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<SEC-DOCUMENT>0000950123-10-039740.txt : 20100428
<SEC-HEADER>0000950123-10-039740.hdr.sgml : 20100428
<ACCEPTANCE-DATETIME>20100428172023
ACCESSION NUMBER:		0000950123-10-039740
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100610
FILED AS OF DATE:		20100428
DATE AS OF CHANGE:		20100428
EFFECTIVENESS DATE:		20100428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERCADOLIBRE INC
		CENTRAL INDEX KEY:			0001099590
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33647
		FILM NUMBER:		10777887

	BUSINESS ADDRESS:	
		STREET 1:		4890 SUBSUELO 1430 BUENOS AIRES
		CITY:			BUENOS AIRES ARGENTINA
		STATE:			C1
		ZIP:			00000
		BUSINESS PHONE:		000-000-0000
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c99758def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Definitive Proxy Statement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt">Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No. <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
MercadoLibre, Inc.</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c99758c9975800.gif" alt="(MERCADO LIBRE LOGO)">
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Tronador 4890, 8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Buenos Aires, Argentina C1430DNN
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">April&nbsp;28, 2010
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dear Stockholder:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">You are cordially invited to attend the 2010 Annual Meeting of Stockholders of MercadoLibre, Inc.,
which will be held at 1:00 p.m. Eastern time on Thursday, June&nbsp;10th, 2010 at the offices of Hunton
&#038; Williams LLP, 1111 Brickell Avenue, Suite&nbsp;2500, Miami, Florida.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We are pleased to use the SEC rule that allows companies to furnish proxy materials to their
stockholders primarily over the Internet. We believe that this electronic process should expedite
your receipt of our proxy materials, lower the costs of our Annual Meeting, and help to conserve
natural resources. On April&nbsp;28, 2010, we mailed our stockholders a Notice of Internet Availability
containing instructions on how to access our 2010 Proxy Statement and 2009 Annual Report and vote.
The notice also included instructions on how to receive a paper copy of your Annual Meeting
materials, including the proxy statement and proxy card.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thank you, and we look forward to seeing you at the 2010 Annual Meeting of Stockholders or
receiving your proxy vote. On behalf of the board of directors, I would like to express our
appreciation for your continued interest in MercadoLibre.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">Sincerely yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">/s/ Marcos Galper&#237;n

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">Marcos Galper&#237;n<BR>
<I>Chairman of the Board, President and Chief Executive Officer</I>

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c99758c9975800.gif" alt="(MERCADO LIBRE LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Tronador 4890, 8</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</b></SUP> Floor<BR>
<b>Buenos Aires, Argentina C1430DNN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON JUNE 10, 2010</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To Our Stockholders:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Notice is hereby given that the 2010 Annual Meeting of Stockholders of MercadoLibre, Inc. will
be held at 1:00 p.m. Eastern time on June&nbsp;10, 2010, at the offices of Hunton &#038; Williams LLP, 1111
Brickell Avenue, Suite&nbsp;2500, Miami, Florida. The meeting is called for the following purposes:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1. To elect three members to the board of directors for a term of three years each;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;To ratify the appointment of Deloitte &#038; Co S.R.L. as our independent registered public
accounting firm for the fiscal year ending December&nbsp;31, 2010; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3. To transact such other business as may properly come before the meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our board of directors has fixed the close of business on April&nbsp;15, 2010 as the record date
for determining the stockholders entitled to notice and to vote at the meeting. Only stockholders
of record as of the close of business on April&nbsp;15, 2010 are entitled to notice of and to vote at
the 2010 Annual Meeting and at any adjournment or postponement thereof. We ask that as promptly as
possible you vote via the Internet, by telephone or, if you requested to receive printed proxy
materials, by mailing a proxy or voting instruction card.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Voting on the Internet or by telephone is fast and convenient, and your vote is immediately
confirmed and tabulated. Using the Internet or telephone saves us money by reducing postage and
proxy tabulation costs.</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By order of the board of directors,</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jacobo Cohen Imach</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Buenos Aires, Argentina
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jacobo Cohen Imach</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">April&nbsp;28, 2010
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Vice President, General Counsel and Secretary</I></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>This is an important meeting and all stockholders are invited to attend the meeting in person.
