   |                               | 1,314,851 |   |                                                  |   | 1,105,572 |                     |   |   | 2,420,423            |   |   |   | 188,062 |   |   |   | 2,608,485 |   |

| (i) | The Group has reported its interest in the associate IDBD at fair value with changes to income statement, as per IAS 28.Therefore, the Group has included such interest in the table in order to report the relevant performance. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15. | Financial instruments by category (Continued) |
|-----|-----------------------------------------------|

|                                                       |   | Financial liabilities atamortized cost |      |   | Financial liabilitiesat fair value |   |    | Subtotalfinancial liabilities |   |   |   Non-financial liabilities |   |   | Total  |    |
|------------------------------------------------------------|--------|----------------------------------------|-----------|--------|------------------------------------|--------|---------|-------------------------------|--------|--------|----------------------------------|--------|--------|--------|---------|
| Liabilities as per statement of financial position         |   |                                   |      |   |                               |   |    |                          |   |   |                             |   |   |   |    |
| Trade and other payables (Note 21)                         |   |                                   | 344,904   |   |                               |   | -       |                          |   |   | 344,904                          |   |   |   | 536,473 |   |   |   | 881,377 |   |
| Borrowings (excluding finance lease liabilities) (Note 24) |   |                                   | 4,416,384 |   |                               |   | 74,344  |                          |   |   | 4,490,728                        |   |   |   | -       |   |   |   | 4,490,728 |   |
| Derivative financial instruments (Note 19)                 |   |                                   | -         |   |                               |   | 335,072 |                          |   |   | 335,072                          |   |   |   | -       |   |   |   | 335,072 |   |
| Total                                                      |   |                                   | 4,761,288 |   |                               |   | 409,416 |                          |   |   | 5,170,704                        |   |   |   | 536,473 |   |   |   | 5,707,177 |   |

|                                                                                            |   | Financial assets at amortized cost |      |   | Financial assets at fair value throughprofit or loss |   |    | Subtotalfinancial assets |   |   |   Non-financial assets |   |   | Total  |    |
|-------------------------------------------------------------------------------------------------|--------|------------------------------------|-----------|--------|------------------------------------------------------|--------|---------|--------------------------|--------|--------|-----------------------------|--------|--------|--------|---------|
| June 30, 2013                                                                                   |   |                               |      |   |                                                 |   |    |                     |   |   |                        |   |   |   |    |
| Assets as per statements of financial position                                                  |   |                               |      |   |                                                 |   |    |                     |   |   |                        |   |   |   |    |
| Trade and other receivables (excluding the allowance for bad debts and other credits) (Note 17) |   |                               | 684,536   |   |                                                 |   | -       |                     |   |   | 684,536                     |   |   |   | 249,071 |   |   |   | 933,607 |   |
| Investments in financial assets (Note 18)                                                       |   |                               | 30,656    |   |                                                 |   | 480,852 |                     |   |   | 511,508                     |   |   |   | -       |   |   |   | 511,508 |   |
| Derivative financial instruments (Note 19)                                                      |   |                               | -         |   |                                                 |   | 21,208  |                     |   |   | 21,208                      |   |   |   | -       |   |   |   | 21,208 |   |
| Cash and cash equivalents (excluding bank overdrafts) (Note 20)                                 |   |                               | 791,613   |   |                                                 |   | 5,289   |                     |   |   | 796,902                     |   |   |   | -       |   |   |   | 796,902 |   |
| Total                                                                                           |   |                               | 1,506,805 |   |                                                 |   | 507,349 |                     |   |   | 2,014,154                   |   |   |   | 249,071 |   |   |   | 2,263,225 |   |

|                                                       |   | Financial liabilities atamortized cost |      |   | Financial liabilitiesat fair value |   |   | Subtotalfinancial liabilities |   |   | Non-financial liabilities |   |   | Total  |    |
|------------------------------------------------------------|--------|----------------------------------------|-----------|--------|------------------------------------|--------|--------|-------------------------------|--------|--------|---------------------------|--------|--------|--------|---------|
| Liabilities as per statement of financial position         |   |                                   |      |   |                               |   |   |                          |   |   |                      |   |   |   |    |
| Trade and other payables (Note 21)                         |   |                                   | 363,340   |   |                               |   | -      |                          |   |   | 363,340                   |   |   |   | 524,788 |   |   |   | 888,128 |   |
| Borrowings (excluding finance lease liabilities) (Note 24) |   |                                   | 3,692,658 |   |                               |   | -      |                          |   |   | 3,692,658                 |   |   |   | -       |   |   |   | 3,692,658 |   |
| Derivative financial instruments (Note 19)                 |   |                                   | -         |   |                               |   | 1,732  |                          |   |   | 1,732                     |   |   |   | -       |   |   |   | 1,732 |   |
| Total                                                      |   |                                   | 4,055,998 |   |                               |   | 1,732  |                          |   |   | 4,057,730                 |   |   |   | 524,788 |   |   |   | 4,582,518 |   |

----

| 15. | Financial instruments by category (Continued) |
|-----|-----------------------------------------------|

|                                                                          |   | Financial assets / liabilities atamortized cost |       |   | Financial assets / liabilities at fair value through profit or loss |   |     | Total  |   |
|-------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|--------|---------------------------------------------------------------------|--------|----------|--------|--------|
| June 30, 2014 (Restated)                                                      |   |                                            |       |   |                                                                |   |     |   |   |
| Interest income (i)                                                           |   |                                            | 75,680     |   |                                                                |   | -        |   |   |   | 75,680 |   |
| Interest expense (i)                                                          |   |                                            | (470,488   | )      |                                                                |   | -        |   |   |   | (470,488 | ) |
| Foreign exchange gains / (losses), net (i)                                    |   |                                            | (1,162,452 | )      |                                                                |   | -        |   |   |   | (1,162,452 | ) |
| Dividend income(i)                                                            |   |                                            | 15,041     |   |                                                                |   | -        |   |   |   | 15,041 |   |
| Fair value gains on financial assets at fair value through profit or loss (i) |   |                                            | -          |   |                                                                |   | 215,430  |   |   |   | 215,430 |   |
| Gain / (loss) on derivative financial instruments, net (i)                    |   |                                            | -          |   |                                                                |   | (316,632 | )      |   |   | (316,632 | ) |
| (Loss) from sale of financial assets (i)                                      |   |                                            | (22,701    | )      |                                                                |   | -        |   |   |   | (22,701 | ) |
| Other finance costs (i)                                                       |   |                                            | (53,147    | )      |                                                                |   | -        |   |   |   | (53,147 | ) |
| Fair value gain / (loss) on associates (ii)                                   |   |                                            | -          |   |                                                                |   | (507,363 | )      |   |   | (507,363 | ) |
| Net result                                                                    |   |                                            | (1,618,067 | )      |                                                                |   | (608,565 | )      |   |   | (2,226,632 | ) |

|                                                                          |   | Financial assets / liabilities atamortized cost |     |   | Financial assets / liabilities at fair value through profit or loss |   |   | Total  |   |
|-------------------------------------------------------------------------------|--------|-------------------------------------------------|----------|--------|---------------------------------------------------------------------|--------|--------|--------|--------|
| June 30, 2013                                                                 |   |                                            |     |   |                                                                |   |   |   |   |
| Interest income (i)                                                           |   |                                            | 38,244   |   |                                                                |   | -      |   |   |   | 38,244 |   |
| Interest expense (i)                                                          |   |                                            | (320,956 | )      |                                                                |   | -      |   |   |   | (320,956 | ) |
| Foreign exchange gains / (losses), net (i)                                    |   |                                            | (349,441 | )      |                                                                |   | -      |   |   |   | (349,441 | ) |
| Dividend income (i)                                                           |   |                                            | 23,249   |   |                                                                |   | -      |   |   |   | 23,249 |   |
| Fair value gains of financial assets at fair value through profit or loss (i) |   |                                            | -        |   |                                                                |   | 1,396  |   |   |   | 1,396 |   |
| Gain / (loss) on derivative financial instruments, net (i)                    |   |                                            | -        |   |                                                                |   | 11,242 |   |   |   | 11,242 |   |
| Gain from sale of financial assets (i)                                        |   |                                            | 2,057    |   |                                                                |   | -      |   |   |   | 2,057 |   |
| Other finance costs (i)                                                       |   |                                            | (43,983  | )      |                                                                |   | -      |   |   |   | (43,983 | ) |
| Net result                                                                    |   |                                            | (650,830 | )      |                                                                |   | 12,638 |   |   |   | (638,192 | ) |

----

| 15. | Financial instruments by category (Continued) |
|-----|-----------------------------------------------|

|                                                                       |   | Financial assets / liabilities at amortized cost |     |   | Financial assets / liabilities at fair value through profit or loss |   |   | Total  |   |
|----------------------------------------------------------------------------|--------|--------------------------------------------------|----------|--------|---------------------------------------------------------------------|--------|--------|--------|--------|
| June 30, 2012                                                              |   |                                             |     |   |                                                                |   |   |   |   |
| Interest income (i)                                                        |   |                                             | 15,817   |   |                                                                |   | -      |   |   |   | 15,817 |   |
| Interest expense (i)                                                       |   |                                             | (278,574 | )      |                                                                |   | -      |   |   |   | (278,574 | ) |
| Foreign exchange gains / (losses), net (i)                                 |   |                                             | (160,312 | )      |                                                                |   | -      |   |   |   | (160,312 | ) |
| Dividend income (i)                                                        |   |                                             | 20,654   |   |                                                                |   | -      |   |   |   | 20,654 |   |
| Fair value (loss) of financial assets at fair value through profit or loss |   |                                             | -        |   |                                                                |   | (1,821 | )      |   |   | (1,821 | ) |
| (Loss) / Gain on derivative financial instruments, net (i)                 |   |                                             | (2,860   | )      |                                                                |   | 764    |   |   |   | (2,096 | ) |
| Other financial costs (i)                                                  |   |                                             | (20,495  | )      |                                                                |   | -      |   |   |   | (20,495 | ) |
| Net result                                                                 |   |                                             | (425,770 | )      |                                                                |   | (1,057 | )      |   |   | (426,827 | ) |

| (i)   | Included in “Financial results, net “in the statement of income. |
|-----------------|------------------------------------------------------------------------------|

| (ii)   | Included in “Share of profit / (loss) of associates and joint ventures” in the statement of income. |
|------------------|-----------------------------------------------------------------------------------------------------------------|

----

| 15. | Financial instruments by category (Continued) |
|-----|-----------------------------------------------|

|                                                   |   | June 30, 2014(Restated) |    |
|--------------------------------------------------------|--------|-------------------------|---------|
|                                                   |   | Level 1                 |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets                                                 |   |                    |    |   |   |   |   |   |   |   |   |   |
| Financial assets at fair value through profit or loss: |   |                    |    |   |   |   |   |   |   |   |   |   |
| - Investment in equity securities of TGLT              |   |                    | 63,546  |   |   |   | - |   |   |   | - |   |   |   | 63,546 |   |
| - Investment in equity securities of Hersha            |   |                    | 53,901  |   |   |   | - |   |   |   | - |   |   |   | 53,901 |   |
| - Investment in preferred shares of Supertel           |   |                    | -       |   |   |   | - |   |   |   | 211,170 |   |   |   | 211,170 |   |
| - Mutual funds                                         |   |                    | 140,095 |   |   |   | - |   |   |   | - |   |   |   | 140,095 |   |
| - Banco Macro bonds                                    |   |                    | 1,438   |   |   |   | - |   |   |   | - |   |   |   | 1,438 |   |
| - Government bonds                                     |   |                    | 10,276  |   |   |   | - |   |   |   | - |   |   |   | 10,276 |   |
| - Public companies securities                          |   |                    | 14,318  |   |   |   | - |   |   |   | - |   |   |   | 14,318 |   |
| Derivative financial instruments:                      |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Foreign-currency future contracts                    |   |                    | -       |   |   |   | 1,200 |   |   |   | - |   |   |   | 1,200 |   |
| - IDBD preemptive rights                               |   |                    | 10,986  |   |   |   | - |   |   |   | - |   |   |   | 10,986 |   |
| - Interest rate swaps (i)                              |   |                    | -       |   |   |   | 684 |   |   |   | - |   |   |   | 684 |   |
| Cash and cash equivalents:                             |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Mutual funds                                         |   |                    | 2,616   |   |   |   | - |   |   |   | - |   |   |   | 2,616 |   |
| Investment in associates:                              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - IDBD                                                 |   |                    | 595,342 |   |   |   | - |   |   |   | - |   |   |   | 595,342 |   |
| Total assets                                           |   |                    | 892,518 |   |   |   | 1,884 |   |   |   | 211,170 |   |   |   | 1,105,572 |   |

| (i) | Includes Ps. 299 in the line Assets held for sale (See note 42). |
|-----|------------------------------------------------------------------|

----

| 15. | Financial instruments by category (Continued) |
|-----|-----------------------------------------------|

|                                                       |   | June 30, 2014(Restated) |   |
|------------------------------------------------------------|--------|-------------------------|--------|
|                                                       |   | Level 1                 |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Liabilities                                                |   |                    |   |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments:                          |   |                    |   |   |   |   |   |   |   |   |   |   |
| - Foreign-currency future contracts                        |   |                    | -      |   |   |   | 14,225 |   |   |   | - |   |   |   | 14,225 |   |
| - Borrowings                                               |   |                    | 22,901 |   |   |   | 51,443 |   |   |   | - |   |   |   | 74,344 |   |
| - Commitment of “tender offers” of shares IDBD |   |                    |   |   |   |   |   |   |   |   | 320,847 |   |   |   | 320,847 |   |
| Total liabilities                                          |   |                    | 22,901 |   |   |   | 65,668 |   |   |   | 320,847 |   |   |   | 409,416 |   |

|                                                   |   | June 30, 2013 |    |
|--------------------------------------------------------|--------|---------------|---------|
|                                                   |   | Level 1       |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets                                                 |   |          |    |   |   |   |   |   |   |   |   |   |
| Financial assets at fair value through profit or loss: |   |          |    |   |   |   |   |   |   |   |   |   |
| - Investment in equity securities of TGLT              |   |          | 56,859  |   |   |   | - |   |   |   | - |   |   |   | 56,859 |   |
| - Investment in equity securities of Hersha            |   |          | 30,163  |   |   |   | - |   |   |   | - |   |   |   | 30,163 |   |
| - Investment in preferred shares of Supertel           |   |          | -       |   |   |   | - |   |   |   | 139,120 |   |   |   | 139,120 |   |
| - Mutual funds                                         |   |          | 74,957  |   |   |   | - |   |   |   | - |   |   |   | 74,957 |   |
| - Mortgage bonds                                       |   |          | 540     |   |   |   | - |   |   |   | - |   |   |   | 540 |   |
| - Non- Convertible Notes related parties (Note 37)     |   |          | 5,136   |   |   |   | - |   |   |   | - |   |   |   | 5,136 |   |
| - Banco Macro bonds                                    |   |          | 781     |   |   |   | - |   |   |   | - |   |   |   | 781 |   |
| - Don Mario S.G.R.                                     |   |          | 11,691  |   |   |   | - |   |   |   | - |   |   |   | 11,691 |   |
| - Others                                               |   |          | 3       |   |   |   | - |   |   |   | - |   |   |   | 3 |   |
| - Governments Bonds                                    |   |          | 161,602 |   |   |   | - |   |   |   | - |   |   |   | 161,602 |   |
| Derivative financial instruments:                      |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Interest rate swaps                                  |   |          | -       |   |   |   | 4,259 |   |   |   | - |   |   |   | 4,259 |   |
| - Warrants of Supertel                                 |   |          | -       |   |   |   | - |   |   |   | 16,949 |   |   |   | 16,949 |   |
| Cash and cash equivalents:                             |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Mutual funds                                         |   |          | 5,289   |   |   |   | - |   |   |   | - |   |   |   | 5,289 |   |
| Total assets                                           |   |          | 347,021 |   |   |   | 4,259 |   |   |   | 156,069 |   |   |   | 507,349 |   |

|                                      |   | June 30, 2013 |   |
|-------------------------------------------|--------|---------------|--------|
|                                      |   | Level 1       |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Liabilities                               |   |          |   |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments:         |   |          |   |   |   |   |   |   |   |   |   |   |
|  - Foreign-currency future contracts |   |          | -      |   |   |   | 1,732 |   |   |   | - |   |   |   | 1,732 |   |
| Total liabilities                         |   |          | -      |   |   |   | 1,732 |   |   |   | - |   |   |   | 1,732 |   |

----

| 15. | Financial instruments by category (Continued) |
|-----|-----------------------------------------------|

|                                           |   | Shares of Supertel |    |   | Warrants of Supertel |   |    | Commitment of “tender offers” of shares IDBD |   |   | Total    |   |
|------------------------------------------------|--------|--------------------|---------|--------|----------------------|--------|---------|----------------------------------------------------------|--------|--------|----------|--------|
| Balance at July 1, 2012                        |   |               | 117,488 |   |                 |   | 18,434  |                                                     |   |   | -        |   |   |   | 135,922 |   |
| Acquisitions                                   |   |               | 283     |   |                 |   | -       |                                                     |   |   | -        |   |   |   | 283 |   |
| Total gains or losses for the year 2013 (i)    |   |               | 21,350  |   |                 |   | (1,485  | )                                                        |   |   | -        |   |   |   | 19,865 |   |
| Balance at  June 30, 2013            |   |               | 139,121 |   |                 |   | 16,949  |                                                     |   |   | -        |   |   |   | 156,070 |   |
| Total gains or losses for the year 2014 (i)    |   |               | 72,049  |   |                 |   | (16,949 | )                                                        |   |   | (315,600 | )      |   |   | (260,500 | ) |
| Currency translation adjustment                |   |               | -       |   |                 |   | -       |                                                     |   |   | (5,247   | )      |   |   | (5,247 | ) |
| Balance at  June 30, 2014 (Restated) |   |               | 211,170 |   |                 |   | -       |                                                     |   |   | (320,847 | )      |   |   | (109,677 | ) |

----

| 15. | Financial instruments by category (Continued) |
|-----|-----------------------------------------------|

| Description                                                                                 |   | Pricing model           |   | Pricing method    |   | Parameters                                                                                                                    |   | Range                                                                                                      |
|---------------------------------------------------------------------------------------------|--------|-------------------------|--------|-------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|
| Foreign currency-contracts                                                                  |   | Present value method    |   | Theoretical price |   | Money market interest-rate curve; Foreign exchange curve.                                                                     |   | -                                                                                                          |
| Derivate related to “tender     offer” of IDBD shares. |   | Black-Scholes           |   | Theoretical price |   | Underlying asset price; share price volatility (historical) and money market interest-rate curve (Curve rate ILS).            |   | Underlying asset price3.5 a 4.7Share price volatility30% a 40%Money market interest rate 0.7% a 1%         |
| Borrowing to acquire shares of IDBD.                                                        |   | Underlying market value |   | Theoretical price |   | Price of the underlying assets                                                                                                |   | -                                                                                                          |
| Interest rate swaps                                                                         |   | Cash flow               |   | Theoretical price |   | Interest rate and cash flow forward contract.                                                                                 |   | -                                                                                                          |
| Preferred shares of Supertel                                                                |   | Binomial tree           |   | Theoretical price |   | Underlying asset price (Market price); share price volatility (historical) and money market interest-rate curve (Libor rate). |   | Underlying asset price 1.4 to 1.7Share price volatility 55% to 75%Money market interest rate 0.75% to 0.9% |
| Warrants of Supertel                                                                        |   | Black-Scholes           |   | Theoretical price |   | Underlying asset price (Market price); share price volatility (historical) and money market interest-rate curve (Libor rate). |   | Underlying asset price 1.4 to 1.7Share price volatility 55% to 75%Money market interest rate 0.75% to 0.9% |
| Call option of Arcos                                                                        |   | Discounted cash flow    |   | -                 |   | Projected income and discounted interest rate.                                                                                |   | -                                                                                                          |

| 16. | Restricted assets |
|-----|-------------------|

|                                |   | June 30,2014(Restated) (*) |   |   | June 30,2013 |   |
|-------------------------------------|--------|----------------------------|--------|--------|--------------|--------|
| Non-current                         |   |                       |   |   |         |   |
| Deposit in escrow                   |   |                       | -      |   |         |   | 10,881 |   |
| Total restricted assets non-current |   |                       | -      |   |         |   | 10,881 |   |
| Current                             |   |                       |   |   |         |   |   |   |
| Deposit in escrow                   |   |                       | -      |   |         |   | 1,022 |   |
| Total restricted assets current     |   |                       | -      |   |         |   | 1,022 |   |
| Total restricted assets             |   |                       | -      |   |         |   | 11,903 |   |

----

| 17. | Trade and other receivables |
|-----|-----------------------------|

|                                                     |   | June 30,2014(Restated) |    |   | June 30,2013 |   |
|----------------------------------------------------------|--------|------------------------|---------|--------|--------------|--------|
| Non-current                                              |   |                   |    |   |         |   |
| Trade, leases and services receivables                   |   |                   | 55,105  |   |         |   | 58,783 |   |
| Consumer financing receivables                           |   |                   | -       |   |         |   | 214 |   |
| Less: allowance for trade receivables                    |   |                   | (2,208  | )      |         |   | (2,266 | ) |
| Non-current trade receivables                            |   |                   | 52,897  |   |         |   | 56,731 |   |
| Trade receivables of joint venture                       |   |                   | 3,213   |   |         |   | 2,147 |   |
| VAT receivables                                          |   |                   | 19,710  |   |         |   | 19,345 |   |
| Loans granted                                            |   |                   | 762     |   |         |   | - |   |
| Prepaid expenses                                         |   |                   | 14,332  |   |         |   | 5,210 |   |
| Others                                                   |   |                   | 331     |   |         |   | 686 |   |
| Non-current other receivables                            |   |                   | 38,348  |   |         |   | 27,388 |   |
| Related parties (Note 37)                                |   |                   | 1,143   |   |         |   | 1,007 |   |
| Total non-current trade and other receivables, net       |   |                   | 92,388  |   |         |   | 85,126 |   |
|                                                     |   |                   |    |   |         |   |   |   |
| Current                                                  |   |                   |    |   |         |   |   |   |
| Consumer financing receivables                           |   |                   | 14,861  |   |         |   | 15,735 |   |
| Leases and services receivables                          |   |                   | 256,110 |   |         |   | 376,431 |   |
| Receivables from hotel operations                        |   |                   | 33,861  |   |         |   | 26,201 |   |
| Checks to be deposited                                   |   |                   | 183,422 |   |         |   | 147,866 |   |
| Trade and lease debtors under legal proceedings          |   |                   | 59,397  |   |         |   | 50,145 |   |
| Less: allowance for trade receivables                    |   |                   | (79,926 | )      |         |   | (76,684 | ) |
| Trade receivables                                        |   |                   | 467,725 |   |         |   | 539,694 |   |
| Joint ventures receivables                               |   |                   | -       |   |         |   | 20,555 |   |
| VAT receivables                                          |   |                   | 8,788   |   |         |   | 19,656 |   |
| Other tax receivables                                    |   |                   | 16,085  |   |         |   | 13,426 |   |
| Loans granted                                            |   |                   | 9,084   |   |         |   | 47,274 |   |
| Prepaid expenses                                         |   |                   | 54,626  |   |         |   | 49,271 |   |
| Advance from vendors                                     |   |                   | 74,521  |   |         |   | 40,710 |   |
| Contributions to be paid in by non-controlling interests |   |                   | 12,840  |   |         |   | - |   |
| Dividends received                                       |   |                   | 11,778  |   |         |   | 2,828 |   |
| Others                                                   |   |                   | 19,749  |   |         |   | 11,672 |   |
| Less: allowance for other receivables                    |   |                   | (175    | )      |         |   | (198 | ) |
| Current other receivables                                |   |                   | 207,296 |   |         |   | 205,194 |   |
| Related parties (Note 37)                                |   |                   | 31,825  |   |         |   | 24,445 |   |
| Current trade and other receivables                      |   |                   | 706,846 |   |         |   | 769,333 |   |
| Total trade and other receivables                        |   |                   | 799,234 |   |         |   | 854,459 |   |

----

| 17. | Trade and other receivables, net (Continued) |
|-----|----------------------------------------------|

|                             |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
|----------------------------------|--------|------------------------|--------|--------|--------------|--------|
| Beginning of  the year |   |                   | 79,148 |   |         |   | 68,107 |   |
| Additions                        |   |                   | 17,671 |   |         |   | 18,792 |   |
| Unused amounts reversed          |   |                   | (6,045 | )      |         |   | (5,967 | ) |
| Used during the year             |   |                   | (8,465 | )      |         |   | (1,549 | ) |
| Receivables written off          |   |                   | -      |   |         |   | (235 | ) |
| End of the year .           |   |                   | 82,309 |   |         |   | 79,148 |   |

----

| 17. | Trade and other receivables (Continued) |
|-----|-----------------------------------------|

|                                        |   | Past due      |   |   |         |   |   |          |   |   |      |   |
|---------------------------------------------|--------|---------------|--------|--------|--------------|--------|--------|---------------|--------|--------|-----------|--------|
|                                        |   | Up to3 months |   |   | 3 to 6months |   |   | Over 6 months |   |   | To mature |   |   | Allowed |   |   | Total |   |
| Shopping Center’s leases and services |   |          | 24,637 |   |         |   | 9,555  |          |   |   | 11,194    |   |   |   | 422,357 |   |   |   | 56,405 |   |   |   | 524,148 |   |
| Office leases and services                  |   |          | 5,845  |   |         |   | 708    |          |   |   | 8,177     |   |   |   | 3,272 |   |   |   | 7,968 |   |   |   | 25,970 |   |
| Hotel leases and services                   |   |          | 16,890 |   |         |   | -      |          |   |   | -         |   |   |   | 16,583 |   |   |   | 388 |   |   |   | 33,861 |   |
| Consumer financing:                         |   |          |   |   |         |   |   |          |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Credit card                                 |   |          | -      |   |         |   | -      |          |   |   | -         |   |   |   | - |   |   |   | 14,861 |   |   |   | 14,861 |   |
| Sale of properties                          |   |          | 41     |   |         |   | 43     |          |   |   | 218       |   |   |   | 1,102 |   |   |   | 2,512 |   |   |   | 3,916 |   |
| Total as of June 30, 2014 (Restated)        |   |          | 47,413 |   |         |   | 10,306 |          |   |   | 19,589    |   |   |   | 443,314 |   |   |   | 82,134 |   |   |   | 602,756 |   |
| Shopping Center’s leases and services |   |          | 11,234 |   |         |   | 759    |          |   |   | 21,192    |   |   |   | 385,082 |   |   |   | 55,223 |   |   |   | 473,490 |   |
| Office leases and services                  |   |          | 4,614  |   |         |   | 1,182  |          |   |   | 1,313     |   |   |   | 134,190 |   |   |   | 4,763 |   |   |   | 146,062 |   |
| Hotel leases and services                   |   |          | -      |   |         |   | -      |          |   |   | -         |   |   |   | 25,864 |   |   |   | 337 |   |   |   | 26,201 |   |
| Consumer financing:                         |   |          |   |   |         |   |   |          |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Credit card                                 |   |          | 2      |   |         |   | -      |          |   |   | -         |   |   |   | 127 |   |   |   | 13,485 |   |   |   | 13,614 |   |
| Loans granted                               |   |          | -      |   |         |   | -      |          |   |   | -         |   |   |   | 23 |   |   |   | 2,312 |   |   |   | 2,335 |   |
| Sale of properties                          |   |          | 18     |   |         |   | 110    |          |   |   | 663       |   |   |   | 10,052 |   |   |   | 2,830 |   |   |   | 13,673 |   |
| Total as of June 30, 2013                   |   |          | 15,868 |   |         |   | 2,051  |          |   |   | 23,168    |   |   |   | 555,338 |   |   |   | 78,950 |   |   |   | 675,375 |   |

----

| 17. | Trade and other receivables (Continued) |
|-----|-----------------------------------------|

----

| 18. | Investments in financial assets |
|-----|---------------------------------|

|                                                       |   | June 30,2014(Restated) |    |   | June 30,2013 |   |
|------------------------------------------------------------|--------|------------------------|---------|--------|--------------|--------|
| Non-current                                                |   |                   |    |   |         |   |
| Financial assets at fair value                             |   |                   |    |   |         |   |
| Investment in equity securities in Supertel                |   |                   | 211,170 |   |         |   | 139,120 |   |
| Investment in equity securities in TGLT (i)                |   |                   | 63,546  |   |         |   | 56,859 |   |
| Investment in equity securities in Hersha (ii)             |   |                   | -       |   |         |   | 30,163 |   |
| Don Mario S.G.R.                                           |   |                   | -       |   |         |   | 10,060 |   |
| Mutual funds (Note 37)                                     |   |                   | -       |   |         |   | 17,249 |   |
| Government bonds                                           |   |                   | -       |   |         |   | 3 |   |
| Financial assets at amortized cost                         |   |                   |    |   |         |   |   |   |
| Non-Convertible Notes related parties and others (Note 37) |   |                   | -       |   |         |   | 14,001 |   |
| Total investments in non-current financial assets          |   |                   | 274,716 |   |         |   | 267,455 |   |
| Current                                                    |   |                   |    |   |         |   |   |   |
| Financial assets at fair value                             |   |                   |    |   |         |   |   |   |
| Mutual funds                                               |   |                   | 140,095 |   |         |   | 57,708 |   |
| Investment in equity securities in Hersha (ii)             |   |                   | 53,901  |   |         |   | - |   |
| Mortgage bonds (Note 37)                                   |   |                   | -       |   |         |   | 540 |   |
| Banco Macro bonds                                          |   |                   | 1,438   |   |         |   | 781 |   |
| Don Mario S.G.R.                                           |   |                   | -       |   |         |   | 1,631 |   |
| Non-Convertible Notes related parties (Note 37)            |   |                   | -       |   |         |   | 5,136 |   |
| Public companies securities                                |   |                   | 14,318  |   |         |   | - |   |
| Government bonds                                           |   |                   | 10,276  |   |         |   | 161,602 |   |
| Financial assets at amortized cost                         |   |                   |    |   |         |   |   |   |
| Non-Convertible Notes related parties (Note 37)            |   |                   | 14,079  |   |         |   | 16,655 |   |
| Total investments in current financial assets              |   |                   | 234,107 |   |         |   | 244,053 |   |
| Total investments in financial assets                      |   |                   | 508,823 |   |         |   | 511,508 |   |

----

| 19. | Derivative Financial Instruments |
|-----|----------------------------------|

|                                               |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
|----------------------------------------------------|--------|------------------------|--------|--------|--------------|--------|
| Assets                                             |   |                   |   |   |         |   |
| Non-current                                        |   |                   |   |   |         |   |
| Interest rate swaps                                |   |                   | -      |   |         |   | 4,259 |   |
| Warrants of Supertel (i)                           |   |                   | -      |   |         |   | 16,949 |   |
| Total non-current derivative financial instruments |   |                   | -      |   |         |   | 21,208 |   |

| Current                                                           |   |   |     |   |   |   |
|-------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Interest rate swaps                                               |   |   | 684      |   |   |   | - |   |
| Foreign currency contracts                                        |   |   | 1,200    |   |   |   | - |   |
| IDBD preemptive rights (ii)                                       |   |   | 10,986   |   |   |   | - |   |
| Total current derivative financial instruments                    |   |   | 12,870   |   |   |   | - |   |
| Total assets                                                      |   |   | 12,870   |   |   |   | 21,208 |   |
|                                                              |   |   |     |   |   |   |   |   |
| Liabilities                                                       |   |   |     |   |   |   |   |   |
| Non-current                                                       |   |   |     |   |   |   |   |   |
| Commitment of “tender offers” of shares in IDBD (iii) |   |   | (320,847 | )      |   |   | - |   |
| Total non-current derivative financial instruments                |   |   | (320,847 | )      |   |   | - |   |
|                                                              |   |   |     |   |   |   |   |   |
| Current                                                           |   |   |     |   |   |   |   |   |
| Foreign currency contracts (Note 37)                              |   |   | (14,225  | )      |   |   | (1,732 | ) |
| Total current derivative financial instruments                    |   |   | (14,225  | )      |   |   | (1,732 | ) |
| Total Liabilities                                                 |   |   | (335,072 | )      |   |   | (1,732 | ) |
| Total derivative financial instruments                            |   |   | (322,202 | )      |   |   | 19,476 |   |

----

| 19. | Derivative Financial instruments (Continued) |
|-----|----------------------------------------------|

| Futures    |   | Amount (US$) |   | Due date |       | June 30,2014(Restated) |   |   | June 30,2013 |   |
|------------|--------|--------------|--------|----------|------------|------------------------|--------|--------|--------------|--------|
| Banco ICBC |   |         | 10,000 |     | 07/31/2014 |                   |   | 1,200  |         |   |   | - |   |
| Total      |   |         | 10,000 |     |       |                   |   | 1,200  |         |   |   | - |   |

| Futures           |   | Amount (US$) |   | Due date |       | June 30,2014(Restated) |   |    | June 30,2013 |   |
|-------------------|--------|--------------|--------|----------|------------|------------------------|--------|---------|--------------|--------|
| Banco Galicia     |   |         | 10,000 |     | 07/31/2014 |                   |   | (9,000  | )            |   |   | - |   |
| Banco Hipotecario |   |         | 5,000  |     | 07/31/2014 |                   |   | (5,225  | )            |   |   | - |   |
| Banco Itaú   |   |         | 10,000 |     | 11/29/2013 |                   |   | -       |         |   |   | (935 | ) |
| Banco Itaú   |   |         | 10,000 |     | 11/22/2013 |                   |   | -       |         |   |   | (797 | ) |
| Total             |   |         | 35,000 |     |       |                   |   | (14,225 | )            |   |   | (1,732 | ) |

| Futures                  |   | Amount (US$) |   |   | June 30, 2014(Restated) |   |    | June 30, 2013 |   |   | June 30, 2012 |   |
|--------------------------|--------|--------------|--------|--------|------------------------------|--------|---------|--------------------|--------|--------|--------------------|--------|
| Banco ICBC               |   |         | 10,000 |   |                         |   | (4,373  | )                  |   |   | -                  |   |   |   | - |   |
| Banco Galicia            |   |         | 10,000 |   |                         |   | (16,238 | )                  |   |   | -                  |   |   |   | - |   |
| Banco Hipotecario        |   |         | 5,000  |   |                         |   | 30,896  |               |   |   | -                  |   |   |   | - |   |
| Banco Itaú          |   |         | 20,000 |   |                         |   | 2,205   |               |   |   | (2,977             | )      |   |   | 77 |   |
| Banco Santander Río |   |         | 6,000  |   |                         |   | -       |               |   |   | -                  |   |   |   | 79 |   |
| Standard Bank            |   |         | 19,000 |   |                         |   | -       |               |   |   | -                  |   |   |   | (1,206 | ) |
| Total                    |   |         | 70,000 |   |                         |   | 12,490  |               |   |   | (2,977             | )      |   |   | (1,050 | ) |

----

| 19. | Derivative Financial instruments (Continued) |
|-----|----------------------------------------------|

| Interest rate swaps |   | Amount(US$) |   |   | Amount(Ps.) |   | Due date |   | Rate       |   |   | June 30, 2014(Restated) |   |   | June 30, 2013 |   |
|---------------------|--------|-------------|--------|--------|-------------|--------|----------|--------|------------|--------|--------|------------------------------|--------|--------|--------------------|--------|
| Banco Galicia       |   |        | 10,000 |   |        |   | -        |   | 12/31/2014 |   |   | 24.25                        | %      |   |               | 34     |   |   |   | - |   |
| Banco ICBC          |   |        | -      |   |        |   | 50,000   |   | 09/10/2014 |   |   | 21.60                        | %      |   |               | 234    |   |   |   | - |   |
| Banco ICBC          |   |        | -      |   |        |   | 50,000   |   | 09/12/2014 |   |   | 22.15                        | %      |   |               | 179    |   |   |   | - |   |
| Banco ICBC          |   |        | -      |   |        |   | 20,000   |   | 10/15/2014 |   |   | 22.95                        | %      |   |               | 73     |   |   |   | - |   |
| Banco Santader Rio  |   |        | -      |   |        |   | 5,000    |   | 09/18/2014 |   |   | 22.50                        | %      |   |               | 16     |   |   |   | - |   |
| Banco Santader Rio  |   |        | -      |   |        |   | 20,000   |   | 12/03/2014 |   |   | 24.25                        | %      |   |               | 38     |   |   |   | - |   |
| Banco Itau          |   |        | -      |   |        |   | 25,000   |   | 09/25/2014 |   |   | 22.85                        | %      |   |               | 76     |   |   |   | - |   |
| Banco Galicia       |   |        | -      |   |        |   | 10,000   |   | 12/31/2014 |   |   | 24.25                        | %      |   |               | 34     |   |   |   | - |   |
| Banco M&T (*)   |   |        | 75,000 |   |        |   | -        |   | 12/01/2019 |   |   | 4.22                         | %      |   |               | -      |   |   |   | 4,259 |   |
| Total               |   |        | 85,000 |   |        |   | 180,000  |   |       |   |   |                         |   |   |               | 684    |   |   |   | 4,259 |   |

| Interest rate swaps |   | Amount(US$) |   |   | Amount(Ps.) |   |    | June 30, 2014(Restated) |   |   | June 30, 2013 |   |   | June 30,2012 |   |
|---------------------|--------|-------------|--------|--------|-------------|--------|---------|------------------------------|--------|--------|--------------------|--------|--------|--------------|--------|
| Banco Galicia       |   |        | 10,000 |   |        |   | -       |                         |   |   | 22                 |   |   |         | -      |   |   |   | - |   |
| Banco ICBC          |   |        | -      |   |        |   | 50,000  |                         |   |   | 557                |   |   |         | -      |   |   |   | - |   |
| Banco ICBC          |   |        | -      |   |        |   | 50,000  |                         |   |   | 311                |   |   |         | -      |   |   |   | - |   |
| Banco ICBC          |   |        | -      |   |        |   | 20,000  |                         |   |   | 89                 |   |   |         | -      |   |   |   | - |   |
| Banco Santader Rio  |   |        | -      |   |        |   | 5,000   |                         |   |   | 19                 |   |   |         | -      |   |   |   | - |   |
| Banco Santader Rio  |   |        | -      |   |        |   | 20,000  |                         |   |   | 22                 |   |   |         | -      |   |   |   | - |   |
| Banco Itau          |   |        | -      |   |        |   | 25,000  |                         |   |   | 48                 |   |   |         | -      |   |   |   | - |   |
| Banco Galicia       |   |        | -      |   |        |   | 10,000  |                         |   |   | 30                 |   |   |         | -      |   |   |   | - |   |
| Banco M&T       |   |        | 75,000 |   |        |   | -       |                         |   |   | -                  |   |   |         | 15,726 |   |   |   | - |   |
| Total               |   |        | 85,000 |   |        |   | 180,000 |                         |   |   | 1,098              |   |   |         | 15,726 |   |   |   | - |   |

