|                                                                                                                     | Page             |
|--------------------------------------------------------------------------------------------------------------------------|------------------|
|                                                                                                                     |             |
| ConsolidatedFinancial Statements:                                                                                        |             |
|                                                                                                                     |             |
|                                                                                                                     |                  |
|                                                                                                                     |             |
| ConsolidatedBalance Sheets  As ofJune 30, 2016 and 2015                                                        |  F-3        |
|                                                                                                                     |             |
| ConsolidatedStatements of Operations  For theYears Ended June 30, 2016, 2015, and 2014                         |  F-4        |
|                                                                                                                     |             |
| ConsolidatedStatements of Changes in Members’ Deficit  For theYears Ended June 30, 2016, 2015, and 2014 |  F-5        |
|                                                                                                                     |             |
| ConsolidatedStatements of Cash Flows  For theYears Ended June 30, 2016, 2015, and 2014                         |  F-6        |
|                                                                                                                     |             |
| Consolidated Notes to Financial Statements    June 30, 2016, 2015, and2014                           |  F-7 - F-19 |
|                                                                                                                     |             |
|                                                                                                                     |             |
|                                                                                                                     |             |
|                                                                                                                     |             |
|                                                                                                                     |             |
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|   NEW LIPSTICK LLC AND SUBSIDIARY                                               |
|------------------------------------------------------------------------------------------------|
|   (A LIMITED LIABILITY COMPANY)                                                 |
|                                                                                           |     |     |
|   CONSOLIDATED BALANCE SHEETS                                                   |
|   AS OF JUNE 30,                                                                |
|   (Amounts in US dollars)                                                       |
|                                                                                           |     |     |
|  ASSETS                                                                              |
|                                                                                           |     |     |
|                                                                                           |     |     |
|                                                                                           |  2016       (unaudited)  |  2015  |
|                                                                                           |     |     |
| Realestate, net                                                                                |  $137,532,942  |  $140,469,010  |
| Cashand cash equivalents                                                                       |   1,440,752  |   1,075,395  |
| Tenantreceivables, net of allowance for doubtful accounts of $124,876 and$132,141 respectively |   352,143  |   344,104  |
| Prepaidexpenses and other assets                                                               |   5,962,924  |   5,809,307  |
| Duefrom related parties                                                                        |   120,274  |   125,029  |
| Restrictedcash                                                                                 |   3,407,889  |   3,477,967  |
| Deferredrent receivable                                                                        |   9,990,156  |   8,856,399  |
| Leaseintangibles, net                                                                          |   22,645,990  |   26,533,839  |
| Goodwill                                                                                       |   5,422,615  |   5,422,615  |
|                                                                                           |      |      |
|           Total                              |  $186,875,685  |  $192,113,665  |
|                                                                                           |      |      |
|  LIABILITIES AND MEMBERS' DEFICIT                                                    |
|                                                                                           |      |      |
| Liabilities:                                                                                   |      |      |
|      Notepayable                                                      |  $113,201,357  |  $113,201,357  |
|      Accruedinterest payable                                          |   321,115  |   316,216  |
|      Accountspayable and accrued expenses                             |   2,096,534  |   3,031,831  |
|      Dueto related parties                                            |   403,967  |   319,133  |
|      Deferredrevenue                                                  |   774,699  |   918,800  |
|      Tenants’security deposits                                 |   650,589  |   682,727  |
|      Deferredground rent payable                                      |   164,724,375  |   136,727,666  |
|      Leaseintangibles, net                                            |   39,464,515  |   42,365,499  |
|                                                                                           |      |      |
|           Totalliabilities                   |   321,637,151  |   297,563,229  |
|                                                                                           |      |      |
| Members'deficit                                                                                |   (134,761,466) |   (105,449,564) |
|                                                                                           |      |      |
|           Total                              |  $186,875,685  |  $192,113,665  |
|                                                                                           |      |      |
| SeeNotes to Consolidated Financial Statements.                                                 |      |      |