Whether or not you plan to attend the meeting in person, please vote according to the instructions
in this proxy statement. Stockholders who vote via Internet, telephone or by executing and
returning a proxy card may nevertheless attend the meeting, revoke their proxy and vote their
shares in person.</B>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->i&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>INTERNET AVAILABILITY OF PROXY MATERIALS </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under SEC rules, we are furnishing proxy materials to our stockholders primarily via the
Internet, instead of mailing printed copies of those materials to each stockholder. On April&nbsp;28,
2010, we mailed to our stockholders (other than those who previously requested electronic or paper
delivery) a Notice of Internet Availability containing instructions on how to access our proxy
materials, including our proxy statement and our annual report. The Notice of Internet Availability
also instructs you on how to access your proxy card to vote through the Internet or by telephone.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This process is designed to expedite stockholders&#146; receipt of proxy materials, lower the cost
of the annual meeting, and help conserve natural resources. However, if you would prefer to receive
printed proxy materials, please follow the instructions included in the Notice of Internet
Availability. If you have previously elected to receive our proxy materials electronically, you
will continue to receive these materials via e-mail unless you elect otherwise.
</DIV>
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>ATTENDING THE ANNUAL MEETING </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Attending in Person</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Doors open 12:30&nbsp;p.m. Eastern time</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Meeting starts at 1:00 p.m. Eastern
time</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No use of cameras</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">You do not need to attend the Annual
Meeting to vote if you submitted your proxy in
advance of the Annual Meeting</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Listening on the Internet</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">investor.mercadolibre.com</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Webcast starts at 1:00 p.m. Eastern time</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Replay available until July&nbsp;1, 2010</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>QUESTIONS</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>For questions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>regarding:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Contact</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annual Meeting and
Voting
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MercadoLibre Investor Relations</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stock Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNY Mellon Shareowner Services<br>480 Washington Boulevard</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jersey City, New Jersey 07310-1900</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone: 1-888-313-1478 (U.S. investors)<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201-680-6578 (Non-U.S. investors)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Web: www.bnymellon.com/shareowner/isd</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->ii&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MercadoLibre, Inc.<BR>
Tronador 4890, 8</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP> <B>Floor<BR>
Buenos Aires, Argentina C1430DNN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROXY STATEMENT</B>
</DIV>

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND</B></U><BR>
<U><B>OUR 2010 ANNUAL MEETING</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B> Why am I receiving these materials?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Our board of directors is providing these proxy materials to you in connection with our board&#146;s solicitation
of proxies for use at our 2010 Annual Meeting of Stockholders, which will take place on June&nbsp;10th, 2010.
Stockholders are invited to attend the 2010 Annual Meeting and are requested to vote on the proposals
described in this proxy statement.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B> What information is contained in these materials?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The information included in this proxy statement relates to the proposals to be voted on at the 2010 Annual
Meeting, the voting process, the compensation of our directors and our most highly paid executive officers,
and certain other required information.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Why did I receive a notice in the mail regarding the Internet availability of proxy materials instead of a
full set of proxy materials?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In accordance with SEC rules, we may furnish proxy materials, including this proxy statement and our 2009
Annual Report to Stockholders, which includes our audited consolidated financial statements for the year ended
December&nbsp;31, 2009, to our stockholders by providing access to these documents on the Internet instead of
mailing printed copies. Our stockholders will not receive printed copies of the proxy materials unless they
request them. Instead, the Notice of Internet Availability that was mailed to our stockholders will instruct
you as to how you may access and review all of the proxy materials on the Internet. This notice also instructs
you as to how you may submit your proxy on the Internet. If you would like to receive a paper or email copy of