----

| 20. | Cash flow information |
|-----|-----------------------|

|                            |   | June 30,2014(Restated) |    |   | June 30,2013 |   |
|---------------------------------|--------|------------------------|---------|--------|--------------|--------|
| Cash at bank and on hand        |   |                   | 607,291 |   |         |   | 725,220 |   |
| Time deposits in local currency |   |                   | -       |   |         |   | 66,393 |   |
| Mutual funds                    |   |                   | 2,616   |   |         |   | 5,289 |   |
| Total cash and cash equivalents |   |                   | 609,907 |   |         |   | 796,902 |   |

|                                                                     |   | Note   |   |   | June 30,2014(Restated) |     |      | June 30,2013 |   |    | June 30,2012 |   |
|--------------------------------------------------------------------------|--------|--------|--------|--------|------------------------|----------|-----------|--------------|--------|---------|--------------|--------|
| (Loss) / Profit for the year                                             |   |   |   |   |                   | (831,617 | )         |         |   | 297,208 |         |   |   | 224,676 |   |
| Adjustments for:                                                         |   |   |   |   |                   |     |      |         |   |    |         |   |   |   |   |
| Income tax expense                                                       |   |   | 27     |   |                   |     | (64,267   | )            |   |    | 132,847      |   |   |   | 116,938 |   |
| Retirement of obsolete properties, plant and equipment                   |   |   | 11     |   |                   |     | 60        |         |   |    | 605          |   |   |   | 1,925 |   |
| Amortization and Depreciation                                            |   |   | 32     |   |                   |     | 225,819   |         |   |    | 220,021      |   |   |   | 168,877 |   |
| Gain from disposal of investment property                                |   |   | 10     |   |                   |     | (235,507  | )            |   |    | (183,767     | )      |   |   | (116,689 | ) |
| Dividends received                                                       |   |   | 29     |   |                   |     | (15,042   | )            |   |    | (23,249      | )      |   |   | (20,654 | ) |
| Derecognition of intangible assets                                       |   |   |   |   |                   |     | 162       |         |   |    | -            |   |   |   | 2,960 |   |
| Share-based payments                                                     |   |   | 26     |   |                   |     | 44,690    |         |   |    | 5,856        |   |   |   | 2,690 |   |
| Changes in fair value of investments in financial assets and liabilities |   |   | 35     |   |                   |     | (215,430  | )            |   |    | (1,396       | )      |   |   | 1,821 |   |
| Loss on derivative financial instruments                                 |   |   | 35     |   |                   |     | 316,632   |         |   |    | (12,487      | )      |   |   | 2,096 |   |
| (Gain) from purchase of subsidiaries                                     |   |   | 34     |   |                   |     | -         |         |   |    | (137,062     | )      |   |   | - |   |
| Interest expense, net                                                    |   |   | 35     |   |                   |     | 417,184   |         |   |    | 282,712      |   |   |   | 262,757 |   |
| Provisions and allowances                                                |   |   |   |   |                   |     | 96,149    |         |   |    | 90,771       |   |   |   | 73,157 |   |
| Share of profit of associates and joint ventures                         |   |   | 8.9    |   |                   |     | 413,771   |         |   |    | 7,391        |   |   |   | (11,660 | ) |
| Loss / (gain) on repurchase of Non-Convertible notes                     |   |   |   |   |                   |     | 22,701    |         |   |    | -            |   |   |   | - |   |
| Unrealized foreign exchange loss, net                                    |   |   |   |   |                   |     | 1,186,894 |         |   |    | 336,913      |   |   |   | 196,666 |   |
| Gain sale of subsidiaries and joint ventures                             |   |   | 34     |   |                   |     | -         |         |   |    | (15,433      | )      |   |   | - |   |
| Changes in operating assets and liabilities:                             |   |   |   |   |                   |     |      |         |   |    |         |   |   |   |   |   |
| Increase in inventories                                                  |   |   |   |   |                   |     | (642      | )            |   |    | (662         | )      |   |   | (8,839 | ) |
| Decrease in trading properties                                           |   |   |   |   |                   |     | 5,680     |         |   |    | 4,466        |   |   |   | 10,638 |   |
| Increase in trade and other receivables                                  |   |   |   |   |                   |     | (14,053   | )            |   |    | (63,168      | )      |   |   | (37,391 | ) |
| Increase in restricted founds                                            |   |   |   |   |                   |     | -         |         |   |    | (85          | )      |   |   | - |   |
| (Decrease) / Increase in trade and other payables                        |   |   |   |   |                   |     | (103,754  | )            |   |    | 189,850      |   |   |   | 3,897 |   |
| Increase in salaries and social security liabilities                     |   |   |   |   |                   |     | 50,855    |         |   |    | 12,563       |   |   |   | 5,518 |   |
| Decrease in provisions                                                   |   |   | 23     |   |                   |     | (2,034    | )            |   |    | (2,881       | )      |   |   | (2,613 | ) |
| Net cash generated by operating activities before income tax paid        |   |   |   |   |                   |     | 1,298,251 |         |   |    | 1,141,013    |   |   |   | 876,770 |   |

----

| 20. | Cash flow information (Continued) |
|-----|-----------------------------------|

|                                                                                                                                       |   | June 30,2014(Restated) |      |   | June 30,2013 |   |    | June 30,2012 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|-----------|--------|--------------|--------|---------|--------------|--------|
| Increase in investments in financial assets through an increase in borrowings                                                              |   |                   | -         |   |         |   | 18,767  |         |   |   | - |   |
| Decrease in borrowings through a decrease in equity investments in financial assets                                                        |   |                   | 23,829    |   |         |   | -       |         |   |   | - |   |
| Reimbursement of expired dividends                                                                                                         |   |                   | 1,690     |   |         |   | 626     |         |   |   | - |   |
| Dividends payable                                                                                                                          |   |                   | 56,625    |   |         |   | 4,169   |         |   |   | 40,846 |   |
| Increase in properties, plant and equipment through an increase in borrowings                                                              |   |                   | 651       |   |         |   | 2,004   |         |   |   | - |   |
| Decrease in investment properties through an increase in intangible assets                                                                 |   |                   | 998       |   |         |   | -       |         |   |   | - |   |
| Increase in borrowings through a decrease in dividends payable                                                                             |   |                   | 160,173   |   |         |   | -       |         |   |   | - |   |
| Increase in trading properties through a decrease in intangible assets                                                                     |   |                   | 7,150     |   |         |   | -       |         |   |   | - |   |
| Decrease in trade and other receivables, net through an increase in assets held for sale                                                   |   |                   | 17,990    |   |         |   | -       |         |   |   | - |   |
| Decrease in investment properties through an increase in assets held for sale                                                              |   |                   | 1,098,990 |   |         |   | -       |         |   |   | - |   |
| Decrease in intangible assets through an increase in assets held for sale                                                                  |   |                   | 77,085    |   |         |   | -       |         |   |   | - |   |
| Decrease in restricted assets through an increase in assets held for sale                                                                  |   |                   | 163,501   |   |         |   | -       |         |   |   | - |   |
| Decrease in derivative financial assets through an increase in assets held for sale                                                        |   |                   | 299       |   |         |   | -       |         |   |   | - |   |
| Increase in restricted funds through a decrease in trade and other payables                                                                |   |                   | 146,394   |   |         |   | -       |         |   |   | - |   |
| Decrease in trade and other payables through an increase in liabilities directly associated with assets classified as held for sale        |   |                   | 170,245   |   |         |   | -       |         |   |   | - |   |
| Decrease in borrowings through an increase in liabilities directly associated with assets classified as held for sale                      |   |                   | 603,021   |   |         |   | -       |         |   |   | - |   |
| Decrease in deferred income tax liabilities through an increase in liabilities directly associated with assets classified as held for sale |   |                   | 33,346    |   |         |   | -       |         |   |   | - |   |
| Conversion of notes                                                                                                                        |   |                   | -         |   |         |   | 126     |         |   |   | - |   |
| Decrease in Shareholder’s equity through an increase in borrowings                                                                   |   |                   | -         |   |         |   | 1,640   |         |   |   | 8,197 |   |
| Decrease in Shareholder’s equity through an increase in trade and other payables                                                     |   |                   | -         |   |         |   | 1,164   |         |   |   | - |   |
| Decrease in investments in associates and joint ventures through an increase in trade and other receivables                                |   |                   | -         |   |         |   | 20,869  |         |   |   | - |   |
| Decrease in trade and other receivables through a decrease in Shareholder’s equity                                                   |   |                   | -         |   |         |   | -       |         |   |   | 22,550 |   |
| Decrease in investments properties through an increase in trade and other receivables                                                      |   |                   | -         |   |         |   | 118,936 |         |   |   | - |   |
| Increase in investment properties, through a decrease in property, plant and equipment                                                     |   |                   | 12,231    |   |         |   | -       |         |   |   | 264 |   |

----

| 21. | Trade and other payables |
|-----|--------------------------|

|                                              |   | June 30,2014(Restated) |    |   | June 30,2013 |   |
|---------------------------------------------------|--------|------------------------|---------|--------|--------------|--------|
| Non-current                                       |   |                   |    |   |         |   |
| Admission rights                                  |   |                   | 113,617 |   |         |   | 112,655 |   |
| Sale and rent payments received in advance        |   |                   | 51,638  |   |         |   | 53,301 |   |
| Guarantee deposits                                |   |                   | 6,759   |   |         |   | 17,350 |   |
| Non-current trade payables                        |   |                   | 172,014 |   |         |   | 183,306 |   |
| Tax payment facilities plan                       |   |                   | 14,813  |   |         |   | 15,640 |   |
| Deferred income                                   |   |                   | 7,914   |   |         |   | 8,637 |   |
| Others                                            |   |                   | 7,716   |   |         |   | 3,515 |   |
| Non-current other payables                        |   |                   | 30,443  |   |         |   | 27,792 |   |
| Related parties (Note 37)                         |   |                   | 195     |   |         |   | 20 |   |
| Non-current trade and other payables              |   |                   | 202,652 |   |         |   | 211,118 |   |
| Current                                           |   |                   |    |   |         |   |   |   |
| Trade payables                                    |   |                   | 64,217  |   |         |   | 59,637 |   |
| Accrued invoices                                  |   |                   | 107,982 |   |         |   | 76,339 |   |
| Guarantee deposits                                |   |                   | 9,985   |   |         |   | 5,974 |   |
| Admission rights                                  |   |                   | 111,024 |   |         |   | 98,656 |   |
| Sale and rent payments received in advance        |   |                   | 180,985 |   |         |   | 191,478 |   |
| Current trade payables                            |   |                   | 474,193 |   |         |   | 432,084 |   |
| VAT payables                                      |   |                   | 28,509  |   |         |   | 26,718 |   |
| Deferred revenue                                  |   |                   | 495     |   |         |   | 1,087 |   |
| Other tax                                         |   |                   | 27,478  |   |         |   | 30,889 |   |
| Dividends payable to non-controlling shareholders |   |                   | 23,940  |   |         |   | 8,562 |   |
| Others                                            |   |                   | 7,449   |   |         |   | 6,399 |   |
| Current other payables                            |   |                   | 87,871  |   |         |   | 73,655 |   |
| Related parties (Note 37)                         |   |                   | 116,661 |   |         |   | 171,271 |   |
| Current trade and other payables                  |   |                   | 678,725 |   |         |   | 677,010 |   |
| Total trade and other payables                    |   |                   | 881,377 |   |         |   | 888,128 |   |

----

| 22. | Salaries and social security liabilities |
|-----|------------------------------------------|

|                                                       |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
|------------------------------------------------------------|--------|------------------------|--------|--------|--------------|--------|
| Non-current                                                |   |                   |   |   |         |   |
| Social security payable                                    |   |                   | 3,749  |   |         |   | 3,160 |   |
| Total non-Current salaries and social security liabilities |   |                   | 3,749  |   |         |   | 3,160 |   |

| Current                                                |   |   |    |   |   |   |
|--------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Provision for vacation, bonuses and others             |   |   | 80,577  |   |   |   | 32,080 |   |
| Social security payable                                |   |   | 18,098  |   |   |   | 16,628 |   |
| Others                                                 |   |   | 601     |   |   |   | 302 |   |
| Total current salaries and social security liabilities |   |   | 99,276  |   |   |   | 49,010 |   |
| Total salaries and social security liabilities         |   |   | 103,025 |   |   |   | 52,170 |   |

| 23. | Provisions |
|-----|------------|

----

| 23. | Provisions (Continued) |
|-----|------------------------|

|                              |   | Labor,legal and other claims |   |   | Tax and social security claims |   |   | Investmentsin associates and joint ventures (*) |   |   | Total   |   |
|-----------------------------------|--------|------------------------------|--------|--------|--------------------------------|--------|--------|-------------------------------------------------|--------|--------|---------|--------|
| At July 1st, 2012                 |   |                         | 18,699 |   |                           |   | 1,570  |                                            |   |   | -       |   |   |   | 20,269 |   |
| Additions                         |   |                         | 18,757 |   |                           |   | 642    |                                            |   |   | 39,091  |   |   |   | 58,490 |   |
| Recovery                          |   |                         | (3,565 | )      |                           |   | (526   | )                                               |   |   | -       |   |   |   | (4,091 | ) |
| Used during the year              |   |                         | (2,881 | )      |                           |   | -      |                                            |   |   | -       |   |   |   | (2,881 | ) |
| At June 30, 2013                  |   |                         | 31,010 |   |                           |   | 1,686  |                                            |   |   | 39,091  |   |   |   | 71,787 |   |
| Additions                         |   |                         | 23,641 |   |                           |   | 478    |                                            |   |   | 115,359 |   |   |   | 139,478 |   |
| Recovery                          |   |                         | (7,529 | )      |                           |   | (574   | )                                               |   |   | -       |   |   |   | (8,103 | ) |
| Used during the year              |   |                         | (2,034 | )      |                           |   | -      |                                            |   |   | -       |   |   |   | (2,034 | ) |
| Contributions                     |   |                         | -      |   |                           |   | -      |                                            |   |   | (16,667 | )      |   |   | (16,667 | ) |
| Foreign exchange gain             |   |                         | -      |   |                           |   | -      |                                            |   |   | 39,199  |   |   |   | 39,199 |   |
| At June 30, 2014 (Restated)  |   |                         | 45,088 |   |                           |   | 1,590  |                                            |   |   | 176,982 |   |   |   | 223,660 |   |

| (*) | Corresponds to equity interests in affiliates with negative equity, principally New Lipstick LLC. |
|-----|---------------------------------------------------------------------------------------------------|

|        |   | June 302014(Restated) |    |   | June 302013 |   |
|-------------|--------|-----------------------|---------|--------|-------------|--------|
| Non-current |   |                  | 205,228 |   |        |   | 57,737 |   |
| Current     |   |                  | 18,432  |   |        |   | 14,050 |   |
|        |   |                  | 223,660 |   |        |   | 71,787 |   |

----

| 23. | Provisions (Continued) |
|-----|------------------------|

----

| 24.  | Borrowings |
|-----------|------------|

|                                     |                |     |     |   |                     |   |   |                          |    |   | Book value             |      |
|------------------------------------------|---------------------|----------|----------|--------|--------------------------|--------|--------|-------------------------------|---------|--------|------------------------|-----------|
|                                     | Secured / unsecured | Currency | Rate     |   | Effectiveinterest rate % |   |   | Nominal Valueof share capital |    |   | June 30,2014(Restated) |      |   | June 30,2013 |   |
| Non-current                              |                |     |     |   |                     |   |   |                          |    |   |                   |      |   |   |   |
| NCN IRSA due 2015                        | Unsecured           | Ps.      | Floating |   | Badlar + 395ps           |   |   |                          | 209,297 |   |                   |      | 209,297 |   |   |   | - |   |
| NCN IRSA due 2017                        | Unsecured           | US$      | Fixed    |   |  8.5%               |   |   | 150,000                       |    |   |                   | 1,210,359 |   |   |   | 784,855 |   |
| NCN IRSA due 2017                        | Unsecured           | Ps.      | Floating |   | Badlar + 450 ps          |   |   |                          | 10,734  |   |                   |      | 10,734 |   |   |   | - |   |
| APSA NCN due 2017                        | Unsecured           | US$      | Fixed    |   |  7.875%             |   |   | 110,000                       |    |   |                   | 866,549   |   |   |   | 575,705 |   |
| NCN IRSA due 2020                        | Unsecured           | US$      | Fixed    |   |  11.5%              |   |   | 150,000                       |    |   |                   | 1,111,449 |   |   |   | 789,655 |   |
| Seller financing of plot of land (vi)    | Secured             | US$      | Fixed    |   |  3.5%               |   |   | 2,618                         |    |   |                   | 19,072    |   |   |   | 14,900 |   |
| Seller financing of Soleil Factory (i)   | Secured             | US$      | Fixed    |   |  5%                 |   |   | 12,610                        |    |   |                   | 80,126    |   |   |   | 49,327 |   |
| Seller financing of Zetol S.A. (iii)     | Secured             | US$      | Fixed    |   |  3.5%               |   |   | 4,500                         |    |   |                   | 22,058    |   |   |   | 14,144 |   |
| Bank loans                               | Unsecured           | Ps.      | Fixed    |   |  15.25%             |   |   | 8,932                         |    |   |                   | 6,938     |   |   |   | - |   |
| Syndicated loan (iv)                     | Unsecured           | Ps.      | Fixed    |   | (iv)                     |   |   |                          | 177,339 |   |                   |      | 74,964 |   |   |   | 175,604 |   |
| Banco Provincia de Buenos Aires loan (v) | Unsecured           | Ps.      | Fixed    |   | (v)                      |   |   |                          | 19,333  |   |                   |      | 6,421 |   |   |   | 19,163 |   |
| Banco M&T loan (vii)                 | Secured             | US$      | Floating |   | Libor + 2.55%            |   |   |                          | -       |   |                   |      | - |   |   |   | 399,691 |   |
| Related parties (Note 37)                | Secured             | Ps.      | Fixed    |   |  15.25%             |   |   | 5,000                         |    |   |                   | 3,750     |   |   |   | - |   |
| Related parties (Note 37)                | Unsecured           | Ps.      | Floating |   | Badlar                   |   |   |                          | 14,088  |   |                   |      | 133,314 |   |   |   | 98,328 |   |
| Finance leases obligations               | Secured             | US$      | Fixed    |   |  7.5%               |   |   | 321                           |    |   |                   | 972       |   |   |   | 1,270 |   |
| Total Non-current borrowings             |                |     |     |   |                     |   |   |                          |    |   |                   |      |   | 3,756,003 |   |   |   | 2,922,642 |   |

----

| 24. | Borrowings (Continued) |
|-----|------------------------|

|                                            |                |   |     |   |   |     |   |   |                     |   |   |                          |    |   | Book value             |   |
|-------------------------------------------------|---------------------|--------|----------|--------|--------|----------|--------|--------|--------------------------|--------|--------|-------------------------------|---------|--------|------------------------|--------|
|                                            | Secured / unsecured |   | Currency |   |   | Rate     |   |   | Effectiveinterest rate % |   |   | Nominal Valueof share capital |    |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
| Current                                         |                |   |     |   |   |     |   |   |                     |   |   |                          |    |   |                   |   |   |   |   |
| NCN IRSA due 2015                               | Unsecured           |   | Ps.      |   |   | Floating |   |   | Badlar + 395ps           |   |   |                          | 4,325   |   |                   |   | 4,325 |   |   |   | - |   |
| NCN IRSA due 2017                               | Unsecured           |   | US$      |   |   | Fixed    |   |   |                     | 8.5%   |   |                          | 150,000 |   |                   |   | 41,472 |   |   |   | 26,675 |   |
| NCN IRSA due 2017                               | Unsecured           |   | Ps.      |   |   | Floating |   |   | Badlar + 450 ps          |   |   |                          | 255     |   |                   |   | 255 |   |   |   | - |   |
| APSA NCN due 2017                               | Unsecured           |   | US$      |   |   | Fixed    |   |   |                     | 7.875% |   |                          | 110,000 |   |                   |   | 8,968 |   |   |   | 5,499 |   |
| NCN IRSA due 2020                               | Unsecured           |   | US$      |   |   | Fixed    |   |   |                     | 11.5%  |   |                          | 150,000 |   |                   |   | 57,281 |   |   |   | 40,604 |   |
| NCN IRSA due 2013                               | Unsecured           |   | Ps.      |   |   | Floating |   |   | Badlar 2.49%             |   |   |                          | -       |   |                   |   | - |   |   |   | 52,240 |   |
| NCN IRSA due 2014                               | Unsecured           |   | US$      |   |   | Fixed    |   |   |                     | 7.45%  |   |                          | -       |   |                   |   | - |   |   |   | 137,750 |   |
| Short-term loans                                | Unsecured           |   | Ps.      |   |   | Fixed    |   |   |                     | 15.25% |   |                          | 6,932   |   |                   |   | 2,873 |   |   |   | - |   |
| Bank overdrafts                                 | Unsecured           |   | Ps.      |   |   | Floating |   |   |                     | -      |   |                          |    | -      |                   |   |   | 401,963 |   |   |   | 418,730 |   |
| Syndicated loan (iv)                            | Unsecured           |   | Ps.      |   |   | Fixed    |   |   | (iv)                     |   |   |                          | 177,339 |   |                   |   | 101,339 |   |   |   | 51,005 |   |
| Banco Provincia de Buenos Aires loan (v)        | Unsecured           |   | Ps.      |   |   | Fixed    |   |   | (v)                      |   |   |                          | 19,333  |   |                   |   | 12,886 |   |   |   | 9,625 |   |
| Seller financing of plot of land (vi)           | Secured             |   | US$      |   |   | Fixed    |   |   |                     | 3.5%   |   |                          | 2,618   |   |                   |   | 2,335 |   |   |   | 12,809 |   |
| Seller financing of Soleil Factory (i)          | Secured             |   | US$      |   |   | Fixed    |   |   |                     | 5%     |   |                          | 12,610  |   |                   |   | 5,128 |   |   |   | 3,397 |   |
| Seller financing of Arcos del Gourmet S.A. (ii) | Unsecured           |   | US$      |   |   | Fixed    |   |   |                     | 11.69% |   |                          | -       |   |                   |   | - |   |   |   | 11,408 |   |
| Seller financing of Zetol S.A. (iii)            | Secured             |   | US$      |   |   | Fixed    |   |   |                     | 3.5%   |   |                          | 4,500   |   |                   |   | 21,207 |   |   |   | 1,544 |   |
| Other borrowings                                | Unsecured           |   |     | -      |   |     |   | -      |                     |   |   | -                             |    |   |                   | -      |   |   |   | 74,344 |   |   |   | - |   |
| Related parties (Note 37)                       | Unsecured           |   | Ps.      |   |   | Floating |   |   | Badlar                   |   |   |                          | -       |   |                   |   | 71 |   |   |   | - |   |
| Related parties (Note 37)                       | Unsecured           |   | Ps.      |   |   | Fixed    |   |   |                     | 15.25% |   |                          | 5,000   |   |                   |   | 1,250 |   |   |   | - |   |
| Finance lease obligations                       | Secured             |   | US$      |   |   | Fixed    |   |   |                     | 7.5%   |   |                          | 335     |   |                   |   | 1,780 |   |   |   | 1,243 |   |
| Total Current borrowings                        |                |   |     |   |   |     |   |   |                     |   |   |                          |    |   |                   |   |   |   |   | 737,477 |   |   |   | 772,529 |   |
| Total borrowings                                |                |   |     |   |   |     |   |   |                     |   |   |                          |    |   |                   |   |   |   |   | 4,493,480 |   |   |   | 3,695,171 |   |

| (i) | Seller financing of Soleil Factory (investment properties): Mortgage financing of US$ 20.7 million with a fixed 5% interest rate due in June 2017. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | Seller financing - Arcos del Gourmet S.A. (intangible assets). |
|------|----------------------------------------------------------------|

| (iii) | Seller financing of Zetol S.A. (trading properties): Mortgage financing of US$ 7 million with a fixed 3.5% interest rate. The balance is payable, by choice of the seller, in money or with the delivery of units in buildings to be built representative of 12% of the total marketable square meters built. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) | On November 16, 2012, the Company subscribed a syndicated loan for Ps. 118,000. Principal will be payable in 9 quarterly consecutive installments and shall accrue interest at rate of 15.01%. On June 12, 2013 the Company subscribes a new syndicated loan for Ps. 111,000. Principal will be payable in 9 quarterly consecutive installments and shall accrue interest at rate of 15.25%. Both loans have been entered into with various banking institutions, one of which is Banco Hipotecario (Note 37). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v) | On December 12, 2012, the Group subscribed a loan with Banco Provincia de Buenos Aires for Ps. 29 million. Principal will be repaid in 9 quarterly consecutive installments beginning in December 2013. Additionally, on February 3, 2014 a new loan has been subscribed for Ps. 20 million. As of the date of these financial statements, the mentioned capital is fully canceled. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi) | Seller financing of plot of land - Vista al Muelle S.A. in Canelones, Uruguay (Trading properties). |
|------|-----------------------------------------------------------------------------------------------------|

| (vii) | See Note 42 |
|-------|-------------|

----

|   | 24. | Borrowings (Continued) |
|--------|-----|------------------------|

|                         |   | June 30,2014(Restated) |      |   | June 30,2013 |   |
|------------------------------|--------|------------------------|-----------|--------|--------------|--------|
| Fixed rate:                  |   |                   |      |   |         |   |
| Less than 1 year             |   |                   | 215,486   |   |         |   | 246,271 |   |
| Between 1 and 2 years        |   |                   | 86,653    |   |         |   | 105,695 |   |
| Between 2 and 3 years        |   |                   | 868,772   |   |         |   | 99,579 |   |
| Between 3 and 4 years        |   |                   | 81,126    |   |         |   | 581,469 |   |
| Between 4 and 5 years        |   |                   | 1,252,947 |   |         |   | 840,933 |   |
| Later than five years        |   |                   | 1,108,122 |   |         |   | 805,466 |   |
|                         |   |                   | 3,613,106 |   |         |   | 2,679,413 |   |
| Floating rate:               |   |                   |      |   |         |   |   |   |
| Less than 1 year             |   |                   | 401,340   |   |         |   | 443,239 |   |
| Between 1 and 2 years        |   |                   | 211,898   |   |         |   | 97,601 |   |
| Between 2 and 3 years        |   |                   | 145,354   |   |         |   | 7,159 |   |
| Between 3 and 4 years        |   |                   | -         |   |         |   | 7,469 |   |
| Between 4 and 5 years        |   |                   | -         |   |         |   | 7,793 |   |
| Later than five years        |   |                   | -         |   |         |   | 369,272 |   |
|                         |   |                   | 758,592   |   |         |   | 932,533 |   |
| Accrue interest and expenses |   |                   |      |   |         |   |   |   |
| Less than 1 year             |   |                   | 118,871   |   |         |   | 81,776 |   |
| Between 1 and 2 years        |   |                   | (1,207    | )      |         |   | 5,874 |   |
| Between 2 and 3 years        |   |                   | (1,961    | )      |         |   | (2,680 | ) |
| Between 3 and 4 years        |   |                   | -         |   |         |   | (1,814 | ) |
| Between 4 and 5 years        |   |                   | 3,327     |   |         |   | (2,444 | ) |
| Later than five years        |   |                   | -         |   |         |   | - |   |
|                         |   |                   | 119,030   |   |         |   | 80,712 |   |
|                         |   |                   | 4,490,728 |   |         |   | 3,692,658 |   |

----

| 24. | Borrowings (Continued) |
|-----|------------------------|

|                                        |   | June 30,2014(Restated) |      |   | June 30,2013 |   |
|---------------------------------------------|--------|------------------------|-----------|--------|--------------|--------|
| APSA NCN due 2017                           |   |                   | 976,661   |   |         |   | 672,244 |   |
| IRSA NCN due 2017                           |   |                   | 1,244,281 |   |         |   | 775,440 |   |
| IRSA NCN due 2020                           |   |                   | 1,422,987 |   |         |   | 822,249 |   |
| Seller financing of Soleil Factory goodwill |   |                   | 110,931   |   |         |   | 71,340 |   |
| Seller financing                            |   |                   | 78,448    |   |         |   | 55,752 |   |
| Syndicated loan                             |   |                   | 191,185   |   |         |   | 230,466 |   |
| Banco Provincia de Buenos Aires loan        |   |                   | 19,548    |   |         |   | 29,215 |   |
| Bank loans                                  |   |                   | 9,949     |   |         |   | - |   |
|                                        |   |                   | 4,053,990 |   |         |   | 2,656,706 |   |

|   | (*) See Note 42. |
|--------|------------------|

----

| 24. | Borrowings (Continued) |
|-----|------------------------|

| (i)   | 50% of IRSA’s cumulative consolidated net income; or 75% of IRSA’s cumulative consolidated net income if the coverage of consolidated interest ratio is at least 3.0 to 1; or 100% of IRSA’s cumulative consolidated net income if the coverage of consolidated interest ratio is at least 4.0 to 1; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | net cash proceeds from new capital contributions; |
|------------------|---------------------------------------------------|

| (iii)   | reduction of the indebtedness of IRSA or its restricted subsidiaries; |
|-------------------|-----------------------------------------------------------------------|

| (iv)   | reduction in investments in debt certificates (other than permitted investments); |
|------------------|-----------------------------------------------------------------------------------|

| (v)   | distributions received from unrestricted subsidiaries. |
|-----------------|--------------------------------------------------------|

|   | · | Class III Corporate Notes at Badlar rate plus 249 basis points for a face value of Ps. 153.2 million, to be matured 18 months after the issuing date and to be amortized in 3 consecutive payments within 12, 15 and 18 months, and interests to be paid in 6 installments, on a quarterly basis, from May 14, 2012. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Class IV Corporate Notes at a fixed rate of 7.45% for a face value of US$ 33.8 million (equal to Ps. 146.9 million), to be matured 24 months after the issuing date, to be subscribed and paid in Argentine Pesos at the applicable exchange rate, to be amortized in 4 equal and consecutive payments within 15, 18, 21 and 24 months, to be paid in 8 installments, on a quarterly basis, from May 14, 2012. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24. | Borrowings (Continued) |
|-----|------------------------|

----

| 24. | Borrowings (Continued) |
|-----|------------------------|

| 25. | Employee benefits |
|-----|-------------------|

| (i)   | ordinary retirement in accordance with applicable labor regulations; |
|-----------------|----------------------------------------------------------------------|

| (ii)   | total or permanent incapacity or disability; |
|------------------|----------------------------------------------|

| (iii)   | death. |
|-------------------|--------|

----

| 26. | Share-based payments |
|-----|----------------------|

----

| 26. | Share-based payments (Continued) |
|-----|----------------------------------|

|             |   | June 30,2014(Restated) |      |   | June 30,2013 |   |
|------------------|--------|------------------------|-----------|--------|--------------|--------|
| At the beginning |   |                   | 2,181,615 |   |         |   | 1,117,608 |   |
| To be granted    |   |                   | 3,666,124 |   |         |   | 1,069,259 |   |
| Expired          |   |                   | (61,351   | )      |         |   | (5,252 | ) |
| At the end       |   |                   | 5,786,388 |   |         |   | 2,181,615 |   |

| 27. | Taxes |
|-----|-------|

|                               |   | June 30, 2014(Restated) |     |   | June 30,2013 |   |     | June 30,2012 |   |
|------------------------------------|--------|------------------------------|----------|--------|--------------|--------|----------|--------------|--------|
| Current income tax                 |   |                         | (235,010 | )      |         |   | (229,295 | )            |   |   | (207,090 | ) |
| Deferred income tax                |   |                         | 318,336  |   |         |   | 96,448   |         |   |   | 90,152 |   |
| Minimum Presumed Income tax (MPIT) |   |                         | (19,059  | )      |         |   | -        |         |   |   | - |   |
| Income tax expense                 |   |                         | 64,267   |   |         |   | (132,847 | )            |   |   | (116,938 | ) |

| Tax jurisdiction |   | Income tax rate |   |
|------------------|--------|-----------------|--------|
| Argentina        |   |            | 35     | % |
| Uruguay          |   |            | 25     | % |
| U.S.A.           |   |            | 45     | % |
| Bermuda          |   |            | 0      | % |

| (a)   | asset’s realizability of deferred income tax assets depends on future gains, above gains arising from reversal of existing taxable temporary differences; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the company had a loss, either during this fiscal year, or in the previous one, in the country related to the deferred income tax asset. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------|

----

| 27. | Tax (Continued) |
|-----|-----------------|

|                                                                      |   | June 30,2014(Restated) |     |   | June 30,2013 |   |
|---------------------------------------------------------------------------|--------|------------------------|----------|--------|--------------|--------|
| Deferred income tax asset to be recovered after more than 12 months       |   |                   | 139,257  |   |         |   | 97,408 |   |
| Deferred income tax asset to be recovered within 12 months                |   |                   | 455,512  |   |         |   | 220,580 |   |
| Deferred income tax assets                                                |   |                   | 594,769  |   |         |   | 317,988 |   |
|                                                                      |   |                   |     |   |         |   |   |   |
|                                                                      |   | June 30,2014(Restated) |     |   | June 30,2013 |   |
| Deferred income tax liabilities to be recovered after more than 12 months |   |                   | (556,412 | )      |         |   | (570,980 | ) |
| Deferred income tax liabilities to be recovered within 12 months          |   |                   | (15,323  | )      |         |   | (57,708 | ) |
| Deferred income tax liabilities                                           |   |                   | (571,735 | )      |         |   | (628,688 | ) |

|                                       |   | June 30,2014(Restated) |     |   | June 30,2013 |   |
|--------------------------------------------|--------|------------------------|----------|--------|--------------|--------|
| Beginning of year                          |   |                   | (310,700 | )      |         |   | (376,977 | ) |
| Acquisition of subsidiaries                |   |                   | -        |   |         |   | (26,103 | ) |
| Currency translation adjustment            |   |                   | (17,948  | )      |         |   | (4,068 | ) |
| Reclassified to assets held for sale       |   |                   | 33,346   |   |         |   | - |   |
| Income tax expense and deferred income tax |   |                   | 318,336  |   |         |   | 96,448 |   |
| End of year                                |   |                   | 23,034   |   |         |   | (310,700 | ) |

| Deferred income tax asset           |   | Investments |   |   | Tax loss carry-forwards |   |    | Trade and other liabilities |   |   | Others  |   |   | Total  |   |
|-------------------------------------|--------|-------------|--------|--------|-------------------------|--------|---------|-----------------------------|--------|--------|---------|--------|--------|--------|--------|
| At July 1, 2012                     |   |        | 27,797 |   |                    |   | 84,322  |                        |   |   | 73,740  |   |   |   | 14,966 |   |   |   | 200,825 |   |
| Charged to the statements of income |   |        | 35,009 |   |                    |   | 54,812  |                        |   |   | 19,533  |   |   |   | 7,809  |   |   |   | 117,163 |   |
| At June 30, 2013                    |   |        | 62,806 |   |                    |   | 139,134 |                        |   |   | 93,273  |   |   |   | 22,775 |   |   |   | 317,988 |   |
| Charged to the statement of income  |   |        | -      |   |                    |   | 256,373 |                        |   |   | 7,949   |   |   |   | 12,459 |   |   |   | 276,781 |   |
| At June 30, 2014 (Restated)         |   |        | 62,806 |   |                    |   | 395,507 |                        |   |   | 101,222 |   |   |   | 35,234 |   |   |   | 594,769 |   |

----

| 27. | Tax (Continued) |
|-----|-----------------|

| Deferred income tax liabilities                  |   | Trade and other receivables |    |   | Investment properties |   |     | Investments |   |   | Others  |   |   | Total  |    |
|--------------------------------------------------|--------|-----------------------------|---------|--------|-----------------------|--------|----------|-------------|--------|--------|---------|--------|--------|--------|---------|
| At July 1, 2012                                  |   |                        | (23,367 | )      |                  |   | (475,645 | )           |   |   | (45,758 | )      |   |   | (33,032 | ) |   |   | (577,802 | ) |
| (Credited) / Charged to the statements of income |   |                        | (21,154 | )      |                  |   | (6,911   | )           |   |   | (4,903  | )      |   |   | 12,253  |   |   |   | (20,715 | ) |
| Additions for business combination               |   |                        | -       |   |                  |   | (26,103  | )           |   |   | -       |   |   |   | -       |   |   |   | (26,103 | ) |
| Cumulative translation adjustment                |   |                        | -       |   |                  |   | (4,068   | )           |   |   | -       |   |   |   | -       |   |   |   | (4,068 | ) |
| At June 30, 2013                                 |   |                        | (44,521 | )      |                  |   | (512,727 | )           |   |   | (50,661 | )      |   |   | (20,779 | ) |   |   | (628,688 | ) |
| (Credited) / Charged to the statements of income |   |                        | (3,288  | )      |                  |   | 44,869   |        |   |   | (2,214  | )      |   |   | 2,188   |   |   |   | 41,555 |   |
| Reclassified to assets held for sale             |   |                        | -       |   |                  |   | 33,346   |        |   |   | -       |   |   |   | -       |   |   |   | 33,346 |   |
| Cumulative translation adjustment                |   |                        | -       |   |                  |   | (17,948  | )           |   |   | -       |   |   |   | -       |   |   |   | (17,948 | ) |
| At June 30, 2014 (Restated)                      |   |                        | (47,809 | )      |                  |   | (452,460 | )           |   |   | (52,875 | )      |   |   | (18,591 | ) |   |   | (571,735 | ) |

| Jurisdiction |   | Cumulative tax loss carry-forwards(Restated) |      |   | Date of generation |   |   | Due date |   |
|--------------|--------|----------------------------------------------|-----------|--------|--------------------|--------|--------|----------|--------|
| Argentina    |   |                                         | 28        |   |               |   | 2009   |     |   |   | 2014 |   |
| Argentina    |   |                                         | 25,362    |   |               |   | 2010   |     |   |   | 2015 |   |
| Argentina    |   |                                         | 88,211    |   |               |   | 2011   |     |   |   | 2016 |   |
| Argentina    |   |                                         | 119,983   |   |               |   | 2012   |     |   |   | 2017 |   |
| Argentina    |   |                                         | 168,508   |   |               |   | 2013   |     |   |   | 2018 |   |
| Argentina    |   |                                         | 766,727   |   |               |   | 2014   |     |   |   | 2019 |   |
|         |   |                                         | 1,168,819 |   |               |   |   |     |   |   |   |   |

----

| 27. | Tax (Continued) |
|-----|-----------------|

|                                                                     |   | June 30, 2014(Restated) |     |   | June 30,2013 |   |    | June 30,2012 |   |
|--------------------------------------------------------------------------|--------|-------------------------|----------|--------|--------------|--------|---------|--------------|--------|
| Net income at tax rate applicable to profits in the respective countries |   |                    | (242,949 | )      |         |   | 156,163 |         |   |   | 119,565 |   |
| Tax effects of:                                                          |   |                    |     |   |         |   |    |         |   |   |   |   |
| Share of profit of associates and joint ventures                         |   |                    | 128,372  |   |         |   | (26,303 | )            |   |   | (35,108 | ) |
| Utilization of tax losses                                                |   |                    | -        |   |         |   | (31,732 | )            |   |   | - |   |
| Unrecognized tax losses                                                  |   |                    | 51,944   |   |         |   | 38,992  |         |   |   | 31,027 |   |
| Minimum Presumed Income tax (MPIT)                                       |   |                    | 19,057   |   |         |   | -       |         |   |   | - |   |
| Non-taxable income                                                       |   |                    | (24,509  | )      |         |   | (3,203  | )            |   |   | 3,851 |   |
| Others                                                                   |   |                    | 3,818    |   |         |   | (1,070  | )            |   |   | (2,397 | ) |
| Income tax expense                                                       |   |                    | (64,267  | )      |         |   | 132,847 |         |   |   | 116,938 |   |

