Fernando Adrián Elsztain

Mr. Elsztain studied architecture at Universidad de Buenos Aires. He has been engaged in the real estate business as a consultant and as managing officer of a real estate company. He is chairman of the Board of Directors of Palermo Invest S.A. and Nuevas Fronteras S.A. He is also a director of IRSA Inversiones y Representaciones S.A, Hoteles Argentinos S.A. and Llao Llao Resorts S.A., and an alternate director of Puerto Retiro S.A. Mr. Fernando Adrián Elsztain is cousin of the Chairman, Eduardo Sergio Elsztain, and the Directors Alejandro Gustavo Elsztain and Daniel Ricardo Elsztain.