our proxy materials, including a copy of our 2009 Annual Report, you should follow the instructions in the
notice for requesting these materials.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>How do I get electronic access to the proxy materials?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Notice of Internet Availability will provide you with instructions regarding how to:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">view our proxy materials for the Annual Meeting on the Internet; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">instruct us to send our future proxy materials to you electronically by email.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Choosing to receive your future proxy materials by email will save us the cost of printing and mailing
documents to you and will reduce the impact of printing and mailing these materials on the environment. If you
choose to receive future proxy materials by email, you will receive an email next year with instructions
containing a link to those materials and a link to the proxy voting site. Your election to receive proxy
materials by email will remain in effect until you terminate it.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>What proposals will be voted on at the 2010 Annual Meeting?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">There are two proposals scheduled for a vote at the 2010 Annual Meeting:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the election of three directors for a three-year term each; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the ratification of the appointment of Deloitte &#038; Co S.R.L. as our independent
registered public accounting firm for
the fiscal year ending December&nbsp;31, 2010.</DIV></TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->iii&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>What are our board&#146;s voting recommendations?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Our board recommends that you vote your shares &#147;FOR&#148; each of the nominees to our board and &#147;FOR&#148; the ratification of the
appointment of our independent registered public accounting firm.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>How many shares are entitled to vote?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each share of our common stock outstanding as of the close of business on April&nbsp;15, 2010, the record date, is entitled to
one vote at the 2010 Annual Meeting. At the close of business on April&nbsp;15, 2010, 44,126,557 shares of our common stock
were outstanding and entitled to vote. You may vote all of the shares owned by you as of the close of business on the
record date and each share of common stock held by you on the record date represents one vote. These shares include shares
that are (1)&nbsp;held of record directly in your name and (2)&nbsp;held for you as the beneficial owner through a stockbroker, bank,
or other nominee.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>What is the difference between holding shares as a stockholder of record and as a beneficial owner?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Most stockholders of MercadoLibre hold their shares beneficially through a stockbroker, bank, or other nominee rather than
directly in their own name. There are some distinctions between shares held of record and shares owned beneficially,
specifically:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Shares held of record</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">If your shares are registered directly in your name with our transfer agent, BNY Mellon
Shareowner Services, you are considered the stockholder of record with respect to those
 shares, and the Notice of Internet Availability was sent directly to you by MercadoLibre. As
the stockholder of record, you have the right to grant your voting proxy directly to us or to
vote in person at the 2010 Annual Meeting. If you requested to receive printed proxy
materials, we have enclosed or sent a proxy card for you to use. You may also vote on the
Internet or by telephone, as described in the notice and below under the heading &#147;How can I
vote my shares without attending the Annual Meeting?&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Shares owned beneficially</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">If your shares are held in a stock brokerage account or by a bank or other nominee, you
are considered the beneficial owner of shares held in street name, and the Notice of Internet
Availability was forwarded to you by your broker or nominee who is considered, with respect to
those shares, the stockholder of record. As the beneficial owner or nominee, you have the
right to direct your broker or other nominee on how to vote the shares in your account, and
you are also invited to attend the 2010 Annual Meeting.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">However, because you are not the stockholder of record, you may not vote these shares in
person at the 2010 Annual Meeting unless you request and receive a valid proxy from your
broker or other nominee. If you do not wish to vote in person or you will not be attending
the Annual Meeting, you may vote by proxy. You may vote by proxy over the Internet or by
telephone, as described in the notice and below under the heading &#147;How can I vote my shares
without attending the Annual Meeting?&#148;
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Can I attend the 2010 Annual Meeting?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">You are invited to attend the 2010 Annual Meeting if you are a
stockholder of record or a beneficial owner as of April&nbsp;15, 2010. If
you are a stockholder of record, you must bring proof of
identification such as a valid driver&#146;s license. If you hold your