----

| 28. | Leases |
|-----|--------|

|                                              |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
|---------------------------------------------------|--------|------------------------|--------|--------|--------------|--------|
| No later than 1 year                              |   |                   | 10,714 |   |         |   | 7,855 |   |
| Later than one year and not later than five years |   |                   | 22,461 |   |         |   | 16,146 |   |
| Later than five years                             |   |                   | 37,200 |   |         |   | 39,884 |   |
|                                              |   |                   | 70,375 |   |         |   | 63,885 |   |

----

| 28. | Leases (Continued) |
|-----|--------------------|

|                                              |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
|---------------------------------------------------|--------|------------------------|--------|--------|--------------|--------|
| No later than 1 year                              |   |                   | 1,942  |   |         |   | 1,513 |   |
| Later than one year and not later than five years |   |                   | 1,112  |   |         |   | 1,279 |   |
|                                              |   |                   | 3,054  |   |         |   | 2,792 |   |
| Finance charges                                   |   |                   | (302   | )      |         |   | (279 | ) |
| Present value of finance lease liabilities        |   |                   | 2,752  |   |         |   | 2,513 |   |

|                                              |   | June 30,2014(Restated) |   |   | June 30,2013 |   |
|---------------------------------------------------|--------|------------------------|--------|--------|--------------|--------|
| No later than 1 year                              |   |                   | 1,780  |   |         |   | 1,243 |   |
| Later than one year and not later than five years |   |                   | 972    |   |         |   | 1,270 |   |
| Present value of finance lease liabilities        |   |                   | 2,752  |   |         |   | 2,513 |   |

|   | · | Leases of office and other buildings |
|--------|--------|--------------------------------------|

----

| 28. | Leases (Continued) |
|-----|--------------------|

|   | · | Leases of shopping centers |
|--------|--------|----------------------------|

|            |   | June 30,2014(Restated) |      |   | June 30,2013 |   |
|-----------------|--------|------------------------|-----------|--------|--------------|--------|
| 2014            |   |                   | -         |   |         |   | 595,562 |   |
| 2015            |   |                   | 731,570   |   |         |   | 466,243 |   |
| 2016            |   |                   | 522,764   |   |         |   | 207,615 |   |
| 2017            |   |                   | 220,605   |   |         |   | 72,758 |   |
| 2018            |   |                   | 58,600    |   |         |   | 18,888 |   |
| 2019            |   |                   | 18,291    |   |         |   | 17,327 |   |
| Later than 2019 |   |                   | 14,420    |   |         |   | 13,339 |   |
|            |   |                   | 1,566,250 |   |         |   | 1,391,732 |   |

----

| 29. | Shareholders' Equity |
|-----|----------------------|

----

| 29. | Shareholders’ Equity (Continued) |
|-----|----------------------------------------|

----

| 30. | Revenues |
|-----|----------|

|                                |   | June 30,2014(Restated) |      |   | June 30,2013 |   |      | June 30,2012 |   |
|-------------------------------------|--------|------------------------|-----------|--------|--------------|--------|-----------|--------------|--------|
| Base rent                           |   |                   | 1,079,779 |   |         |   | 828,923   |         |   |   | 645,347 |   |
| Contingent rent                     |   |                   | 329,889   |   |         |   | 254,854   |         |   |   | 212,285 |   |
| Admission rights                    |   |                   | 126,495   |   |         |   | 107,608   |         |   |   | 88,221 |   |
| Averaging scheduled rent escalation |   |                   | 14,771    |   |         |   | 21.842    |         |   |   | 26,288 |   |
| Parking fees                        |   |                   | 81,382    |   |         |   | 62,484    |         |   |   | 45,141 |   |
| Letting fees                        |   |                   | 42,458    |   |         |   | 33,620    |         |   |   | 33,100 |   |
| Service charges                     |   |                   | 743,703   |   |         |   | 600,580   |         |   |   | 493,133 |   |
| Property management fee             |   |                   | 27,121    |   |         |   | 21,803    |         |   |   | 16,751 |   |
| Others                              |   |                   | 4,801     |   |         |   | 3,560     |         |   |   | 3,297 |   |
| Total rental and service income     |   |                   | 2,450,399 |   |         |   | 1,935,274 |         |   |   | 1,563,563 |   |
| Sale of trading properties          |   |                   | 62,641    |   |         |   | 24,867    |         |   |   | 51,905 |   |
| Revenue from hotel operations       |   |                   | 331,562   |   |         |   | 225,836   |         |   |   | 170,012 |   |
| Consumer financing                  |   |                   | 574       |   |         |   | 1,203     |         |   |   | 4,836 |   |
| Total other revenue                 |   |                   | 394,777   |   |         |   | 251,906   |         |   |   | 226,753 |   |
| Total revenues                      |   |                   | 2,845,176 |   |         |   | 2,187,180 |         |   |   | 1,790,316 |   |

| 31. | Costs |
|-----|-------|

|                               |   | June 30,2014(Restated) |      |   | June 30,2013 |   |      | June 30,2012 |   |
|------------------------------------|--------|------------------------|-----------|--------|--------------|--------|-----------|--------------|--------|
| Costs of rental and services costs |   |                   | 1,120,634 |   |         |   | 906,233   |         |   |   | 719,159 |   |
| Cost of sale and development       |   |                   | 17,506    |   |         |   | 12,188    |         |   |   | 20,232 |   |
| Costs from hotel operations        |   |                   | 215,980   |   |         |   | 168,283   |         |   |   | 117,580 |   |
| Costs from consumer financing      |   |                   | 373       |   |         |   | 907       |         |   |   | 1,687 |   |
| Total costs                        |   |                   | 1,354,493 |   |         |   | 1,087,611 |         |   |   | 858,658 |   |

| 32. | Expenses by nature |
|-----|--------------------|

----

| 32. | Expenses by nature (Continued) |
|-----|--------------------------------|

|                                                         |   | Group Costs                  |   |   |                         |   |      |                          |   |   |                        |   |
|--------------------------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|-----------|-------------------------------|--------|--------|-----------------------------|--------|
|                                                         |   | Cost of sale and development |   |   | Costs of rental and services |   |      | Costs from consumer financing |   |   | Costs from hotel operations |   |   | General and administrative expenses |   |   | Selling expenses |   |   | Total(Restated) |   |
| Salaries, social security costs and other personnel expenses |   |                         | 168    |   |                         |   | 362,055   |                          |   |   | -                           |   |   |   | 121,332 |   |   |   | 98,775 |   |   |   | 27,356 |   |   |   | 609,686 |   |
| Maintenance, security, cleaning, repair and others           |   |                         | 3,551  |   |                         |   | 255,053   |                          |   |   | 3                           |   |   |   | 26,321 |   |   |   | 14,272 |   |   |   | 665 |   |   |   | 299,865 |   |
| Depreciation and amortization                                |   |                         | 707    |   |                         |   | 209,302   |                          |   |   | -                           |   |   |   | 10,819 |   |   |   | 4,757 |   |   |   | 234 |   |   |   | 225,819 |   |
| Advertising and others selling expenses                      |   |                         | 1      |   |                         |   | 145,331   |                          |   |   | -                           |   |   |   | 4,701 |   |   |   | - |   |   |   | 24,318 |   |   |   | 174,351 |   |
| Taxes, rates and contributions                               |   |                         | 2,299  |   |                         |   | 86,996    |                          |   |   | -                           |   |   |   | - |   |   |   | 9,961 |   |   |   | 70,870 |   |   |   | 170,126 |   |
| Fees and payments for services                               |   |                         | 66     |   |                         |   | 28,762    |                          |   |   | 368                         |   |   |   | 2,347 |   |   |   | 56,605 |   |   |   | 5,127 |   |   |   | 93,275 |   |
| Directors fees                                               |   |                         | -      |   |                         |   | -         |                          |   |   | -                           |   |   |   | - |   |   |   | 68,506 |   |   |   | - |   |   |   | 68,506 |   |
| Food, beverage and other lodging expenses                    |   |                         | -      |   |                         |   | -         |                          |   |   | -                           |   |   |   | 49,792 |   |   |   | 6,726 |   |   |   | 3,753 |   |   |   | 60,271 |   |
| Others                                                       |   |                         | 35     |   |                         |   | 16,435    |                          |   |   | 2                           |   |   |   | 388 |   |   |   | 28,216 |   |   |   | 1,170 |   |   |   | 46,246 |   |
| Leases and expenses                                          |   |                         | 1,404  |   |                         |   | 16,700    |                          |   |   | -                           |   |   |   | 280 |   |   |   | 9,110 |   |   |   | 1,117 |   |   |   | 28,611 |   |
| Allowance for trade and other receivables , net              |   |                         | -      |   |                         |   | -         |                          |   |   | -                           |   |   |   | - |   |   |   | - |   |   |   | 11,626 |   |   |   | 11,626 |   |
| Cost of sales of properties                                  |   |                         | 9,275  |   |                         |   | -         |                          |   |   | -                           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,275 |   |
| Total expenses by nature                                     |   |                         | 17,506 |   |                         |   | 1,120,634 |                          |   |   | 373                         |   |   |   | 215,980 |   |   |   | 296,928 |   |   |   | 146,236 |   |   |   | 1,797,657 |   |

----

| 32. | Expenses by nature (Continued) |
|-----|--------------------------------|

|                                                         |   | Group Costs                  |   |   |                        |   |    |                          |   |   |                        |   |
|--------------------------------------------------------------|--------|------------------------------|--------|--------|-----------------------------|--------|---------|-------------------------------|--------|--------|-----------------------------|--------|
|                                                         |   | Cost of sale and development |   |   | Cost of rental and services |   |    | Costs from consumer financing |   |   | Costs from hotel operations |   |   | General and administrative expenses |   |   | Selling expenses |   |   | Total |   |
| Salaries, social security costs and other personnel expenses |   |                         | 155    |   |                        |   | 244,311 |                          |   |   | 3                           |   |   |   | 96,096 |   |   |   | 62,688 |   |   |   | 18,098 |   |   |   | 421,351 |   |
| Maintenance, security, cleaning, repair and others           |   |                         | 2,747  |   |                        |   | 226,208 |                          |   |   | 38                          |   |   |   | 21,754 |   |   |   | 11,769 |   |   |   | 691 |   |   |   | 263,207 |   |
| Depreciation and amortization                                |   |                         | 529    |   |                        |   | 199,866 |                          |   |   | -                           |   |   |   | 13,591 |   |   |   | 5,815 |   |   |   | 220 |   |   |   | 220,021 |   |
| Advertising and other selling expenses                       |   |                         | -      |   |                        |   | 115,013 |                          |   |   | -                           |   |   |   | 4,869 |   |   |   | 12 |   |   |   | 16,580 |   |   |   | 136,474 |   |
| Taxes, rates and contributions                               |   |                         | 1,500  |   |                        |   | 68,982  |                          |   |   | -                           |   |   |   | 263 |   |   |   | 7,585 |   |   |   | 50,925 |   |   |   | 129,255 |   |
| Fees and payments for services                               |   |                         | 237    |   |                        |   | 29,390  |                          |   |   | 858                         |   |   |   | 1,301 |   |   |   | 30,753 |   |   |   | 3,525 |   |   |   | 66,064 |   |
| Directors fees                                               |   |                         | -      |   |                        |   | -       |                          |   |   | -                           |   |   |   | - |   |   |   | 62,873 |   |   |   | - |   |   |   | 62,873 |   |
| Food, beverage and other lodging expenses                    |   |                         | -      |   |                        |   | -       |                          |   |   | -                           |   |   |   | 29,643 |   |   |   | 2,900 |   |   |   | 680 |   |   |   | 33,223 |   |
| Others                                                       |   |                         | 32     |   |                        |   | 10,958  |                          |   |   | 8                           |   |   |   | 630 |   |   |   | 8,985 |   |   |   | 1,798 |   |   |   | 22,411 |   |
| Leases and service charges                                   |   |                         | 1,774  |   |                        |   | 11,505  |                          |   |   | -                           |   |   |   | 136 |   |   |   | 1,461 |   |   |   | 783 |   |   |   | 15,659 |   |
| Allowance for trade and other receivables , net              |   |                         | -      |   |                        |   | -       |                          |   |   | -                           |   |   |   | - |   |   |   | - |   |   |   | 12,825 |   |   |   | 12,825 |   |
| Cost of sales of properties                                  |   |                         | 5,214  |   |                        |   | -       |                          |   |   | -                           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,214 |   |
| Total expenses by nature                                     |   |                         | 12,188 |   |                        |   | 906,233 |                          |   |   | 907                         |   |   |   | 168,283 |   |   |   | 194,841 |   |   |   | 106,125 |   |   |   | 1,388,577 |   |

----

| 32. | Expenses by nature (Continued) |
|-----|--------------------------------|

|                                                         |   | Group Costs                 |   |   |                        |   |    |                          |   |   |                        |   |
|--------------------------------------------------------------|--------|-----------------------------|--------|--------|-----------------------------|--------|---------|-------------------------------|--------|--------|-----------------------------|--------|
|                                                         |   | Cost ofsale and development |   |   | Cost of rental and services |   |    | Costs from consumer financing |   |   | Costs from hotel operations |   |   | General and administrative expenses |   |   | Selling expenses |   |   | Total |   |
| Salaries, social security costs and other personnel expenses |   |                        | 97     |   |                        |   | 191,018 |                          |   |   | 18                          |   |   |   | 59,893 |   |   |   | 53,166 |   |   |   | 15,599 |   |   |   | 319,791 |   |
| Maintenance, security, cleaning, repair and others           |   |                        | 1,590  |   |                        |   | 179,647 |                          |   |   | 265                         |   |   |   | 17,822 |   |   |   | 8,535 |   |   |   | 649 |   |   |   | 208,508 |   |
| Depreciation and amortization                                |   |                        | -      |   |                        |   | 154,955 |                          |   |   | 17                          |   |   |   | 10,411 |   |   |   | 3,450 |   |   |   | 44 |   |   |   | 168,877 |   |
| Advertising and others selling expenses                      |   |                        | -      |   |                        |   | 99,279  |                          |   |   | -                           |   |   |   | 2,811 |   |   |   | 1,755 |   |   |   | 16,188 |   |   |   | 120,033 |   |
| Taxes, rates and contributions                               |   |                        | 1,323  |   |                        |   | 47,658  |                          |   |   | -                           |   |   |   | - |   |   |   | 3,927 |   |   |   | 41,383 |   |   |   | 94,291 |   |
| Fees and payments for services                               |   |                        | 346    |   |                        |   | 20,301  |                          |   |   | 1,368                       |   |   |   | 3,192 |   |   |   | 33,928 |   |   |   | 3,423 |   |   |   | 62,558 |   |
| Directors fees                                               |   |                        | -      |   |                        |   | -       |                          |   |   | -                           |   |   |   | - |   |   |   | 59,298 |   |   |   | - |   |   |   | 59,298 |   |
| Food, beverage and other lodging expenses                    |   |                        | -      |   |                        |   | -       |                          |   |   | -                           |   |   |   | 22,714 |   |   |   | 3,005 |   |   |   | 13 |   |   |   | 25,732 |   |
| Leases and service charges                                   |   |                        | 1,958  |   |                        |   | 22,553  |                          |   |   | -                           |   |   |   | 35 |   |   |   | 498 |   |   |   | 121 |   |   |   | 25,165 |   |
| Cost of sales of properties                                  |   |                        | 14,904 |   |                        |   | -       |                          |   |   | -                           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,904 |   |
| Others                                                       |   |                        | 14     |   |                        |   | 3,748   |                          |   |   | 19                          |   |   |   | 702 |   |   |   | 6,785 |   |   |   | 389 |   |   |   | 11,657 |   |
| Allowance for trade and other receivables , net              |   |                        | -      |   |                        |   | -       |                          |   |   | -                           |   |   |   | - |   |   |   | - |   |   |   | 6,964 |   |   |   | 6,964 |   |
|                                                         |   |                        | 20,232 |   |                        |   | 719,159 |                          |   |   | 1,687                       |   |   |   | 117,580 |   |   |   | 174,347 |   |   |   | 84,773 |   |   |   | 1,117,778 |   |

----

| 33. | Employee costs |
|-----|----------------|

|                                                   |   | June 30, 2014(Restated) |    |   | June 30, 2013 |   |    | June 30, 2012 |   |
|--------------------------------------------------------|--------|-------------------------|---------|--------|---------------|--------|---------|---------------|--------|
| Salaries, bonuses, social security expenses and others |   |                    | 496,922 |   |          |   | 389,740 |          |   |   | 299,847 |   |
| Costs of equity  incentive plan              |   |                    | 70,868  |   |          |   | 5,856   |          |   |   | 2,690 |   |
| Defined contribution plan costs                        |   |                    | 7,584   |   |          |   | 4,976   |          |   |   | 1,210 |   |
| Other employee costs and benefits                      |   |                    | 34,312  |   |          |   | 20,779  |          |   |   | 16,044 |   |
| Employee costs                                         |   |                    | 609,686 |   |          |   | 421,351 |          |   |   | 319,791 |   |

| 34. | Other operating results, net |
|-----|------------------------------|

|                                                         |   | June 30, 2014(Restated) |    |   | June 30, 2013 |   |    | June 30, 2012 |   |
|--------------------------------------------------------------|--------|-------------------------|---------|--------|---------------|--------|---------|---------------|--------|
| Result from purchase of subsidiaries (Note 3)                |   |                    | -       |   |          |   | 137,062 |          |   |   | - |   |
| Result from sale of subsidiaries and joint ventures (Note 3) |   |                    | -       |   |          |   | 15,433  |          |   |   | - |   |
| Tax on shareholders’ personal assets                   |   |                    | (3,831  | )      |          |   | (5,132  | )             |   |   | (3,360 | ) |
| Donations                                                    |   |                    | (32,779 | )      |          |   | (30,592 | )             |   |   | (17,243 | ) |
| Lawsuits and other contingencies (1)                         |   |                    | (19,666 | )      |          |   | (17,765 | )             |   |   | (8,348 | ) |
| Others                                                       |   |                    | 10,406  |   |          |   | (5,738  | )             |   |   | (3,495 | ) |
| Total other operating results, net                           |   |                    | (45,870 | )      |          |   | 93,268  |          |   |   | (32,446 | ) |

| (1)   | Includes legal expenses. |
|-----------------|--------------------------|

| 35. | Financial results, net |
|-----|------------------------|

|                   |   | June 30, 2014(Restated) |    |   | June 30, 2013 |   |    | June 30, 2012 |   |
|------------------------|--------|-------------------------|---------|--------|---------------|--------|---------|---------------|--------|
| Finance income:        |   |                    |    |   |          |   |    |          |   |
| - Interest income      |   |                    | 75,680  |   |          |   | 38,244  |          |   |   | 15,817 |   |
| - Foreign exchange     |   |                    | 40,788  |   |          |   | 58,032  |          |   |   | 53,576 |   |
| - Dividends income     |   |                    | 15,041  |   |          |   | 23,249  |          |   |   | 20,654 |   |
| - Other finance income |   |                    | -       |   |          |   | -       |          |   |   | 15,053 |   |
| Total finance income   |   |                    | 131,509 |   |          |   | 119,525 |          |   |   | 105,100 |   |

----

| 35. | Financial results, net (Continued) |
|-----|------------------------------------|

|                                                                                                |   | June 30,2014(Restated) |       |   | June 30, 2013 |   |     | June 30, 2012 |   |
|-----------------------------------------------------------------------------------------------------|--------|------------------------|------------|--------|---------------|--------|----------|---------------|--------|
| Finance costs:                                                                                      |   |                   |       |   |          |   |     |          |   |
|  - Interest expense                                                                            |   |                   | (492,864   | )      |          |   | (331,263 | )             |   |   | (280,089 | ) |
|  - Foreign exchange                                                                            |   |                   | (1,203,240 | )      |          |   | (407,473 | )             |   |   | (213,888 | ) |
|  - Other financial costs                                                                       |   |                   | (53,147    | )      |          |   | (43,983  | )             |   |   | (35,548 | ) |
| Finance costs                                                                                       |   |                   | (1,749,251 | )      |          |   | (782,719 | )             |   |   | (529,525 | ) |
| Less: Capitalized  finance costs                                                          |   |                   | 22,376     |   |          |   | 10,307   |          |   |   | 1,515 |   |
| Total finance costs                                                                                 |   |                   | (1,726,875 | )      |          |   | (772,412 | )             |   |   | (528,010 | ) |
| Other financial results:                                                                            |   |                   |       |   |          |   |     |          |   |   |   |   |
| - Fair value gain / (loss) of financial assets and liabilities at fair value through profit or loss |   |                   | 215,430    |   |          |   | 1,396    |          |   |   | (1,821 | ) |
| - (Loss) / gain on derivative financial instruments, net                                            |   |                   | (316,632   | )      |          |   | 11,242   |          |   |   | (2,096 | ) |
| - (Loss) / gain on repurchase of Non-Convertible notes                                              |   |                   | (22,701    | )      |          |   | 2,057    |          |   |   | - |   |
| Total other financial results                                                                       |   |                   | (123,903   | )      |          |   | 14,695   |          |   |   | (3,917 | ) |
| Total financial results, net                                                                        |   |                   | (1,719,269 | )      |          |   | (638,192 | )             |   |   | (426,827 | ) |

| 36. | Earnings per share |
|-----|--------------------|

| (a)   | Basic |
|-----------------|-------|

|                                                |   | June 30,2014(Restated) |     |   | June 30,2013 |   |    | June 30,2012 |   |
|-----------------------------------------------------|--------|------------------------|----------|--------|--------------|--------|---------|--------------|--------|
| Profit attributable to equity holders of the Group  |   |                   | (786,487 | )      |         |   | 238,737 |         |   |   | 203,891 |   |
| Weighted average number of ordinary shares in issue |   |                   | 575,933  |   |         |   | 578,676 |         |   |   | 578,676 |   |
| Basic earnings / (loss)per share                    |   |                   | (1.37    | )      |         |   | 0.41    |         |   |   | 0.35 |   |

| (b)   | Diluted |
|-----------------|---------|

----

| 37. | Related party transactions |
|-----|----------------------------|

| -   | An entity, individual or close relative of such individual or legal entity exercises control, or joint control, or significant influence over the reporting entity, or is a member of the Board of Directors or the Senior Management of the entity or its controlling company. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | An entity is a subsidiary, associate or joint venture of the entity or its controlling or controlled company. |
|---------------|---------------------------------------------------------------------------------------------------------------|

| 1.   | Remunerations of the Board of Directors |
|----------------|-----------------------------------------|

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| 2.   | Senior Management remuneration |
|----------------|--------------------------------|

| Name                | Date of birth | Position                                             | In the position since |
|---------------------|---------------|------------------------------------------------------|-----------------------|
| Eduardo S. Elsztain | 01/26/1960    | General Manager                                      | 1991                  |
| Daniel R. Elsztain  | 12/22/1972    | Chief Operations Officer of the real estate business | 2012                  |
| Matias Gaivironsky  | 02/23/1976    | Financial Manager                                    | 2011                  |
| David A. Perednik   | 11/15/1957    | Administrative Manager                               | 2002                  |
| Jorge Cruces        | 12/22/1972    | Real Estate Manager                                  | 2007                  |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| 3.   | Donations granted to Fundación IRSA |
|----------------|------------------------------------------|

| 4.   | Rentals and/or rights of use |
|----------------|------------------------------|

| (a)   | Lease agreements, gratuitous bailment agreements or agreements for the use of space in shopping centers: |
|-----------------|----------------------------------------------------------------------------------------------------------|

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| (b)   | Rights of use granted to Fundación Museo de los Niños: |
|-----------------|------------------------------------------------------------------|

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| (c)   | Office rental (the Group as lessee): |
|-----------------|--------------------------------------|

| 5.   | Service provider or recipient: |
|----------------|--------------------------------|

| (a)   | Management Fee: |
|-----------------|-----------------|

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| (b)   | Special reimbursement programs with several means of payment: |
|-----------------|---------------------------------------------------------------|

| (c)   | Legal services: |
|-----------------|-----------------|

| 6.   | Purchase and sale of goods and/or service hiring: |
|----------------|---------------------------------------------------|

| (a)   | Sale of radio or TV advertising seconds and/or spaces in newspapers and magazines: |
|-----------------|------------------------------------------------------------------------------------|

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| (b)   | Sale of supplies and materials: |
|-----------------|---------------------------------|

| (c)   | Reimbursement of expenses: |
|-----------------|----------------------------|

| 7.   | Financial operations: |
|----------------|-----------------------|

| (a)   | Borrowings |
|-----------------|------------|

| (b)   | Master agreement for US dollar-denominated forward transactions with Banco Hipotecario S.A. |
|-----------------|---------------------------------------------------------------------------------------------|