|      NEWLIPSTICK LLC AND SUBSIDIARY       |
|--------------------------------------------------------------------|
|   (A LIMITED LIABILITY COMPANY)                     |
|                                                               |     |     |     |
|   CONSOLIDATED STATEMENTS OF OPERATIONS             |
|   FOR THE YEARS ENDED JUNE 30,                      |
|   (Amounts in US dollars)                           |
|                                                               |     |     |     |
|                                                               |     |     |     |
|                                                               |  2016(unaudited)  |  2015  |  2014  |
| Revenues                                                           |     |     |     |
|      Baserents                            |  $41,386,687  |  $40,597,526  |  $38,375,303  |
|      Tenantreimbursements and escalations |   7,770,284  |   6,903,479  |   5,427,358  |
|      Otherrental revenue                  |   25,601  |   40,779  |   45,292  |
|      Otherrevenue                         |   509  |   1,622  |   -  |
|                                                               |      |      |      |
|           Total  |   49,183,081  |   47,543,406  |   43,847,953  |
|                                                               |      |      |      |
| Expenses                                                           |      |      |      |
|      Realestate taxes                     |   11,060,507  |   10,716,257  |   9,919,196  |
|      Utilities                            |   2,602,809  |   2,927,214  |   2,598,340  |
|      Janitorial                           |   2,085,870  |   2,056,750  |   2,157,449  |
|      Insurance                            |   316,131  |   318,027  |   315,545  |
|      Repairsand maintenance               |   2,221,463  |   2,262,799  |   1,445,342  |
|      Baddebt (recovery) expense           |   (7,265) |   124,877  |   -  |
|      Security                             |   1,140,603  |   1,047,372  |   912,362  |
|      Generaland administrative            |   847,607  |   835,373  |   829,010  |
|      Managementfees                       |   1,052,350  |   988,189  |   948,084  |
|      Elevator                             |   294,590  |   311,875  |   286,013  |
|      HVAC                                 |   63,954  |   62,442  |   107,515  |
|      Tenantreimbursable costs             |   107,005  |   154,557  |   122,139  |
|      Groundrent                           |   45,457,736  |   45,457,736  |   45,457,735  |
|      Interestexpense                      |   4,958,251  |   4,786,205  |   4,789,913  |
|      Amortization                         |   3,046,427  |   3,005,570  |   3,087,330  |
|      Depreciation                         |   6,085,265  |   5,599,278  |   4,886,008  |
|                                                               |      |      |      |
|           Total  |   81,333,303  |   80,654,521  |   77,861,981  |
|                                                               |      |      |      |
| Netloss                                                            |  $(32,150,222) |  $(33,111,115) |  $(34,014,028) |
|                                                               |      |      |      |

|   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)                                 |
|                                                                     |     |     |     |
|                                                                     |  2016(unaudited)  |  2015  |  2014  |
|                                                                     |     |     |     |
| Balance,beginning of years                                               |  $(105,449,564) |  $(72,763,742) |  $(43,679,661) |
|                                                                     |      |      |      |
| Contributionsfrom members                                                |   2,838,320  |   425,293  |   4,952,500  |
|                                                                     |      |      |      |
| Distributionto member                                                    |   -  |   -  |   (22,553) |
|                                                                     |      |      |      |
| Netloss                                                                  |   (32,150,222) |   (33,111,115) |   (34,014,028) |
|                                                                     |      |      |      |
| Balance,end of years                                                     |  $(134,761,466) |  $(105,449,564) |  $(72,763,742) |
|                                                                     |      |      |      |