 shares through a stockbroker or other nominee, you will need to
provide proof of ownership by bringing either a copy of the voting
instruction card provided by your broker or a copy of a brokerage
statement showing your share ownership as of April&nbsp;15, 2010. If you
do not attend the 2010 Annual Meeting, you can listen to a live
webcast of the proceedings at our investor relations site at
<I>investor.mercadolibre.com</I>.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->iv&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>How can I vote my shares in person at the 2010 Annual Meeting?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Shares held directly in your name as the stockholder of record may be
voted in person at the 2010 Annual Meeting. If you choose to vote in
person, please bring proof of identification. Even if you plan to
attend the 2010 Annual Meeting, we recommend that you vote your shares
in advance as described below so that your vote will be counted if you
later decide not to attend the 2010 Annual Meeting. Shares held in
street name through a brokerage account or by a bank or other nominee
may be voted in person by you if you obtain a valid proxy from the
record holder giving you the right to vote the shares.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>How can I vote my shares without attending the 2010 Annual Meeting?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Whether you hold shares directly as the stockholder of record or
beneficially in street name, you may vote without attending the 2010
Annual Meeting as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If you are a stockholder of record, you may vote by proxy. You can vote by proxy over
the Internet by following the instructions provided in the Notice of Internet Availability,
or, if you requested to receive printed proxy materials, you can also vote by mail or
telephone pursuant to instructions provided on the proxy card.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If you hold shares beneficially in street name, you may also vote by proxy over the
Internet by following the instructions provided in the Notice of Internet Availability, or,
if you requested to receive printed proxy materials, you can also vote by telephone or mail
by following the voting instruction card provided to you by your broker, bank, trustee or
nominee.
Under Delaware law, votes cast by Internet or telephone have the same
effect as votes cast by submitting a written proxy card.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Can I change my vote or revoke my proxy?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If you are the stockholder of record, you may change your proxy
instructions or revoke your proxy at any time before your proxy is
voted at the 2010 Annual Meeting. Proxies may be revoked by any of
the following actions:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">filing a timely written notice of revocation with our Corporate Secretary at our
principal executive office (Tronador 4890, 8th Floor, Buenos Aires, Argentina, C1430DNN);</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">granting a new proxy bearing a later date (which automatically revokes the earlier
proxy) using any of the methods described above (and until the applicable deadline for each
method); or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">attending the 2010 Annual Meeting and voting in person (attendance at the meeting will
not, by itself, revoke a proxy).</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If your shares are held through a brokerage account or by a bank or other nominee, you may
change your vote by:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">submitting new voting instructions to your broker, bank, or nominee following the
instructions they provided; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if you have obtained a legal proxy from your broker, bank, or nominee giving you the
right to vote your shares, by attending the Annual Meeting and voting in person.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>How are votes counted?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the election of directors, you may vote &#147;FOR&#148; all of the nominees or your vote may be &#147;WITHHELD&#148; with respect to one or
more of the nominees. For other items of business, you may vote &#147;FOR&#148;, &#147;AGAINST,&#148; or &#147;ABSTAIN.&#148; If you &#147;ABSTAIN,&#148; it has
the same effect as a vote &#147;AGAINST.&#148; If you sign and return your proxy card or broker voting instruction card without
giving specific voting instructions, your shares will be voted &#147;FOR&#148; each of proposals and at the discretion of the proxies
in any other matters properly brought before the meeting. If you are a beneficial holder and do not return a voting
instruction card, your broker may only vote on the ratification of the auditors.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->v&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Who will count the votes?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A representative of Hunton &#038; Williams LLP will tabulate the votes and act as the inspector of elections.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>What is the quorum requirement for the 2010 Annual Meeting?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The quorum requirement for holding the 2010 Annual Meeting and transacting business is a majority of the outstanding shares
entitled to be voted. The shares may be present in person or represented by proxy at the 2010 Annual Meeting. Both
