Condo Hotel Ariols Delta Suites Detailed description of an avant-garde project which offers an excellent investment opportunity

1. 3124 República Árabe Siria St., Ap. 6 th D (1425) Buenos Aires City - Argentina +5411-4115-2788 / 2791 ariols@ventie.com.ar - www.ariolsdeltasuites.com I N V E S T M E N T P R O J E C T C O N D O H O T E L I N T I G R E C I T Y B U E N O S A I R E S P R O V I N C E A R G E N T I N E R E P U B L I C

6. The distance it covers, in just a 45-minute relaxing journey, starts in the Port of Tigre and ends in Puerto Madero (the major business area in BA city) T H E C H A R T E R S H I P

9. T I G R E + T O U R I S M =

23. BALCONY Variable according to Floor height BATHROOM KITCHEN BEDROOM LIVING-ROOM UNITS “D”

25. ACQUISITION OF THE LAND STRATEGIC LOCATION PUERTO DE FRUTOS CASINO TRILENIUM PARQUE DE LA COSTA TREN DE LA COSTA PROJECT AND HOTEL BUSINESS FEASIBILITY STUDY FEASIBILITY STUDY DEFINES PRODUCT AND WORTH VALUE FIRST SUCCESS GUARANTEE DEVELOPMENT APPROACH S T A G E 1 B U S I N E S S P L A N N I N G

26. S T A G E 2 B U S I N E S S C O N C R E T I O N HOTEL OPERATOR THOROUGH DEVELOPMENT PLOTS APPROVED BY CITY COUNCIL HEIGHTS APPROVED BY AIR FORCE AUTHORITIES CITY COUNCIL DECREE: CREATION OF APART HOTEL SECTION IN CITY DRAFT DECLARATION PROJECT OF NATIONAL INTEREST

27. S T A G E 2 B U S I N E S S C O N C R E T I O N

28. A I R F O R C E D I S P O S I T I O N H E I G H T S P E R M I T T A N C E A N D A P P R O V A L 1 o ) It has been determined that, up to the present, construction will not affect Airdrome / Heliport Obstacle Limiting Surfaces, being the requested height the maximum one authorized in the indicated site, including lightning conductors, aerials and/or any other objects pertaining to it.

29. C I T Y C O U N C I L D E C R E E C R E A T I O N O F T H E S E C T I O N A P A R T H O T E L D E C R E E S CHAPTER 1 .- To include the section “Apart Hotel”, as a permitted one in the zone R6 of the General Uses List of the Statute 1894/96, subject to the approval, by the City Council Committee of Analysis and Interpretation of the Zones Code, Chapter N o 7 of the Code, of the impact that will be caused in the area by a greater density, vehicle circulation and any other activities derived from this section.

30. C I T Y C O U N C I L C O M M I T T E E O F A N A L Y S I S A N D I N T E R P R E T A T I O N O F Z O N E C O D E S T A T E M E N T S T A T E S a) Trough the Executive Board of Private Works annex to the General Uses List, in the zone R6, the section Apart Hotel. b) Through the Executive Direction of Private Works notify that prefeasibility of use for the section Apart Hotel is conceded.

31. P R O J E C T ’ S D E C L A R A T I O N O F N A T I O N A L I N T E R E S T This kind of project meets the requirements the City Council of Tigre has established as a strategy for its tourism development and constitutes one of the objectives regarding the private initiative and investment in our government scheme. The steady growth of tourism activity in Tigre City and its Delta guarantees this kind of project quite attractive profitability rates to any investor.

32. P R O J E C T A N D H O T E L B U S I N E S S F E A S I B I L I T Y S T U D Y Financial and Economic Analysis November 2007 Updated June 2008

33. I N V E S T M E N T F O R E C A S T

34. S T A G E 3 B U S I N E S S L E G A L S T R U C T U R I N G DUE PROJECT TRUST BANK ACCOUNT OPENING THOROUGH DEVELOPMENT TRUST TAX IDENTIFICATION NUMBER ASSIGNED BY FEDERAL ADMINISTRATION OF PUBLIC INCOME FIDUCIARY TRANSFERENCE OF LAND TITLE AND DOMAIN TRUST CONTRACT SIGNING

35. FIDEICOMISO ARIOLS DELTA SUITES CUIT 30-71056940-8 CTA. CTE. BANCO SANTANDER RÍO SUC. BARRIO RIVER L E G A L S T R U C T U R E A N D T A X N U M B E R CONTRATO DE FIDEICOMISO Entre Adrián Alberto Freije, Pedro Ezequiel Ríos, Fabio José Daniel Muscio y Ricardo Fernández (en su carácter de Fiduciantes Originantes) y Cofar Fiduciaria S.R.L. (en su carácter de Fiduciario) 19 de Mayo de 2008 Buenos Aires, República Argentina

36. OCCUPATION / REVENUE RATIOS 0 10 20 30 40 50 60 70 80 90 Lowest Middle Expected Occupation Revenue 60 % 70 % 85 % 11 % 15,5 % 19 %

37. REAL ESTATE APPRECIATION & HOTEL RENT REVENUE UNIT ANNUAL APPRECIATION 10% 5 15 20 25 30 0 Lowest Expected 29 21 ANNUAL APPRECIATION ANNUAL RENT REVENUE ANNUAL PROFITABILITY 10 11 10 19

38. T H E P R O F E S S I O N A L S PROJECT DEVELOPMENT : VENTIÉ PROJECTS & DEVELOPMENTS NOTARY OFFICE : Buffet RODRÍGUEZ GUAGLIARDI & CASSINO LEGAL OFFICE : Buffet GOL PARÉS, LENCOVA & LÓPEZ PROJECT DESIGN : ARCH. MELNIZKI & ASSOC. / ARCH. FABIÁN TANFERNA CONSTRUCTION MANAGER : ARCH. MELNIZKI & ASSOC. TRUSTEE : COFAR FIDUCIARIA S.R.L. TAX AND ACCOUNTING OFFICE : C.P.A. JOSÉ MARÍA ROSSI TRUST BANK : BANCO SANTANDER RÍO S.A.

39. DAYS SUDAMÉRICA SA A COMPANY BY GOLDEX GROUP DAYS SUDAMERICA is the owner of DAYS INN ` brand in Argentina, Uruguay and Paraguay. HOTEL OPERATOR Its headquarters is located in Luxemburg. It accounts more than 10 years of experience in the hotel field and business. It accounts several developments in Europe, Africa and Latin America, all of them under international hotel operation standards.