|   NEW LIPSTICK LLC AND SUBSIDIARY                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   (A LIMITED LIABILITY COMPANY)                                                                                                                             |
|   CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                                     |
|   FOR THE YEARS ENDED JUNE 30,                                                                                                                              |
|   (Amounts in US dollars)                                                                                                                                   |
|                                                                                                                                                                       |     |     |     |
|                                                                                                                                                                       |  2016(unaudited)  |  2015  |  2014  |
| Operatingactivities                                                                                                                                                        |     |     |     |
|      Netloss                                                                                                                                      |  $(32,150,222) |  $(33,111,115) |  $(34,014,028) |
|      Adjustmentsto reconcile net loss to net cash                                                                                                 |      |      |      |
|        usedin operating activities:                                                                                                     |      |      |      |
|           Amortization                                                                                                   |   3,046,427  |   3,005,570  |   3,087,330  |
|           Depreciation                                                                                                   |   6,085,265  |   5,599,278  |   4,886,008  |
|           Baddebt (recovery) expense                                                                                     |   (7,265) |   124,877  |   (3,827) |
|           Deferredrent                                                                                                   |   (1,133,757) |   (1,917,821) |   (1,929,668) |
|           Belowmarket lease amortization                                                                                 |   (2,463,176) |   (2,475,983) |   (2,821,032) |
|           Abovemarket lease amortization                                                                                 |   1,407,364  |   1,442,682  |   1,544,576  |
|           Abovemarket ground lease amortization                                                                          |   (437,809) |   (437,809) |   (437,809) |
|           Deferredground rent                                                                                            |   27,996,709  |   28,414,754  |   28,822,593  |
|           Changesin operating assets and liabilities:                                                                    |      |      |      |
|                Restrictedcash                                                                   |   37,940  |   2,702,379  |   525,764  |
|                Tenantreceivables                                                                |   (774) |   (46,037) |   (86,094) |
|                Prepaidexpenses and other assets                                                 |   (153,617) |   (332,815) |   (340,620) |
|                Accruedinterest payable                                                          |   4,899  |   2,273  |   (3,019) |
|                Accountspayable and accrued expenses                                             |   (278,936) |   349,380  |   33,811  |
|                Deferredleasing costs                                                            |   (153,048) |   (994,677) |   (1,526,938) |
|                Unearnedrevenue                                                                  |   (144,101) |   298,915  |   310,488  |
|                     Netcash provided by (used in) operating activities |   1,655,899  |   2,623,851  |   (1,952,465) |
|                                                                                                                                                                       |      |      |      |
| Investingactivities                                                                                                                                                        |      |      |      |
|      Additionsto real estate                                                                                                                      |   (4,218,451) |   (2,586,237) |   (3,700,979) |
|                Netcash used in investing activities                                             |   (4,218,451) |   (2,586,237) |   (3,700,979) |
|                                                                                                                                                                       |      |      |      |
| Financingactivities                                                                                                                                                        |      |      |      |
|      Noteprincipal payments                                                                                                                       |   -  |   -  |   (1,912) |
|      Dueto/from related parties                                                                                                                   |   89,589  |   (239,238) |   208,304  |
|      Contributionsfrom members                                                                                                                    |   2,838,320  |   425,293  |   4,952,500  |
|                Netcash provided by financing activities                                         |   2,927,909  |   186,055  |   5,158,892  |
|                                                                                                                                                                       |      |      |      |
| Netincrease (decrease) in cash and cash equivalents                                                                                                                        |   365,357  |   223,669  |   (494,552) |
|                                                                                                                                                                       |      |      |      |
| Cashand cash equivalents, beginning of years                                                                                                                               |   1,075,395  |   851,726  |   1,346,278  |
|                                                                                                                                                                       |      |      |      |
| Cashand cash equivalents, end of years                                                                                                                                     |  $1,440,752  |  $1,075,395  |  $851,726  |
|                                                                                                                                                                       |      |      |      |
| Supplementaldisclosure of cash flow information:                                                                                                                           |      |      |      |
| Interestpaid                                                                                                                                                               |  $4,953,352  |  $4,783,939  |  $4,792,932  |
|                                                                                                                                                                       |      |      |      |
| Scheduleof Noncash Investing Activities                                                                                                                                    |      |      |      |
| Realestate additions were financed through accountspayable                                                                                                                 |  $622,439  |  $1,691,693  |  $568,390  |
| Deferredleasing costs additions were financed through accountspayable                                                                                                      |  $503,202  |  $90,308  |  $115,867  |
|        Realestate additions fully depreciated and written off                                                                           |  $55,097  |  $-  |  $-  |
|        Deferredleasing costs fully amortized and written off for theyear                                                                |  $325,565  |  $-  |  $-  |
| Scheduleof Noncash Financing Activities                                                                                                                                    |      |      |      |
| Lobbyexhibit acquired in the year ended June 30, 2013, included inreal                                                                                                     |      |      |      |
| estate,and transferred to a 49% member of the Company as adistribution.                                                                                                    |  $-  |  $-  |  $22,553  |
|                                                                                                                                                                       |      |      |      |
|                                                                                                                                                                       |      |      |      |
| SeeNotes to Consolidated Financial Statements                                                                                                                              |      |      |      |

|                          |  PercentageofOwnership  |  InitialCapital Contributions  |
|-------------------------------|-----------------------------------|------------------------------------------|
| IRSA International,LLC        |   49.00            |  $15,417,925                   |
| Marciano InvestmentGroup, LLC |   42.00            |   13,215,365              |
| Lomas UrbanasS.A.             |   2.27             |   714,259                 |
| AviChicouri                   |   3.07             |   -                       |
| Par Holdings,LLC              |   3.66             |   -                       |
| Total                         |   100.00           |  $29,347,549                   |

|                          |  2016(unaudited)    |  2015               |
|-------------------------------|-------------------------------|-------------------------------|
| Buildingand improvements      |  $145,177,399       |  $144,892,369       |
| Tenantimprovements            |   19,143,859   |   16,334,789   |
|                          |   164,321,258  |   161,227,158  |
| Less:accumulated depreciation |   (26,788,316)      |   (20,758,148)      |
|   Total             |  $137,532,942       |  $140,469,010       |

|                                                 |    LeasesIn-place  |   LeasingCosts  |  AboveMarketLeases  |  Total         |   BelowMarketLeases  |   Above MarketGroundLeases  |  Total         |
|------------------------------------------------------|----------------------------------------|--------------------------------|-------------------------------|--------------------------|-------------------------------------|--------------------------------------------|--------------------------|
| Cost                                                 |  $26,496,905                 |  $4,352,071          |  $14,777,318        |  $45,626,294   |  $26,361,027              |  $29,041,332                     |  $55,402,359   |
|   Less:accumulated  Amortization |   (13,976,950)               |   (1,262,790)        |   (7,740,564)       |   (22,980,304) |   (13,529,895)            |   (2,407,949)                    |   (15,937,844) |
| Totals                                               |   $12,519,955                |  $3,089,281          |  $7,036,754         |  $22,645,990   |  $12,831,132              |  $26,633,383                     |  $39,464,515   |