abstentions and broker non-votes are counted as present for the purpose of determining the presence of a quorum.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>What is the voting requirement to approve each of the proposals?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the election for directors, the three persons receiving the highest number of &#147;FOR&#148; votes will be elected. The proposal
to ratify the appointment of the auditors requires the affirmative &#147;FOR&#148; vote of a majority of those shares present to be
approved. If you are a beneficial owner and do not provide the stockholder of record with voting instructions, your shares
may constitute broker non-votes.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>What are broker non-votes and what effect do they have on the proposals?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Generally, broker non-votes occur when shares held by a broker in &#147;street name&#148; for a beneficial owner are not voted with
respect to a particular proposal because (1)&nbsp;the broker has not received voting instructions from the beneficial owner and
(2)&nbsp;the broker lacks discretionary voting power to vote those shares. A broker is entitled to vote shares held for a
beneficial owner on routine matters without instructions from the beneficial owner of those shares, but is not entitled to
vote shares held for a beneficial owner on any non-routine matter without instruction from the beneficial owner. The
ratification of our independent registered public accounting firm is considered to be a routine matter. However, the
election of directors is not considered to be routine matters and, accordingly, brokers that have not received voting
instructions from their clients cannot vote on their clients&#146; behalf on this proposal. Accordingly, broker non-votes will
decrease the number of votes cast in the election of directors. <B>Therefore, it is very important that you provide your
broker with voting instructions with respect to the election of directors in one of the manners set forth in this proxy
statement.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Where can I find the voting results of the 2010 Annual Meeting?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We will publish final results in a current report on Form 8-K within four business days after the 2010 Annual Meeting,
which will be available on our website.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><b>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Who will bear the cost of soliciting votes for the 2010 Annual Meeting?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We will pay the entire cost of preparing, assembling, printing, mailing, and distributing these proxy materials. If you
choose to access the proxy materials and/or vote over the Internet, you are responsible for Internet access charges you may
incur. If you choose to vote by telephone, you are responsible for telephone charges you may incur. In addition to the
mailing of these proxy materials, the solicitation of proxies or votes may be made in person, by telephone or by electronic
communication by our directors, officers and employees, who will not receive any additional compensation for such
solicitation activities.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->vi&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>TABLE OF CONTENTS</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="89%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">INTERNET AVAILABILITY OF PROXY MATERIALS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">ii</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">ATTENDING THE ANNUAL MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">ii</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">QUESTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">ii</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND OUR 2010 ANNUAL MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">iii</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">PROPOSAL ONE ELECTION OF DIRECTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">INFORMATION ON OUR BOARD OF DIRECTORS AND CORPORATE GOVERNANCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">DIRECTOR COMPENSATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">EXECUTIVE OFFICERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">BENEFICIAL OWNERSHIP OF OUR COMMON STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">EXECUTIVE COMPENSATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">REVIEW, APPROVAL OR RATIFICATION OF TRANSACTIONS WITH RELATED PARTIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">AUDIT COMMITTEE REPORT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">PROPOSAL TWO RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#117">HEADQUARTERS INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">OTHER MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">STOCKHOLDER PROPOSALS FOR 2010 ANNUAL MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left">
<!-- /TOC -->
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->vii&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>PROPOSAL ONE</B></U><BR>
<U><B>ELECTION OF DIRECTORS</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our certificate of incorporation provides for our board to be divided into three classes, with
each class having a three-year term. In accordance with our certificate and bylaws, the number of
directors that constitutes our board of directors is fixed from time to time by a resolution duly
adopted by our board. Our board has set the size of the board at eight directors. Information as
to the directors currently comprising each class of directors and the current term expiration date
