1. From the heart of Argentina to the world Fernando Reyna BOARD MEMBER Grupo Edisurs Strategy

2. ARGENTINEAN MARKETDOING BUSINESS… CONTENTS Table of contents ARGENTINEAN MARKET Not only adverse conditions But also strong opportunities DOING BUSINESS IN ARGENTINA Financing projects without banks Political and economic instability Lack of reliable decision making scenario Not qualified local partners Small market = Small opportunities Limited housing access ARGENTINEAN MARKET Not only adverse conditions But also strong opportunities DOING BUSINESS IN ARGENTINA Financing projects without banks Political and economic instability Lack of reliable decision making scenario Not qualified local partners Small market = Small opportunities Limited housing access 1 1 2 2

3. ARGENTINEAN MARKETDOING BUSINESS… Grupo Edisurs Strategy CONTENTS ARGENTINEAN MARKET 1 1

4. Grupo Edisurs Strategy ARGENTINEAN MARKETDOING BUSINESS… CONTENTS Strong opportunities… Adequate Debt Burden By 2010, External Debt Stocks (public and private) correspond to 49% of GDP, showing a healthy financial status 6 5 World Development Indicators & Global Development Finance (2005-2009), The World Bank. 6 MECON – Ministry of Economy and Production, Argentina (2010). 7 GJP Morgan, Country Report 2010. 8 www.Abeceb.com – Articles on International Trade (August – September, 2010). Lower financial Risk Sovereign debt of Argentina fell to its lowest level since August 2008 7 Currency Stability Dollar exchange rate is estimated at $/U$S 4.25 in 2011 (following a hard currency approach to restrain inflation). Foreign Exchange Reserves yield a 50M U$S record in 2010 Consumer expectancy is supporting global growth Total private consumption has grown at average 8% annual (for 2010). Hard goods purchases have grown near 23% (for national gods) and 26% (for imported goods) Record Trade Flows Biggest emerging economies Brazil, Russia, India and China, count as our principal exports destinies 8 Sustained Economic Growth Both public and private estimates agree that overall activity has recovered, forecasts stand close 5% 5

5. Grupo Edisurs Strategy ARGENTINEAN MARKETDOING BUSINESS… CONTENTS But also strong opportunities… ISAC (Real Estate Growth Public E.) I. CONSTRUYA (Real Estate Growth Private E.) Real Estate activity at pre-crisis levels Both public and private data show that activity has already reached to the levels pre-crisis of 2008 After 8 to 12 months of continuous annual growth, Argentina is working again at high levels of activity in the area Córdoba is the top city generating new private projects Córdoba achieve not only high levels of activity during the crisis but also greater shares of the real estate market 2009/08 Buenos Aires: 35% Córdoba: 18% Rosario: 18%

6. ARGENTINEAN MARKETDOING BUSINESS… Grupo Edisurs Strategy CONTENTS DOING BUSINESS IN ARGENTINA 2 2 Rough challenge

7. Financing Projects without banks Bank represent only 4% Due to the strength of its credit rating and its commercial skills, the company use alternative financing sources for it s projects. EDISUR STRATEGY Pre Sales 48% Venture Capital 19% Equity 29% ! ALTERNATIVE FINANCING SOURCES

8. Political and economic instability EDISUR STRATEGY ! CREATE OPPORTUNITIES IN A VOLATILE MARKET HIGH INFLATION LEVEL Properties as a value protection WEAK RETIREMENT SYSTEM A way to ensure savings in the future OTHER ATTRACTIVE INVESTMENT OPPORTUNITIES Properties reveal as more profitable and certain than others options

9. EDISUR STRATEGY ! MARKET KNOWLEDGE Lack of reliable studies and statistics Market analysis Specials Reports Newsletter

10. Customer- focused growth EDISUR STRATEGY ! INTEGRAL BUSINESS MODEL Absence of institutional investors Financing & Feasibility Project Design Development PromotionSales Administration & Management Post-sales & Customer Loyalty

11. Age Housing needs 70502030406010 Undeveloped market EDISUR STRATEGY ! PRODUCTS DIVERSITY Different residential categories to meet the needs and preferences throughout the life cycle. Plots and Houses Gated Communities Condominiums Buildings Plots and Houses Gated communities Buildings Condominiums

12. EDISUR STRATEGY ! TO DEVELOP A POTENTIAL MARKET Limited housing access DEMAND 80,000 SUPPLY 20,000 60,000 families per year without own house Middle Income Market New financing and investment system 360 apartments with amenities Payments from U$S 363

13. high-impact urban housing development 31 urban development lots 1,300 of developed living spaces 203,000 yr² in development 11,111 yr² Built in different categories 670 ac Lots in immediate urbanization 8 00 More than 1,500 And we have just celebrated our 10 th anniversary | 10 years | developing the city owners