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party                               | Descriptionoftransaction    |   | Investments infinancial assetsnon-current |   |   | Investments in financial assets current |   |   | Trade and other receivables non-current |   |   | Trade and other receivables current |   |   | Trade and other payablesnon-current |   |   | Trade and other payables current |   |   | Borrowings non-current |   |    | Borrowings current |   |   | Derivative financial instrumentscurrent |    |
|---------------------------------------------|-----------------------------|--------|-------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|----------------------------------|--------|--------|------------------------|--------|---------|--------------------|--------|--------|-----------------------------------------|---------|
| Parent Companies                            |                        |   |                                      |   |   |                                    |   |   |                                    |   |   |                                |   |   |                                |   |   |                             |   |   |                   |   |    |               |   |   |                                    |    |
| Cresud S.A.C.I.F. y A.                      | Reimbursement of expenses   |   |                                      | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 16     |   |                             |   | -      |                   |   |    | (3,723             | )      |   |                                    | -       |   |   |   | - |   |   |   | - |   |
| Corporate services                          |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | -      |   |                   |   | (33,710 | )                  |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Sale of good and/or services                |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 701                                 |   |   |                             | -      |   |                   |   | -       |               |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Dividends payable                           |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | -      |   |                   |   | (36,462 | )                  |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Leases and/or rights of use                 |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 1,598                               |   |   |                             | -      |   |                   |   | -       |               |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Non-Convertible Notes                       |                        |   | -                                         |   |   |                                    | 14,079 |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | -      |   |                   |   | -       |               |   |   | (56,972                                 | )       |   |   | (2,023 | ) |   |   | - |   |
| Long-term incentive plan                    |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | -      |   |                   |   | (10,557 | )                  |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Share-based payments                        |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | -      |   |                   |   | (3,673  | )                  |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Total Parent Companies                      |                        |   |                                      | -      |   |                                    |   | 14,079 |                                    |   |   | -                                   |   |   |                                | 2,315  |   |                             |   | -      |                   |   |    | (88,125            | )      |   |                                    | (56,972 | ) |   |   | (2,023 | ) |   |   | - |   |
| Associates                                  |                        |   |                                      |   |   |                                    |   |   |                                    |   |   |                                |   |   |                                |   |   |                             |   |   |                   |   |    |               |   |   |                                    |    |   |   |   |   |   |   |   |   |   |
| Banco Hipotecario S.A.                      | Reimbursement of expenses   |   |                                      | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | -      |   |                             |   | -      |                   |   |    | (1,547             | )      |   |                                    | -       |   |   |   | - |   |   |   |   |   |
| Borrowings                                  |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | -      |   |                   |   | -       |               |   |   | (17,781                                 | )       |   |   | (23,285 | ) |   |   |   |   |
| Derivatives                                 |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | -      |   |                   |   | -       |               |   |   | -                                       |    |   |   | - |   |   |   | (5,225 | ) |
| Leases and/or rights of use                 |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 200                                 |   |   |                             | -      |   |                   |   | -       |               |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Commissions per stands                      |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 59                                  |   |   |                             | -      |   |                   |   | -       |               |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Lipstick Management LLC                     | Reimbursement of expenses   |   |                                      | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 765    |   |                             |   | -      |                   |   |    | -                  |   |   |                                    | -       |   |   |   | - |   |   |   | - |   |
| New Lipstick LLC                            | Reimbursement of expenses   |   |                                      | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 2,297  |   |                             |   | -      |                   |   |    | -                  |   |   |                                    | -       |   |   |   | - |   |   |   | - |   |
| Banco de crédito y securitización | Leases and/or rights of use |   |                                      | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 19     |   |                             |   | -      |                   |   |    | (80                | )      |   |                                    | -       |   |   |   | - |   |   |   | - |   |
| Tarshop S.A.                                | Leases and/or rights of use |   |                                      | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | -      |   |                             |   | (175   | )                      |   |    | (677               | )      |   |                                    | -       |   |   |   | - |   |   |   | - |   |
| Reimbursement of expenses                   |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 687                                 |   |   |                             | -      |   |                   |   | -       |               |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Commissions per stands                      |                        |   | -                                         |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 19                                  |   |   |                             | -      |   |                   |   | -       |               |   |   | -                                       |    |   |   | - |   |   |   | - |   |
| Total Associates                            |                        |   |                                      | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 4,046  |   |                             |   | (175   | )                      |   |    | (2,304             | )      |   |                                    | (17,781 | ) |   |   | (23,285 | ) |   |   | (5,225 | ) |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party               | Descriptionoftransaction    |   | Investments in financial assetsnon-current |   |   | Investments in financial assets current |   |   | Trade and other receivables non-current |   |   | Trade and other receivablescurrent |   |   | Trade and other payablesnon-current |   |   | Trade and other payables current |   |   | Borrowings non-current |   |   | Borrowings current |   |   | Derivative financial instrumentscurrent |     |
|-----------------------------|-----------------------------|--------|--------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|--------|------------------------------------|--------|--------|-------------------------------------|--------|--------|----------------------------------|--------|--------|------------------------|--------|--------|--------------------|--------|--------|-----------------------------------------|----------|
| Joint ventures              |                        |   |                                       |   |   |                                    |   |   |                                    |   |   |                               |   |   |                                |   |   |                             |   |   |                   |   |   |               |   |   |                                    |     |
|                        | Contributions to be paid in |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 10     |   |                             |   | -      |                   |   |   | -                  |   |   |                                    | -        |   |   |   | - |   |   |   | - |   |
| Baicom Networks S.A.        | Management fee              |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 2      |   |                             |   | -      |                   |   |   | -                  |   |   |                                    | -        |   |   |   | - |   |   |   | - |   |
| Borrowings                  |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | 1,143  |                               |   |   | -                                   |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Reimbursement of expenses   |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 193                                 |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Entertainment Holding S.A.  | Reimbursement of expenses   |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 165    |   |                             |   | -      |                   |   |   | -                  |   |   |                                    | -        |   |   |   | - |   |   |   | - |   |
| Borrowings                  |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 20                                  |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Boulevard Norte S.A.        | Reimbursement of expenses   |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 864    |   |                             |   | -      |                   |   |   | -                  |   |   |                                    | -        |   |   |   | - |   |   |   | - |   |
|                        | Borrowings                  |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 4      |   |                             |   | -      |                   |   |   | -                  |   |   |                                    | -        |   |   |   | - |   |   |   | - |   |
| Cyrsa S.A.                  | Borrowings                  |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | -      |   |                             |   | -      |                   |   |   | -                  |   |   |                                    | (133,314 | ) |   |   | - |   |   |   | - |   |
| Reimbursement of expenses   |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 66                                  |   |   |                             | -      |   |                   |   | (9     | )                  |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Nuevo Puerto Santa Fe S.A.  | Reimbursement of expenses   |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 223    |   |                             |   | -      |                   |   |   | (72                | )      |   |                                    | -        |   |   |   | - |   |   |   | - |   |
| Proceeds from leasing       |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | -                                   |   |   |                             | -      |   |                   |   | (18    | )                  |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Leases and/or rights of use |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | -                                   |   |   |                             | -      |   |                   |   | (630   | )                  |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Management fee              |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 1,338                               |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Share-based payments        |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 304                                 |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Borrowings                  |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | -                                   |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | (71 | ) |   |   | - |   |
| Puerto Retiro S.A.          | Contributions to be paid in |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 160    |   |                             |   | -      |                   |   |   | -                  |   |   |                                    | -        |   |   |   | - |   |   |   | - |   |
| Borrowings                  |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 3,230                               |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Reimbursement of expenses   |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 213                                 |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Quality Invest S.A.         | Management fee              |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 22     |   |                             |   | -      |                   |   |   | (45                | )      |   |                                    | -        |   |   |   | - |   |   |   | - |   |
| Reimbursement of expenses   |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 64                                  |   |   |                             | -      |   |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Total Joint ventures        |                        |   |                                       | -      |   |                                    |   | -      |                                    |   |   | 1,143                              |   |   |                                | 6,878  |   |                             |   | -      |                   |   |   | (774               | )      |   |                                    | (133,314 | ) |   |   | (71 | ) |   |   | - |   |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party                              |           | Descriptionoftransaction  |   | Investments in financial assetsnon-current |   |   | Investments in financial assets current |   |   | Trade and other receivables non-current |   |   | Trade and other receivablescurrent |   |   | Trade and other payablesnon-current |   |   | Trade and other payables current |   |   | Borrowingsnon-current |   |   | Borrowings current |   |   | Derivative financial instrumentscurrent |   |
|--------------------------------------------|----------------|---------------------------|--------|--------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|--------|------------------------------------|--------|--------|-------------------------------------|--------|--------|----------------------------------|--------|--------|-----------------------|--------|--------|--------------------|--------|--------|-----------------------------------------|--------|
| Subsidiaries of the parent companies       |           |                      |   |                                       |   |   |                                    |   |   |                                    |   |   |                               |   |   |                                |   |   |                             |   |   |                  |   |   |               |   |   |                                    |   |
| Cactus Argentina S.A.                      |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 2      |   |                             |   | -      |                  |   |   | (515               | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Exportaciones Agroindustriales             |           | Borrowings                |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 2,134  |   |                             |   | -      |                  |   |   | -                  |   |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Futuros y Opciones.com S.A.                |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 138    |   |                             |   | -      |                  |   |   | (29                | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| FyO Trading S.A.                           |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 1      |   |                             |   | -      |                  |   |   | -                  |   |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Total Subsidiaries of the parent companies |           |                      |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 2,275  |   |                             |   | -      |                  |   |   | (544               | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Other related parties                      |           |                      |   |                                       |   |   |                                    |   |   |                                    |   |   |                               |   |   |                                |   |   |                             |   |   |                  |   |   |               |   |   |                                    |   |   |   |   |   |   |   |   |   |   |
| Consultores Asset Management S.A.          |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 14,378 |   |                             |   | -      |                  |   |   | (11,099            | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Estudio Zang, Bergel y Viñes          |           | Advances                  |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 4      |   |                             |   | -      |                  |   |   | -                  |   |   |                                    | -      |   |   |   | - |   |   |   | - |   |
|                                       | Legal services |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   |                                |   |   |                             | -      |   |                  |   | (513   | )                  |   |   | -                                       |   |   |   | - |   |   |   | - |   |
| Austral Gold                               |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 8      |   |                             |   | -      |                  |   |   | (1                 | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Entretenimiento Universal S.A.             |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 103    |   |                             |   | -      |                  |   |   | -                  |   |   |                                    | -      |   |   |   | - |   |   |   | - |   |
|                                       | Borrowings     |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 68                                  |   |   |                             | -      |   |                  |   | -      |               |   |   | -                                       |   |   |   | - |   |   |   | - |   |
| Ogden Argentina S.A.                       |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 228    |   |                             |   | -      |                  |   |   | -                  |   |   |                                    | -      |   |   |   | - |   |   |   | - |   |
|                                       | Borrowings     |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                               |   |   | 4                                   |   |   |                             | -      |   |                  |   | -      |               |   |   | -                                       |   |   |   | - |   |   |   | - |   |
| EMP                                        |           | Management fees           |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                |   |   |                             |   | -      |                  |   |   | (31                | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Fundación IRSA                        |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 72     |   |                             |   | -      |                  |   |   | -                  |   |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| IRSA Real Estate Strategies LP             |           | Capital contributions     |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                |   |   |                             |   | -      |                  |   |   | (8                 | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Inversiones Financieras del Sur S.A.       |           | Borrowings                |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 378    |   |                             |   | -      |                  |   |   | (5                 | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| IRSA Developments LP                       |           | Capital contributions     |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                |   |   |                             |   | -      |                  |   |   | (13                | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Museo de los niños                    |           | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 767    |   |                             |   | -      |                  |   |   | (9                 | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |
| Total Other related parties                |           |                      |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                  |   |   |                                | 16,010 |   |                             |   | -      |                  |   |   | (11,679            | )      |   |                                    | -      |   |   |   | - |   |   |   | - |   |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party                         |                      | Descriptionoftransaction |   | Investments in financial assetsnon-current |   |   | Investments in financial assetscurrent |   |   | Trade and other receivables non-current |   |   | Trade and other receivables current |   |   | Trade and other payablesnon-current |   |   | Trade and other payables current |   |   | Borrowings non-current |   |   | Borrowings current |   |   | Derivative financial instrumentscurrent |     |
|---------------------------------------|---------------------------|--------------------------|--------|--------------------------------------------|--------|--------|----------------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|----------------------------------|--------|--------|------------------------|--------|--------|--------------------|--------|--------|-----------------------------------------|----------|
| Directors and Senior Management       |                      |                     |   |                                       |   |   |                                   |   |   |                                    |   |   |                                |   |   |                                |   |   |                             |   |   |                   |   |   |               |   |   |                                    |     |
| Directors                             |                      | Fees                     |   |                                       | -      |   |                                   |   | -      |                                    |   |   | -                                   |   |   |                                | 301    |   |                             |   | -      |                   |   |   | (13,225            | )      |   |                                    | -        |   |   |   | - |   |   |   | - |   |
|                                  | Reimbursement of expenses |                     |   | -                                          |   |   |                                   | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | -      |   |                   |   | (10    | )                  |   |   | -                                       |     |   |   | - |   |   |   | - |   |
|                                  | Guarantee deposits        |                     |   | -                                          |   |   |                                   | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                             | (20    | )      |                   |   | -      |               |   |   | -                                       |     |   |   | - |   |   |   | - |   |
| Total Directors and Senior Management |                      |                     |   |                                       | -      |   |                                   |   | -      |                                    |   |   | -                                   |   |   |                                | 301    |   |                             |   | (20    | )                      |   |   | (13,235            | )      |   |                                    | -        |   |   |   | - |   |   |   | - |   |
| Total                                 |                      |                     |   |                                       | -      |   |                                   |   | 14,079 |                                    |   |   | 1,143                               |   |   |                                | 31,825 |   |                             |   | (195   | )                      |   |   | (116,661           | )      |   |                                    | (208,067 | ) |   |   | (25,379 | ) |   |   | (5,225 | ) |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party           |                         | Descriptionoftransaction  |   | Investments in financial assetsnon-current |   |   | Investments in financial assets current |   |   | Trade and other receivables non-current |   |   | Trade and other receivables current |   |   | Trade and other payablesnon-current |   |   | Trade and other payablescurrent |   |   | Borrowings non-current |   |    | Borrowings current |   |
|-------------------------|------------------------------|---------------------------|--------|--------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|---------------------------------|--------|--------|------------------------|--------|---------|--------------------|--------|
| Parent Companies        |                         |                      |   |                                       |   |   |                                    |   |   |                                    |   |   |                                |   |   |                                |   |   |                            |   |   |                   |   |    |               |   |
| Parent Companies        |                         |                      |   |                                       |   |   |                                    |   |   |                                    |   |   |                                |   |   |                                |   |   |                            |   |   |                   |   |    |               |   |
| Cresud S.A.C.I.F. y A.  |                         | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 480    |   |                            |   | -      |                   |   |    | (10,565            | )      |   |   | - |   |   |   | - |   |
|                    | Corporate services           |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                            | -      |   |                   |   | (33,927 | )                  |   |   | - |   |   |   | - |   |
|                    | Sale of real estate property |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 701                                 |   |   |                            | -      |   |                   |   | -       |               |   |   | - |   |   |   | - |   |
|                    | Non-Convertible Notes        |                      |   | 14,001                                     |   |   |                                    | 16,655 |   |                                    |   | -      |                                |   |   | -                                   |   |   |                            | -      |   |                   |   | -       |               |   |   | - |   |   |   | - |   |
|                    | Share-based payments         |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 1,331                               |   |   |                            | -      |   |                   |   | -       |               |   |   | - |   |   |   | - |   |
| Total Parent companies  |                         |                      |   |                                       | 14,001 |   |                                    |   | 16,655 |                                    |   |   | -                                   |   |   |                                | 2,512  |   |                            |   | -      |                   |   |    | (44,492            | )      |   |   | - |   |   |   | - |   |
| Associates              |                         |                      |   |                                       |   |   |                                    |   |   |                                    |   |   |                                |   |   |                                |   |   |                            |   |   |                   |   |    |               |   |   |   |   |   |   |   |   |   |
| Banco Hipotecario S.A.  |                         | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 298    |   |                            |   | -      |                   |   |    | (372               | )      |   |   | - |   |   |   | - |   |
|                    | Borrowings                   |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                            | -      |   |                   |   | -       |               |   |   | (35,557 | ) |   |   | (9,738 | ) |
|                    | Non-Convertible Notes        |                      |   | -                                          |   |   |                                    | 5,136  |   |                                    |   | -      |                                |   |   | -                                   |   |   |                            | -      |   |                   |   | -       |               |   |   | - |   |   |   | - |   |
|                    | Mortgage bonds               |                      |   | -                                          |   |   |                                    | 540    |   |                                    |   | -      |                                |   |   | -                                   |   |   |                            | -      |   |                   |   | -       |               |   |   | - |   |   |   | - |   |
|                    | Leases and/or rights of use  |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 11                                  |   |   |                            | -      |   |                   |   | -       |               |   |   | - |   |   |   | - |   |
| Lipstick Management LLC |                         | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 507    |   |                            |   | -      |                   |   |    | -                  |   |   |   | - |   |   |   | - |   |
| Manibil S.A.            |                         | Other liabilities         |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | -      |   |                            |   | -      |                   |   |    | (781               | )      |   |   | - |   |   |   | - |   |
| New Lipstick LLC        |                         | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 1,525  |   |                            |   | -      |                   |   |    | -                  |   |   |   | - |   |   |   | - |   |
| Tarshop S.A.            |                         | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 1,759  |   |                            |   | -      |                   |   |    | (1                 | )      |   |   | - |   |   |   | - |   |
| Total Associates        |                         |                      |   |                                       | -      |   |                                    |   | 5,676  |                                    |   |   | -                                   |   |   |                                | 4,100  |   |                            |   | -      |                   |   |    | (1,154             | )      |   |   | (35,557 | ) |   |   | (9,738 | ) |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party              |                        | Descriptionoftransaction    |   | Investments in financial assetsnon-current |   |   | Investments in financial assets current |   |   | Trade and other receivables non-current |   |   | Trade and other receivables current |   |   | Trade and other payablesnon-current |   |   | Trade and other payablescurrent |   |   | Borrowings non-current |   |   | Borrowings current |   |
|----------------------------|-----------------------------|-----------------------------|--------|--------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|---------------------------------|--------|--------|------------------------|--------|--------|--------------------|--------|
| Joint ventures             |                        |                        |   |                                       |   |   |                                    |   |   |                                    |   |   |                                |   |   |                                |   |   |                            |   |   |                   |   |   |               |   |
| Baicom Networks S.A.       |                        | Management fees             |   |                                       | -      |   |                                    |   | -      |                                    |   |   | 1,007                               |   |   |                                | 1      |   |                            |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
|                       | Reimbursement of expenses   |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 18                                  |   |   |                            | -      |   |                   |   | (2     | )                  |   |   | - |   |   |   | - |   |
| Boulevard Norte S.A.       |                        | Reimbursement of expenses   |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 29     |   |                            |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Cyrsa S.A.                 |                        | Borrowings                  |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | -      |   |                            |   | -      |                   |   |   | -                  |   |   |   | (98,328 | ) |   |   | - |   |
|                       | Reimbursement of expenses   |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 84                                  |   |   |                            | -      |   |                   |   | (254   | )                  |   |   | - |   |   |   | - |   |
| Nuevo Puerto Santa Fe S.A. |                        | Reimbursement of expenses   |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 275    |   |                            |   | -      |                   |   |   | (141               | )      |   |   | - |   |   |   | - |   |
|                       | Proceeds from leasing       |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 11                                  |   |   |                            | -      |   |                   |   | (13    | )                  |   |   | - |   |   |   | - |   |
|                       | Leases and/or rights of use |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | -                                   |   |   |                            | -      |   |                   |   | (248   | )                  |   |   | - |   |   |   | - |   |
|                       | Management fees             |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 629                                 |   |   |                            | -      |   |                   |   | -      |               |   |   | - |   |   |   | - |   |
| Puerto Retiro S.A.         |                        | Contributions to be paid in |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 101    |   |                            |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
|                       | Borrowings                  |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 3,916                               |   |   |                            | -      |   |                   |   | -      |               |   |   | - |   |   |   | - |   |
|                       | Reimbursement of expenses   |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 180                                 |   |   |                            | -      |   |                   |   | -      |               |   |   | - |   |   |   | - |   |
| Quality Invest S.A.        |                        | Management fees             |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                | 46     |   |                            |   | -      |                   |   |   | (45                | )      |   |   | - |   |   |   | - |   |
|                       | Reimbursement of expenses   |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 77                                  |   |   |                            | -      |   |                   |   | -      |               |   |   | - |   |   |   | - |   |
|                       | Borrowings                  |                        |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 500                                 |   |   |                            | -      |   |                   |   | -      |               |   |   | - |   |   |   | - |   |
| Total Joint ventures       |                        |                        |   |                                       | -      |   |                                    |   | -      |                                    |   |   | 1,007                               |   |   |                                | 5,867  |   |                            |   | -      |                   |   |   | (703               | )      |   |   | (98,328 | ) |   |   | - |   |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party                              |                        | Descriptionoftransaction  |   | Investments in financial assetsnon-current |   |   | Investments in financial assets current |   |   | Trade and other receivables non-current |   |   | Trade and other receivables current |   |   | Trade and other payables non-current |   |   | Trade and other payables current |   |   | Borrowings non-current |   |   | Borrowings current |   |
|--------------------------------------------|-----------------------------|---------------------------|--------|--------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------|--------|--------|--------------------------------------|--------|--------|----------------------------------|--------|--------|------------------------|--------|--------|--------------------|--------|
| Subsidiaries of the parent companies       |                        |                      |   |                                       |   |   |                                    |   |   |                                    |   |   |                                |   |   |                                 |   |   |                             |   |   |                   |   |   |               |   |
| Helmir S.A.                                |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 1      |   |                             |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Alafox S.A.                                |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 49     |   |                             |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Doneldon S.A.                              |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 39     |   |                             |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Futuros y Opciones.com S.A.                |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 40     |   |                             |   | -      |                   |   |   | (8                 | )      |   |   | - |   |   |   | - |   |
| Sedelor S.A.                               |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 38     |   |                             |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Codalis S.A.                               |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 47     |   |                             |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| FyO Trading S.A.                           |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 9      |   |                             |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Total Subsidiaries of the parent companies |                        |                      |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 223    |   |                             |   | -      |                   |   |   | (8                 | )      |   |   | - |   |   |   | - |   |
| Other related parties                      |                        |                      |   |                                       |   |   |                                    |   |   |                                    |   |   |                                |   |   |                                 |   |   |                             |   |   |                   |   |   |               |   |   |   |   |   |   |   |   |   |
| Consultores Asset Management S.A. (CAMSA)  |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 2,703  |   |                             |   | -      |                   |   |   | (6,702             | )      |   |   | - |   |   |   | - |   |
| Estudio Zang, Bergel y Viñes          |                        | Advances                  |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 14     |   |                             |   | -      |                   |   |   | -                  |   |   |   | - |   |   |   | - |   |
|                                       | Legal services              |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 22                                   |   |   |                             | -      |   |                   |   | (979   | )                  |   |   | - |   |   |   | - |   |
| ERP                                        |                        | Reimbursement of capital  |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | -      |   |                             |   | -      |                   |   |   | (105,325           | )      |   |   | - |   |   |   | - |   |
| EMP                                        |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | -      |   |                             |   | -      |                   |   |   | (61                | )      |   |   | - |   |   |   | - |   |
| Fundación IRSA                        |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 51     |   |                             |   | -      |                   |   |   | (2                 | )      |   |   | - |   |   |   | - |   |
| Inversiones Financieras del Sur S.A.       |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 261    |   |                             |   | -      |                   |   |   | (3                 | )      |   |   | - |   |   |   | - |   |
| IRSA Developments LP                       |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 32     |   |                             |   | -      |                   |   |   | (5                 | )      |   |   | - |   |   |   | - |   |
| Museo de los niños                    |                        | Reimbursement of expenses |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 133    |   |                             |   | -      |                   |   |   | (11                | )      |   |   | - |   |   |   | - |   |
|                                       | Leases and/or rights of use |                      |   | -                                          |   |   |                                    | -      |   |                                    |   | -      |                                |   |   | 928                                  |   |   |                             | -      |   |                   |   | (3     | )                  |   |   | - |   |   |   | - |   |
| Total Other related parties                |                        |                      |   |                                       | -      |   |                                    |   | -      |                                    |   |   | -                                   |   |   |                                 | 4,144  |   |                             |   | -      |                   |   |   | (113,091           | )      |   |   | - |   |   |   | - |   |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party                         |                      | Descriptionoftransaction |   | Investments in financial assetsnon-current |   |   | Investments in financial assets current |   |   | Trade and other receivablesnon-current |   |   | Trade and other receivables current |   |   | Trade and other payablesnon-current |   |   | Trade and other payablescurrent |   |   | Borrowings non-current |   |   | Borrowings current |   |
|---------------------------------------|---------------------------|--------------------------|--------|--------------------------------------------|--------|--------|-----------------------------------------|--------|--------|----------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|---------------------------------|--------|--------|------------------------|--------|--------|--------------------|--------|
| Directors and Senior Management       |                      |                     |   |                                       |   |   |                                    |   |   |                                   |   |   |                                |   |   |                                |   |   |                            |   |   |                   |   |   |               |   |
| Directors                             |                      | Management fees          |   |                                       | -      |   |                                    |   | -      |                                   |   |   | -                                   |   |   |                                | 7,599  |   |                            |   | -      |                   |   |   | (11,754            | )      |   |   | - |   |   |   | - |   |
|                                  | Reimbursement of expenses |                     |   | -                                          |   |   |                                    | -      |   |                                   |   | -      |                                |   |   | -                                   |   |   |                            | -      |   |                   |   | (69    | )                  |   |   | - |   |   |   | - |   |
|                                  | Guarantee deposits        |                     |   | -                                          |   |   |                                    | -      |   |                                   |   | -      |                                |   |   | -                                   |   |   |                            | (20    | )      |                   |   | -      |               |   |   | - |   |   |   | - |   |
| Total Directors and Senior Management |                      |                     |   |                                       | -      |   |                                    |   | -      |                                   |   |   | -                                   |   |   |                                | 7,599  |   |                            |   | (20    | )                      |   |   | (11,823            | )      |   |   | - |   |   |   | - |   |
| Total                                 |                      |                     |   |                                       | 14,001 |   |                                    |   | 22,331 |                                   |   |   | 1,007                               |   |   |                                | 24,445 |   |                            |   | (20    | )                      |   |   | (171,271           | )      |   |   | (133,885 | ) |   |   | (9,738 | ) |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party                               |   | Leases and/or rightsof use |   |   |   Management fees |   |   | Corporate services |   |   | Legal services |   |   | Financial operations |   |   | Donations |   |    | Fees and salaries |   |
|---------------------------------------------|--------|----------------------------|--------|--------|------------------------|--------|--------|--------------------|--------|--------|----------------|--------|--------|----------------------|--------|--------|-----------|--------|---------|-------------------|--------|
| Parent companies                            |   |                       |   |   |                   |   |   |               |   |   |           |   |   |                 |   |   |      |   |    |              |   |
| Cresud S.A.C.I.F. y A.                      |   |                       | 2,111  |   |                   |   | -      |               |   |   | (95,951        | )      |   |                 | -      |   |      |   | (50,245 | )                 |   |   | - |   |   |   | - |   |
| Total Parent companies                      |   |                       | 2,111  |   |                   |   | -      |               |   |   | (95,951        | )      |   |                 | -      |   |      |   | (50,245 | )                 |   |   | - |   |   |   | - |   |
| Associates                                  |   |                       |   |   |                   |   |   |               |   |   |           |   |   |                 |   |   |      |   |    |              |   |   |   |   |   |   |   |   |
| Banco Hipotecario S.A.                      |   |                       | 560    |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | 26,453  |              |   |   | - |   |   |   | - |   |
| Banco de crédito y securitización |   |                       | 1,544  |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | - |   |   |   | - |   |
| Tarshop S.A.                                |   |                       | 8,172  |   |                   |   | (239   | )                  |   |   | -              |   |   |                 |   |   |      |   | -       |              |   |   | - |   |   |   | - |   |
| Total Associates                            |   |                       | 10,276 |   |                   |   | (239   | )                  |   |   | -              |   |   |                 | -      |   |      |   | 26,453  |              |   |   | - |   |   |   | - |   |
| Joint ventures                              |   |                       |   |   |                   |   |   |               |   |   |           |   |   |                 |   |   |      |   |    |              |   |   |   |   |   |   |   |   |
| Baicom Networks S.A.                        |   |                       | -      |   |                   |   | 12     |               |   |   | -              |   |   |                 | -      |   |      |   | 136     |              |   |   | - |   |   |   | - |   |
| Cyrsa S.A.                                  |   |                       | -      |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | (20,897 | )                 |   |   | - |   |   |   | - |   |
| Nuevo Puerto Santa Fe S.A.                  |   |                       | (632   | )      |                   |   | 1,124  |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | - |   |   |   | - |   |
| Puerto Retiro S.A.                          |   |                       | -      |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | 917     |              |   |   | - |   |   |   | - |   |
| Quality Invest S.A.                         |   |                       | -      |   |                   |   | 216    |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | - |   |   |   | - |   |
| Total Joint ventures                        |   |                       | (632   | )      |                   |   | 1,352  |               |   |   | -              |   |   |                 | -      |   |      |   | (19,844 | )                 |   |   | - |   |   |   | - |   |
| Other related parties                       |   |                       |   |   |                   |   |   |               |   |   |           |   |   |                 |   |   |      |   |    |              |   |   |   |   |   |   |   |   |
| Estudio Zang, Bergel & Viñes       |   |                       | -      |   |                   |   | -      |               |   |   | -              |   |   |                 | (3,541 | )      |      |   | -       |              |   |   | - |   |   |   | - |   |
| Fundación IRSA                         |   |                       | -      |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | (3,325 | ) |   |   | - |   |
| Isaac Elsztain e Hijos S.C.A.               |   |                       | (506   | )      |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | - |   |   |   | - |   |
| Consultores Asset Management S.A.           |   |                       |   |   |                   |   | 230    |               |   |   |           |   |   |                 |   |   |      |   |    |              |   |   |   |   |   |   |   |   |
| Hamonet S.A.                                |   |                       | (258   | )      |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | - |   |   |   | - |   |
| Inversiones Financieras del Sur S.A.        |   |                       | -      |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | 321     |              |   |   | - |   |   |   | - |   |
| Total Other related parties                 |   |                       | (764   | )      |                   |   | 230    |               |   |   | -              |   |   |                 | (3,541 | )      |      |   | 321     |              |   |   | (3,325 | ) |   |   | - |   |
| Directors and Senior Management             |   |                       |   |   |                   |   |   |               |   |   |           |   |   |                 |   |   |      |   |    |              |   |   |   |   |   |   |   |   |
| Senior Management                           |   |                       | -      |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | - |   |   |   | (11,533 | ) |
| Directors                                   |   |                       | -      |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | - |   |   |   | (68,506 | ) |
| Total Directors and Senior Management       |   |                       | -      |   |                   |   | -      |               |   |   | -              |   |   |                 | -      |   |      |   | -       |              |   |   | - |   |   |   | (80,039 | ) |
| Total                                       |   |                       | 10,991 |   |                   |   | 1,343  |               |   |   | (95,951        | )      |   |                 | (3,541 | )      |      |   | (43,315 | )                 |   |   | (3,325 | ) |   |   | (80,039 | ) |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party                         |   | Leases and/or rightsof use |   |   | Managementfees |   |   | Corporateservices |   |   | Legalservices |   |   | Financialoperations |   |   | Donations |   |   | Fees andsalaries |   |
|---------------------------------------|--------|----------------------------|--------|--------|----------------|--------|--------|-------------------|--------|--------|---------------|--------|--------|---------------------|--------|--------|-----------|--------|--------|------------------|--------|
| Parent companies                      |   |                       |   |   |           |   |   |              |   |   |          |   |   |                |   |   |      |   |   |             |   |
| Cresud S.A.C.I.F. y A.                |   |                       | -      |   |           |   | -      |              |   |   | (88,941       | )      |   |                | -      |   |      |   | 6,998  |             |   |   | - |   |   |   | - |   |
| Total Parent companies                |   |                       | -      |   |           |   | -      |              |   |   | (88,941       | )      |   |                | -      |   |      |   | 6,998  |             |   |   | - |   |   |   | - |   |
| Associates                            |   |                       |   |   |           |   |   |              |   |   |          |   |   |                |   |   |      |   |   |             |   |   |   |   |   |   |   |   |
| Banco Hipotecario S.A.                |   |                       | 453    |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | (1,377 | )                |   |   | - |   |   |   | - |   |
| Tarshop S.A.                          |   |                       | 5,991  |   |           |   | 301    |              |   |   |          |   |   |                | -      |   |      |   | -      |             |   |   | - |   |   |   | - |   |
| Total Associates                      |   |                       | 6,444  |   |           |   | 301    |              |   |   |          |   |   |                | -      |   |      |   | (1,377 | )                |   |   | - |   |   |   | - |   |
| Joint ventures                        |   |                       |   |   |           |   |   |              |   |   |          |   |   |                |   |   |      |   |   |             |   |   |   |   |   |   |   |   |
| Baicom Networks S.A.                  |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | 96     |             |   |   | - |   |   |   | - |   |
| Canteras Natal Crespo S.A.            |   |                       | -      |   |           |   | 96     |              |   |   | -             |   |   |                | -      |   |      |   | 11     |             |   |   | - |   |   |   | - |   |
| Cyrsa S.A.                            |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | (8,724 | )                |   |   | - |   |   |   | - |   |
| Nuevo Puerto Santa Fe S.A.            |   |                       | (111   | )      |           |   | 888    |              |   |   | -             |   |   |                | -      |   |      |   | -      |             |   |   | - |   |   |   | - |   |
| Puerto Retiro S.A.                    |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | 481    |             |   |   | - |   |   |   | - |   |
| Quality Invest S.A.                   |   |                       | -      |   |           |   | 216    |              |   |   | -             |   |   |                | -      |   |      |   | (28    | )                |   |   | - |   |   |   | - |   |
| Total Joint ventures                  |   |                       | (111   | )      |           |   | 1,200  |              |   |   | -             |   |   |                | -      |   |      |   | (8,164 | )                |   |   | - |   |   |   | - |   |
| Other related parties                 |   |                       |   |   |           |   |   |              |   |   |          |   |   |                |   |   |      |   |   |             |   |   |   |   |   |   |   |   |
| Estudio Zang, Bergel & Viñes |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | (2,784 | )      |      |   | -      |             |   |   | - |   |   |   | - |   |
| Fundación IRSA                   |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | -      |             |   |   | (1,420 | ) |   |   | - |   |
| Isaac Elsztain e Hijos S.C.A.         |   |                       | (372   | )      |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | -      |             |   |   | - |   |   |   | - |   |
| Hamonet S.A.                          |   |                       | (178   | )      |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | -      |             |   |   | - |   |   |   | - |   |
| Inversiones Financieras del Sur S.A.  |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | 155    |             |   |   | - |   |   |   | - |   |
| Total Other related parties           |   |                       | (550   | )      |           |   | -      |              |   |   | -             |   |   |                | (2,784 | )      |      |   | 155    |             |   |   | (1,420 | ) |   |   | - |   |
| Directors and Senior Management       |   |                       |   |   |           |   |   |              |   |   |          |   |   |                |   |   |      |   |   |             |   |   |   |   |   |   |   |   |
| Senior Management                     |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | -      |             |   |   | - |   |   |   | (6,905 | ) |
| Directors                             |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | -      |             |   |   | - |   |   |   | (55,968 | ) |
| Total Directors and Senior Management |   |                       | -      |   |           |   | -      |              |   |   | -             |   |   |                | -      |   |      |   | -      |             |   |   | - |   |   |   | (62,873 | ) |
| Total                                 |   |                       | 5,783  |   |           |   | 1,501  |              |   |   | (88,941       | )      |   |                | (2,784 | )      |      |   | (2,388 | )                |   |   | (1,420 | ) |   |   | (62,873 | ) |

----

| 37. | Related party transactions (Continued) |
|-----|----------------------------------------|

| Related party                         |   | Leases and/or rights of use |   |   | Managementfees |   |   | Corporateservices |   |   | Legalservices |   |   | Financial operations |   |   | Donations |   |   | Sale of goods and/or services |   |   | Fees andsalaries |   |
|---------------------------------------|--------|-----------------------------|--------|--------|----------------|--------|--------|-------------------|--------|--------|---------------|--------|--------|----------------------|--------|--------|-----------|--------|--------|-------------------------------|--------|--------|------------------|--------|
| Parent companies                      |   |                        |   |   |           |   |   |              |   |   |          |   |   |                 |   |   |      |   |   |                          |   |   |             |   |
| Cresud S.A.C.I.F. y A.                |   |                        | 786    |   |           |   | -      |              |   |   | (70,803       | )      |   |                 | -      |   |      |   | 2,804  |                          |   |   | -                |   |   |   | - |   |   |   | - |   |
| Total Parent companies                |   |                        | 786    |   |           |   | -      |              |   |   | (70,803       | )      |   |                 | -      |   |      |   | 2,804  |                          |   |   | -                |   |   |   | - |   |   |   | - |   |
| Associates                            |   |                        |   |   |           |   |   |              |   |   |          |   |   |                 |   |   |      |   |   |                          |   |   |             |   |   |   |   |   |   |   |   |   |
| Banco Hipotecario S.A.                |   |                        | 232    |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | 59     |                          |   |   | -                |   |   |   | - |   |   |   | - |   |
| Tarshop S.A.                          |   |                        | 5,434  |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | -      |                          |   |   | -                |   |   |   | 229 |   |   |   | - |   |
| Total Associates                      |   |                        | 5,666  |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | 59     |                          |   |   | -                |   |   |   | 229 |   |   |   | - |   |
| Joint ventures                        |   |                        |   |   |           |   |   |              |   |   |          |   |   |                 |   |   |      |   |   |                          |   |   |             |   |   |   |   |   |   |   |   |   |
| Baicom Networks S.A.                  |   |                        | -      |   |           |   | 9      |              |   |   | -             |   |   |                 | -      |   |      |   | 81     |                          |   |   | -                |   |   |   | - |   |   |   | - |   |
| Canteras Natal Crespo S.A.            |   |                        | -      |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | 9      |                          |   |   | -                |   |   |   | 96 |   |   |   | - |   |
| Cyrsa S.A.                            |   |                        | 1      |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | -      |                          |   |   | -                |   |   |   | - |   |   |   | - |   |
| Nuevo Puerto Santa Fe S.A.            |   |                        | -      |   |           |   | (226   | )                 |   |   | -             |   |   |                 | -      |   |      |   | -      |                          |   |   | -                |   |   |   | - |   |   |   | - |   |
| Quality Invest S.A.                   |   |                        | -      |   |           |   | (18    | )                 |   |   | -             |   |   |                 | -      |   |      |   | -      |                          |   |   | -                |   |   |   | 198 |   |   |   | - |   |
| Total Joint ventures                  |   |                        | 1      |   |           |   | (235   | )                 |   |   | -             |   |   |                 | -      |   |      |   | 90     |                          |   |   | -                |   |   |   | 294 |   |   |   | - |   |
| Other related parties                 |   |                        |   |   |           |   |   |              |   |   |          |   |   |                 |   |   |      |   |   |                          |   |   |             |   |   |   |   |   |   |   |   |   |
| Estudio Zang, Bergel & Viñes |   |                        | -      |   |           |   | -      |              |   |   | -             |   |   |                 | (5,252 | )      |      |   | -      |                          |   |   | -                |   |   |   | - |   |   |   | - |   |
| Fundación IRSA                   |   |                        | -      |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | -      |                          |   |   | (2,613           | )      |   |   | - |   |   |   | - |   |
| Inversiones Financieras del Sur S.A.  |   |                        | -      |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | 125    |                          |   |   | -                |   |   |   | - |   |   |   | - |   |
| Total Other related parties           |   |                        | -      |   |           |   | -      |              |   |   | -             |   |   |                 | (5,252 | )      |      |   | 125    |                          |   |   | (2,613           | )      |   |   | - |   |   |   | - |   |
| Directors and Senior Management       |   |                        |   |   |           |   |   |              |   |   |          |   |   |                 |   |   |      |   |   |                          |   |   |             |   |   |   |   |   |   |   |   |   |
| Directors                             |   |                        | -      |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | (1     | )                             |   |   | -                |   |   |   | - |   |   |   | (54,670 | ) |
| Total Directors and Senior Management |   |                        | -      |   |           |   | -      |              |   |   | -             |   |   |                 | -      |   |      |   | (1     | )                             |   |   | -                |   |   |   | - |   |   |   | (54,670 | ) |
| Total                                 |   |                        | 6,453  |   |           |   | (235   | )                 |   |   | (70,803       | )      |   |                 | (5,252 | )      |      |   | 3,077  |                          |   |   | (2,613           | )      |   |   | 523 |   |   |   | (54,670 | ) |

----

| 38. | Barters transactions |
|-----|----------------------|

----

| 38. | Barter transactions (Continued) |
|-----|---------------------------------|

----

| 39. | CNV General Resolution No. 622 |
|-----|--------------------------------|

| Exhibit A - Property, plant and equipment           | Note 10 Investment properties and Note 11 Property, plant and equipment |
|-----------------------------------------------------|-------------------------------------------------------------------------|
| Exhibit B - Intangible assets                       | Note 13 Intangible assets                                               |
| Exhibit C - Equity investments                      | Note 8 - Interest in joint ventures and Note 9 - Interest in associates |
| Exhibit D - Other investments                       | Note 15 Financial instruments by category                               |
| Exhibit E – Provisions                        | Note 17 Trading and other receivables and Note 23 Provisions            |
| Exhibit F - Cost of sales and services provided     | Note 12 Trading properties                                              |
| Exhibit G - Foreign currency assets and liabilities | Note 40 Foreign currency assets and liabilities                         |

----

| 40. | Foreign currency assets and liabilities |
|-----|-----------------------------------------|

| Items (3)                              |   | Amount of foreign currency (1) |    |   | Exchange rate prevailing (2) |   |   | Total as of06.30.14(Restated) |   |   | Amount of foreign currency (1) |   |   | Exchange rate prevailing (2) |    |   | Total as of 06.30.13 |   |
|----------------------------------------|--------|--------------------------------|---------|--------|------------------------------|--------|--------|-------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------------|---------|--------|---------------------------|--------|
| Assets                                 |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |
| Trade and other receivables            |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |
| US Dollar                              |   |                           | 7,970   |   |                         |   | 8.033  |                          |   |   | 64,019                         |   |   |                              | 42,502  |   |                      |   | 5.348 |   |   |   | 227,302 |   |
| Euros                                  |   |                           | 2       |   |                         |   | 10.991 |                          |   |   | 26                             |   |   |                              | 2       |   |                      |   | 6.949 |   |   |   | 17 |   |
| Swiss francs                           |   |                           | 27      |   |                         |   | 9.051  |                          |   |   | 242                            |   |   |                              | 77      |   |                      |   | 5.660 |   |   |   | 437 |   |
| Uruguayan Pesos                        |   |                           | 1,100   |   |                         |   | 0.356  |                          |   |   | 392                            |   |   |                              | 214     |   |                      |   | 0.262 |   |   |   | 56 |   |
| Total trade and other receivables      |   |                           |    |   |                         |   |   |                          |   |   | 64,679                         |   |   |                              |    |   |                      |   |   |   |   |   | 227,812 |   |
| Investments in financial assets        |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| US Dollar                              |   |                           | 35,240  |   |                         |   | 8.033  |                          |   |   | 283,083                        |   |   |                              | 39,209  |   |                      |   | 5.348 |   |   |   | 209,692 |   |
| Pounds                                 |   |                           | 1,021   |   |                         |   | 13.913 |                          |   |   | 14,206                         |   |   |                              | -       |   |                      |   | - |   |   |   | - |   |
| New Israel Shekel                      |   |                           | 5       |   |                         |   | 2.377  |                          |   |   | 13                             |   |   |                              | -       |   |                      |   | - |   |   |   | - |   |
| Total investments in financial assets  |   |                           |    |   |                         |   |   |                          |   |   | 297,302                        |   |   |                              |    |   |                      |   |   |   |   |   | 209,692 |   |
| Derivate financial instruments         |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| US Dollar                              |   |                           | 4,622   |   |                         |   | 2.377  |                          |   |   | 10,986                         |   |   |                              | 3,169   |   |                      |   | 5.348 |   |   |   | 16,949 |   |
| Total derivative financial instruments |   |                           |    |   |                         |   |   |                          |   |   | 10,986                         |   |   |                              |    |   |                      |   |   |   |   |   | 16,949 |   |
| Cash and cash equivalents              |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| US Dollar                              |   |                           | 15,147  |   |                         |   | 8.033  |                          |   |   | 121,674                        |   |   |                              | 107,602 |   |                      |   | 5.348 |   |   |   | 575,453 |   |
| Euros                                  |   |                           | 116     |   |                         |   | 10.991 |                          |   |   | 1,278                          |   |   |                              | 102     |   |                      |   | 6.949 |   |   |   | 712 |   |
| Reais                                  |   |                           | 2       |   |                         |   | 3.550  |                          |   |   | 6                              |   |   |                              | 2       |   |                      |   | 2.370 |   |   |   | 5 |   |
| Swiss francs                           |   |                           | -       |   |                         |   | 9.051  |                          |   |   | 1                              |   |   |                              | -       |   |                      |   | 5.660 |   |   |   | - |   |
| Uruguayan Pesos                        |   |                           | 90      |   |                         |   | 0.356  |                          |   |   | 32                             |   |   |                              | 305     |   |                      |   | 0.262 |   |   |   | 80 |   |
| New Israel Shekel                      |   |                           | 116,210 |   |                         |   | 2.377  |                          |   |   | 276,235                        |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| Pounds                                 |   |                           | 2       |   |                         |   | 13.913 |                          |   |   | 32                             |   |   |                              | 2       |   |                      |   | 8.080 |   |   |   | 20 |   |
| Total cash and cash equivalents        |   |                           |    |   |                         |   |   |                          |   |   | 399,258                        |   |   |                              |    |   |                      |   |   |   |   |   | 576,270 |   |
| Total assets as of 06.30.14            |   |                           |    |   |                         |   |   |                          |   |   | 772,225                        |   |   |                              |    |   |                      |   |   |   |   |   | - |   |
| Total assets as of 06.30.13            |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   | 1,030,723 |   |
|                                   |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| Liabilities                            |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| Trade and other payables               |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| US Dollar                              |   |                           | 15,143  |   |                         |   | 8.133  |                          |   |   | 123,156                        |   |   |                              | 31,947  |   |                      |   | 5.388 |   |   |   | 172,131 |   |
| Euros                                  |   |                           | -       |   |                         |   | -      |                          |   |   | -                              |   |   |                              | 16      |   |                      |   | 7.015 |   |   |   | 112 |   |
| Uruguayan Pesos                        |   |                           | 1,486   |   |                         |   | 0.382  |                          |   |   | 567                            |   |   |                              | -       |   |                      |   | 0.262 |   |   |   | - |   |
| Total trade and other payables         |   |                           |    |   |                         |   |   |                          |   |   | 123,723                        |   |   |                              |    |   |                      |   |   |   |   |   | 172,243 |   |
| Borrowings                             |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| US Dollar                              |   |                           | 426,670 |   |                         |   | 8.133  |                          |   |   | 3,470,110                      |   |   |                              | 458,572 |   |                      |   | 5.388 |   |   |   | 2,470,785 |   |
| Total borrowings                       |   |                           |    |   |                         |   |   |                          |   |   | 3,470,110                      |   |   |                              |    |   |                      |   |   |   |   |   | 2,470,785 |   |
| Derivate financial instruments         |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| US Dollar                              |   |                           | -       |   |                         |   | -      |                          |   |   | -                              |   |   |                              | 321     |   |                      |   | 5.388 |   |   |   | 1,732 |   |
| New Israel Shekel                      |   |                           | 134.980 |   |                         |   | 2,377  |                          |   |   | 320,847                        |   |   |                              |    |   |                      |   |   |   |   |   | - |   |
| Total derivative financial instruments |   |                           |    |   |                         |   |   |                          |   |   | 320,847                        |   |   |                              |    |   |                      |   |   |   |   |   | 1,732 |   |
| Provisions                             |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   |   |   |
| US Dollar                              |   |                           | 200     |   |                         |   | 8.133  |                          |   |   | 1,627                          |   |   |                              | -       |   |                      |   |   |   |   |   | - |   |
| Total provisions                       |   |                           |    |   |                         |   |   |                          |   |   | 1,627                          |   |   |                              |    |   |                      |   |   |   |   |   | - |   |
| Total liabilities as of 06.30.14       |   |                           |    |   |                         |   |   |                          |   |   | 3,916,307                      |   |   |                              |    |   |                      |   |   |   |   |   | - |   |
| Total liabilities as of 06.30.13       |   |                           |    |   |                         |   |   |                          |   |   |                           |   |   |                              |    |   |                      |   |   |   |   |   | 2,644,760 |   |

----

| 41.   | CNV General Ruling No.  629/14 – Storage of documentation |
|-----------------|---------------------------------------------------------------------------|

| Storage of documentation     |   | Location                                                            |
|------------------------------|--------|---------------------------------------------------------------------|
| Iron Mountain Argentina S.A. |   | Av. Amancio Alcorta 2482, C.A.B.A.                                  |
| Iron Mountain Argentina S.A. |   | Pedro de Mendoza 2143, C.A.B.A.                                     |
| Iron Mountain Argentina S.A. |   | Saraza 6135, C.A.B.A.                                               |
| Iron Mountain Argentina S.A. |   | Azara 1245, C.A.B.A. (i)                                            |
| Iron Mountain Argentina S.A. |   | Polígono Industrial Spegazzini, Au. Ezeiza-Cañuelas KM 45 |

| 42. | Groups of assets and liabilities held for sale |
|-----|------------------------------------------------|

----

| 42. | Group of assets held for sale (Continued) |
|-----|-------------------------------------------|

|                               |   | 06.30.14(Restated) |      |
|------------------------------------|--------|--------------------|-----------|
| Investment properties              |   |               | 1,098,990 |   |
| Intangible assets – Goodwill |   |               | 77,086    |   |
| Restricted assets                  |   |               | 163,501   |   |
| Trade and other receivables        |   |               | 17,990    |   |
| Derivate financial instruments     |   |               | 299       |   |
| Total                              |   |               | 1,357,866 |   |

|                            |   | 06.30.14(Restated) |    |
|---------------------------------|--------|--------------------|---------|
| Trade and other liabilities     |   |               | 170,245 |   |
| Deferred income tax liabilities |   |               | 33,346  |   |
| Borrowings                      |   |               | 603,021 |   |
| Total                           |   |               | 806,612 |   |

| 43. | Subsequent events |
|-----|-------------------|

----

| 43. | Subsequent events (Continued) |
|-----|-------------------------------|

| (i)   | Update to the report on the Shared Services Agreement. |
|-----------------|--------------------------------------------------------|

| (ii)   | Report of the launching a Voluntary Public Tender Offer for the Shares of our controlled company Alto Palermo, and approval of actions taken. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Consideration of the reform and adaptation of the 1st article of our bylaw, according to the new Capital Market Law. |
|-------------------|----------------------------------------------------------------------------------------------------------------------|

| (iv)   | Consideration of the reform of the 24 article of our bylaw (Shareholders ́Meeting join from people abroad by teleconference). |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (v)   | Consideration of the Plan for repurchase of shares and GDSs issued by us. |
|-----------------|---------------------------------------------------------------------------|

| (vi)   | Updating of information on the implementation of payment of the bonus under the Incentive Plan for the Company’s officers as resolved upon by the shareholders’ meetings dated October 29th, 2009, October 29th, 2010, October 31st, 2011, October 31st, 2012 and October 31st, 2013. Approval of actions taken. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                |
|-------------------------------------------------------------------------------------|
| Buenos Aires, Argentina                                                             |
| August 7, 2014, except for notes 34 and 36 as to which the date is October 31, 2014 |
|                                                                                |
|                                                                                |
|                                                                                |

| Price Waterhouse & Co S.R.L. |
|----------------------------------|
|                             |   |
| By:/s/ Marcelo Trama             |   |
| Marcelo Trama                    |   |
| Partner                          |   |