of each class of directors is set forth in the following table:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Directors Comprising Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Current Term Expiration Date</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Anton J. Levy</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2011 Annual Meeting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Michael Spence</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mario Eduardo V&#225;zquez</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mart&#237;n de los Santos</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2012 Annual Meeting</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nicol&#225;s Galper&#237;n</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Emiliano Calemzuk</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2010 Annual Meeting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Marcos Galper&#237;n</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Veronica Allende Serra</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">A director elected to fill a vacancy (including a vacancy created by an increase in the size
of our board) will serve for the remainder of the term of the class of directors in which the
vacancy occurred and until his or her successor is elected and qualified, or until his or her
earlier death, resignation, or removal. As discussed in greater detail below in &#147;Information on
Our Board of Directors &#151; Director Independence and Family Relationships,&#148; our Board has determined
that six of the eight current members of our board are independent directors within the meaning of
the listing standards of The NASDAQ Global Market and our corporate governance guidelines.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">At the 2010 Annual Meeting, three directors will be elected to our board as Class&nbsp;III
directors. The nominating and corporate governance committee recommended, and our board nominated,
each of Emiliano Calemzuk, Marcos Galper&#237;n and Veronica Allende Serra as nominees for election as
Class&nbsp;III members of our board at the 2010 Annual Meeting. If elected at the 2010 Annual Meeting,
each of the nominees would serve until our 2013 annual meeting and until his or her successor is
elected and qualified, or until his or her earlier death, resignation, or removal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If any of the nominees is unexpectedly unavailable for election, shares represented by validly
delivered proxies will be voted for the election of a substitute nominee proposed by our nominating
and corporate governance committee or our board may determine to reduce the size of our board. Each
person nominated for election has agreed to serve if elected.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Set forth below is biographical information for the nominees well as the key attributes,
experience and skills that the board believes each nominee brings to the board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Nominees for Election as Class&nbsp;III Directors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B><I>Marcos Galper&#237;n</I></B>, age 38, is one of our co-founders and has served as our chairman, president
and chief executive officer and one of our directors since our inception in October&nbsp;1999. Prior to
working with us, Mr.&nbsp;Galper&#237;n worked in the fixed income department of J.P. Morgan Securities Inc.
in New York from June to August&nbsp;1998 and at YPF S.A., an integrated oil company, in Buenos Aires,
Argentina, where he was a Futures and Options Associate and managed YPF&#146;s currency and oil
derivatives program from 1994 to 1997. Mr.&nbsp;Galper&#237;n received an MBA from Stanford University in
1999 and graduated with honors from the Wharton School of the University of Pennsylvania in 1994.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Key Attributes, Experience and Skills</I>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Mr.&nbsp;Galperin brings leadership and extensive experience and knowledge of our company and
industry to the board. As the founder and president of our company, Mr.&nbsp;Galperin has the most
long-term and valuable hands-on knowledge of the issues, opportunities and challenges facing us and
our business. In addition, Mr.&nbsp;Galperin brings his broad strategic vision for our company to the
Board. Mr.&nbsp;Galperin&#146;s service as our chairman and president and CEO provides a critical link
between management and the board, enabling the board to perform its oversight function with the
benefits of management&#146;s perspectives on the business.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B><I>Emiliano Calemzuk</I></B><I>, </I>age 36, joined our board in August&nbsp;2007. Mr.&nbsp;Calemzuk currently serves as
President of Fox Television Studios. From 2002 to 2007, Mr.&nbsp;Calemzuk served as President of Fox
International Channels Italy. From 2000 to
2002, Mr.&nbsp;Calemzuk was Vice President and Deputy Managing Director of Fox Latin American
Channels and was also employed as General Manager of Fox Kids Latin America. From 1998 to 2000, Mr.
Calemzuk served as Associate Director of Marketing and Promotions for Fox Latin America. Prior to
that, he worked at Hero Productions, a production company. He holds a Bachelor&#146;s Degree, cum laude,
from the University of Pennsylvania, with studies at the Wharton School of Business and the
Annenberg School of Communications.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Key Attributes, Experience and Skills</I>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Mr.&nbsp;Calemzuk contributes significant leadership experience in media, marketing and promotions.
His service as President of Fox Television Studios provides valuable business, leadership and
management experience, including expertise leading a large organization with global operations,
giving him a keen understanding of the issues facing a multinational business such as MercadoLibre.
