Fernando A. 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 Hoteles Argentinos S.A. and Llao Llao Resorts S.A., and an alternate Director of Puerto Retiro S.A.