----

|                                                                                          |   | June 30, |       |
|-----------------------------------------------------------------------------------------------|--------|----------|------------|
|                                                                                          |   | 2014     |       |   | 2013 |   |
| ASSETS                                                                                        |   |     |       |   |   |   |
|                                                                                          |   |     |       |   |   |   |
| Cash and due from banks                                                                       |   | Ps.      | 610,106    |   |   | Ps. | 343,683 |   |
| Banks and correspondents                                                                      |   |     | 2,398,062  |   |   |   | 1,873,644 |   |
|                                                                                          |   |     | 3,008,168  |   |   |   | 2,217,327 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Government and corporate securities (Note 4)                                                  |   |     | 3,395,192  |   |   |   | 1,510,485 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Loans (Note 5)                                                                                |   |     |       |   |   |   |   |   |
| Mortgage loans                                                                                |   |     | 2,197,336  |   |   |   | 2,041,585 |   |
| Credit card loans                                                                             |   |     | 5,950,266  |   |   |   | 4,065,538 |   |
| Other loans                                                                                   |   |     | 7,277,967  |   |   |   | 4,614,469 |   |
|                                                                                          |   |     | 15,425,569 |   |   |   | 10,721,592 |   |
| Plus: Accrued interest receivable                                                             |   |     | 150,676    |   |   |   | 87,544 |   |
| Less: Allowance for loan losses (Note 6)                                                      |   |     | (356,267   | ) |   |   | (296,633 | ) |
|                                                                                          |   |     | 15,219,978 |   |   |   | 10,512,503 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Other receivables from financial transactions (Note 7)                                        |   |     |       |   |   |   |   |   |
| Collateral receivable under repurchase agreements                                             |   |     | 60,196     |   |   |   | 374,618 |   |
| Amounts receivable under derivative financial instruments                                     |   |     | 45,817     |   |   |   | 218,437 |   |
| Loans in trust pending securitization                                                         |   |     | 10,776     |   |   |   | 14,805 |   |
| Amounts receivable under reverse repurchase agreements of government and corporate securities |   |     | 498,000    |   |   |   | 4,063 |   |
| Other (Note 7)                                                                                |   |     | 1,961,678  |   |   |   | 1,275,383 |   |
|                                                                                          |   |     | 2,576,467  |   |   |   | 1,887,306 |   |
| Plus:  Accrued interest receivable                                                  |   |     | 8,165      |   |   |   | 8,316 |   |
| Less: Allowance for Other receivables from financial transactions                             |   |     | (11,189    | ) |   |   | (11,212 | ) |
|                                                                                          |   |     | 2,573,443  |   |   |   | 1,884,410 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Assets under financial leases                                                                 |   |     | 71,907     |   |   |   | 29,843 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Investments in other companies                                                                |   |     | 19,241     |   |   |   | 9,091 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Miscellaneous receivables (Note 8)                                                            |   |     | 1,117,890  |   |   |   | 875,245 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Bank premises and equipment (Note 9)                                                          |   |     | 150,489    |   |   |   | 114,073 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Miscellaneous assets (Note 10)                                                                |   |     | 50,483     |   |   |   | 42,689 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Intangible assets (Note 11)                                                                   |   |     | 244,540    |   |   |   | 144,701 |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Items pending allocation                                                                      |   |     | 4,254      |   |   |   | - |   |
|                                                                                          |   |     |       |   |   |   |   |   |
| Total Assets                                                                                  |   | Ps.      | 25,855,585 |   |   | Ps. | 17,340,367 |   |

----

|                                                                                                                          |   | June 30 |       |
|-------------------------------------------------------------------------------------------------------------------------------|--------|---------|------------|
|                                                                                                                          |   | 2014    |       |   | 2013 |   |
|                                                                                                                          |   |    |       |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                          |   |    |       |   |   |   |
| LIABILITIES                                                                                                                   |   |    |       |   |   |   |
| Deposits                                                                                                                      |   |    |       |   |   |   |
| Checking accounts                                                                                                             |   | Ps.     | 2,800,899  |   |   | Ps. | 1,689,810 |   |
| Saving accounts                                                                                                               |   |    | 1,662,444  |   |   |   | 1,225,619 |   |
| Time deposits                                                                                                                 |   |    | 9,049,574  |   |   |   | 5,870,176 |   |
| Other deposit accounts                                                                                                        |   |    | 178,426    |   |   |   | 113,615 |   |
|                                                                                                                          |   |    | 13,691,343 |   |   |   | 8,899,220 |   |
| Plus: Accrued interest payable                                                                                                |   |    | 215,811    |   |   |   | 78,901 |   |
|                                                                                                                          |   |    | 13,907,154 |   |   |   | 8,978,121 |   |
| Other liabilities from financial transactions                                                                                 |   |    |       |   |   |   |   |   |
| Other banks and international entities (Note 14)                                                                              |   |    | 558,449    |   |   |   | 393,024 |   |
| Bonds (Note 15)                                                                                                               |   |    | 3,501,712  |   |   |   | 2,291,731 |   |
| Argentine Central Bank                                                                                                        |   |    | 81         |   |   |   | 33 |   |
| Amounts payable under derivative financial instruments                                                                        |   |    | 300,099    |   |   |   | 314,496 |   |
| Borrowings under repurchase agreements collateralized by government securities                                                |   |    | 384,117    |   |   |   | 333,196 |   |
| Obligation to return securities acquired under reverse repurchase agreements of government and corporate securities (Note 13) |   |    | 140,804    |   |   |   | 4,069 |   |
| Other                                                                                                                         |   |    | 1,083,892  |   |   |   | 424,704 |   |
|                                                                                                                          |   |    | 5,969,154  |   |   |   | 3,761,253 |   |
| Plus: Accrued interest payable                                                                                                |   |    | 97,156     |   |   |   | 57,522 |   |
|                                                                                                                          |   |    | 6,066,310  |   |   |   | 3,818,775 |   |
|                                                                                                                          |   |    |       |   |   |   |   |   |
| Miscellaneous liabilities                                                                                                     |   |    |       |   |   |   |   |   |
| Taxes                                                                                                                         |   |    | 352,988    |   |   |   | 98,756 |   |
| Sundry creditors (Note 19)                                                                                                    |   |    | 724,210    |   |   |   | 493,350 |   |
| Other (Note 19)                                                                                                               |   |    | 178,649    |   |   |   | 126,974 |   |
|                                                                                                                          |   |    | 1,255,847  |   |   |   | 719,080 |   |
|                                                                                                                          |   |    |       |   |   |   |   |   |
| Reserve for contingencies (Note 12)                                                                                           |   |    | 152,789    |   |   |   | 127,492 |   |
|                                                                                                                          |   |    |       |   |   |   |   |   |
| Items pending allocation                                                                                                      |   |    | 208,293    |   |   |   | 17,703 |   |
|                                                                                                                          |   |    |       |   |   |   |   |   |
| Non-controlling interest                                                                                                      |   |    | 59,849     |   |   |   | 70,880 |   |
|                                                                                                                          |   |    |       |   |   |   |   |   |
| Total Liabilities                                                                                                             |   |    | 21,650,242 |   |   |   | 13,732,051 |   |
|                                                                                                                          |   |    |       |   |   |   |   |   |
| SHAREHOLDERS' EQUITY                                                                                                          |   |    |       |   |   |   |   |   |
|                                                                                                                          |   |    |       |   |   |   |   |   |
| Common stock                                                                                                                  |   |    | 1,463,365  |   |   |   | 1,463,365 |   |
| Treasury stock                                                                                                                |   |    | 54,149     |   |   |   | 54,149 |   |
| Paid in capital                                                                                                               |   |    | 834        |   |   |   | 834 |   |
| Inflation adjustment on common stock                                                                                          |   |    | 699,601    |   |   |   | 699,601 |   |
| Reserves                                                                                                                      |   |    | 1,292,226  |   |   |   | 894,429 |   |
| Retained earnings                                                                                                             |   |    | 695,168    |   |   |   | 495,938 |   |
| Total Shareholders' Equity                                                                                                    |   |    | 4,205,343  |   |   |   | 3,608,316 |   |
| Total Liabilities and Shareholders' Equity                                                                                    |   | Ps.     | 25,855,585 |   |   | Ps. | 17,340,367 |   |

----

|                                                                   |   | 2014   |      |   | 2013   |   |      | 2012   |   |
|------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Financial income                                                       |   |   |      |   |   |   |      |   |   |
| Interest on loans and other receivables from financial transactions    |   | Ps.    | 3,779,073 |   |   | Ps.    | 1,961,272 |   |   | Ps. | 1,405,016 |   |
| Income from government and corporate securities                        |   |   | 904,985   |   |   |   | 456,004   |   |   |   | 471,577 |   |
| Other                                                                  |   |   | 12,186    |   |   |   | 6,906     |   |   |   | 5,108 |   |
|                                                                   |   |   | 4,696,244 |   |   |   | 2,424,182 |   |   |   | 1,881,701 |   |
| Financial expenses                                                     |   |   |      |   |   |   |      |   |   |   |   |   |
| Interest on deposits and other liabilities from financial transactions |   |   | 2,063,512 |   |   |   | 1,120,480 |   |   |   | 872,265 |   |
| Contributions and taxes on financial income                            |   |   | 339,676   |   |   |   | 163,794   |   |   |   | 110,972 |   |
|                                                                   |   |   | 2,403,188 |   |   |   | 1,284,274 |   |   |   | 983,237 |   |
|                                                                   |   |   |      |   |   |   |      |   |   |   |   |   |
| Gross brokerage margin                                                 |   | Ps.    | 2,293,056 |   |   | Ps.    | 1,139,908 |   |   | Ps. | 898,464 |   |
|                                                                   |   |   |      |   |   |   |      |   |   |   |   |   |
| Provision for loan losses (Note 6)                                     |   |   | 303,348   |   |   |   | 233,376   |   |   |   | 154,539 |   |
| Income from services                                                   |   |   |      |   |   |   |      |   |   |   |   |   |
| Insurance premiums                                                     |   |   | 895,129   |   |   |   | 417,368   |   |   |   | 297,747 |   |
| Commissions (Note 20)                                                  |   |   | 866,616   |   |   |   | 670,213   |   |   |   | 547,465 |   |
| Other (Note 20)                                                        |   |   | 356,153   |   |   |   | 307,398   |   |   |   | 248,715 |   |
|                                                                   |   |   | 2,117,898 |   |   |   | 1,394,979 |   |   |   | 1,093,927 |   |
| Expenses for services                                                  |   |   |      |   |   |   |      |   |   |   |   |   |
| Insurance claims                                                       |   |   | 174,715   |   |   |   | 57,583    |   |   |   | 40,834 |   |
| Commissions (Note 20)                                                  |   |   | 446,257   |   |   |   | 194,064   |   |   |   | 165,570 |   |
| Contributions and taxes on income from services                        |   |   | 61,666    |   |   |   | 39,261    |   |   |   | 25,705 |   |
|                                                                   |   |   | 682,638   |   |   |   | 290,908   |   |   |   | 232,109 |   |
| Administrative expenses                                                |   |   |      |   |   |   |      |   |   |   |   |   |
| Salaries and social security contributions                             |   |   | 1,284,840 |   |   |   | 844,965   |   |   |   | 655,514 |   |
| Advertising expenses                                                   |   |   | 118,277   |   |   |   | 88,538    |   |   |   | 85,258 |   |
| Value added tax and other taxes                                        |   |   | 113,917   |   |   |   | 115,353   |   |   |   | 80,226 |   |
| Directors’ and Syndics’ fees                               |   |   | 71,027    |   |   |   | 31,774    |   |   |   | 22,325 |   |
| Fees for administrative services                                       |   |   | 258,668   |   |   |   | 189,428   |   |   |   | 167,116 |   |
| Maintenance and repairs                                                |   |   | 53,981    |   |   |   | 37,186    |   |   |   | 31,205 |   |
| Electricity and communications                                         |   |   | 71,942    |   |   |   | 56,515    |   |   |   | 38,771 |   |
| Depreciation of bank premises and equipment                            |   |   | 20,992    |   |   |   | 15,830    |   |   |   | 14,572 |   |
| Rent                                                                   |   |   | 69,774    |   |   |   | 49,895    |   |   |   | 38,032 |   |
| Other                                                                  |   |   | 277,361   |   |   |   | 182,718   |   |   |   | 143,865 |   |
|                                                                   |   |   | 2,340,779 |   |   |   | 1,612,202 |   |   |   | 1,276,884 |   |
|                                                                   |   |   |      |   |   |   |      |   |   |   |   |   |
| Net income from financial transactions                                 |   | Ps.    | 1,084,189 |   |   | Ps.    | 398,401   |   |   | Ps. | 328,859 |   |

----

|                                                            |   | 2014   |    |   | 2013   |   |    | 2012   |   |
|-----------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                                            |   |   |    |   |   |   |    |   |   |
| Miscellaneous income                                            |   |   |    |   |   |   |    |   |   |
| Penalty interest                                                |   |   | 59,281  |   |   |   | 54,833  |   |   |   | 49,524 |   |
| Loans recoveries                                                |   |   | 82,104  |   |   |   | 100,834 |   |   |   | 142,326 |   |
| Other (Note 21)                                                 |   |   | 47,543  |   |   |   | 37,755  |   |   |   | 78,380 |   |
|                                                            |   |   | 188,928 |   |   |   | 193,422 |   |   |   | 270,230 |   |
| Miscellaneous expenses                                          |   |   |    |   |   |   |    |   |   |   |   |   |
| Provision for other contingencies and miscellaneous receivables |   |   | 67,564  |   |   |   | 31,058  |   |   |   | 117,015 |   |
| Other (Note 21)                                                 |   |   | 220,430 |   |   |   | 130,966 |   |   |   | 130,073 |   |
|                                                            |   |   | 287,994 |   |   |   | 162,024 |   |   |   | 247,088 |   |
|                                                            |   |   |    |   |   |   |    |   |   |   |   |   |
| Income before income taxes and Non-controlling interest         |   | Ps.    | 985,123 |   |   | Ps.    | 429,799 |   |   | Ps. | 352,001 |   |
|                                                            |   |   |    |   |   |   |    |   |   |   |   |   |
| Income taxes (Note 23)                                          |   |   | 369,127 |   |   |   | 76,529  |   |   |   | 50,287 |   |
| Non-controlling interest                                        |   |   | 11,031  |   |   |   | (14,148 | )      |   |   | (617 | ) |
| Net income for the period                                       |   | Ps.    | 627,027 |   |   | Ps.    | 339,122 |   |   | Ps. | 301,097 |   |

----

|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   | Reserves       |    |   |               |   |    |             |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|-----------|--------|-------------------------|--------|--------|------------------------|--------|--------|--------------------------------------------|--------|--------|----------------|---------|--------|--------------------|--------|---------|------------------|--------|
|                                                                                                                                                 |   | Commonstock(Note 25) |      |   | Paid incapital(Note 25) |   |   | Treasurystock(Note 25) |   |   | Inflationadjustmentof commonstock(Note 25) |   |   | Legal(Note 25) |    |   | Voluntary(Note 25) |   |    | Retainedearnings |   |   | Totalshareholders’equity |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |
| Balance as of June 30, 2011                                                                                                                          |   | Ps.                  | 1,463,365 |   |                    | Ps.    | 834    |                   |   | Ps.    | 54,149                                     |   |   | Ps.            | 699,601 |   |               | Ps.    | 476,524 |             |   | Ps. | - |   |   | Ps. | 373,624 |   |   | Ps. | 3,068,097 |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution of retained earnings approved by the General Shareholders’ Meeting held on March 27, 2012                                         |   |                 | -         |   |                    |   | -      |                   |   |   | -                                          |   |   |           | -       |   |               |   | 50,304  |             |   |   | 367,601 |   |   |   | (417,905 | ) |   |   | - |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income for the period                                                                                                                            |   |                 | -         |   |                    |   | -      |                   |   |   | -                                          |   |   |           | -       |   |               |   | -       |             |   |   | - |   |   |   | 301,097 |   |   |   | 301,097 |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of June 30, 2012                                                                                                                          |   | Ps.                  | 1,463,365 |   |                    | Ps.    | 834    |                   |   | Ps.    | 54,149                                     |   |   | Ps.            | 699,601 |   |               | Ps.    | 526,828 |             |   | Ps. | 367,601 |   |   | Ps. | 256,816 |   |   | Ps. | 3,369,194 |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution of retained earnings approved by the General Shareholders’ Meeting held on April 13, 2011. Approval of BCRA on September 20, 2012 |   |                 | -         |   |                    |   | -      |                   |   |   | -                                          |   |   |           | -       |   |               |   | -       |             |   |   | - |   |   |   | (100,000 | ) |   |   | (100,000 | ) |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income for the period                                                                                                                            |   |                 | -         |   |                    |   | -      |                   |   |   | -                                          |   |   |           | -       |   |               |   | -       |             |   |   | - |   |   |   | 339,122 |   |   |   | 339,122 |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of June 30, 2013                                                                                                                          |   | Ps.                  | 1,463,365 |   |                    | Ps.    | 834    |                   |   | Ps.    | 54,149                                     |   |   | Ps.            | 699,601 |   |               | Ps.    | 526,828 |             |   | Ps. | 367,601 |   |   | Ps. | 495,938 |   |   | Ps. | 3,608,316 |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution of retained earnings approved by the General Shareholders’ Meeting held on August 23, 2013                                        |   |                 | -         |   |                    |   | -      |                   |   |   | -                                          |   |   |           | -       |   |               |   | 68,721  |             |   |   | 244,886 |   |   |   | (343,607 | ) |   |   | (30,000 | ) |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution of retained earnings approved by the General Shareholders’ Meeting held on April 24, 2014                                         |   |                 | -         |   |                    |   | -      |                   |   |   | -                                          |   |   |           | -       |   |               |   | 84,190  |             |   |   | - |   |   |   | (84,190 | ) |   |   | - |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income for the period                                                                                                                            |   |                 | -         |   |                    |   | -      |                   |   |   | -                                          |   |   |           | -       |   |               |   | -       |             |   |   | - |   |   |   | 627,027 |   |   |   | 627,027 |   |
|                                                                                                                                                 |   |                 |      |   |                    |   |   |                   |   |   |                                       |   |   |           |    |   |               |   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of June 30, 2014                                                                                                                          |   | Ps.                  | 1,463,365 |   |                    | Ps.    | 834    |                   |   | Ps.    | 54,149                                     |   |   | Ps.            | 699,601 |   |               | Ps.    | 679,739 |             |   | Ps. | 612,487 |   |   | Ps. | 695,168 |   |   | Ps. | 4,205, 343 |   |

----

|                                                                                                |   | 2014   |       |   | 2013   |   |       | 2012   |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Cash flows from operating activities:                                                               |   |   |       |   |   |   |       |   |   |
| Net income                                                                                          |   | Ps.    | 627,027    |   |   | Ps.    | 339,122    |   |   | Ps. | 301,097 |   |
| Adjustments to reconcile net income to net cash provided by Cash Flows from operating activities:   |   |   |       |   |   |   |       |   |   |   |   |   |
| Provision for loan losses and for contingencies and miscellaneous receivables, net of reversals     |   |   | 273,423    |   |   |   | 163,600    |   |   |   | 259,286 |   |
| Net gain on investment government securities                                                        |   |   | (89,484    | )      |   |   | (8,802     | )      |   |   | (11,655 | ) |
| Gain / (loss) on derivative financial instruments                                                   |   |   | -          |   |   |   | (46        | )      |   |   | 1,073 |   |
| Depreciation and amortization                                                                       |   |   | 66,103     |   |   |   | 39,152     |   |   |   | 38,978 |   |
| Net gain on sale of premises and equipment and miscellaneous assets                                 |   |   | (2,944     | )      |   |   | (1,160     | )      |   |   | (2,763 | ) |
| Net Indexing (CER and CVS) and interest of loans and deposits incurred but not paid                 |   |   | (19,112    | )      |   |   | (127,277   | )      |   |   | 19,319 |   |
| Non-controlling interest                                                                            |   |   | (11,031    | )      |   |   | 14,148     |   |   |   | 617 |   |
| Net change in trading securities                                                                    |   |   | (858,189   | )      |   |   | 907,867    |   |   |   | 350,747 |   |
| Net change in other assets                                                                          |   |   | (661,376   | )      |   |   | (136,396   | )      |   |   | (968,239 | ) |
| Net change in other liabilities                                                                     |   |   | 1,391,036  |   |   |   | (482,324   | )      |   |   | 548,577 |   |
| Net cash (used in) operating activities                                                             |   |   | 715,453    |   |   |   | 707,884    |   |   |   | 537,037 |   |
|                                                                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash flows from investing activities:                                                               |   |   |       |   |   |   |       |   |   |   |   |   |
| (Increase)/Decrease in loans, net                                                                   |   |   | (5,780,425 | )      |   |   | (2,692,773 | )      |   |   | (2,567,354 | ) |
| Proceeds from securitization of consumer loans                                                      |   |   | 749,589    |   |   |   | 380,415    |   |   |   | 278,336 |   |
| Proceeds from maturities of available for sale securities                                           |   |   | 81,100     |   |   |   | 345,961    |   |   |   | 1,169 |   |
| Payment for the BACS Administradora de activos S.A. S.G.F.C.I.S.A. acquisition net of cash acquired |   |   | -          |   |   |   | -          |   |   |   | 287 |   |
| Purchases of investments in other companies                                                         |   |   | (10,013    | )      |   |   | (5,012     | )      |   |   | - |   |
| Proceeds from sales, net of payments for purchases, of available for sale securities                |   |   | (1,166,729 | )      |   |   | 25,697     |   |   |   | 6,075 |   |
| Proceeds from sale of premises and equipment                                                        |   |   | 1,874      |   |   |   | 1,029      |   |   |   | 7,980 |   |
| Purchases of premises and equipment, miscellaneous and intangible assets                            |   |   | (212,026   | )      |   |   | (117,240   | )      |   |   | (39,514 | ) |
| Net cash provided by investing activities                                                           |   |   | (6,336,630 | )      |   |   | (2,061,923 | )      |   |   | (2,313,021 | ) |
|                                                                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash flows from financing activities:                                                               |   |   |       |   |   |   |       |   |   |   |   |   |
| Increase in deposits, net                                                                           |   |   | 4,792,123  |   |   |   | 2,093,107  |   |   |   | 1,696,719 |   |
| Principal payments on bonds, notes, and other debts                                                 |   |   | (853,108   | )      |   |   | (584,601   | )      |   |   | (242,272 | ) |
| Proceeds from issuance of bonds, notes and other debts                                              |   |   | 1,435,183  |   |   |   | 653,781    |   |   |   | 348,975 |   |
| Distribution of dividends                                                                           |   |   | (29,968    | )      |   |   | (99,895    | )      |   |   | - |   |
| (Decrease)/Increase in borrowings, net                                                              |   |   | 793,330    |   |   |   | 80,750     |   |   |   | 380,537 |   |
| Net cash provided by financing activities                                                           |   |   | 6,317,560  |   |   |   | 2,143,142  |   |   |   | 2,183,959 |   |
|                                                                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Net increase/(decrease) in cash and cash equivalents                                                |   |   | 516,383    |   |   |   | 789,103    |   |   |   | 407,975 |   |
| Cash and cash equivalents at the beginning of the period                                            |   |   | 2,217,327  |   |   |   | 1,352,474  |   |   |   | 913,808 |   |
| Effect of foreign exchange changes on cash and cash equivalents                                     |   |   | 274,458    |   |   |   | 75,750     |   |   |   | 30,691 |   |
| Cash and cash equivalents at the end of the period                                                  |   | Ps.    | 3,008,168  |   |   | Ps.    | 2,217,327  |   |   | Ps. | 1,352,474 |   |
|                                                                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                   |   |   |       |   |   |   |       |   |   |   |   |   |
|     Cash paid for interest                                                      |   | Ps.    | 176,544    |   |   | Ps.    | 28,589     |   |   | Ps. | 29,255 |   |
|     Cash paid for presumptive minimum income tax and income tax.                |   |   | 194,123    |   |   |   | 37,454     |   |   |   | 33,020 |   |
|     Non-cash transactions involving securitizations                             |   |   | 165,249    |   |   |   | 87,925     |   |   |   | 61,366 |   |

----

| 1.   | General |
|----------------|---------|

|                                                                   | June 30, |   |
|------------------------------------------------------------------------|----------|--------|
| Issuing Company                                                        | 2014     |   | 2013 |   |
| BHN Sociedad de Inversión Sociedad Anónima                   |     | 99.99  | % |   | 99.99 | % |
| BHN Seguros Generales Sociedad Anónima                            |     | 99.98  | % |   | 99.98 | % |
| BHN Vida Sociedad Anónima                                         |     | 99.98  | % |   | 99.98 | % |
| BACS Banco de Crédito y Securitización Sociedad Anónima |     | 87.50  | % |   | 87.50 | % |
| BACS Administradora de activos S.A. S.G.F.C.I.                         |     | 85.00  | % |   | 85.00 | % |
| Tarshop S.A.                                                           |     | 80.00  | % |   | 80.00 | % |
| BH Valores Sociedad de Bolsa SA                                        |     | 100.00 | % |   | 100.00 | % |

----

----

----

----

| Buildings               | 50 years            |
|-------------------------|---------------------|
| Furniture and fixtures  | 10 years            |
| Machinery and equipment |   5 years |
| Other                   |   5 years |

----

|                                                | June 30, |   |
|-----------------------------------------------------|----------|--------|
|                                                | 2014     |   |   | 2013 |   |
|                                                |     |   |   |   |   |
| BACS Banco de Crédito y Securitización SA | Ps.      | 28,383 |   |   | Ps. | 20,447 |   |
| BHN Sociedad de Inversión S.A                  |     | 63     |   |   |   | 35 |   |
| Tarshop S.A                                         |     | 31,403 |   |   |   | 50,398 |   |
|       Total           | Ps.      | 59,849 |   |   | Ps. | 70,880 |   |

----

|                                                                                                   |   |   June 30, |    |
|--------------------------------------------------------------------------------------------------------|--------|-----------------|---------|
| Banco Hipotecario S.A.                                                                                 |   |   2014     |    |   |   2013 |   |
| Deposits in U$S as collateral for the currency swap transactions                                       |   | Ps.             | -       |   |   | Ps. | 38,825 |   |
| Securities issued by the BCRA as collateral for OCT transactions                                       |   |            | -       |   |   |   | 22,249 |   |
| Government securities as collateral for OCT transactions                                               |   |            | 275,370 |   |   |   | 249,047 |   |
| Deposits in pesos as collateral for visa credit card transactions                                      |   |            | 59,610  |   |   |   | 93,148 |   |
| Government securities as collateral for the custody of securities.                                     |   |            | 173,600 |   |   |   | 95,900 |   |
| Deposits in pesos and in U$S as collateral for leases                                                  |   |            | 1,028   |   |   |   | 589 |   |
|                                                                                                   |   | Ps.             | 509,608 |   |   | Ps. | 499,758 |   |
|                                                                                                   |   |            |    |   |   |   |   |   |
| Tarshop S.A.                                                                                           |   |            |    |   |   |   |   |   |
| Deposits in pesos and in U$S as collateral for leases                                                  |   |            | 497     |   |   |   | 404 |   |
| Certificates of participation in Financial Trusts granted as commercial pledge for a loan received     |   |            | 32,202  |   |   |   | 32,227 |   |
| Time deposits pledged for tax obligations arising from Financial Trusts                                |   |            | 3,736   |   |   |   | 3,145 |   |
| Deposits in pesos related to Financial Trusts transactions                                             |   |            | 24,542  |   |   |   | 11,846 |   |
| Receivable in trust to secure a syndicated loan received                                               |   |            | 83,229  |   |   |   | 112,586 |   |
|                                                                                                   |   | Ps.             | 144,206 |   |   | Ps. | 160,208 |   |
|                                                                                                   |   |            |    |   |   |   |   |   |
| BACS Banco de Crédito y Securitización S.A.                                                  |   |            |    |   |   |   |   |   |
| Deposits in pesos as collateral for repurchase agreements                                              |   | Ps.             | 4,170   |   |   | Ps. | - |   |
|                                                                                                   |   | Ps.             | 4,170   |   |   | Ps. | - |   |
|                                                                                                   |   |            |    |   |   |   |   |   |
| BH Valores Sociedad de Bolsa S.A.                                                                      |   |            |    |   |   |   |   |   |
| Mercado de Valores de Buenos Aires SA’s share pledged on behalf of Chubb Argentina de Seguros SA |   | Ps.             | 4,000   |   |   | Ps. | 4,000 |   |
|                                                                                                   |   |            |    |   |   |   |   |   |
|                                                                                                   |   |            |    |   |   |   |   |   |
|       Total                                                              |   | Ps.             | 661,984 |   |   | Ps. | 663,966 |   |

----

|                                        | June 30, |      |
|---------------------------------------------|----------|-----------|
|                                        | 2014     |      | 2013 |   |
| Holding booked at fair value                |     |      |   |   |
| Government securities denominated in pesos  |     | 439,798   |   |   | 232,444 |   |
| Government securities denominated in US$    |     | 844,014   |   |   | 686,838 |   |
|                                        | Ps.      | 1,283,812 |   | Ps. | 919,282 |   |
|                                        |     |      |   |   |   |   |
| Holding booked at cost plus return          |     |      |   |   |   |   |
| Discount Bonds                              |     | 13,515    |   |   | - |   |
| PRO XIII Bonds                              |     | 15,760    |   |   | - |   |
| Bonar 2017 Bonds                            |     | -         |   |   | 55,450 |   |
| PAR US dollar Bonds                         |     | -         |   |   | 5,244 |   |
| Bills issued by Provincial Governments      |     | 39,573    |   |   | 235,241 |   |
|                                        | Ps.      | 68,848    |   | Ps. | 295,935 |   |
|                                        |     |      |   |   |   |   |
| Investment in listed corporate securities   |     |      |   |   |   |   |
| Corporate securities denominated in pesos   |     | 345,565   |   |   | 150,096 |   |
|                                        | Ps.      | 345,565   |   | Ps. | 150,096 |   |
|                                        |     |      |   |   |   |   |
| Securities issued by the BCRA               |     |      |   |   |   |   |
| Quoted bills and notes issued by the BCRA   |     | 354,542   |   |   | 49,144 |   |
| Unquoted bills and notes issued by the BCRA |     | 1,342,425 |   |   | 96,028 |   |
|                                        | Ps.      | 1,696,967 |   | Ps. | 145,172 |   |
|                                        |     |      |   |   |   |   |
| Total                                       | Ps.      | 3,395,192 |   | Ps. | 1,510,485 |   |

| · | Mortgage loans: |
|--------|-----------------|

| · | Construction project loans - loans made to various entities for the construction of housing units |
|--------|---------------------------------------------------------------------------------------------------|

| · | Individual residential mortgage loans - mortgage loans made to individuals to finance the acquisition, construction, completion, enlargement, and/or remodeling of their homes |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Other loans: |
|--------|--------------|

| · | Certain financial and non-financial sector loans including loans to credit card holders and to individuals |
|--------|------------------------------------------------------------------------------------------------------------|

| · | Public Loans – loans to National Government and Provinces |
|--------|-----------------------------------------------------------------|

----

|                                 | June,  |       |
|--------------------------------------|--------|------------|
|                                 | 2014   |       | 2013 |   |
|                                 |   |       |   |   |
| Non-financial public sector          | Ps.    | 129,023    |   | Ps. | 89,564 |   |
| Financial sector                     |   | 373,078    |   |   | 403,986 |   |
| Non-financial private sector         |   |       |   |   |   |   |
| With preferred guarantees (a)        |   | 2,197,328  |   |   | 2,041,269 |   |
| Without preferred guarantees         |   |       |   |   |   |   |
| Personal loans                       |   | 2,040,282  |   |   | 1,351,192 |   |
| Credit Card Loans                    |   | 5,950,266  |   |   | 4,065,538 |   |
| Overdraft facilities                 |   | 1,139,629  |   |   | 762,122 |   |
| Other loans (b)                      |   | 3,595,963  |   |   | 2,007,921 |   |
| Accrued interest receivable          |   | 150,676    |   |   | 87,544 |   |
| Reserve for loan losses (see note 6) |   | (356,267   | ) |   | (296,633 | ) |
| Total                                | Ps.    | 15,219,978 |   | Ps. | 10,512,503 |   |

| (a)  | Preferred guarantees include first priority mortgages or pledges, cash, gold or public sector bond collateral, certain collateral held in trust, or certain guarantees by the Argentine government. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)  | Comprised of: |
|-----------|---------------|

|                                         | June 30, |      |
|----------------------------------------------|----------|-----------|
|                                         | 2014     |      | 2013 |   |
|                                         |     |      |   |   |
| Short term loans in pesos                    | Ps.      | 2,256,595 |   | Ps. | 1,029,446 |   |
| Short term loans in US dollars               |     | 693,809   |   |   | 328,533 |   |
| Loans for the financing of manufacturers     |     | 24,805    |   |   | 49,275 |   |
| Loans for the financing of service providers |     | -         |   |   | 33,658 |   |
| Export prefinancing                          |     | 278,720   |   |   | 278,738 |   |
| Other loans                                  |     | 342,034   |   |   | 288,271 |   |
| Total                                        | Ps.      | 3,595,963 |   | Ps. | 2,007,921 |   |

|                           | June 30, |     |
|--------------------------------|----------|----------|
|                           | 2014     |     | 2013 |   |
|                           |     |     |   |   |
| Balance at beginning of period | Ps.      | 296,633  |   | Ps. | 236,512 |   |
| Provision charged to income    |     | 303,348  |   |   | 233,376 |   |
| Loans charged off              |     | (243,714 | ) |   | (173,255 | ) |
| Balance at end of period       | Ps.      | 356,267  |   | Ps. | 296,633 |   |

----

|                                              | June 30, |      |
|---------------------------------------------------|----------|-----------|
|                                              | 2014     |      | 2013 |   |
| Preferred guarantees, including deposits with the |     |      |   |   |
| Argentine Central Bank                            | Ps.      | 507,836   |   | Ps. | 395,280 |   |
| Unsecured guarantees (a)                          |     | 2,076,796 |   |   | 1,500,342 |   |
| Subtotal                                          |     | 2,584,632 |   |   | 1,895,622 |   |
| Less: Allowance for losses                        |     | (11,189   | ) |   | (11,212 | ) |
| Total                                             | Ps.      | 2,573,443 |   | Ps. | 1,884,410 |   |

|                                                              | June 30, |      |
|-------------------------------------------------------------------|----------|-----------|
|                                                              | 2014     |      | 2013 |   |
|                                                              |     |      |   |   |
| Subordinated bonds (a)                                            | Ps.      | 424,548   |   | Ps. | 270,150 |   |
| Certificates of participation (see note 18)                       |     | 330,855   |   |   | 278,560 |   |
| Bonds held in the Bank’s portfolio (b)                      |     | 46,036    |   |   | - |   |
| Bonds unquoted                                                    |     | 333,330   |   |   | 249,026 |   |
| Collateral for OTC transactions                                   |     | 275,370   |   |   | 271,296 |   |
| Amounts receivable from spot and forward sales pending settlement |     | 202,617   |   |   | 43,802 |   |
| Other                                                             |     | 348,922   |   |   | 162,549 |   |
|       Total                         | Ps.      | 1,961,678 |   | Ps. | 1,275,383 |   |

|                                                        | June 30, |      |
|-------------------------------------------------------------|----------|-----------|
|                                                        | 2014     |      | 2013 |   |
|                                                        |     |      |   |   |
| Withholdings, credits and prepaid income tax                | Ps.      | 21,569    |   | Ps. | 10,621 |   |
| Recoverable expenses, taxes, and advances to third parties  |     | 58,414    |   |   | 67,649 |   |
| Attachments for non-restructured ON                         |     | 8,703     |   |   | 12,414 |   |
| Guarantee deposit (*)                                       |     | 179,296   |   |   | 136,888 |   |
| Guarantee deposit for credit card transactions              |     | 59,610    |   |   | 93,148 |   |
| Presumptive minimum income – Credit tax (see note 24) |     | 183,668   |   |   | 219,148 |   |
| Receivables from master servicing activities                |     | 899       |   |   | 4,234 |   |
| Other Directors fees                                        |     | 11,323    |   |   | 17,232 |   |
| Loans to Bank staff                                         |     | 178,260   |   |   | 152,765 |   |
| Other                                                       |     | 430,126   |   |   | 167,710 |   |
| Subtotal                                                    |     | 1,131,868 |   |   | 881,809 |   |
| Less: Allowance for collection risks                        |     | (13,978   | ) |   | (6,564 | ) |
| Total                                                       | Ps.      | 1,117,890 |   | Ps. | 875,245 |   |

----

|                     | June 30, |     |
|--------------------------|----------|----------|
|                     | 2014     |     |   | 2013 |   |
|                     |     |     |   |   |   |
| Land and buildings       | Ps.      | 117,090  |   |   | Ps. | 117,090 |   |
| Furniture and fixtures   |     | 49,421   |   |   |   | 38,270 |   |
| Machinery and equipment  |     | 145,416  |   |   |   | 109,768 |   |
| Other                    |     | 25,007   |   |   |   | 16,274 |   |
| Accumulated depreciation |     | (186,445 | )  |   |   | (167,329 | ) |
| Total                    | Ps.      | 150,489  |   |   | Ps. | 114,073 |   |

|                     | June 30, |    |
|--------------------------|----------|---------|
|                     | 2014     |    |   | 2013 |   |
|                     |     |    |   |   |   |
| Properties held for sale | Ps.      | 30,297  |   |   | Ps. | 29,901 |   |
| Assets leased to others  |     | 19,947  |   |   |   | 16,692 |   |
| Stationery and supplies  |     | 18,244  |   |   |   | 11,318 |   |
| Other                    |     | 2,164   |   |   |   | 3,085 |   |
| Accumulated depreciation |     | (20,169 | ) |   |   | (18,307 | ) |
| Total                    | Ps.      | 50,483  |   |   | Ps. | 42,689 |   |

|                                                                             |   June 30, |    |
|----------------------------------------------------------------------------------|-----------------|---------|
|                                                                             | 2014            |    |   | 2013 |   |
|                                                                             |            |    |   |   |   |
| Third parties fees, re-engineering, restructuring and capitalized software costs | Ps.             | 79,064  |   |   | Ps. | 55,998 |   |
| Goodwill (*)                                                                     |            | 21,938  |   |   |   | 25,366 |   |
| Mortgage loan origination expenses related to Pro.Cre.Ar (see note 31)           |            | 143,538 |   |   |   | 63,337 |   |
| Total                                                                            | Ps.             | 244,540 |   |   | Ps. | 144,701 |   |

----

| 12. | Reserve for contingencies |
|-----|---------------------------|

|                                                       | June 30, |    |
|------------------------------------------------------------|----------|---------|
|                                                       | 2014     |    | 2013 |   |
|                                                       |     |    |   |   |
| Legal Contingencies (a)                                    | Ps.      | 79,559  |   | Ps. | 59,799 |   |
| Incurred but not reported and pending insurance claims (b) |     | 1,181   |   |   | 1,181 |   |
| Contingency risks (c)                                      |     | 47,292  |   |   | 45,904 |   |
| Tax Provision                                              |     | 11,912  |   |   | 12,587 |   |
| Bonds subject to lawsuits (d)                              |     | 12,845  |   |   | 8,021 |   |
|        Total            | Ps.      | 152,789 |   | Ps. | 127,492 |   |

| (a) | Includes legal contingencies and expected legal fees. |
|-----|-------------------------------------------------------|

| (b) | As of June 30, 2014 and 2013, it is composed of: Debts to insured for Ps. 1,181 (outstanding claims for Ps. 559 and IBNR for Ps. 622). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (c) | As of June 30, 2014 and 2013, includes Ps. 14,768 and Ps. 22,349, respectively, related to retirement plans. |
|-----|--------------------------------------------------------------------------------------------------------------|

| (d) | Includes negotiable obligations past due whose holders did not enter to the comprehensive financial debt restructuring which ended on January, 2004. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                              | June 30, |    |
|-----------------------------------------------------------------------------------|----------|---------|
|                                                                              | 2014     |    | 2013 |   |
|                                                                              |     |    |   |   |
| Reverse repurchase agreements collateralized by securities issued by the BCRA (*) | Ps.      | 13,078  |   | Ps. | 4,069 |   |
| Reverse repurchase agreements collateralized by other government securities (*)   |     | 127,726 |   |   | - |   |
| Total                                                                             | Ps.      | 140,804 |   | Ps. | 4,069 |   |

| 14. | Other Liabilities from Financial Transactions - Other Banks and International Entities |
|-----|----------------------------------------------------------------------------------------|

|  Description        |   | Average Annualinterest rate |   | Average Maturity date |         | 2014   |   | 2013    |   |
|--------------------------|--------|-----------------------------|--------|-----------------------|--------------|--------|--------|---------|--------|
|                     |   |                        |   |                  |         |   |   |    |   |
| Interbank loans in pesos |   |                        | 21.7   | %                     | August, 2014 |   | Ps.    | 558,449 |   | Ps. | 393,024 |   |
| Total                    |   |                        |   |                  |         |   | Ps.    | 558,449 |   | Ps. | 393,024 |   |