Similarly, he has led the growth of international operations of Fox in both Latin America and
Italy. In particular, he is a leader in alternative entertainment and technology genres, uniquely
positioning him to provide thought leadership and guidance as MercadoLibre adapts to a changing
technology and entertainment world. Mr.&nbsp;Calemzuk is a Latin American who currently works for a
major corporation in the United States, bringing insights from both to our board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B><I>Veronica Allende Serra</I></B><I>, </I>age 40, joined our board in September&nbsp;2007. Ms.&nbsp;Serra is the founding
partner of Pacific Advisors where she advises funds and corporations in their acquisitions and
strategy. Between 1998-2001, she ran the office for Latin American Investments for International
Real Returns LLC, a holding of global investments with $600&nbsp;million under management with principal
capital from the shareholders of Lazard Freres. Ms.&nbsp;Serra has already invested in over a dozen
companies in the United States and Latin America. She was an advisor and investor of Patagon, an
on-line brokerage and bank that was sold to Banco Santander in the year 2000. Ms.&nbsp;Serra is a member
of the advisory board of Endeavor Brazil and of the International Advisory Board of Endeavor
Global. Between 1997-1998, she was Vice President and Assistant to the CEO of Leucadia National
Corporation, an investment holding company with a market cap over $10&nbsp;billion based in New York,
NY. Ms.&nbsp;Serra has an MBA from Harvard Business School and a Law degree from the University of S&#227;o
Paulo&#151;USP. She also holds an Art and Advertising degree from the Escola Panamericana de Arte.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Key Attributes, Experience and Skills</I>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Ms.&nbsp;Serra provides our board with specific experience in acquisitions and other strategic
transactions. She was chosen in part due to her extensive experience and leadership in global
investments in both Latin America and the United States. In addition to business and finance, her
law degree provides a legal perspective on our business transactions and her art and advertising
degree provides a marketing mind to our business decisions. Further, her dual education in both
Brazil and the United States provides insights in both of our major areas of operation and
oversight. She is currently resident in Brazil, one of our most important markets. Ms.&nbsp;Serra&#146;s
diverse background also contributes to her effectiveness as our lead independent director, enabling
her to lead in a number of different areas.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION<BR>
OF THE NOMINEES NAMED ABOVE</I></B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>INFORMATION ON OUR BOARD OF DIRECTORS AND CORPORATE GOVERNANCE</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our business is managed by our employees under the direction and oversight of our board.
Except for Mr.&nbsp;Marcos Galper&#237;n, none of the members of our board is an employee of MercadoLibre. We
keep board members informed of our business through discussions with management, materials we
provide to them, and their participation in board and board committee meetings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We believe open, effective, and accountable corporate governance practices are key to our
relationship with our stockholders. Our board has adopted corporate governance guidelines that,
along with the charters of our board committees and our code of business conduct and ethics,
provide the framework for the governance of the company. A complete copy of our corporate
governance guidelines, the charters of our board committees, and our code of conduct may be found
on our investor relations website at <I>http://investor.mercadolibre.com. </I>Information contained on our
website is not part of this proxy statement. The board regularly reviews corporate governance
developments and modifies these policies as warranted. Any changes in these governance documents
will be reflected on the same location of our website.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Board of Directors</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following is biographical information on the remainder of our current directors as well as
the key attributes, experience and skills that the board believes such current directors bring to
the board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Class&nbsp;I Directors</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B><I>Anton J. Levy</I></B><I>, </I>age 35, joined our board in September&nbsp;2007. Mr.&nbsp;Levy is a Managing Director at
General Atlantic, where he has worked since 1998. Mr.&nbsp;Levy heads General Atlantic&#146;s Media and
Consumer sector. Mr.&nbsp;Levy has worked closely with many of General Atlantic&#146;s portfolio companies
and is currently serving on the board of directors of several General Atlantic portfolio companies
including AKQA, Network Solutions and Webloyalty. He formerly served on the board of Dice Holdings,
Inc., a NYSE listed provider of specialized career websites from August&nbsp;2005 through July&nbsp;2009 and
on the board of Zantaz Corporation. Prior to joining General Atlantic in 1998, Mr.&nbsp;Levy was an
investment banker with Morgan Stanley &#038; Co. where he worked with the firm&#146;s technology clients. Mr.
