Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C. Martinz Manuel J.L. Herrera Grazioli See our report dated General Accounting May 8, 2018 General Manager Manager PRICE WATERHOUSE & Co. S.R.L. BANCO HIPOTECARIO S.A. BANCO HIPOTECARIO S.A. __________________(Partner) C.P.C.E.C.A.B.A. Volume 1 Page 17 Dr. Diego Sisto Eduardo S. Elsztain Ricardo Flammini Public Accountant (UCA) Chairman For the Supervisory C.P.C.E.C.A.B.A Volume 274 Page 12 BANCO HIPOTECARIO S.A. Committee Guillermo C.
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