----

|                                                  |       |          |   |   |   |                | June 30, |          |
|-------------------------------------------------------|------------|---------------|--------|--------|--------|---------------------|----------|---------------|
|                                                  | Issue date | Maturity date |   | 2014   |   | Annualinterest rate |     | 2013          |   |
| Banco Hipotecario S.A.                                |       |          |   |   |   |                |     |          |   |   |   |   |   |   |
| Long term bond (US$ 449,880 thousand)                 | 09/15/03   | 12/01/13      |   |   | b      |                |     |          | 3.0 – 6.0 | % |   |   | - |   |   |   | 113,159 |   |
| Long term bond (EURO 278,367 thousand)                | 09/15/03   | 12/01/13      |   |   | b      |                |     |          | 3.0 – 6.0 | % |   |   | - |   |   |   | 202,381 |   |
| Series 5 (US$ 250,000 thousand)                       | 04/27/06   | 04/27/16      |   |   | a      |                |     |          | 9.750 | % |   |   | 1,709,848 |   |   |   | 1,129,744 |   |
| Series II (Ps. 120,101)                               | 05/11/12   | 11/11/13      |   |   | b/c    |                |     | Badlar +195bp |   |   |   | - |   |   |   | 109,445 |   |
| Series III (US$ 10,541 thousand)                      | 05/11/12   | 11/11/13      |   |   | a      |                |     |          | 4.5 | % |   |   | - |   |   |   | 56,765 |   |
| Series V (Ps. 85,264)                                 | 08/17/12   | 02/17/14      |   |   | b/c    |                |     | Badlar +375bp |   |   |   | - |   |   |   | 78,700 |   |
| Series VI (Ps. 55,693)                                | 11/08/12   | 08/08/13      |   |   | a      |                |     |          | 18.75 | % |   |   | - |   |   |   | 53,693 |   |
| Series VII (Ps. 77,055)                               | 11/08/12   | 05/08/14      |   |   | b/c    |                |     | Badlar +400bp |   |   |   | - |   |   |   | 77,055 |   |
| Series VIII (Ps. 41,003)                              | 04/25/13   | 04/20/14      |   |   | a      |                |     |          | 18.5 | % |   |   | - |   |   |   | 38,935 |   |
| Series IX (Ps. 258,997)                               | 04/25/13   | 01/25/15      |   |   | b/c    |                |     | Badlar +280bp |   |   |   | 202,413 |   |   |   | 157,639 |   |
| Series X (Ps. 34,523)                                 | 08/14/13   | 08/09/14      |   |   | a      |                |     |          | 22.0 | % |   |   | 32,465 |   |   |   | - |   |
| Series XI (Ps. 146,137)                               | 08/14/13   | 05/14/15      |   |   | b/c    |                |     | Badlar +375bp |   |   |   | 130,998 |   |   |   | - |   |
| Series XII (US$. 44,508 thousand)                     | 08/14/13   | 08/14/17      |   |   | a      |                |     |          | 3.95 | % |   |   | 361,970 |   |   |   | - |   |
| Series XIII (Ps. 55,510)                              | 11/11/13   | 11/06/14      |   |   | a      |                |     |          | 23.50 | % |   |   | 55,510 |   |   |   | - |   |
| Series XIV (Ps. 115,400)                              | 11/11/13   | 11/11/15      |   |   | b/c    |                |     | Badlar +375bp |   |   |   | 115,400 |   |   |   | - |   |
| Series XV (Ps. 12,340)                                | 01/31/14   | 01/26/15      |   |   | a      |                |     |          | 27.00 | % |   |   | 12,340 |   |   |   | - |   |
| Series XVI (Ps. 89,683)                               | 01/31/14   | 01/31/16      |   |   | b/c    |                |     | Badlar +425bp |   |   |   | 89,683 |   |   |   | - |   |
| Series XVIII (Ps. 20,046)                             | 05/16/14   | 02/16/15      |   |   | a      |                |     |          | 27.0 | % |   |   | 20,046 |   |   |   | - |   |
| Series XIX (Ps. 275,830)                              | 05/16/14   | 11/16/15      |   |   | b/c    |                |     | Badlar +375bp |   |   |   | 270,001 |   |   |   | - |   |
|                                                  |       |          |   |   |   |                |     |          |   |   |   |   |   |   |   |   |   |   |
| Tarshop S.A.                                          |       |          |   |   |   |                |     |          |   |   |   |   |   |   |   |   |   |   |
| Series IV (Ps. 74,823)                                | 05/02/12   | 09/02/13      |   |   | b/c    |                |     | Badlar+298bp  |   |   |   | - |   |   |   | 24,266 |   |
| Series V (US$ 1,237 thousand)                         | 05/02/12   | 09/02/13      |   |   | a      |                |     |          | 6.00 | % |   |   | - |   |   |   | 2,190 |   |
| Series VI (Ps. 70,148)                                | 07/25/12   | 03/27/14      |   |   | b/c    |                |     | Badlar+424bp  |   |   |   | - |   |   |   | 63,542 |   |
| Series VII (Ps. 20,411)                               | 01/28/13   | 10/30/13      |   |   | a      |                |     |          | 18.5 | % |   |   | - |   |   |   | 20,131 |   |
| Series VIII (Ps. 79,589)                              | 01/28/13   | 07/30/14      |   |   | b/c    |                |     | Badlar+445bp  |   |   |   | 74,007 |   |   |   | 73,516 |   |
| Series IX (Ps. 10,996)                                | 05/23/13   | 02/23/14      |   |   | a      |                |     |          | 19.75 | % |   |   | - |   |   |   | 10,845 |   |
| Series X (Ps. 72,592)                                 | 05/23/13   | 11/23/14      |   |   | b/c    |                |     | Badlar+475bp  |   |   |   | 70,532 |   |   |   | 70,062 |   |
| Series XI (Ps. 10,837)                                | 05/23/13   | 05/23/16      |   |   | b/c    |                |     | Badlar+580bp  |   |   |   | 9,729 |   |   |   | 9,663 |   |
| Series XII (Ps. 83,588)                               | 08/09/13   | 08/09/15      |   |   | a      |                |     |          | 15.0 | % |   |   | 74,822 |   |   |   | - |   |
| Series XIV (Ps. 30,245)                               | 04/21/14   | 01/21/15      |   |   | a      |                |     |          | 30.0 | % |   |   | 28,442 |   |   |   | - |   |
| Series XV (Ps. 119,755)                               | 04/21/14   | 10/21/15      |   |   | b/c    |                |     | Badlar+490bp  |   |   |   | 117,203 |   |   |   | - |   |
|                                                  |       |          |   |   |   |                |     |          |   |   |   |   |   |   |   |   |   |   |
| BACS Banco de Crédito y Securitización S.A. |       |          |   |   |   |                |     |          |   |   |   |   |   |   |   |   |   |
| Series I (Ps. 130,435)                                | 02/19/14   | 08/19/15      |   |   | b/c    |                |     | Badlar+450bp  |   |   |   | 126,303 |   |   |   | - |   |
|                                                  |       |          |   |   |   |                |     |          |   |   |   |   |   |   |   |   |   |   |
|                                                  |       |          |   |   |   |                |     |          |   |   |   |   | 3,501,712 |   |   |   | 2,291,731 |   |

| June 30, 2015       |   | Ps.    | 626,753   |   |
|---------------------|--------|--------|-----------|--------|
| June 30, 2016       |   |   | 2,512,989 |   |
|  June 30, 2017 |   |   | -         |   |
|  Thereafter    |   |   | 361,970   |   |
| Total               |   | Ps.    | 3,501,712 |   |

----

|  Type of Contract       |   | Notional amount |      |   | Net Book Value Asset/(Liabilities) |   |      | Fair Value |   |
|------------------------------|--------|-----------------|-----------|--------|------------------------------------|--------|-----------|------------|--------|
|                         |   | 2014            |      |   | 2013                               |   |      | 2014       |   |   | 2013 |   |   | 2014 |   |   | 2013 |   |
|                         |   |            |      |   |                               |   |      |       |   |   |   |   |   |   |   |   |   |   |
| Cross Currency Swaps (1) (a) |   |            | -         |   |                               |   | 212,649   |       |   |   | - |   |   |   | 13,701 |   |   |   | - |   |   |   | 13,766 |   |
| Forwards (2)                 |   |            | 427,849   |   |                               |   | -         |       |   |   | 34,670 |   |   |   | - |   |   |   | 33,794 |   |   |   | - |   |
| Futures (3)                  |   |            |      |   |                               |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases (a)                |   |            | 3,540,782 |   |                               |   | 3,352,468 |       |   |   | (7,911 | ) |   |   | - |   |   |   | (7,911 | ) |   |   | - |   |
| Sales (a)                    |   |            | 2,456,907 |   |                               |   | 1,513,484 |       |   |   | 6,766 |   |   |   | - |   |   |   | 6,766 |   |   |   | - |   |
|                         |   |            |      |   |                               |   |      |       |   |   | 33,525 |   |   |   | 13,701 |   |   |   | 32,649 |   |   |   | 13,766 |   |

|  (a) | Underlying: Foreign currency. |
|-----------|-------------------------------|

|  (b) | Underlying: Interest rate. |
|-----------|----------------------------|

| 1. | Cross Currency Swaps: Hedging cross currency Swaps agreed upon with delivery of the underlying asset were carried out in order to reduce the volatility of the Bank's results derived from variations in the Euro quotation, in view of the liability position of that currency, stemming from the issuance of Euro-denominated negotiable obligations. As a result of this transaction, the Bank receives cash flows in euros, in exchange of cash flows in dollars. Under the Results caption, the Bank records the assets and liabilities variations in Euros or US dollar plus the corresponding interest rate. Within this framework, the following transactions have been carried out: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | On March 5, 2004, the Bank and Deutsche Bank AG executed a currency swap contract which due date shall be December 1, 2013. This swap has been partially reversed with a contra swap. These transactions were cancelled on September 30, 2013: |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On October 29, 2004, the Bank and Credit Suisse First Boston executed a currency swap contract. Despite the fact that the instrument due date was December 1, 2013, it was cancelled on May 21, 2012. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Forwards: US dollar forward transactions have been carried out, the settlement of which, in general, is made without delivery of the underlying asset but by means of the payment in Pesos of currency differences. These transactions were performed mainly as hedge for foreign currency positions. Transactions with settlement in Pesos were made upon maturity. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Futures: Future currency transactions have been carried out through which the forward purchase and sale of foreign currencies (US dollar) was agreed upon. These transactions were performed as hedge for foreign currency position. Settlement is carried on a daily basis for the difference. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                     |   | Debt SecuritiesClass A1/AV |       |   | Debt SecuritiesClass A2/AF |   |       | Debt SecuritiesClass B |   |   | Certificates ofParticipation |   |   | Total  |       |
|------------------------------------------|--------|----------------------------|------------|--------|----------------------------|--------|------------|------------------------|--------|--------|------------------------------|--------|--------|--------|------------|
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |
| BHN II – Issued on 05.09.97 (*)    |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |
| Face value in Ps.                        |   |                       | 44,554     |   |                       |   | 51,363     |                   |   |   | 3,730                        |   |   |   | 6,927      |   |   |   | 106,574 |   |
| Declared Maturity Date                   |   |                       | 03.25.2001 |   |                       |   | 07.25.2009 |                   |   |   | 03.25.2012                   |   |   |   | 05.25.2013 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| BHN III – Issued on 10.29.97 (*)   |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 14,896     |   |                       |   | 82,090     |                   |   |   | 5,060                        |   |   |   | 3,374      |   |   |   | 105,420 |   |
| Declared Maturity Date                   |   |                       | 05.31.2017 |   |                       |   | 05.31.2017 |                   |   |   | 05.31.2018                   |   |   |   | 05.31.2018 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| BHN IV – Issued on 03.15.00 (*)    |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 36,500     |   |                       |   | 119,500    |                   |   |   | 24,375                       |   |   |   | 14,625     |   |   |   | 195,000 |   |
| Declared Maturity Date                   |   |                       | 03.31.2011 |   |                       |   | 03.31.2011 |                   |   |   | 01.31.2020                   |   |   |   | 01.31.2020 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| BACS I – Issued on 02.15.2001 (*)  |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 30,000     |   |                       |   | 65,000     |                   |   |   | 12,164                       |   |   |   | 8,690      |   |   |   | 115,854 |   |
| Declared Maturity Date                   |   |                       | 05.31.2010 |   |                       |   | 05.31.2010 |                   |   |   | 06.30.2020                   |   |   |   | 06.30.2020 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| BACS III – Issued on 12.23.2005    |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 77,600     |   |                       |   |       |                   |   |   | 1,200                        |   |   |   | 1,200      |   |   |   | 80,000 |   |
| Declared Maturity Date                   |   |                       | 03.20.2013 |   |                       |   |       |                   |   |   | 09.20.2013                   |   |   |   | 08.20.2015 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| BACS Funding I Issued on 11.15.2001 (*)  |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | -          |   |                       |   | -          |                   |   |   | -                            |   |   |   | 29,907     |   |   |   | 29,907 |   |
| Declared Maturity Date                   |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   | 11.15.2031 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| BACS Funding II Issued on 11.23.2001 (*) |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | -          |   |                       |   | -          |                   |   |   | -                            |   |   |   | 12,104     |   |   |   | 12,104 |   |
| Declared Maturity Date                   |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   | 11.23.2031 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| BHSA I Issued on 02.01.2002              |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | -          |   |                       |   | -          |                   |   |   | -                            |   |   |   | 43,412     |   |   |   | 43,412 |   |
| Declared Maturity Date                   |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   | 02.01.2021 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA VI Issued on 04.07.2006              |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 56,702     |   |                       |   | -          |                   |   |   | -                            |   |   |   | 12,447     |   |   |   | 69,149 |   |
| Declared Maturity Date                   |   |                       | 12.31.2016 |   |                       |   |       |                   |   |   |                         |   |   |   | 12.31.2026 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA VII Issued on 09.27.2006             |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 58,527     |   |                       |   | -          |                   |   |   | -                            |   |   |   | 12,848     |   |   |   | 71,375 |   |
| Declared Maturity Date                   |   |                       | 08.31.2017 |   |                       |   |       |                   |   |   |                         |   |   |   | 02.28.2028 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA VIII Issued on 03.26.2007            |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 61.088     |   |                       |   | -          |                   |   |   | -                            |   |   |   | 13,409     |   |   |   | 74.497 |   |
| Declared Maturity Date                   |   |                       | 08.31.2024 |   |                       |   |       |                   |   |   |                         |   |   |   | 08.31.2028 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA IX Issued on 08.28.2009              |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 192,509    |   |                       |   | -          |                   |   |   | -                            |   |   |   | 10,132     |   |   |   | 202,641 |   |
| Declared Maturity Date                   |   |                       | 02.07.2027 |   |                       |   |       |                   |   |   |                         |   |   |   | 07.07.2027 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA X Issued on 08.28.2009               |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | -          |   |                       |   | -          |                   |   |   | -                            |   |   |   | 17,224     |   |   |   | 17,224 |   |
| Face value en US$                        |   |                       | 85,001     |   |                       |   | -          |                   |   |   | -                            |   |   |   | -          |   |   |   | 85,001 |   |
| Declared Maturity Date                   |   |                       | 01.07.2027 |   |                       |   |       |                   |   |   |                         |   |   |   | 06.07.2028 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA XI Issued on 12.21.2009              |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 204,250    |   |                       |   | -          |                   |   |   | -                            |   |   |   | 10,750     |   |   |   | 215,000 |   |
| Declared Maturity Date                   |   |                       | 03.10.2024 |   |                       |   |       |                   |   |   |                         |   |   |   | 10.10.2024 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA XII Issued on 07.21.2010             |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 259,932    |   |                       |   | -          |                   |   |   | -                            |   |   |   | 13,680     |   |   |   | 273,612 |   |
| Declared Maturity Date                   |   |                       | 11.10.2028 |   |                       |   |       |                   |   |   |                         |   |   |   | 02.10.2029 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA XIII Issued on 12.02.2010            |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 110,299    |   |                       |   | -          |                   |   |   | -                            |   |   |   | 5,805      |   |   |   | 116,104 |   |
| Declared Maturity Date                   |   |                       | 12.10.2029 |   |                       |   |       |                   |   |   |                         |   |   |   | 04.10.2030 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| CHA XIV Issued on 03.18.2011             |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |                       | 119,876    |   |                       |   | -          |                   |   |   | -                            |   |   |   | 6,309      |   |   |   | 126,185 |   |
| Declared Maturity Date                   |   |                       | 05.10.2030 |   |                       |   |       |                   |   |   |                         |   |   |   | 08.10.2030 |   |   |   |   |   |
|                                     |   |                       |       |   |                       |   |       |                   |   |   |                         |   |   |   |       |   |   |   |   |   |

----

|  (*) | Trusts subject to the pesification of foreign currency assets and liabilities at the $1.00=US$1 rate established by Law 25561 and Decree 214, as they were created under Argentine legislation. Certain holders of Class A debt securities have started declarative actions against the trustee pursuant to the application of the pesification measures set forth in Law 25561 and Decree 214, in order to maintain the currency of origin of said securities. In these declarative actions, the Bank acted together with BACS as third party. The trustee has duly answered to this claim, being the final resolution to this situation is still pending. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                     |   | Debt Securities |       |   | Certificates ofParticipation |   |       | Total  |   |
|------------------------------------------|--------|-----------------|------------|--------|------------------------------|--------|------------|--------|--------|
|                                     |   |            |       |   |                         |   |       |   |   |
| Series LXXIV– Issued on 10.17.13   |   |            |       |   |                         |   |       |   |   |
| Face value in Ps.                        |   |            | 81,500     |   |                         |   | 19,091     |   |   |   | 100,591 |   |
| Estimated Maturity Date                  |   |            | 11.10.2014 |   |                         |   | 11.10.2014 |   |   |   |   |   |
|                                     |   |            |       |   |                         |   |       |   |   |   |   |   |
| Series LXXV– Issued on 12.03.13    |   |            |       |   |                         |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |            | 120,350    |   |                         |   | 32,374     |   |   |   | 152,724 |   |
| Estimated Maturity Date                  |   |            | 03.05.2015 |   |                         |   | 03.05.2015 |   |   |   |   |   |
|                                     |   |            |       |   |                         |   |       |   |   |   |   |   |
| Series LXXVI– Issued on 01.08.14   |   |            |       |   |                         |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |            | 100,000    |   |                         |   | 13,174     |   |   |   | 113,174 |   |
| Estimated Maturity Date                  |   |            | 04.08.2015 |   |                         |   | 04.08.2015 |   |   |   |   |   |
|                                     |   |            |       |   |                         |   |       |   |   |   |   |   |
| Series LXXVII– Issued on 02.20.14  |   |            |       |   |                         |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |            | 156,650    |   |                         |   | 37,802     |   |   |   | 194,452 |   |
| Estimated Maturity Date                  |   |            | 03.20.2015 |   |                         |   | 03.20.2015 |   |   |   |   |   |
|                                     |   |            |       |   |                         |   |       |   |   |   |   |   |
| Series LXXVIII– Issued on 04.09.14 |   |            |       |   |                         |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |            | 153,087    |   |                         |   | 49,100     |   |   |   | 202,187 |   |
| Estimated Maturity Date                  |   |            | 07.09.15   |   |                         |   | 07.09.15   |   |   |   |   |   |
|                                     |   |            |       |   |                         |   |       |   |   |   |   |   |
| Series LXXIX– Issued on 03.15.14   |   |            |       |   |                         |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |            | 91,550     |   |                         |   | 13,680     |   |   |   | 105,230 |   |
| Estimated Maturity Date                  |   |            | 08.05.15   |   |                         |   | 08.15.15   |   |   |   |   |   |
|                                     |   |            |       |   |                         |   |       |   |   |   |   |   |
| Series LXXX– Issued on 06.15.14    |   |            |       |   |                         |   |       |   |   |   |   |   |
| Face value in Ps.                        |   |            | 127,952    |   |                         |   | 19,119     |   |   |   | 147,071 |   |
| Estimated Maturity Date                  |   |            | 08.15.15   |   |                         |   | 08.15.15   |   |   |   |   |   |

----

|                                              | June 30, |    |
|---------------------------------------------------|----------|---------|
|                                              | 2014     |    | 2013 |   |
|                                              |     |    |   |   |
| Class B debt securities – BHN III           | Ps.      | 7,203   |   | Ps. | 7,203 |   |
| Class B debt securities – BHN IV            |     | 79,351  |   |   | 79,351 |   |
| Class A debt securities – BHN IV            |     | 45      |   |   | 45 |   |
| Class A debt securities – CHA VI to CHA XIV |     | 53,549  |   |   | 48,648 |   |
| Class A debt securities – BACS I            |     | 21,315  |   |   | 21,361 |   |
| Debt securities – BACS III                  |     | 18,107  |   |   | 20,984 |   |
| Debt securities – BACS Personales III       |     | -       |   |   | 3,952 |   |
| Debt securities – Tarshop Series LXXV       |     | 88,541  |   |   | 30,170 |   |
| Subtotal                                          | Ps.      | 268,111 |   | Ps. | 211,714 |   |

|                                                         | June 30, |    |
|--------------------------------------------------------------|----------|---------|
|                                                         | 2014     |    | 2013 |   |
|                                                         |     |    |   |   |
| Certificates of participation – BHN II                 | Ps.      | 41,722  |   | Ps. | 41,722 |   |
| Certificates of participation – BHN III                |     | 14,970  |   |   | 14,970 |   |
| Certificates of participation – CHA VI                 |     | 13,708  |   |   | 14,075 |   |
| Certificates of participation – CHA VII                |     | 4,427   |   |   | 7,189 |   |
| Certificates of participation – CHA VIII               |     | 2,769   |   |   | 6,157 |   |
| Certificates of participation – CHA IX                 |     | 11,493  |   |   | 12,275 |   |
| Certificates of participation – CHA X                  |     | 24,908  |   |   | 23,892 |   |
| Certificates of participation – CHA XI                 |     | 14,613  |   |   | 14,979 |   |
| Certificates of participation – CHA XII                |     | 19,198  |   |   | 19,699 |   |
| Certificates of participation – CHA XIII               |     | 5,985   |   |   | 6,807 |   |
| Certificates of participation – CHA XIV                |     | 6,404   |   |   | 6,941 |   |
| Certificates of participation – BHSA I                 |     | 7,013   |   |   | 8,141 |   |
| Certificates of participation – BACS III               |     | 1,003   |   |   | 1,036 |   |
| Certificates of participation – BACS Personales III    |     | -       |   |   | 6,239 |   |
| Certificates of Participation – Tarshop Series LXIX    |     | -       |   |   | 10,401 |   |
| Certificates of Participation – Tarshop Series LXX     |     | -       |   |   | 8,708 |   |
| Certificates of Participation – Tarshop Series LXXI    |     | -       |   |   | 20,269 |   |
| Certificates of Participation – Tarshop Series LXXII   |     | -       |   |   | 16,160 |   |
| Certificates of Participation – Tarshop Series LXXIII  |     | -       |   |   | 26,027 |   |
| Certificates of Participation – Tarshop Series LXXIV   |     | 15,844  |   |   | 12,873 |   |
| Certificates of Participation – Tarshop Series LXXV    |     | 25,282  |   |   | - |   |
| Certificates of Participation – Tarshop Series LXXVI   |     | 21,779  |   |   | - |   |
| Certificates of Participation – Tarshop Series LXXVII  |     | 30,996  |   |   | - |   |
| Certificates of Participation – Tarshop Series LXXVIII |     | 39,885  |   |   | - |   |
| Certificates of Participation – Tarshop Series LXXIX   |     | 12,065  |   |   | - |   |
| Certificates of Participation – Tarshop Series LXXX    |     | 16,791  |   |   | - |   |
| Subtotal                                                     | Ps.      | 330,855 |   | Ps. | 278,560 |   |
| Total                                                        | Ps.      | 598,966 |   | Ps. | 490,274 |   |

----

|                              | June 30, |    |
|-----------------------------------|----------|---------|
|                              | 2014     |    | 2013 |   |
| Sundry creditors:                 |     |    |   |   |
| Accrued fees and expenses payable | Ps.      | 655,475 |   | Ps. | 443,360 |   |
| Unallocated collections           |     | 14,845  |   |   | 12,436 |   |
| Withholdings and taxes payable    |     | 39,347  |   |   | 22,500 |   |
| Other                             |     | 14,543  |   |   | 15,054 |   |
| Total                             | Ps.      | 724,210 |   | Ps. | 493,350 |   |

|                                                                                                                                             | June 30, |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------|----------|---------|
|                                                                                                                                             | 2014     |    | 2013 |   |
| Other:                                                                                                                                           |     |    |   |   |
| Directors and Syndics accrued fees payable......................                                                     | Ps.      | 38,145  |   | Ps. | 25,237 |   |
| Payroll withholdings and contributions............................                                               |     | 51,898  |   |   | 30,324 |   |
| Gratifications.......................................................... |     | 39,166  |   |   | 39,937 |   |
| Salaries and social securities........................................                       |     | 49,440  |   |   | 31,476 |   |
| Total                                                                                                                                            | Ps.      | 178,649 |   | Ps. | 126,974 |   |

|                                   | June 30, |    |
|----------------------------------------|----------|---------|
|                                   | 2014     |    | 2013 |   | 2012 |   |
|                                   |     |    |   |   |   |   |
| Loan servicing fees from third parties | Ps.      | 30,854  |   | Ps. | 26,548 |   | Ps. | 16,100 |   |
| Commissions from FONAVI                |     | -       |   |   | 11,361 |   |   | 17,205 |   |
| Commissions for credit cards           |     | 705,143 |   |   | 555,128 |   |   | 453,421 |   |
| Other                                  |     | 130,619 |   |   | 77,176 |   |   | 60,739 |   |
| Total                                  | Ps.      | 866,616 |   | Ps. | 670,213 |   | Ps. | 547,465 |   |

|                                                 | June 30, |    |
|------------------------------------------------------|----------|---------|
|                                                 | 2014     |    | 2013 |   | 2012 |   |
|                                                 |     |    |   |   |   |   |
| Reimbursement of loan expenses paid by third parties | Ps.      | 37,289  |   | Ps. | 68,731 |   | Ps. | 63,261 |   |
| Other (*)                                            |     | 318,864 |   |   | 238,667 |   |   | 185,454 |   |
| Total                                                | Ps.      | 356,153 |   | Ps. | 307,398 |   | Ps. | 248,715 |   |

----

|                                   | June 30, |    |
|----------------------------------------|----------|---------|
|                                   | 2014     |    | 2013 |   | 2012 |   |
|                                   |     |    |   |   |   |   |
| Structuring and underwriting fees      | Ps.      | 14,254  |   | Ps. | 8,200 |   | Ps. | 6,057 |   |
| Retail bank originations               |     | 6,327   |   |   | 1,958 |   |   | 888 |   |
| Collections                            |     | 159     |   |   | 158 |   |   | 413 |   |
| Banking services                       |     | 384,810 |   |   | 155,399 |   |   | 137,668 |   |
| Commissions paid to real estate agents |     | 40,707  |   |   | 28,349 |   |   | 20,544 |   |
| Total                                  | Ps.      | 446,257 |   | Ps. | 194,064 |   | Ps. | 165,570 |   |

|                                                                      | June 30, |   |
|---------------------------------------------------------------------------|----------|--------|
|                                                                      | 2014     |   | 2013 |   | 2012 |   |
|                                                                      |     |   |   |   |   |   |
| Income on operations with premises and equipment and miscellaneous assets | Ps.      | 2,944  |   | Ps. | 1,158 |   | Ps. | 2,350 |   |
| Rental income                                                             |     | 2,290  |   |   | 1,603 |   |   | 1,159 |   |
| Interest on loans to bank staff                                           |     | 26,601 |   |   | 20,668 |   |   | 16,817 |   |
| Other                                                                     |     | 15,708 |   |   | 14,326 |   |   | 58,054 |   |
| Total                                                                     | Ps.      | 47,543 |   | Ps. | 37,755 |   | Ps. | 78,380 |   |

|                                 | June 30, |    |
|--------------------------------------|----------|---------|
|                                 | 2014     |    | 2013 |   | 2012 |   |
|                                 |     |    |   |   |   |   |
| Depreciation of miscellaneous assets | Ps.      | 388     |   | Ps. | 350 |   | Ps. | 506 |   |
| Gross revenue tax                    |     | 4,395   |   |   | 2,445 |   |   | 1,492 |   |
| Other taxes                          |     | 40,892  |   |   | 23,835 |   |   | 15,132 |   |
| Debit card discounts                 |     | 14,285  |   |   | 12,052 |   |   | 13,062 |   |
| Credit card and others discounts     |     | 43,422  |   |   | 55,130 |   |   | 45,762 |   |
| Benefits prepayments                 |     | 6,008   |   |   | 4,166 |   |   | 3,120 |   |
| Donations                            |     | 24,325  |   |   | 18,048 |   |   | 6,970 |   |
| Amortization of goodwill             |     | 3,430   |   |   | 3,429 |   |   | 3,036 |   |
| Other                                |     | 83,285  |   |   | 11,511 |   |   | 40,993 |   |
| Total                                | Ps.      | 220,430 |   | Ps. | 130,966 |   | Ps. | 130,073 |   |

----

|                                             |   | US$        |      |   | Euro   |   |    | Yen    |   |   | Total  |   |
|--------------------------------------------------|--------|------------|-----------|--------|--------|--------|---------|--------|--------|--------|--------|--------|
|                                             |   | (in Pesos) |      |
| Assets:                                          |   |       |      |   |   |   |    |   |   |   |   |   |
| Cash and due from banks                          |   |       | 918,347   |   |   |   | 19,472  |   |   |   | 5      |   |   |   | 937,824 |   |
| Government and corporate securities              |   |       | 883,587   |   |   |   | -       |   |   |   | -      |   |   |   | 883,587 |   |
| Loans                                            |   |       | 1,112,543 |   |   |   | -       |   |   |   | -      |   |   |   | 1,112,543 |   |
| Other receivables from financial transactions    |   |       | 781,984   |   |   |   | -       |   |   |   | -      |   |   |   | 781,984 |   |
| Miscellaneous receivables                        |   |       | 191,998   |   |   |   | -       |   |   |   | -      |   |   |   | 191,998 |   |
| Total as of June 30, 2014                        |   |       | 3,888,459 |   |   |   | 19,472  |   |   |   | 5      |   |   |   | 3,907,936 |   |
| Total as of June 30, 2013                        |   |       | 2,687,366 |   |   |   | 239,683 |   |   |   | 4      |   |   |   | 2,927,053 |   |
|                                             |   |       |      |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Liabilities:                                     |   |       |      |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Deposits                                         |   |       | 1,003,954 |   |   |   | -       |   |   |   | -      |   |   |   | 1,003,954 |   |
| Other liabilities from financial transactions    |   |       | 2,440,284 |   |   |   | 55,877  |   |   |   | -      |   |   |   | 2,496,161 |   |
| Miscellaneous liabilities                        |   |       | 3,871     |   |   |   | 13      |   |   |   | -      |   |   |   | 3,884 |   |
|     Items pending allocation |   |       | 174       |   |   |   | -       |   |   |   | -      |   |   |   | 174 |   |
| Total as of June 30, 2014                        |   |       | 3,448,283 |   |   |   | 55,890  |   |   |   | -      |   |   |   | 3,504,173 |   |
| Total as of June 30, 2013                        |   |       | 2,307,546 |   |   |   | 238,780 |   |   |   | -      |   |   |   | 2,546,326 |   |

----

| Fiscal Year |   | Tax credit balance |   |
|-------------|--------|--------------------|--------|
|        |   |               |   |
| 2006        |   |               | 11,861 |   |
| 2007        |   |               | 18,634 |   |
| 2008        |   |               | 18,519 |   |
| 2009        |   |               | 19,944 |   |
| 2010        |   |               | 19,855 |   |
| 2011        |   |               | 21,073 |   |
| 2012        |   |               | 28,103 |   |

|  Shareholder                            |   | Class ofShares |   |   | Number ofShares |   |          | Total %Ownership |   | Voting Rights |
|----------------------------------------------|--------|----------------|--------|--------|-----------------|--------|---------------|------------------|--------|---------------|
| Argentine government (through FFFRI) (b)     |   |           | A      |   |            |   | 672,106,969   |             |   |          | 44.81 | % | 1 vote |
| Banco Nación, as trustee for the Bank's |
| Programa de Propiedad Participada (a)        |   |           | B      |   |            |   | 57,009,279    |             |   |          | 3.80 | % | 1 vote |
| Argentine government (through FFFRI)         |   |           | C      |   |            |   | 75,000,000    |             |   |          | 5.00 | % | 1 vote |
| Public investors (c) (d)                     |   |           | D      |   |            |   | 695,883,752   |             |   |          | 46.39 | % | 3 votes |
|                                         |   |           |   |   |            |   | 1,500,000,000 |             |   |          | 100.0 | % |   |

| (a)   | The Bank's Programa de Propiedad Participada (“PPP”) is the Bank's employee stock ownership plan. Under Decree 2127/2012 and Resolution 264/2013 issued by the Ministry of Economy and Public Finance, the PPP was implemented. Under this plan, in a first stage, out of a total of 75,000,000, 17,990,721 Class B shares were converted into Class A shares, to be allocated among the employees that have withdrawn from the Bank in accordance with the implementation guidelines. Upon delivery to the former employees, the 17,990,721 shares will become Class D shares. As of June 30, 2014, such conversion had occurred only with respect to 4,414,632 shares. The shares allocated to the Bank’s current employees are designated as Class B shares, representing the PPP. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Under the Bylaws, the affirmative vote of the holders of Class A Shares is required in order to effectuate: (i) mergers or spin-offs; (ii) an acquisition of shares (constituting a Control Acquisition or resulting in the Bank being subject to a control situation); (iii) the transfer to third parties of a substantial part of the loan portfolio of the Bank, (iv) a change in the Bank’s corporate purpose; (v) the transfer of the Bank’s corporate domicile outside of Argentina, and (vi) the voluntary dissolution of the Bank. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | For so long as Class A Shares represent more than 42% of the Bank’s capital, the Class D Shares shall be entitled to three votes per share, except that holders of Class D Shares will be entitled to one vote per share in the case of a vote on: (i) a fundamental change in the Bank’s corporate purpose; (ii) a change of the Bank’s domicile to be outside of Argentina; (iii) dissolution prior to the expiration of the Bank’s corporate existence; (iv) a merger or spin-off in which the Bank is not the surviving corporation; and (v) a total or partial recapitalization following a mandatory reduction of capital. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | By reason of the expiration on January 29, 2009 of the Total Return Swap that had been executed and delivered on January 29, 2004, Deutsche Bank AG transferred to the Bank 71,100,000 ordinary Class “D” shares in Banco Hipotecario Sociedad Anónima with face value $ 1 each, which are available for the term and in the conditions prescribed by the Argentine Companies Law, in its Section 221. The General Ordinary Shareholders’ Meeting held on April 30, 2010 resolved to extend for a year, counted as from January 31, 2010, the term for realizing the treasury shares held by the Bank. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                               | June 30, |       |
|------------------------------------|----------|------------|
|                               | 2014     |       | 2013 |   |
| Commitments to extend credit       |     |       |   |   |
| Mortgage loans and other loans (a) | Ps.      | 132,180    |   | Ps. | 220,948 |   |
| Credit card loans (b)              |     | 11,913,152 |   |   | 7,452,967 |   |
| Clearing items in process (c)      |     | 163,304    |   |   | 132,369 |   |
| Other guarantees (d)               |     | 46,646     |   |   | 80,644 |   |

| (a)   | Commitments to extend credit are agreements to lend to a customer at a future date, subject to such customers meeting of pre-defined contractual milestones. Typically, the Bank will commit to extend financing for construction project lending on the basis of the certified progress of the work under construction. Most arrangements require the borrower to pledge the land or buildings under construction as collateral. In the opinion of management, the Bank’s outstanding commitments do not represent unusual credit risk. The Bank’s exposure to credit loss in the event of nonperformance by the other party is represented by the contractual notional amount of those commitments. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The Bank has a unilateral and irrevocable right to reduce or change the credit card limit, thus it considered there is no off-balance sheet risk. In the opinion of management, the Bank’s outstanding commitments do not represent unusual credit risk. The Bank’s exposure to credit loss in the event of nonperformance by the other party is represented by the contractual notional amount of those commitments. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The Bank accounts for items drawn on other banks in memorandum accounts until such time as the related item clears or is accepted. In the opinion of management, the Bank’s risk of loss on these clearing transactions is not significant as the transactions primarily relate to collections on behalf of third parties. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Mainly includes the amounts given as collateral for swaps transactions held by the bank. |
|-----------------|------------------------------------------------------------------------------------------|

----

|   | · | Balance Sheet: |
|--------|--------|----------------|

|                                            | Condensed balance sheet of BACS Administradora de activos S.A. S.G.F.C.I. (former FCMI Argentina Financial Corporation S.A. S.G.F.C.I.) as of June 30, 2012 |   |
|-------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Cash and due from banks                         | Ps.                                                                                                                                                         | 238    |   |
| Other receivables from financial transactions   |                                                                                                                                                        | 2,416  |   |
| Other assets                                    |                                                                                                                                                        | 739    |   |
| Total Assets                                    | Ps.                                                                                                                                                         | 3,393  |   |
| Other liabilities                               | Ps.                                                                                                                                                         | 955    |   |
| Total Liabilities                               | Ps.                                                                                                                                                         | 955    |   |
| Shareholder ́s Equity                       | Ps.                                                                                                                                                         | 2,438  |   |
| Total Liabilities and Shareholder ́s Equity | Ps.                                                                                                                                                         | 3,393  |   |

