In the above charts, we compare the current month with the previous December

Office Real Estate Division: 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Category A Market Trends

Submarkets

Stock - Vacancia A+ (m² propios)

Office Real Estate Division: 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Stock - Vacancy A+ (own sqm)

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Stock and Vacancy

Composition of Vacancy Vacancy A+ Distribution

Office Real Estate Division: 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Vacancy Evolution |Anual

Vacancy Evolution | Monthly

Office Real Estate Division: 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Stock A+ y A+ Green

In the first two graphics, we analyze the composition of the stock in planning stage, which is under construction at the moment. In the second two graphics, we see those buildings which already have a plan. Although in some cases they do have a starting date of construction, this is dated after the closing of this edition.

Office Real Estate Division: 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Distribution of Stock in planning stage A + (Capital Federal) Distribution of Stock in planning stage A + (Zona Norte)

Sup. Total: 150.695 m² Sup. Total: 11,300 m²

Distribution of Stock in planning stage A + (Capital Federal) Distribution of Stock in planning stage A + (Zona Norte)

Sup. Total: 119.140 m² Sup. total: 75,669 m²

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Stock A + planning stage ( Buildings under construction*)

Stock A + planning stage (Buildings in the planning stage)

Graphic Analysis

Office Real Estate Division : 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

During 2014, we observed a negative net absorption, both for Capital Federal and Zona Norte. This means that the new available meters incorporated during the analyzed period is bigger than the absorbed by the market. Note: new available meters in Capital Federal: Belgrano Office with 30.000 m². New available meters in Zona Norte: Nodus with 13.976 m², Solís 1330 with 5.230 m², Bureau Park with 10.500 m²

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Absorption A+ Buenos Aires City

Absorption A+ 2014

Graphic Analysis

In both graphs we observe a sharp drop in profitability in 2013 compared with previous years. This is because there is a gap between the official dollar rate (rental amounts are expressed in this currency) and the dollar notes, in which properties are appraised for sale

11

Profitability Evolution A+ Capital Federal (before taxes)

Office Real Estate Division : 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Profitability Evolution A+ Northern Area (before taxes)

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Analysis of graphics

Profitability A+

11

Office Real Estate Division : 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Muestra Capital Federal: Juana Manso 909/1069, Bouchard 547, L.N.Alem 518,Cecilia Grierson 355, L.N. Alem 855, Ing. Butty 240, San Martin 344, Maipu 1255, Arias 3751.

Muestra Zona Norte: Av. Del Libertador 77, Echeverría 4150, Cazadores de Coquimbo 2865, Av. Del Libertador 174, Edison 2659, Italia 415.

Maintenance value evolution (averages in U$S)

Nota: * Valores Julio 2014

53,3

6,05

49

5,55

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Maintenance average value in A+ buildings of Capital Federal and Zona Norte (per m²)

Office Real Estate Division: 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Fuente: Índice CONTRACT workplaces

Costo instalación oficinas Argentina

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Lease value at foreign countries, per city (U$S/m²)

NOVIEMBRE 2012 DICIEMBRE 2012 MAYO 2013 AGOSTO 2013

Ver + en www.ljramos.com.ar

SEPTIEMBRE 2013

Office Real Estate Division: 4114-1000 | Zona Norte: 4719-9000 /ljramosonline

Pablo Papadópulos| Broker Senior Mariano Costa | Broker Of Central Eleonora Lefevre|Broker Senior

Gabriela Avalle|Broker S. Lomas Joaquín Vidiri|Broker Of. Central Francisco Spini|Broker Of.Central

M.Silvina Lascano|Broker Of. Central

Eduardo Gibelli|Broker - S. Lomas

Gisela Arditi l Asistente

Newsletters

Mariana Stange | Directora

Guillermo Gallino|Broker Of. Central Felipe Ramos|Broker Of. Central

MAYO 2014

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Our team

/ljramosonline

Office Real Estate Market of Buenos Aires City (CABA)

and Northern Area (NA) Monthly Technical Report - April 2015

Directorio

Luis José Ramos, Chairman Diego J. Cazes, General Director Office Real Estate Division Mariana Stange Industries Division Ricardo Costa Chiappe Pablo Vivot Business Premises Division Miguel Grehan Juan José Ramos Residential Division Sucursal Recoleta, Dina Crusizio Sucursal Lomas de San Isidro, Harry Marples Sucursal Nordelta , Soledad Ramos Fields Division Juan José Madero (Jr.) Hoteles Division Noel Verger Appraisals Division Eduardo Pereira Marketing Pablo Benegas Systems Facundo Hidalgo

Office Real Estate Division | Downtown: 4114-1000 | Northern Area: 4719-9000 Office Real Estate Division | Capital Federal: 4114-1000 | Zona Norte: 4719-9000 /ljramosonline