Initial Public Offering of TGLT S.A.

TGLT S.A. (the “Company”), a residential real estate development company in Argentina, offered 45,400,000 book-entry common shares (which could be increased up to 61,800,000 book- entry common shares, in case of over-allotment of the offer) with nominal value of one (1) Argentine Peso and one (1) vote per share, and with rights to dividends equal to those of any other outstanding shares of the Company, on the Buenos Aires Stock Exchange and GDRs representing its common shares outside Argentina. By this initial public offering, TGLT S.A. becomes the first company listed on the Buenos Aires Stock Exchange with an exclusive focus on housing development.

Investors subscribed 47,999,485 shares (31,984,275 shares in the Argentine tranche and 16,015,210 shares, in the form of GDSs, in the International tranche of the offer).

The offer price was Ps. 9.034 per common share and US$ 11.41 per GDS (each GDS represents 5 ordinary shares).

The shares offered represented 68.23% of the share capital of the Company and implied an offer value of Ps. 219,714,021.

The Local Placement Agent, Bookrunner and Arranger was Raymond James Argentina Sociedad de Bolsa S.A.

Among the challenges faced, it can be mentioned the fact that this is the first IPO in Argentina after two and a half years and that the IPO was simultaneously carried out with a corporate reorganization of TGLT S.A.

Marval, O’ Farrell & Mairal counseled TGLT S.A. through partner Jorge Octavio Cappellini and associates Manuela Lava, Bárbara Ramperti and Francisco Cornejo.