----

|                                   | Condensed income statement of BACS Administradora de activos S.A. S.G.F.C.I. (former FCMI Argentina Financial Corporation S.A. S.G.F.C.I.) for the three-month period ending June 30, 2012 |   |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Net financial income                   | Ps.                                                                                                                                                                                        | 277    |   |
| Net Income from services               |                                                                                                                                                                                       | 494    |   |
| Administrative expenses                |                                                                                                                                                                                       | (247   | ) |
| Net income from financial transactions | Ps.                                                                                                                                                                                        | 524    |   |
| Other income                           |                                                                                                                                                                                       | 202    |   |
| Pre-tax income                         | Ps.                                                                                                                                                                                        | 726    |   |
| Income tax                             |                                                                                                                                                                                       | -      |   |
| Net Income                             | Ps.                                                                                                                                                                                        | 726    |   |

| 1. | The Bank was notified of Resolution No. 286, dated July 2, 2010 issued by the Superintendent of Financial and Foreign Exchange Institutions whereby summary proceedings have been commenced against the Bank and its directors (Summary Proceedings No. 4364 on Foreign Exchange Matters) under section 8 of the Foreign Exchange Offences Law (as restated by Decree No. 480/95). |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | By reason of the “CER Swap Linked to PG08s and External Debt” transaction closed on February 23, 2007 and settled on January 29, 2009, on May 5, 2011 the Bank was notified of the commencement of summary financial proceedings No. 1320 (File No. 100.299/10). The subject matter of these proceedings are alleged infringements of the laws on loans granted to the Non-Financial Public Sector, excesses over the limits related to fractioning credit risk exposure to the non-financial public sector, excess assets given as collateral, deficiencies in minimum capital requirements and objections to accounting treatment. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | On May 4, 2012, the Bank was notified of Resolution No. 186 dated April 25, 2012 by the Superintendent of Financial and Foreign Exchange Institutions, whereby summary proceedings have been commenced against the Bank and its directors (Summary Proceedings No. 4976 on Foreign Exchange Matters) under section 8 of the Foreign Exchange Offences Law (as restated by Decree No. 480/95). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | On December 20, 2012, the Bank was notified of Resolution No. 492 dated November 21, 2012 by the Superintendent of Financial and Foreign Exchange Institutions, whereby summary proceedings have been commenced against the Bank and its directors under section 41 of the Financial Institutions Law. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.     On September 13, 2013, the Bank was notified of Resolution No. 611 handed down by the Superintendent of Financial and Foreign Exchange Institutions, whereby it ordered to commence summary proceedings against the Bank and two of its managers (Summary Proceedings No. 5469 on Foreign Exchange Matters) charging them with alleged violation of the foreign exchange laws in selling foreign currency to persons prohibited from trading foreign currency by the Argentine Central Bank. The relevant defenses and arguments have been filed and evidence has been offered in support of all the defendants subject to the summary proceedings. In the legal counsels’ opinion, given the current status of the proceedings, there are low chances that the Bank will be subject to the economic sanctions set forth by the Criminal Foreign Exchange Regime Law (Ley de Régimen Penal Cambiario), therefore, such contingency has not been considered in the financial statements. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.   On October 8, 2013, the Bank was notified of Resolution No. 720 handed down by the Superintendent of Financial and Foreign Exchange Institutions, whereby it ordered to commence summary proceedings against the Bank and two of its managers (Summary Proceedings No. 5529on Foreign Exchange Matters) in accordance with Section 8 of the Criminal Foreign Exchange Regime Law (Ley de Régimen Penal Cambiario) –as amended by Decree 480/95- charging them with alleged violation of the foreign exchange laws in selling foreign currency to persons prohibited from trading foreign currency by the Argentine Central Bank. The relevant defenses and arguments have been filed and evidence has been offered in support of all the defendants subject to the summary proceedings. In the legal counsels’ opinion, given the current status of the proceedings, there are low chances that the Bank will be subject to the economic sanctions set forth by the Criminal Foreign Exchange Regime Law (Ley de Régimen Penal Cambiario), therefore, such contingency has not been considered in the financial statements. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| I.   |  Differences in measurement methods |
|----------------|------------------------------------------|

----

|                                                                         |   |   | June 30, |      |
|------------------------------------------------------------------------------|--------|--------|----------|-----------|
|                                                                         |   |   | 2014     |      |   | 2013 |   |   | 2012 |   |
| Net income as reported under Argentine Banking GAAP                          | Ps.    |   |     | 627,027   |   |   |   | 339,122 |   |   |   | 301,097 |   |
| U.S. GAAP adjustments:                                                       |   |   |     |      |   |   |   |   |   |   |   |   |   |
| - Loan origination fees and costs                                            | (a)    |   |     | 27,525    |   |   |   | (29,863 | ) |   |   | (44,248 | ) |
| - Loan loss reserve                                                          | (b)    |   |     | (29,677   | ) |   |   | (25,253 | ) |   |   | (60,535 | ) |
| - Derivative financial instruments                                           | (c)    |   |     | (941      | ) |   |   | (1,223 | ) |   |   | 7,641 |   |
| - Other government securities                                                | (d)    |   |     | (17,669   | ) |   |   | 12,727 |   |   |   | (2,155 | ) |
| - Provincial public debt                                                     | (e)    |   |     | -         |   |   |   | 331 |   |   |   | (322 | ) |
| - Financial liabilities                                                      | (f)    |   |     | 4,136     |   |   |   | 3,154 |   |   |   | 283 |   |
| - Securitizations                                                            | (g)    |   |     | (10,725   | ) |   |   | (17,512 | ) |   |   | (419 | ) |
| - Intangible assets                                                          |   |   |     |      |   |   |   |   |   |   |   |   |   |
| Software costs                                                               | (h)    |   |     | (18,396   | ) |   |   | (8,639 | ) |   |   | (4,358 | ) |
| Other intangible assets                                                      | (h)    |   |     | (4,793    | ) |   |   | (3,157 | ) |   |   | (3,156 | ) |
| Business combinations                                                        | (h)    |   |     | 989       |   |   |   | 991 |   |   |   | (1,315 | ) |
| - Impairment of fixed and foreclosed assets                                  | (i)    |   |     | 983       |   |   |   | 932 |   |   |   | 1,012 |   |
| - Vacation provision                                                         | (k)    |   |     | (18,955   | ) |   |   | (7,714 | ) |   |   | (4,024 | ) |
| - Insurance technical reserve                                                | (l)    |   |     | 1,398     |   |   |   | 1,003 |   |   |   | 620 |   |
| - Capitalization of interest cost                                            | (m)    |   |     | 301       |   |   |   | 553 |   |   |   | 170 |   |
| - Deferred income tax                                                        | (n)    |   |     | 55,122    |   |   |   | (20,057 | ) |   |   | 54,941 |   |
| - Non-Controlling interest                                                   | (j)    |   |     | (11,031   | ) |   |   | 14,148 |   |   |   | 617 |   |
| Net income in accordance with U.S. GAAP                                      | Ps.    |   |     | 605,294   |   |   |   | 259,543 |   |   |   | 245,849 |   |
| - Less Net (Loss) attributable to the Non-Controlling interest               | (j)    |   |     | 10,284    |   |   |   | (8,834 | ) |   |   | 5,116 |   |
| Net income attributable to Controlling interest in accordance with U.S. GAAP | Ps.    |   |     | 615,578   |   |   |   | 250,709 |   |   |   | 250,965 |   |
| Basic and diluted net income per share in accordance with U.S. GAAP          |   |   |     | 4.136     |   |   |   | 1.774 |   |   |   | 1.680 |   |
| Average number of shares outstanding (in thousands)                          |   |   |     | 1,463,365 |   |   |   | 1,463,365 |   |   |   | 1,463,365 |   |

----

|                                                                   |   | June 30, |      |
|------------------------------------------------------------------------|--------|----------|-----------|
|                                                                   |   | 2014     |      | 2013 |   |
| Total shareholders' equity under Argentine Banking GAAP                | Ps.    |     | 4,205,343 |   |   | 3,608,316 |   |
| U.S. GAAP adjustments:                                                 |   |     |      |   |   |   |   |
| - Loan origination fees and costs                                      | (a)    |     | (71,568   | ) |   | (99,093 | ) |
| - Loan loss reserve                                                    | (b)    |     | (189,838  | ) |   | (160,161 | ) |
| - Derivative financial Instruments                                     | (c)    |     | (876      | ) |   | 65 |   |
| - Other government securities                                          | (d)    |     | 3,871     |   |   | (1,374 | ) |
| - Provincial Public Debt                                               | (e)    |     | -         |   |   | - |   |
| - Financial liabilities                                                | (f)    |     | 7,573     |   |   | 3,437 |   |
| - Securitizations                                                      | (g)    |     | (31,876   | ) |   | (21,151 | ) |
| - Intangible assets                                                    |   |     |      |   |   |   |   |
| Software costs                                                         | (h)    |     | (37,363   | ) |   | (18,967 | ) |
| Other intangible assets                                                | (h)    |     | 3,097     |   |   | 7,890 |   |
| Business combinations                                                  | (h)    |     | (2,167    | ) |   | (3,156 | ) |
| - Impairment of fixed and foreclosed assets                            | (i)    |     | (38,323   | ) |   | (39,306 | ) |
| - Vacation provision                                                   | (k)    |     | (40,332   | ) |   | (21,377 | ) |
| - Insurance technical reserve                                          | (l)    |     | (3,119    | ) |   | (4,517 | ) |
| - Capitalization of interest cost                                      | (m)    |     | 3,226     |   |   | 2,925 |   |
| - Deferred income Tax                                                  | (n)    |     | 214,230   |   |   | 159,108 |   |
| - Non-Controlling interest                                             | (j)    |     | 59,849    |   |   | 70,880 |   |
| Total Shareholders’ Equity under U.S. GAAP                       | Ps.    |     | 4,081,727 |   |   | 3,483,519 |   |
| - Non-Controlling Interest under U.S. GAAP                             | (j)    |     | (50,662   | ) |   | (60,315 | ) |
| Consolidated Parent Company Shareholders’ Equity under U.S. GAAP | Ps.    |     | 4,031,065 |   |   | 3,423,204 |   |

|                                                                | Total Shareholders’ Equity |      |
|---------------------------------------------------------------------|----------------------------------|-----------|
| Balance as of June 30, 2012                                         | Ps.                              | 3,279,872 |   |
| Cash dividends                                                      |                             | (100,000  | ) |
| Other Comprehensive Income                                          |                             | (7,377    | ) |
| Net income for the twelve-month period in accordance with U.S. GAAP |                             | 250,709   |   |
| Balance as of June 30, 2013                                         | Ps.                              | 3,423,204 |   |
| Cash dividends                                                      |                             | (30,000   | ) |
| Other Comprehensive Income                                          |                             | 22,283    |   |
| Net income for the twelve-month period in accordance with U.S. GAAP |                             | 615,578   |   |
| Balance as of June 30, 2014                                         | Ps.                              | 4,031,065 |   |

----

| a)   | Loans considered impaired, in accordance with ASC 310-10 “Accounting for Creditors for Impairment of a Loan”, are recorded at the present value of the expected future cash flows discounted at the loan’s effective contractual interest rate or at the fair value of the collateral if the loan is collateral dependent. Under ASC 310-10, a loan is considered impaired when, based on current information, it is probable that the borrower will be unable to pay contractual interest or principal payments as scheduled in the loan agreement. ASC 310-10 applies to all loans except smaller-balance homogeneous consumer loans, loans carried at the lower of cost or fair value, debt securities, and leases. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | In addition, the Bank has performed a migration analysis for mortgage, credit cards and consumer loans following the ASC 450-20 and historical loss ratios were determined by analyzing historical losses, in order to calculate the allowance required for smaller-balance impaired loans and unimpaired loans for U.S. GAAP purposes. Loss estimates are analyzed by loan type and thus for homogeneous groups of clients. Such historical ratios were updated to incorporate the most recent data reflecting current economic conditions, industry performance trends, geographic or obligor concentrations within each portfolio segment, and any other pertinent information that may affect the estimation of the allowance for loan losses. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| c)   | Under Argentine Banking GAAP, loans that were previously charged-off, which are subsequently restructured and become performing loans, are included again in the Bank’s assets, according to the policies adopted by the bank. Under U.S. GAAP recoveries of loans previously charged off should be recorded when received. As of June 2014 and 2013, the Bank recorded an adjustment to shareholders’ equity related to reinstated loans of Ps. (79,889) and Ps. (103,897), respectively. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   |      Effective July 1, 2010, the Bank implemented new accounting guidance provided by SFAS 166 and 167 (ASU 2009-16 and ASU 2009-17, respectively, under the new codification), which amend the accounting for transfers of financial assets and consolidation of variable interest entities (VIEs). As a result of applying such guidance, the Bank, or its subsidiaries, were deemed to be the primary beneficiary of the securitization trusts because the Bank, or its subsidiaries, have the power to direct the activities of these VIEs through its servicing responsibilities and duties. Additionally, the Bank, or its subsidiaries, through its retained interests held in these securitizations have the obligation to absorb losses or the right to receive benefits from the VIEs. As a result of the analysis performed, the Bank should consolidate assets and liabilities of those securitization trusts, elimininating the investment in the retained interests and recording and adjustment in the allowance for loan losses of such securitization trusts. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                   |   |   |                                    |   |   |   | 2014                       |   |   |   |                                     |   |   |   |                               |   |   |   | 2013                       |   |   |   |                                     |   |
|------------------------|--------|--------|-----------------------------------------|--------|--------|--------|----------------------------|--------|--------|--------|------------------------------------------|--------|--------|--------|------------------------------------|--------|--------|--------|----------------------------|--------|--------|--------|------------------------------------------|--------|
|                   |   |   | Allowances under Arg. Banking GAAP |   |   |   | Allowances under U.S. GAAP |   |   |   | Adjustment to shareholders’ equity |   |   |   | Allowances under Arg. Banking GAAP |   |   |   | Allowances under U.S. GAAP |   |   |   | Adjustment to shareholders’ equity |   |
| Migration analysis (*) |   |   | 292,526                                 |   |   |   | 455,354                    |   |   |   | (162,828                                 | )      |   |   | 251,959                            |   |   |   | 342,318                    |   |   |   | (90,359                                  | )      |
| ASC 310-10             |   |   | 68,788                                  |   |   |   | 14,736                     |   |   |   | 54,052                                   |   |   |   | 49,663                             |   |   |   | 18,204                     |   |   |   | 31,459                                   |   |
| Reinstated loans       |   |   | -                                       |   |   |   | 79,889                     |   |   |   | (79,889                                  | )      |   |   | -                                  |   |   |   | 103,897                    |   |   |   | (103,897                                 | )      |
| Subtotal               |   |   | 361,314                                 |   |   |   | 549,979                    |   |   |   | (188,665                                 | )      |   |   | 301,622                            |   |   |   | 464,419                    |   |   |   | (162,797                                 | )      |

| (*) Migration analysis of Banco Hipotecario and its subsidiaries. |
|-------------------------------------------------------------------|

----

|                  |   |   |                                                       |   |   |   | 2014                                          |   |   |   |                                            |   |   |   |                                                  |   |   |   | 2013                                          |   |   |   |                                                        |   |
|-----------------------|--------|--------|------------------------------------------------------------|--------|--------|--------|-----------------------------------------------|--------|--------|--------|-------------------------------------------------|--------|--------|--------|-------------------------------------------------------|--------|--------|--------|-----------------------------------------------|--------|--------|--------|-------------------------------------------------------------|--------|
|                  |   |   |   Allowances under Arg. Banking GAAP   |   |   |   |   Allowances under U.S. GAAP   |   |   |   |   Adjustment to shareholders’ equity |   |   |   |   Allowances under Arg. Banking GAAP   |   |   |   |   Allowances under U.S. GAAP   |   |   |   |   Adjustment to shareholders’ equity   |   |
| Reconsolidated trusts |   |   | 45,504                                                     |   |   |   | 46,677                                        |   |   |   | (1,173                                          | )      |   |   | 46,871                                                |   |   |   | 44,235                                        |   |   |   | 2,636                                                       |   |
| Subtotal              |   |   | 45,504                                                     |   |   |   | 46,677                                        |   |   |   | (1,173                                          | )      |   |   | 46,871                                                |   |   |   | 44,235                                        |   |   |   | 2,636                                                       |   |
|                  |   |   |                                                       |   |   |   |                                          |   |   |   |                                            |   |   |   |                                                  |   |
| Total                 |   |   | 406,818                                                    |   |   |   | 596,656                                       |   |   |   | (189,838                                        | )      |   |   | 348,493                                               |   |   |   | 508,654                                       |   |   |   | (160,161                                                    | )      |

----

|                                   | June 30, |   |
|----------------------------------------|----------|--------|
|                                   | 2014     |   | 2013 |   |
|                                   |     |   |   |   |
| Discount Bonds                         | Ps.      | (4,126 | ) | Ps. | - |   |
| Other National Government Bonds        |     | (3,624 | ) |   | (5,735 | ) |
| Unquoted Securities issued by the BCRA |     | 7,387  |   |   | 192 |   |
| Bills issued by Provincial Governments |     | 4,234  |   |   | 4,169 |   |
| Total                                  | Ps.      | 3,871  |   | Ps. | (1,374 | ) |

| · |             Discount Bonds |
|--------|-----------------------------------------------------------------------------------|

----

|           |   | 2014                     |   |   | 2013                              |   |
|----------------|--------|--------------------------|--------|--------|-----------------------------------|--------|
|           |   | Amortized Cost U.S. GAAP |   |   | Book Value Argentine Banking GAAP |   |   | Fair Value – Book value under U.S. GAAP |   |   | Unrealized (Loss)/Gain |   |   | Shareholders’ equity Adjustment |   |   | Amortized Cost U.S. GAAP |   |   | Book Value Argentine Banking GAAP |   |   | Fair Value – Book value under U.S. GAAP |   |   | Unrealized (Loss)/Gain |   |   | Shareholders’ equity Adjustment |   |
|           |   | (In thousands of $)      |   |
|           |   |                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount Bonds |   |                     | 77,177 |   |                              |   | 91,782 |   |   |   | 87,656 |   |   |   | 10,479 |   |   |   | (4,126 | ) |   |   | 15,482 |   |   |   | 16,108 |   |   |   | 16,108 |   |   |   | 625 |   |   |   | - |   |

| a.   | Intent and ability of the Bank to retain its investment for a period of time that allows for any anticipated recovery in market value; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------|

| b.   | Expectation to recover the entire amortized cost of the security; |
|----------------|-------------------------------------------------------------------|

| c.   | Recoveries in fair value after the balance sheet date; |
|----------------|--------------------------------------------------------|

| d.   | The financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer (such as changes in technology that may impair the earnings potential of the investment or the discontinuance of a segment of a business that may affect the future earnings potential). |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e.   | Likelihood that it will be required to sell debt investments before recovery of amortized cost |
|----------------|------------------------------------------------------------------------------------------------|

| · |         Other Bonds |
|--------|--------------------------------------------------------|

----

|                                   |   | 2014                     |      |   | 2013                              |   |
|----------------------------------------|--------|--------------------------|-----------|--------|-----------------------------------|--------|
|                                   |   | Amortized Cost U.S. GAAP |      |   | Book Value Argentine Banking GAAP |   |   | Fair Value – Book value under U.S. GAAP |   |   | Unrealized (Loss)/Gain |   |   | Shareholders’ equity Adjustment |   |   | Amortized Cost U.S. GAAP |   |   | Book Value Argentine Banking GAAP |   |   | Fair Value – Book value under U.S. GAAP |   |   | Unrealized (Loss)/Gain |   |   | Shareholders’ equity Adjustment |   |
|                                   |   | (In thousands of $)      |      |
|                                   |   |                     |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unquoted securities issued by the BCRA |   |                     | 1,342,425 |   |                              |   | 1,342,425 |   |   |   | 1,349,812 |   |   |   | 7,387 |   |   |   | 7,387 |   |   |   | 98,930 |   |   |   | 98,930 |   |   |   | 99,122 |   |   |   | 192 |   |   |   | 192 |   |
| Bills issued by Provincial Governments |   |                     | 423,275   |   |                              |   | 423,275 |   |   |   | 427,509 |   |   |   | 4,234 |   |   |   | 4,234 |   |   |   | 235,241 |   |   |   | 235,241 |   |   |   | 239,410 |   |   |   | 4,169 |   |   |   | 4,169 |   |
|                                   |   |                     |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PRO XIII Bonds                         |   |                     | 33,136    |   |                              |   | 32,796 |   |   |   | 29,172 |   |   |   | - |   |   |   | (3,624 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| BONAR 2017                             |   |                     | -         |   |                              |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 67,977 |   |   |   | 67,977 |   |   |   | 62,006 |   |   |   | (5,971 | ) |   |   | (5,971 | ) |
| PAR US dollar                          |   |                     | -         |   |                              |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,310 |   |   |   | 5,244 |   |   |   | 5,480 |   |   |   | 170 |   |   |   | 236 |   |

----

| ·   |   Insufficient Equity Investment at Risk |
|--------------------|----------------------------------------------------|

| ·   |   Equity lacks decision-making rights |
|--------------------|-------------------------------------------------|

| ·   |   Equity with non-substantive voting rights |
|--------------------|-------------------------------------------------------|

| ·   |   Lacking the obligation to Absorb an Entity ́s Expected Losses |
|--------------------|-------------------------------------------------------------------------------|

| ·   |   Lacking the right to receive an Entity ́s expected residual returns |
|--------------------|-------------------------------------------------------------------------------------|

----

|                          | June 30, |      |
|-------------------------------|----------|-----------|
|                          | 2014     |      | 2013 |   |
|                          |     |      |   |   |
| Cash and due from banks       | Ps.      | 103,693   |   | Ps. | 67,541 |   |
| Loans (net of allowances)     |     | 1,771,175 |   |   | 1,463,637 |   |
| Other assets                  |     | 826,795   |   |   | 374,834 |   |
| Total Assets                  | Ps.      | 2,701,663 |   | Ps. | 1,906,012 |   |
|                          |     |      |   |   |   |   |
| Debt Securities               | Ps.      | 2,214,488 |   | Ps. | 1,701,829 |   |
| Certificates of Participation |     | 427,246   |   |   | 171,081 |   |
| Other liabilities             |     | 59,929    |   |   | 33,102 |   |
| Total Liabilities             | Ps.      | 2,701,663 |   | Ps. | 1,906,012 |   |

----

----

----

|                                                                        | BACS Administradora de activos S.A. S.G.F.C.I. |   |
|-----------------------------------------------------------------------------|------------------------------------------------|--------|
| Acquisition date                                                            | April 30, 2012                                 |   |
|                                                                        |                                           |   |
| Fair value of consideration transferred:                                    |                                           |   |
|                                                                        |                                           |   |
| Cash                                                                        | Ps.                                            | 6,184  |   |
| Total                                                                       | Ps.                                            | 6,184  |   |
|                                                                        |                                           |   |   |
| Recognized amounts of identifiable assets acquired and liabilities assumed: |                                           |   |   |
|                                                                        |                                           |   |   |
| Assets acquired                                                             | Ps.                                            | 3,898  |   |
| Liabilities acquired                                                        |                                           | (2,186 | ) |
| Total net assets                                                            | Ps.                                            | 1,712  |   |
|                                                                        |                                           |   |   |
| Non-controlling interest                                                    | Ps.                                            | (256   | ) |
|                                                                        |                                           |   |   |
| Goodwill                                                                    | Ps.                                            | 4,728  |   |

----

----

| Jurisdiction |   | Tax year          |
|--------------|--------|-------------------|
| Argentina    |   | 2009 – 2013 |

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

----

|   | · | Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

| a)   | Securities |
|----------------|------------|

| b) | Securities receivable under repurchase agreements |
|----|---------------------------------------------------|

----

| c) | Derivatives |
|----|-------------|

| d)   | Derivatives |
|----------------|-------------|

|                                              | Balances as of June 30, 2014 |
|---------------------------------------------------|------------------------------|
|                                              | Total carrying value         |   |   | Quoted market prices in active markets(Level 1) |   |   | Internal models with significant observable market parameters (Level 2) |   |   | Internal models with significant unobservable market parameters (Level 3) |
| ASSETS                                            |                         |   |   |   |   |   |   |   |   |   |
|                                              |                         |   |   |   |   |   |   |   |   |   |
| Securities                                        |                         |   |   |   |   |   |   |   |   |   |
| Trading securities                                |                         | 1,316,864 |   |   |   | 1,316,864 |   |   |   | - |   |   |   | - |
| Available for sale securities                     |                         | 486,322 |   |   |   | 437,566 |   |   |   | 48,756 |   |   |   | - |
| Instruments issued by the BCRA                    |                         | 1,704,354 |   |   |   | 354,542 |   |   |   | 1,349,812 |   |   |   | - |
| Corporate securities                              |                         | 345,565 |   |   |   | 345,565 |   |   |   | - |   |   |   | - |
|                                              |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities receivable under repurchase agreements |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading securities                                |                         | 1,279 |   |   |   | 1,279 |   |   |   | - |   |   |   | - |
| Available for sale securities                     |                         | 58,015 |   |   |   | 58,015 |   |   |   | - |   |   |   | - |
|                                              |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives                                       |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forwards                                          |                         | 33,794 |   |   |   | - |   |   |   | 33,794 |   |   |   | - |
| Futures                                           |                         | 6,766 |   |   |   | 6,766 |   |   |   | - |   |   |   | - |
|                                              |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL ASSETS AT FAIR VALUE                        |                         | 3,952,959 |   |   |   | 2,520,597 |   |   |   | 1,432,362 |   |   |   | - |
|                                              |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES                                       |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives                                       |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures                                           |                         | (7,911 | ) |   |   | (7,911 | ) |   |   | - |   |   |   | - |
|                                              |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES AT FAIR VALUE                   |                         | (7,911 | ) |   |   | (7,911 | ) |   |   | - |   |   |   | - |

----

|                                              |   | Balances as of June 30, 2013 |      |
|---------------------------------------------------|--------|------------------------------|-----------|
|                                              |   | Total carrying value         |      |   | Quoted market prices in active markets(Level 1) |   |   | Internal models with significant observable market parameters (Level 2) |   |   | Internal models with significant unobservable market parameters (Level 3) |   |
| ASSETS                                            |   |                         |      |   |   |   |   |   |   |   |   |   |
|                                              |   |                         |      |   |   |   |   |   |   |   |   |   |
| Securities                                        |   |                         |      |   |   |   |   |   |   |   |   |   |
| Trading securities                                |   |                         | 1,240,488 |   |   |   | 1,240,488 |   |   |   | - |   |   |   | - |   |
| Available for sale securities                     |   |                         | 295,469   |   |   |   | 56,059 |   |   |   | 239,410 |   |   |   | - |   |
| Instruments issued by the BCRA                    |   |                         | 148,266   |   |   |   | 49,144 |   |   |   | 99,122 |   |   |   | - |   |
| Corporate securities                              |   |                         | 150,096   |   |   |   | 150,096 |   |   |   | - |   |   |   | - |   |
|                                              |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities receivable under repurchase agreements |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading securities                                |   |                         | 363,349   |   |   |   | 363,349 |   |   |   | - |   |   |   | - |   |
| Available for sale securities                     |   |                         | 11,427    |   |   |   | 11,427 |   |   |   | - |   |   |   | - |   |
|                                              |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives                                       |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cross Currency Swap (Euro/Dollar)                 |   |                         | 13,766    |   |   |   | - |   |   |   | 13,766 |   |   |   | - |   |
|                                              |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL ASSETS AT FAIR VALUE                        |   |                         | 2,222,861 |   |   |   | 1,870,563 |   |   |   | 352,298 |   |   |   | - |   |

|                                                  | As of June 30, 2014     |       |
|-------------------------------------------------------|-------------------------|------------|
|                                                  | Consumer Loan Portfolio |       | Commercial Loan Portfolio |   | Total |   |
| Allowance for credit losses:                          |                    |       |   |   |   |   |
| Ending balance: individually evaluated for impairment | Ps.                     | -          |   | Ps. | 11,296 |   | Ps. | 11,296 |   |
| Ending balance: collectively evaluated for impairment |                    | 581,920    |   |   | 3,440 |   |   | 585,360 |   |
| Ending Balance                                        | Ps.                     | 581,920    |   | Ps. | 14,736 |   | Ps. | 596,656 |   |
| Financing receivables:                                |                    |       |   |   |   |   |   |   |   |
| Ending balance: individually evaluated for impairment | Ps.                     | -          |   | Ps. | 24,323 |   | Ps. | 24,323 |   |
| Ending balance: collectively evaluated for impairment |                    | 11,592,745 |   |   | 6,182,266 |   |   | 17,775,011 |   |
| Ending Balance                                        | Ps.                     | 11,592,745 |   | Ps. | 6,206,589 |   | Ps. | 17,799,334 |   |

----

|                                                  | As of June 30, 2013     |      |
|-------------------------------------------------------|-------------------------|-----------|
|                                                  | Consumer Loan Portfolio |      | Commercial Loan Portfolio |   | Total |   |
| Allowance for credit losses:                          |                    |      |   |   |   |   |
| Ending balance: individually evaluated for impairment | Ps.                     | -         |   | Ps. | 13,051 |   | Ps. | 13,051 |   |
| Ending balance: collectively evaluated for impairment |                    | 490,450   |   |   | 5,153 |   |   | 495,603 |   |
| Ending Balance                                        | Ps.                     | 490,450   |   | Ps. | 18,204 |   | Ps. | 508,654 |   |
| Financing receivables:                                |                    |      |   |   |   |   |   |   |   |
| Ending balance: individually evaluated for impairment | Ps.                     | -         |   | Ps. | 24,263 |   | Ps. | 24,263 |   |
| Ending balance: collectively evaluated for impairment |                    | 8,749,552 |   |   | 3,822,062 |   |   | 12,571,614 |   |
| Ending Balance                                        | Ps.                     | 8,749,552 |   | Ps. | 3,846,325 |   | Ps. | 12,595,877 |   |

|                         | As of June 30, |     |
|------------------------------|----------------|----------|
|                         | 2014           |     | 2013 |   |
| Allowance for credit losses: |           |     |   |   |
| Beginning Balance            | Ps.            | 508,654  |   | Ps. | 427,435 |   |
| Charge-offs                  |           | (245,023 | ) |   | (177,410 | ) |
| Provision for loan losses    |           | 333,025  |   |   | 258,629 |   |
| Ending Balance               | Ps.            | 596,656  |   | Ps. | 508,654 |   |

----

|                                | As of June 30, 2014 |   |
|-------------------------------------|---------------------|--------|
|                                | Recorded Investment |   | Unpaid Principal Balance |   | Related Allowance |   |
| With no related allowance recorded: |                |   |   |   |   |   |
| Commercial                          |                |   |   |   |   |   |
| Impaired Loans                      | Ps.                 | -      |   | Ps. | - |   | Ps. | - |   |
|                                |                |   |   |   |   |   |   |   |   |
| With an allowance recorded:         |                |   |   |   |   |   |   |   |   |
| Commercial                          |                |   |   |   |   |   |   |   |   |
| Impaired Loans                      | Ps.                 | 24,323 |   | Ps. | 21,441 |   | Ps. | 11,296 |   |
| Total                               | Ps.                 | 24,323 |   | Ps. | 21,441 |   | Ps. | 11,296 |   |

|                                | As of June 30, 2013 |   |
|-------------------------------------|---------------------|--------|
|                                | Recorded Investment |   | Unpaid Principal Balance |   | Related Allowance |   |
| With no related allowance recorded: |                |   |   |   |   |   |
| Commercial                          |                |   |   |   |   |   |
| Impaired Loans                      | Ps.                 | -      |   | Ps. | - |   | Ps. | - |   |
|                                |                |   |   |   |   |   |   |   |   |
| With an allowance recorded:         |                |   |   |   |   |   |   |   |   |
| Commercial                          |                |   |   |   |   |   |   |   |   |
| Impaired Loans                      | Ps.                 | 24,263 |   | Ps. | 20,980 |   | Ps. | 13,051 |   |
| Total                               | Ps.                 | 24,263 |   | Ps. | 20,980 |   | Ps. | 13,051 |   |

----

|                              | As of June 30, |    |
|-----------------------------------|----------------|---------|
|                              | 2014           |    | 2013 |   |
| Consumer                          |           |    |   |   |
| Advances                          | Ps.            | 566     |   | Ps. | 574 |   |
| Mortgage Loans                    |           | 37,955  |   |   | 44,443 |   |
| Personal Loans                    |           | 74,950  |   |   | 44,457 |   |
| Credit Card Loans – BHSA    |           | 104,200 |   |   | 60,253 |   |
| Credit card Loans – Tarshop |           | 117,809 |   |   | 121,066 |   |
|  Total Consumer              | Ps.            | 335,480 |   | Ps. | 270,793 |   |
| Commercial                        |           |    |   |   |   |   |
| Performing Loans                  | Ps.            | -       |   | Ps. | - |   |
| Impaired Loans                    |           | 24,323  |   |   | 24,263 |   |
|  Total Commercial            | Ps.            | 24,323  |   | Ps. | 24,263 |   |
|                              |           |    |   |   |   |   |
|  Total Non accrual loans     | Ps.            | 359,803 |   | Ps. | 295,056 |   |

|                              |   | As of June 30, 2014 |   |
|-----------------------------------|--------|---------------------|--------|
|                              |   | 30-90               |   |   | 91-180 |   |   | 181-360 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   | Days Past           |   |   | Days Past |   |   | Days Past |   |   | Greater |   |   | Total Past |   |   | Current |   |   | Total |   |
|                              |   | Due                 |   |   | Due |   |   | Due |   |   | than 360 |   |   | Due |   |   |   |   |   | Financing |   |
| Consumer                          |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Advances                          |   | 837                 |   |   | 111 |   |   | 131 |   |   |   | 324 |   |   |   | 1,403 |   |   |   | 24,648 |   |   |   | 26,051 |   |
| Mortgage Loans                    |   | 27,812              |   |   | 7,235 |   |   | 5,403 |   |   |   | 25,317 |   |   |   | 65,767 |   |   |   | 2,801,484 |   |   |   | 2,867,251 |   |
| Personal Loans                    |   | 78,819              |   |   | 36,785 |   |   | 37,735 |   |   |   | 430 |   |   |   | 153,769 |   |   |   | 1,937,243 |   |   |   | 2,091,012 |   |
| Credit Card Loans – BHSA    |   | 71,613              |   |   | 54,950 |   |   | 49,225 |   |   |   | 25 |   |   |   | 175,813 |   |   |   | 5,009,921 |   |   |   | 5,185,734 |   |
| Credit card Loans – Tarshop |   | 156,447             |   |   | 57,833 |   |   | 55,617 |   |   |   | 4,359 |   |   |   | 274,256 |   |   |   | 1,148,441 |   |   |   | 1,422,697 |   |
| Total Consumer Loans              |   | 335,528             |   |   | 156,914 |   |   | 148,111 |   |   |   | 30,455 |   |   |   | 671,008 |   |   |   | 10,921,737 |   |   |   | 11,592,745 |   |
|                              |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial:                       |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Performing Loans                  |   | 164                 |   |   | - |   |   | - |   |   |   | - |   |   |   | 164 |   |   |   | 6,182,102 |   |   |   | 6,182,266 |   |
| Impaired loans                    |   | -                   |   |   | 1,777 |   |   | 5,550 |   |   |   | 16,996 |   |   |   | 24,323 |   |   |   | - |   |   |   | 24,323 |   |
| Total Commercial Loans            |   | 164                 |   |   | 1,777 |   |   | 5,550 |   |   |   | 16,996 |   |   |   | 24,487 |   |   |   | 6,181,102 |   |   |   | 6,206,589 |   |
| Total                             |   | 335,692             |   |   | 158,691 |   |   | 153,661 |   |   |   | 47,451 |   |   |   | 695,495 |   |   |   | 17,103,839 |   |   |   | 17,799,334 |   |