|                                                 |    LeasesIn-place  |   LeasingCosts  |  AboveMarketLeases  |  Total         |   BelowMarketLeases  |   Above MarketGroundLeases  |  Total         |
|------------------------------------------------------|----------------------------------------|--------------------------------|-------------------------------|--------------------------|-------------------------------------|--------------------------------------------|--------------------------|
| Cost                                                 |  $27,149,892                 |  $4,111,694          |  $15,316,749        |  $46,578,335   |  $30,470,806              |  $29,041,332                     |  $59,512,138   |
|   Less:accumulated  Amortization |   (12,088,790)               |   (1,083,075)        |   (6,872,631)       |   (20,044,496) |   (15,176,499)            |   (1,970,140)                    |   (17,146,639) |
| Totals                                               |  $15,061,102                 |  $3,028,619          |  $8,444,118         |  $26,533,839   |  $15,294,307              |  $27,071,192                     |  $42,365,499   |

|       |   LeasesIn-place  |   LeasingCosts  |  AboveMarket Leases  |    Total  |  BelowMarket Leases  |  AboveMarket Ground Leases  |    Total  |
|------------|----------------------------------|--------------------------------|--------------------------------|-------------------------------|--------------------------------|---------------------------------------|-------------------------------|
|       |                   |                 |                 |                |                 |                        |                |
| 2017       |  $2,540,843            |  $466,234            |  $1,407,364          |  $4,414,441         |  $2,459,981          |  $437,809                   |  $2,897,790         |
| 2018       |   2,483,557       |   405,536       |   1,407,364     |   4,296,457    |   2,387,551     |   437,809              |   2,825,360    |
| 2019       |   2,464,461       |   364,331       |   1,407,364     |   4,236,156    |   2,363,408     |   437,809              |   2,801,217    |
| 2020       |   2,462,742       |   312,620       |   1,407,364     |   4,182,726    |   2,356,387     |   437,809              |   2,794,196    |
| 2021       |   2,454,143       |   292,706       |   1,407,298     |   4,154,147    |   2,321,281     |   437,809              |   2,759,090    |
| Thereafter |   114,209         |   1,247,854     |   -             |   1,362,063    |   942,524       |   24,444,338           |   25,386,862   |
|       |              |            |            |           |            |                   |           |
| Totals     |  $12,519,955           |  $3,089,281          |  $7,036,754          |  $22,645,990        |  $12,831,132         |  $26,633,383                |  $39,464,515        |

| Purchase Date | Target IRR |
|---------------|------------|
|          |       |
| April30, 2020 | 7.47%      |
| April30, 2037 | 7.67%      |
| April30, 2047 | 7.92%      |
| April30, 2057 | 8.17%      |
| April30, 2067 | 8.42%      |
| April30, 2077 | 8.67%      |

|        |   GroundLease    |  GroundSub-Sublease  |   Total          |
|-------------|---------------------------------|--------------------------------|---------------------------------|
|        |                  |                 |                  |
| 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     |
| 2020        |   18,934,872     |   632,500       |   19,567,372     |
| 2021        |   19,502,919     |   -             |   19,502,919     |
| Thereafter  |   2,818,059,457  |   -             |   2,818,059,457  |
|  Total |  $2,910,530,849       |  $2,909,500          |  $2,913,440,349       |

| 2017        |  $41,070,872       |
|-------------|------------------------------|
| 2018        |   39,933,674  |
| 2019        |   38,695,278  |
| 2020        |   38,154,584  |
| 2021        |   37,352,416  |
| Thereafter  |   34,255,723  |
|  Total |  $229,462,547      |

|                               |  2016(unaudited)  |  2015          |
|------------------------------------|-----------------------------|--------------------------|
| Duefrom related parties:           |              |           |
|   LipstickManagement LLC |  $120,274         |  $123,959      |
|   Rigby183 LLC           |   -          |   405     |
|   IMadison LLC           |   -          |   310     |
|   IRSAInternational LLC  |   -          |   355     |
|                               |         |      |
|                               |  $120,274         |  $125,029      |

|                                                      |  2016(unaudited)   |  2015          |
|-----------------------------------------------------------|-----------------------------------|--------------------------|
| Dueto related parties:                                    |                    |           |
|    IRSAInternational, LLC                  |  $(39,979)                   |  $(39,979)          |
|    LipstickManagement LLC                  |   (123,114)             |   (38,280)     |
|    IRSAInversiones y Representaciones      |               |      |
|        SociedadAnonima |   (240,874)             |   (240,874)    |
|                                                      |               |      |
|                                                      |  $(403,967)                  |  $(319,133)         |