----

|                              |   | As of June 30, 2013 |   |
|-----------------------------------|--------|---------------------|--------|
|                              |   | 30-90               |   |   | 91-180 |   |   | 181-360 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   | Days Past           |   |   | Days Past |   |   | Days Past |   |   | Greater |   |   | Total Past |   |   | Current |   |   | Total |   |
|                              |   | Due                 |   |   | Due |   |   | Due |   |   | than 360 |   |   | Due |   |   |   |   |   | Financing |   |
| Consumer                          |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Advances                          |   | 1,002               |   |   | 230 |   |   | 55 |   |   |   | 289 |   |   |   | 1,576 |   |   |   | 31,686 |   |   |   | 33,262 |   |
| Mortgage Loans                    |   | 35,176              |   |   | 6,686 |   |   | 7,795 |   |   |   | 29,962 |   |   |   | 79,619 |   |   |   | 2,905,621 |   |   |   | 2,985,240 |   |
| Personal Loans                    |   | 38,401              |   |   | 19,011 |   |   | 25,012 |   |   |   | 434 |   |   |   | 82,858 |   |   |   | 1,309,054 |   |   |   | 1,391,912 |   |
| Credit Card Loans – BHSA    |   | 39,079              |   |   | 27,773 |   |   | 31,280 |   |   |   | 1,200 |   |   |   | 99,332 |   |   |   | 3,069,493 |   |   |   | 3,168,825 |   |
| Credit card Loans – Tarshop |   | 141,003             |   |   | 53,609 |   |   | 61,868 |   |   |   | 5,589 |   |   |   | 262,069 |   |   |   | 908,244 |   |   |   | 1,170,313 |   |
| Total Consumer Loans              |   | 254,661             |   |   | 107,309 |   |   | 126,010 |   |   |   | 37,474 |   |   |   | 525,454 |   |   |   | 8,224,098 |   |   |   | 8,749,552 |   |
|                              |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial:                       |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Performing Loans                  |   | 854                 |   |   | - |   |   | - |   |   |   | - |   |   |   | 854 |   |   |   | 3,821,208 |   |   |   | 3,822,062 |   |
| Impaired loans                    |   | -                   |   |   | 72 |   |   | 6,680 |   |   |   | 17,511 |   |   |   | 24,263 |   |   |   | - |   |   |   | 24,263 |   |
| Total Commercial Loans            |   | 854                 |   |   | 72 |   |   | 6,680 |   |   |   | 17,511 |   |   |   | 25,117 |   |   |   | 3,821,208 |   |   |   | 3,846,325 |   |
| Total                             |   | 255,515             |   |   | 107,381 |   |   | 132,690 |   |   |   | 54,985 |   |   |   | 550,571 |   |   |   | 12,045,306 |   |   |   | 12,595,877 |   |

|   | Loan Classification | Description |
|--------|---------------------|-------------|

|   | 1.  Normal Situation | The debtor is widely able to meet its financial obligations, demonstrating significant cash flows, a liquid financial situation, an adequate financial structure, a timely payment record, competent management, available information in a timely, accurate manner and satisfactory internal controls. The debtor is in a sector of activity that is operating properly and has good prospects. |
|--------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.  With Special Follow-up | Cash flow analysis reflects that the debt may be repaid even though it is possible that the customer’s future payment ability may deteriorate without a proper follow-up.This category is divided into two subcategories:(2.a). Under Observation;(2.b). Under Negotiation or Refinancing Agreements. |
|--------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.  With Problems | Cash flow analysis evidences problems to repay the debt, and therefore, if these problems are not solved, there may be some losses. |
|--------|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.  High Risk of Insolvency | Cash flow analysis evidences that repayment of the full debt is highly unlikely. |
|--------|---------------------------------------|----------------------------------------------------------------------------------|

|   | 5.  Uncollectible | The amounts in this category are deemed total losses. Even though these assets may be recovered under certain future circumstances, inability to make payments is evident at the date of the analysis. It includes loans to insolvent or bankrupt borrowers. |
|--------|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Consumer Portfolio: |
|--------|---------------------|

|   | Loan Classification | Description |
|--------|---------------------|-------------|

|   | 1.  Normal Situation | Loans with timely repayment or arrears not exceeding 31 days, both of principal and interest. |
|--------|--------------------------------|-----------------------------------------------------------------------------------------------|

|   | 2.  Low Risk | Occasional late payments, with a payment in arrears of more than 32 days and up to 90 days. A customer classified as “Medium Risk” having been refinanced may be recategorized within this category, as long as he amortizes one principal installment (whether monthly or bimonthly) or repays 5% of principal. |
|--------|------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.  Medium Risk | Some inability to make payments, with arrears of more than 91 days and up to 180 days. A customer classified as “High Risk” having been refinanced may be recategorized within this category, as long as he amortizes two principal installments (whether monthly or bimonthly) or repays 5% of principal. |
|--------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.  High Risk | Judicial proceedings demanding payment have been initiated or arrears of more than 180 days and up to one year. A customer classified as “Uncollectible” having been refinanced may be recategorized within this category, as long as he amortizes three principal installments (whether monthly or bimonthly) or repays 10% of principal. |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.  Uncollectible | Loans to insolvent or bankrupt borrowers, or subject to judicial proceedings, with little or no possibility of collection, or with arrears in excess of one year. |
|--------|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                              |   | As of June 30, 2014 |       |
|-----------------------------------|--------|---------------------|------------|
|                              |   | "1"                 |       |   | "2" |   |   | "3" |   |   | "4" |   |   | "5" |   |   |   |   |
|                              |   | Normal Situation    |       |   | With special follow-up or Low Risk |   |   | With problems or Medium Risk |   |   | High risk of insolvency or High risk |   |   | Uncollectible |   |   | Total |   |
| Consumer                          |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Advances                          |   |                | 24,648     |   |   |   | 837 |   |   |   | 111 |   |   |   | 131 |   |   |   | 324 |   |   |   | 26,051 |   |
| Mortgage Loans                    |   |                | 2,801,484  |   |   |   | 27,812 |   |   |   | 7,235 |   |   |   | 5,403 |   |   |   | 25,317 |   |   |   | 2,867,251 |   |
| Personal Loans                    |   |                | 1,937,243  |   |   |   | 78,819 |   |   |   | 36,785 |   |   |   | 37,735 |   |   |   | 430 |   |   |   | 2,091,012 |   |
| Credit Card Loans – BHSA    |   |                | 5,009,921  |   |   |   | 71,613 |   |   |   | 54,950 |   |   |   | 49,225 |   |   |   | 25 |   |   |   | 5,185,734 |   |
| Credit card Loans – Tarshop |   |                | 1,148,441  |   |   |   | 156,447 |   |   |   | 57,833 |   |   |   | 55,617 |   |   |   | 4,359 |   |   |   | 1,422,697 |   |
| Total Consumer Loans              |   |                | 10,921,737 |   |   |   | 335,528 |   |   |   | 156,914 |   |   |   | 148,111 |   |   |   | 30,455 |   |   |   | 11,592,745 |   |
|                              |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial:                       |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Performing loans                  |   |                | 6,182,102  |   |   |   | 164 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,182,266 |   |
| Impaired loans                    |   |                | -          |   |   |   | - |   |   |   | 1,777 |   |   |   | 5,550 |   |   |   | 16,996 |   |   |   | 24,323 |   |
| Total Commercial Loans            |   |                | 6,182,102  |   |   |   | 164 |   |   |   | 1,777 |   |   |   | 5,550 |   |   |   | 16,996 |   |   |   | 6,206,589 |   |
| Total Financing Receivables       |   |                | 17,103,839 |   |   |   | 335,692 |   |   |   | 158,691 |   |   |   | 153,661 |   |   |   | 47,451 |   |   |   | 17,799,334 |   |

|                              |   | As of June 30, 2013 |       |
|-----------------------------------|--------|---------------------|------------|
|                              |   | "1"                 |       |   | "2" |   |   | "3" |   |   | "4" |   |   | "5" |   |   |   |   |
|                              |   | Normal Situation    |       |   | With special follow-up or Low Risk |   |   | With problems or Medium Risk |   |   | High risk of insolvency or High risk |   |   | Uncollectible |   |   | Total |   |
| Consumer                          |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Advances                          |   |                | 31,686     |   |   |   | 1,002 |   |   |   | 230 |   |   |   | 55 |   |   |   | 289 |   |   |   | 33,262 |   |
| Mortgage Loans                    |   |                | 2,905,621  |   |   |   | 35,176 |   |   |   | 6,686 |   |   |   | 7,795 |   |   |   | 29,962 |   |   |   | 2,985,240 |   |
| Personal Loans                    |   |                | 1,309,054  |   |   |   | 38,401 |   |   |   | 19,011 |   |   |   | 25,012 |   |   |   | 434 |   |   |   | 1,391,912 |   |
| Credit Card Loans – BHSA    |   |                | 3,069,493  |   |   |   | 39,079 |   |   |   | 27,773 |   |   |   | 31,280 |   |   |   | 1,200 |   |   |   | 3,168,825 |   |
| Credit card Loans – Tarshop |   |                | 908,244    |   |   |   | 141,003 |   |   |   | 53,609 |   |   |   | 61,868 |   |   |   | 5,589 |   |   |   | 1,170,313 |   |
| Total Consumer Loans              |   |                | 8,224,098  |   |   |   | 254,661 |   |   |   | 107,309 |   |   |   | 126,010 |   |   |   | 37,474 |   |   |   | 8,749,552 |   |
|                              |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial:                       |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Performing loans                  |   |                | 3,821,283  |   |   |   | 779 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,822,062 |   |
| Impaired loans                    |   |                | -          |   |   |   | - |   |   |   | 72 |   |   |   | 6,680 |   |   |   | 17,511 |   |   |   | 24,263 |   |
| Total Commercial Loans            |   |                | 3,821,283  |   |   |   | 779 |   |   |   | 72 |   |   |   | 6,680 |   |   |   | 17,511 |   |   |   | 3,846,325 |   |
| Total Financing Receivables       |   |                | 12,045,381 |   |   |   | 255,440 |   |   |   | 107,381 |   |   |   | 132,690 |   |   |   | 54,985 |   |   |   | 12,595,877 |   |

----

|                              |   | As of June 30, 2014 |   |
|-----------------------------------|--------|---------------------|--------|
|                              |   | Number of contracts |   | Post-modification Outstanding recorded investment |   |
| Consumer                          |   |                |   |   |   |
| Advances                          |   |                | 52     |   | Ps. | 987 |   |
| Mortgage Loans                    |   |                | 110    |   |   | 3,602 |   |
| Personal Loans                    |   |                | 4,140  |   |   | 79,250 |   |
| Credit Card Loans – BHSA    |   |                | 1,209  |   |   | 14,749 |   |
| Credit card Loans – Tarshop |   |                | 18,553 |   |   | 89,655 |   |
|  Total Consumer              |   |                | 24,064 |   | Ps. | 188,243 |   |
|                              |   |                |   |   |   |   |   |
| Commercial                        |   |                |   |   |   |   |   |
| Performing Loans                  |   |                | -      |   | Ps. | - |   |
| Impaired Loans                    |   |                | -      |   |   | - |   |
|  Total Commercial            |   |                | -      |   | Ps. | - |   |
|                              |   |                |   |   |   |   |   |
|  Total TDRs                  |   |                | 24,064 |   | Ps. | 188,243 |   |

|                              |   |                |   |
|-----------------------------------|--------|---------------------|--------|
|                              |   |                |   |
|                              |   | As of June 30, 2013 |   |
|                              |   | Number of contracts |   | Post-modification Outstanding ecorded investment |   |
| Consumer                          |   |                |   |   |   |
| Advances                          |   |                | 68     |   | Ps. | 930 |   |
| Mortgage Loans                    |   |                | 100    |   |   | 2,353 |   |
| Personal Loans                    |   |                | 1,557  |   |   | 21,246 |   |
| Credit Card Loans – BHSA    |   |                | 1,764  |   |   | 18,581 |   |
| Credit card Loans – Tarshop |   |                | 26,414 |   |   | 121,425 |   |
|  Total Consumer              |   |                | 29,903 |   | Ps. | 164,535 |   |
|                              |   |                |   |   |   |   |   |
| Commercial                        |   |                |   |   |   |   |   |
| Performing Loans                  |   |                | -      |   | Ps. | - |   |
| Impaired Loans                    |   |                | -      |   |   | - |   |
|  Total Commercial            |   |                | -      |   | Ps. | - |   |
|                              |   |                |   |   |   |   |   |
|  Total TDRs                  |   |                | 29,903 |   | Ps. | 164,535 |   |

----

|                                   |   | As of June 30,      |   |
|----------------------------------------|--------|---------------------|--------|
|                                   |   | 2014                |   | 2013 |   |
|                                   |   | Number of contracts |   | Recorded investment |   | Number of contracts |   | Recorded investment |   |
| Consumer                               |   |                |   |   |   |   |   |   |   |
| Advances                               |   |                | 6      |   | Ps. | 85 |   |   | 17 |   | Ps. | 149 |   |
| Mortgage Loans                         |   |                | 22     |   |   | 490 |   |   | 25 |   |   | 553 |   |
| Personal Loans                         |   |                | 469    |   |   | 6,816 |   |   | 397 |   |   | 3,408 |   |
| Credit Card Loans – BHSA         |   |                | 590    |   |   | 6,262 |   |   | 225 |   |   | 2,210 |   |
| Credit card Loans – Tarshop      |   |                | 8,571  |   |   | 41,835 |   |   | 6,385 |   |   | 33,027 |   |
|  Total Consumer                   |   |                | 9,658  |   | Ps. | 55,488 |   |   | 7,049 |   | Ps. | 39,347 |   |
|                                   |   |                |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                             |   |                |   |   |   |   |   |   |   |   |   |   |   |
| Performing Loans                       |   |                | -      |   | Ps. | - |   |   | - |   | Ps. | - |   |
| Impaired Loans                         |   |                | -      |   |   | - |   |   | - |   |   | - |   |
|  Total Commercial                 |   |                | -      |   | Ps. | - |   |   | - |   | Ps. | - |   |
|                                   |   |                |   |   |   |   |   |   |   |   |   |   |   |
| Total TDRs that subsequently defaulted |   |                | 9,658  |   | Ps. | 55,488 |   |   | 7,049 |   | Ps. | 39,347 |   |

|          |                   |    |
|---------------|------------------------|---------|
|          | Argentine Banking GAAP |    | U.S. GAAP |   | Adjustment |   |
| June 30, 2013 | Ps.                    | 348,493 |   | Ps. | 508,654 |   | Ps. | (160,161 | ) |
|          |                   |    |   |   |   |   |   |   |   |
| Variances     |                   | 58,325  |   |   | 88,002 |   |   | (29,677 | ) |
|          |                   |    |   |   |   |   |   |   |   |
| June 30, 2014 | Ps.                    | 406,818 |   | Ps. | 596,656 |   | Ps. | (189,838 | ) |

----

|                                                                      | June 30, |       |
|---------------------------------------------------------------------------|----------|------------|
|                                                                      | 2014     |       | 2013 |   | 2012 |   |
| Income Statement                                                          |     |       |   |   |   |   |
|                                                                      |     |       |   |   |   |   |
| Financial income                                                          | Ps.      | 4,666,910  |   | Ps. | 2,418,505 |   | Ps. | 1,886,446 |   |
| Financial expenses                                                        |     | (2,399,052 | ) |   | (1,281,120 | ) |   | (982,954 | ) |
| Net financial income                                                      | Ps.      | 2,267,858  |   | Ps. | 1,137,385 |   | Ps. | 903,492 |   |
| Provision for loan losses                                                 |     | (333,025   | ) |   | (258,629 | ) |   | (215,074 | ) |
| Income from services                                                      |     | 2,145,423  |   |   | 1,365,116 |   |   | 1,049,679 |   |
| Expenses for services                                                     |     | (682,638   | ) |   | (290,908 | ) |   | (232,109 | ) |
| Administrative expenses                                                   |     | (2,380,651 | ) |   | (1,621,522 | ) |   | (1,284,531 | ) |
| Net income from financial transactions                                    | Ps.      | 1,016,967  |   | Ps. | 331,442 |   | Ps. | 221,457 |   |
| Miscellaneous income                                                      |     | 188,928    |   |   | 193,422 |   |   | 270,230 |   |
| Miscellaneous expenses                                                    |     | (286,596   | ) |   | (168,735 | ) |   | (250,492 | ) |
| Income before income taxes and Non-controlling interest                   | Ps.      | 919,299    |   | Ps. | 356,129 |   | Ps. | 241,195 |   |
| Income taxes                                                              |     | (314,005   | ) |   | (96,586 | ) |   | 4,654 |   |
| Net income under U.S. GAAP                                                | Ps.      | 605,294    |   | Ps. | 259,543 |   | Ps. | 247,395 |   |
| Less Net (Loss) attributable to the Non-controlling interest              |     | 10,284     |   |   | (8,834 | ) |   | 3,570 |   |
| Net income attributable Controlling interest in accordance with U.S. GAAP | Ps.      | 615,578    |   | Ps. | 250,709 |   | Ps. | 250,965 |   |
|                                                                      |     |       |   |   |   |   |   |   |   |
| Other comprehensive income (loss):                                        |     |       |   |   |   |   |   |   |   |
|                                                                      |     |       |   |   |   |   |   |   |   |
| Unrealized gains (loss) on securities                                     |     | 22,283     |   |   | (7,377 | ) |   | (7,381 | ) |
| Other comprehensive income (loss)                                         | Ps.      | 22,283     |   | Ps. | (7,377 | ) | Ps. | (7,381 | ) |
| Comprehensive income                                                      | Ps.      | 637,861    |   | Ps. | 243,332 |   | Ps. | 243,584 |   |

----

----

----

|                                                  |       |          |   |   |   |   |                 |          |
|-------------------------------------------------------|------------|---------------|--------|--------|--------|--------|----------------------|---------------|
|                                                  | Issue date | Maturity date |   |   |   |   | Annual interest rate |          |
| Banco Hipotecario S.A.                                |       |          |   |   |   |   |                 |          |
| Series XX (Ps. 45,241)                                | 07/30/14   | 04/30/15      |   |   | a      |   |                 |          | 25.5 | % |
| Series XXI (Ps. 222,345)                              | 07/30/14   | 01/30/16      |   |   | b      |   |                 | Badlar +275bp |   |
|                                                  |       |          |   |   |   |   |                 |          |   |
| BACS Banco de Crédito y Securitización S.A. |       |          |   |   |   |   |                 |          |   |
| Series III (Ps. 132,726)                              | 08/19/14   | 05/19/16      |   |   | b      |   |                 | Badlar +275bp |   |
|                                                  |       |          |   |   |   |   |                 |          |   |   |

----

|                                                                                                                     | Page   |
|--------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                     |   |
| Independent Auditors’ Report                                                                                       | F-268  |
|                                                                                                                     |   |
| Consolidated Financial Statements:                                                                                       |   |
|                                                                                                                     |   |
| Balance Sheets   As of June 30, 2014 and 2013                                                             | F-269  |
|                                                                                                                     |   |
| Statements of Operations  For the Years Ended June 30, 2014, 2013, and 2012                                    | F-270  |
|                                                                                                                     |   |
| Statements of Changes in Members’ Deficit   For the Years Ended June 30, 2014, 2013, and 2012  | F-271  |
|                                                                                                                     |   |
| Statements of Cash Flows   For the Years Ended June 30, 2014, 2013, and 2012                              | F-272  |
|                                                                                                                     |   |
| Notes to Financial Statements   June 30, 2014, 2013, and 2012                                             | F-273  |

----

|   | By: | /s/ Marks Paneth LLP |   |
|--------|-----|----------------------|--------|

----

| NEW LIPSTICK LLC AND SUBSIDIARY |
|---------------------------------|
| (A LIMITED LIABILITY COMPANY)   |
|                            |   |   |   |
| CONSOLIDATED BALANCE SHEETS     |
|                            |
| AS OF JUNE 30,                  |
| (Amounts in US dollars)         |

| ASSETS                                                                        |   |
|-------------------------------------------------------------------------------|--------|
|                                                                          |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |
|                                                                          |   | 2014 |   |   | 2013 |   |
|                                                                          |   |   |   |   |   |   |
| Real estate, net                                                              |   | $ | 142,358,747 |   |   | $ | 143,505,071 |   |
| Cash and cash equivalents                                                     |   |   | 851,726 |   |   |   | 1,346,278 |   |
| Tenant receivables, net of allowance for doubtful accounts of                 |   |   |   |   |   |   |   |   |
| $7,264 and $889,009 respectively                                              |   |   | 422,944 |   |   |   | 333,023 |   |
| Prepaid expenses and other assets                                             |   |   | 5,476,492 |   |   |   | 5,135,872 |   |
| Due from related party                                                        |   |   | 120,274 |   |   |   | 120,274 |   |
| Restricted cash                                                               |   |   | 6,155,597 |   |   |   | 6,638,253 |   |
| Deferred rent receivable                                                      |   |   | 6,938,578 |   |   |   | 5,008,910 |   |
| Lease intangibles, net                                                        |   |   | 30,012,973 |   |   |   | 33,002,074 |   |
| Goodwill (Investment in Metropolitan 885 Third Avenue Leasehold LLC)          |   |   | 5,422,615 |   |   |   | 5,422,615 |   |
|                                                                          |   |   |   |   |   |   |   |   |
|           Total             |   | $ | 197,759,946 |   |   | $ | 200,512,370 |   |
|                                                                          |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |   |
| LIABILITIES AND MEMBERS' DEFICIT                                              |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Liabilities:                                                                  |   |   |   |   |   |   |   |   |
|      Note payable                                    |   | $ | 113,201,357 |   |   | $ | 113,203,269 |   |
|      Accrued interest payable                        |   |   | 313,950 |   |   |   | 316,969 |   |
|      Accounts payable and accrued expenses           |   |   | 1,584,699 |   |   |   | 1,373,763 |   |
|      Due to related parties                          |   |   | 553,616 |   |   |   | 345,312 |   |
|      Unearned revenue                                |   |   | 619,885 |   |   |   | 309,397 |   |
|      Tenants’ security deposits                |   |   | 657,978 |   |   |   | 614,870 |   |
|      Deferred ground rent payable                    |   |   | 108,312,912 |   |   |   | 79,490,319 |   |
|      Lease intangibles, net                          |   |   | 45,279,291 |   |   |   | 48,538,132 |   |
|                                                                          |   |   |   |   |   |   |   |   |
|           Total liabilities |   |   | 270,523,688 |   |   |   | 244,192,031 |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Members' deficit                                                              |   |   | (72,763,742 | ) |   |   | (43,679,661 | ) |
|                                                                          |   |   |   |   |   |   |   |   |
|           Total             |   | $ | 197,759,946 |   |   | $ | 200,512,370 |   |

----

| NEW LIPSTICK LLC AND SUBSIDIARY       |
|---------------------------------------|
| (A LIMITED LIABILITY COMPANY)         |
|                                  |   |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| FOR THE YEARS ENDED JUNE 30,          |
| (Amounts in US dollars)               |

|                                                                |   | 2014   |        |   | 2013   |   |        | 2012   |   |
|---------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
| Revenues                                                            |   |   |        |   |   |   |        |   |   |
|      Base rents                            |   | $      | 38,375,303  |   |   | $      | 38,146,887  |   |   | $ | 38,293,785 |   |
|      Tenant reimbursements and escalations |   |   | 5,427,358   |   |   |   | 5,354,160   |   |   |   | 5,899,547 |   |
|      Other revenue                         |   |   | 45,292      |   |   |   | 73,833      |   |   |   | 251,391 |   |
|      Interest income                       |   |   | -           |   |   |   | 625         |   |   |   | 1,331 |   |
|                                                                |   |   |        |   |   |   |        |   |   |   |   |   |
|           Total   |   |   | 43,847,953  |   |   |   | 43,575,505  |   |   |   | 44,446,054 |   |
|                                                                |   |   |        |   |   |   |        |   |   |   |   |   |
| Expenses                                                            |   |   |        |   |   |   |        |   |   |   |   |   |
|      Real estate taxes                     |   |   | 9,919,196   |   |   |   | 9,442,029   |   |   |   | 8,945,341 |   |
|      Utilities                             |   |   | 2,598,340   |   |   |   | 2,511,198   |   |   |   | 2,560,909 |   |
|      Janitorial                            |   |   | 2,157,449   |   |   |   | 2,054,086   |   |   |   | 2,294,236 |   |
|      Insurance                             |   |   | 315,545     |   |   |   | 296,897     |   |   |   | 290,182 |   |
|      Repairs and maintenance               |   |   | 1,838,870   |   |   |   | 1,555,630   |   |   |   | 1,520,485 |   |
|      Bad debts                             |   |   | -           |   |   |   | 433,551     |   |   |   | 793,882 |   |
|      Security                              |   |   | 912,362     |   |   |   | 846,602     |   |   |   | 817,199 |   |
|      General and administrative            |   |   | 720,679     |   |   |   | 778,260     |   |   |   | 1,091,633 |   |
|      Management fees                       |   |   | 948,084     |   |   |   | 877,898     |   |   |   | 804,123 |   |
|      Legal and professional fees           |   |   | 108,331     |   |   |   | 97,337      |   |   |   | 517,613 |   |
|      Tenant reimbursable costs             |   |   | 122,139     |   |   |   | 159,564     |   |   |   | 295,510 |   |
|      Ground rent                           |   |   | 45,457,735  |   |   |   | 45,457,737  |   |   |   | 45,457,736 |   |
|      Interest expense                      |   |   | 4,789,913   |   |   |   | 4,843,275   |   |   |   | 4,905,399 |   |
|      Amortization                          |   |   | 3,087,330   |   |   |   | 2,947,812   |   |   |   | 2,869,752 |   |
|      Depreciation                          |   |   | 4,886,008   |   |   |   | 4,428,733   |   |   |   | 3,964,933 |   |
|                                                                |   |   |        |   |   |   |        |   |   |   |   |   |
|           Total   |   |   | 77,861,981  |   |   |   | 76,730,609  |   |   |   | 77,128,933 |   |
|                                                                |   |   |        |   |   |   |        |   |   |   |   |   |
| Net loss                                                            |   | $      | (34,014,028 | )      |   | $      | (33,155,104 | )      |   | $ | (32,682,879 | ) |

----

| NEW LIPSTICK LLC AND SUBSIDIARY                        |
|--------------------------------------------------------|
| (A LIMITED LIABILITY COMPANY)                          |
|                                                   |   |   |   |
| CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' DEFICIT |
| FOR THE YEARS ENDED JUNE 30,                           |
| (Amounts in US dollars)                                |
|                                                   |   |   |   |   |   |

|                        |   | 2014   |        |   | 2013   |   |        | 2012   |   |
|-----------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
|                        |   |   |        |   |   |   |        |   |   |
| Balance, beginning of years |   | $      | (43,679,661 | )      |   | $      | (20,096,088 | )      |   | $ | 12,256,668 |   |
|                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Contributions from members  |   |   | 4,952,500   |   |   |   | 9,571,531   |   |   |   | 330,123 |   |
|                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Distribution to member      |   |   | (22,553     | )      |   |   | -           |   |   |   | - |   |
|                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Net loss                    |   |   | (34,014,028 | )      |   |   | (33,155,104 | )      |   |   | (32,682,879 | ) |
|                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Balance, end of years       |   | $      | (72,763,742 | )      |   | $      | (43,679,661 | )      |   | $ | (20,096,088 | ) |

----

|                                                                                                                                                                        |   | 2014   |        |   | 2013   |   |        | 2012   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |
| Operating activities                                                                                                                                                        |   |   |        |   |   |   |        |   |   |
|      Net loss                                                                                                                                      |   | $      | (34,014,028 | )      |   | $      | (33,155,104 | )      |   | $ | (32,682,879 | ) |
|      Adjustments to reconcile net loss to net cash                                                                                                 |   |   |        |   |   |   |        |   |   |   |   |   |
|        used in operating activities:                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
|           Amortization                                                                                                    |   |   | 3,087,330   |   |   |   | 2,947,812   |   |   |   | 2,869,752 |   |
|           Depreciation                                                                                                    |   |   | 4,886,008   |   |   |   | 4,428,733   |   |   |   | 3,964,933 |   |
|           Bad debt (recovery) expense                                                                                     |   |   | (3,827      | )      |   |   | 433,551     |   |   |   | 793,882 |   |
|           Deferred rent                                                                                                   |   |   | (1,929,668  | )      |   |   | (1,972,066  | )      |   |   | (1,781,215 | ) |
|           Below market lease amortization                                                                                 |   |   | (2,821,032  | )      |   |   | (3,287,160  | )      |   |   | (4,435,046 | ) |
|           Above market lease amortization                                                                                 |   |   | 1,544,576   |   |   |   | 1,548,129   |   |   |   | 1,548,128 |   |
|           Above market ground lease amortization                                                                          |   |   | (437,809    | )      |   |   | (437,808    | )      |   |   | (437,809 | ) |
|           Deferred ground rent                                                                                            |   |   | 28,822,593  |   |   |   | 29,220,501  |   |   |   | 33,249,045 |   |
|           Changes in operating assets and liabilities:                                                                    |   |   |        |   |   |   |        |   |   |   |   |   |
|                Restricted cash                                                                   |   |   | 525,764     |   |   |   | (2,616,256  | )      |   |   | 1,792,404 |   |
|                Due from related party                                                            |   |   | -           |   |   |   | 4,000       |   |   |   | (124,274 | ) |
|                Tenant receivables                                                                |   |   | (86,094     | )      |   |   | (78,989     | )      |   |   | (1,079,387 | ) |
|                Prepaid expenses and other assets                                                 |   |   | (340,620    | )      |   |   | (233,930    | )      |   |   | (174,826 | ) |
|                Accrued interest payable                                                          |   |   | (3,019      | )      |   |   | (3,332      | )      |   |   | 623 |   |
|                Accounts payable and accrued expenses                                             |   |   | 33,811      |   |   |   | (569,720    | )      |   |   | (46,143 | ) |
|                Due to related parties                                                            |   |   | 208,304     |   |   |   | 34,445      |   |   |   | (10,501 | ) |
|                Consent fee payable                                                               |   |   | -           |   |   |   | -           |   |   |   | (1,666,667 | ) |
|                Deferred leasing costs                                                            |   |   | (1,526,938  | )      |   |   | (795,940    | )      |   |   | (595,890 | ) |
|                Unearned revenue                                                                  |   |   | 310,488     |   |   |   | 51,876      |   |   |   | (39,562 | ) |
|                     Net cash (used in) provided by operating activities |   |   | (1,744,161  | )      |   |   | (4,481,258  | )      |   |   | 1,144,568 |   |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Investing activities                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
|      Additions to real estate                                                                                                                      |   |   | (3,700,979  | )      |   |   | (4,934,785  | )      |   |   | (3,242,980 | ) |
|                Net cash used in investing activities                                             |   |   | (3,700,979  | )      |   |   | (4,934,785  | )      |   |   | (3,242,980 | ) |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Financing activities                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
|      Note principal payments                                                                                                                       |   |   | (1,912      | )      |   |   | (110,817    | )      |   |   | (1,129,125 | ) |
|      Contributions receivable from members                                                                                                         |   |   | -           |   |   |   | -           |   |   |   | 2,977,335 |   |
|      Contributions from members                                                                                                                    |   |   | 4,952,500   |   |   |   | 9,571,531   |   |   |   | 330,123 |   |
|                Net cash provided by financing activities                                         |   |   | 4,950,588   |   |   |   | 9,460,714   |   |   |   | 2,178,333 |   |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Net (decrease) increase in cash and cash equivalents                                                                                                                        |   |   | (494,552    | )      |   |   | 44,671      |   |   |   | 79,921 |   |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Cash and cash equivalents, beginning of years                                                                                                                               |   |   | 1,346,278   |   |   |   | 1,301,607   |   |   |   | 1,221,686 |   |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Cash and cash equivalents, end of years                                                                                                                                     |   | $      | 851,726     |   |   | $      | 1,346,278   |   |   | $ | 1,301,607 |   |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                                                                                           |   |   |        |   |   |   |        |   |   |   |   |   |
| Interest paid                                                                                                                                                               |   | $      | 4,792,932   |   |   | $      | 4,846,607   |   |   | $ | 4,904,776 |   |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Schedule of Noncash Investing Activities                                                                                                                                    |   |   |        |   |   |   |        |   |   |   |   |   |
| Real estate additions were financed through accounts payable                                                                                                                |   | $      | 568,390     |   |   | $      | 507,133     |   |   | $ | 1,580,214 |   |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Deferred leasing costs additions were financed through accounts payable                                                                                                     |   | $      | 115,867     |   |   | $      | -           |   |   | $ | - |   |
|                                                                                                                                                                        |   |   |        |   |   |   |        |   |   |   |   |   |
| Schedule of Noncash Financing Activities                                                                                                                                    |   |   |        |   |   |   |        |   |   |   |   |   |
| Lobby exhibit acquired in the year ended June 30, 2013, included in real                                                                                                    |   |   |        |   |   |   |        |   |   |   |   |   |
| estate, and transferred to a 49% member of the Company as a distribution.                                                                                                   |   | $      | 22,553      |   |   | $      | -           |   |   | $ | - |   |

----

| NOTE 1: | BUSINESS |
|---------|----------|

----

| NOTE 1: | BUSINESS (CONTINUED) |
|---------|----------------------|

|                           |   | Percentage ofOwnership |   |   | Initial CapitalContributions |   |
|--------------------------------|--------|------------------------|--------|--------|------------------------------|--------|
| IRSA International, LLC        |   |                   | 49.00  |   |                         | $      | 15,417,925 |   |
| Marciano Investment Group, LLC |   |                   | 42.00  |   |                         |   | 13,215,365 |   |
| Lomas Urbanas S.A.             |   |                   | 2.27   |   |                         |   | 714,259 |   |
| Avi Chicouri                   |   |                   | 3.07   |   |                         |   | - |   |
| Par Holdings, LLC              |   |                   | 3.66   |   |                         |   | - |   |
| Total                          |   |                   | 100.00 |   |                         | $      | 29,347,549 |   |

----

| NOTE 2: | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|---------|--------------------------------------------|

----

| NOTE 2: | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|---------|--------------------------------------------------------|

----

| NOTE 2: | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|---------|--------------------------------------------------------|

----

| NOTE 2: | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|---------|--------------------------------------------------------|

| NOTE 3: | REAL ESTATE |
|---------|-------------|

|                           |   | 2014   |        |   | 2013   |   |
|--------------------------------|--------|--------|-------------|--------|--------|--------|
| Building and improvements      |   | $      | 144,879,174 |   |   | $      | 144,445,293 |   |
| Tenant improvements            |   |   | 12,638,444  |   |   |   | 9,332,642 |   |
|                           |   |   | 157,517,618 |   |   |   | 153,777,935 |   |
| Less: accumulated depreciation |   |   | (15,158,871 | )      |   |   | (10,272,864 | ) |
|   Total              |   | $      | 142,358,747 |   |   | $      | 143,505,071 |   |

----

| NOTE 4: | LEASE INTANGIBLES |
|---------|-------------------|

|                           |   |  LeasesIn-place |       |   | LeasingCosts |   |      | AboveMarketLeases |   |   | Total      |   |   | BelowMarketLeases |        |   | Above MarketGroundLeases |   |        | Total  |   |
|--------------------------------|--------|----------------------|------------|--------|--------------|--------|-----------|-------------------|--------|--------|------------|--------|--------|-------------------|-------------|--------|--------------------------|--------|-------------|--------|--------|
| Cost                           |   | $                    | 27,149,892 |   |         | $      | 3,142,576 |              |   | $      | 15,316,749 |   |   | $                 | 45,609,217  |   |                     | $      | 30,470,806  |   |   | $ | 29,041,332 |   |   | $ | 59,512,138 |   |
| Less: accumulated Amortization |   |                 | (9,520,879 | )      |         |   | (645,416  | )                 |   |   | (5,429,949 | )      |   |              | (15,596,244 | )      |                     |   | (12,700,516 | )      |   |   | (1,532,331 | ) |   |   | (14,232,847 | ) |
| Totals                         |   | $                    | 17,629,013 |   |         | $      | 2,497,160 |              |   | $      | 9,886,800  |   |   | $                 | 30,012,973  |   |                     | $      | 17,770,290  |   |   | $ | 27,509,001 |   |   | $ | 45,279,291 |   |

|                           |   |  LeasesIn-place |       |   | LeasingCosts |   |      | AboveMarketLeases |   |   | Total      |   |   | BelowMarketLeases |        |   | Above MarketGroundLeases |   |        | Total  |
|--------------------------------|--------|----------------------|------------|--------|--------------|--------|-----------|-------------------|--------|--------|------------|--------|--------|-------------------|-------------|--------|--------------------------|--------|-------------|--------|
| Cost                           |   | $                    | 27,338,018 |   |         | $      | 1,499,771 |              |   | $      | 15,319,023 |   |   | $                 | 44,156,812  |   |                     | $      | 30,791,733  |   |   | $ | 29,041,332 |   |   | $ | 59,833,065 |   |
| Less: accumulated amortization |   |                 | (6,947,182 | )      |         |   | (319,909  | )                 |   |   | (3,887,647 | )      |   |              | (11,154,738 | )      |                     |   | (10,200,411 | )      |   |   | (1,094,522 | ) |   |   | (11,294,933 | ) |
| Totals                         |   | $                    | 20,390,836 |   |         | $      | 1,179,862 |              |   | $      | 11,431,376 |   |   | $                 | 33,002,074  |   |                     | $      | 20,591,322  |   |   | $ | 27,946,810 |   |   | $ | 48,538,132 |   |

----

| NOTE 4: | LEASE INTANGIBLES (CONTINUED) |
|---------|-------------------------------|

|       |   | LeasesIn-place |       |   | LeasingCosts |   |      | AboveMarketLeases |   |   |  Total |   |   | BelowMarketLeases |       |   | Above MarketGroundLeases |   |       |  Total |   |
|------------|--------|----------------|------------|--------|--------------|--------|-----------|-------------------|--------|--------|-------------|--------|--------|-------------------|------------|--------|--------------------------|--------|------------|-------------|--------|
|       |   |           |       |   |         |   |      |              |   |   |        |   |   |              |       |   |                     |   |       |        |   |
| 2015       |   | $              | 2,567,911  |   |         | $      | 407,912   |              |   | $      | 1,442,682   |   |   | $                 | 4,418,505  |   |                     | $      | 2,475,983  |        |   | $ | 437,809 |   |   | $ | 2,913,792 |   |
| 2016       |   |           | 2,541,147  |   |         |   | 372,170   |              |   |   | 1,407,364   |   |   |              | 4,320,681  |   |                     |   | 2,463,176  |        |   |   | 437,809 |   |   |   | 2,900,985 |   |
| 2017       |   |           | 2,540,843  |   |         |   | 313,504   |              |   |   | 1,407,364   |   |   |              | 4,261,711  |   |                     |   | 2,459,981  |        |   |   | 437,809 |   |   |   | 2,897,790 |   |
| 2018       |   |           | 2,483,557  |   |         |   | 207,215   |              |   |   | 1,407,364   |   |   |              | 4,098,136  |   |                     |   | 2,387,551  |        |   |   | 437,809 |   |   |   | 2,825,360 |   |
| 2019       |   |           | 2,464,461  |   |         |   | 191,675   |              |   |   | 1,407,364   |   |   |              | 4,063,500  |   |                     |   | 2,363,408  |        |   |   | 437,809 |   |   |   | 2,801,217 |   |
| Thereafter |   |           | 5,031,094  |   |         |   | 1,004,684 |              |   |   | 2,814,662   |   |   |              | 8,850,440  |   |                     |   | 5,620,191  |        |   |   | 25,319,956 |   |   |   | 30,940,147 |   |
| Totals     |   | $              | 17,629,013 |   |         | $      | 2,497,160 |              |   | $      | 9,886,800   |   |   | $                 | 30,012,973 |   |                     | $      | 17,770,290 |        |   | $ | 27,509,001 |   |   | $ | 45,279,291 |   |

| NOTE 5: | NOTES PAYABLE |
|---------|---------------|

| NOTE 6: | GROUND LEASES |
|---------|---------------|

----

| NOTE 6: | GROUND LEASE (CONTINUED) |
|---------|--------------------------|

----

| NOTE 6: | GROUND LEASE (CONTINUED) |
|---------|--------------------------|

|   | Purchase Date  | Target IRR |   |
|--------|----------------|------------|--------|
|   |           |       |   |
|   | April 30, 2020 | 7.47%      |   |
|   | April 30, 2037 | 7.67%      |   |
|   | April 30, 2047 | 7.92%      |   |
|   | April 30, 2057 | 8.17%      |   |
|   | April 30, 2067 | 8.42%      |   |
|   | April 30, 2077 | 8.67%      |   |

|       |   | Ground Lease |          |   | Ground Sub-Sublease |   |      | Total  |   |
|------------|--------|--------------|---------------|--------|---------------------|--------|-----------|--------|--------|
|       |   |         |          |   |                |   |      |   |   |
| 2015       |   |         | 16,721,791    |   |                |   | 759,000   |   |   |   | 17,480,791 |   |
| 2016       |   |         | 17,139,836    |   |                |   | 759,000   |   |   |   | 17,898,836 |   |
| 2017       |   |         | 17,568,332    |   |                |   | 759,000   |   |   |   | 18,327,332 |   |
| 2018       |   |         | 18,007,540    |   |                |   | 759,000   |   |   |   | 18,766,540 |   |
| 2019       |   |         | 18,457,729    |   |                |   | 759,000   |   |   |   | 19,216,729 |   |
| Thereafter |   |         | 2,856,497,247 |   |                |   | 632,500   |   |   |   | 2,857,129,747 |   |
| Total      |   |         | 2,944,392,475 |   |                |   | 4,427,500 |   |   |   | 2,948,819,975 |   |

----

| NOTE 7: | TENANT LEASES |
|---------|---------------|

| 2015       |   | $      | 36,479,442  |   |
|------------|--------|--------|-------------|--------|
| 2016       |   |   | 36,557,760  |   |
| 2017       |   |   | 36,550,696  |   |
| 2018       |   |   | 34,129,619  |   |
| 2019       |   |   | 33,103,772  |   |
| Thereafter |   |   | 77,136,615  |   |
| Total      |   | $      | 253,957,904 |   |

| NOTE 8: | RELATED PARTY TRANSACTIONS |
|---------|----------------------------|

----

| NOTE 8: | RELATED PARTY TRANSACTIONS (CONTINUED) |
|---------|----------------------------------------|

|                                |   | 2014   |    |   | 2013   |   |
|-------------------------------------|--------|--------|---------|--------|--------|--------|
| Due from related party:             |   |   |    |   |   |   |
|   Lipstick Management LLC |   | $      | 120,274 |   |   | $      | 120,274 |   |

|                                                       |   | 2014      |     |   | 2013      |   |
|------------------------------------------------------------|--------|-----------|----------|--------|-----------|--------|
| Due to related party:                                      |   |      |     |   |      |   |
|    IRSA International, LLC                  |   | $         | (39,979  | )      |      | $      | (39,979 | ) |
|    Lipstick Management LLC                  |   |      | (272,763 | )      |      |   | (63,826 | ) |
|    IRSA Inversiones y Representaciones      |   |      |     |   |      |   |   |   |
|        Sociedad Anonima |   | (240,874) |     |   | (241,507) |   |
|                                                       |   | $         | (553,616 | )      |      | $      | (345,312 | ) |

| NOTE 9: | PROPERTY MANAGEMENT |
|---------|---------------------|

----

| NOTE 10: | LITIGATION |
|----------|------------|

| NOTE 11: | NEW YORK STATE TAX AUDIT |
|----------|--------------------------|

----