Levy is involved in a number of educational and non-profit organizations including serving on the
board&#146;s of Streetwise Partners and WNYC, New York public radio. Mr.&nbsp;Levy received a B.S. from the
University of Virginia, with degrees in Finance and Computer Science, and his M.B.A. from Columbia
University Graduate School of Business, graduating from both with highest honors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Key Attributes, Experience and Skills</I>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Through Mr.&nbsp;Levy&#146;s career as an advisor to and investor in growth companies, and technology
companies in particular, as an executive in the investment banking industry and a director of
several technology companies, he has valuable business, leadership and management experience and
brings important perspectives on the issues facing our industry and company. His position as
managing director of one of our significant stockholders, General Atlantic, ties Mr.&nbsp;Levy directly
to our goal of maximizing stockholder value. His work at General Atlantic uniquely positions him to
impart experience to our Board from investing in businesses within our industry and with a similar
growth focus. Mr.&nbsp;Levy&#146;s strong financial background, including his work at Morgan Stanley &#038; Co.
prior to joining General Atlantic and his service on the boards of other companies, also provides
financial expertise to the board and audit committee, including an understanding of financial
statements, corporate finance, accounting and capital markets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B><I>Mario Eduardo V&#225;zquez</I></B>, age 74, joined our board in May&nbsp;2008. Mr.&nbsp;V&#225;zquez serves as a member of
the board of directors at several companies including Telef&#243;nica Argentina S.A., Telef&#243;nica Holding
Argentina S.A. and YPF S.A. Mr.&nbsp;V&#225;zquez serves as an alternate member of the board of directors of
Telef&#243;nica de Chile S.A. In addition, he also serves as the president of the Audit Committee of YPF
S.A. Mr.&nbsp;V&#225;zquez served as the Chief Executive Officer of Grupo Telef&#243;nica in Argentina from June
2003 to November&nbsp;2006, and served as a member of the board of directors of Telef&#243;nica S.A. Spain
from November&nbsp;2000 to November&nbsp;2006. Since November&nbsp;2006, Mr.&nbsp;V&#225;zquez has pursued personal
interests in addition to his service as a director. Mr.&nbsp;V&#225;zquez spent 23&nbsp;years as a partner and
general director of Arthur Andersen for Argentina, Chile, Uruguay and Paraguay (Pistrelli, Diaz y
Asociados and Andersen Consulting &#151; Accenture) where he served for a total of 33&nbsp;years until his
retirement in 1993. Mr.&nbsp;V&#225;zquez previously taught as a professor of Auditing at the Economics
School of the University of Buenos Aires. Mr.&nbsp;V&#225;zquez received a degree in accounting from the
University of Buenos Aires.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Key Attributes, Experience and Skills</I>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Mr.&nbsp;Vazquez was chosen to join our board specifically to serve our audit committee as its
audit committee financial expert. We targeted a director with financial and auditing experience
specific to Latin American businesses. Mr.&nbsp;Vazquez worked in auditing for Arthur Andersen for 33
years total, including 23&nbsp;years as a partner and general director, in many of our markets,
including Argentina, Chile, Uruguay and Paraguay. He also brings an academic perspective to the
position from his time as a professor of Auditing at the Economics School of the University of
Buenos Aires. Finally, Mr.&nbsp;Vazquez has employed these skills as a board member of several other
technology and other companies, thus has important experience serving as a director and audit
committee member.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B><I>Michael Spence</I></B><I>, </I>age 66, joined our board in 1999. Mr.&nbsp;Spence is Professor Emeritus of
Management in the Graduate School of Business at Stanford University, a partner at Oak Hill Capital
Partners, a private equity firm, and a Senior Fellow of the Hoover Institution at Stanford. He
served as dean of the Stanford Business School from 1990 to 1999. Dr.&nbsp;Spence was awarded the John
Kenneth Galbraith Prize for excellence in teaching and the John Bates Clark medal for a
&#147;significant contribution to economic thought and knowledge.&#148; In 2001, Dr.&nbsp;Spence received the
Nobel Prize in Economic Sciences. Dr.&nbsp;Spence earned his undergraduate degree in philosophy at
Princeton summa cum laude and was selected for a Rhodes Scholarship. He was awarded a B.S.-M.A.
from Oxford and earned his Ph.D. in economics at Harvard. He taught at Stanford as an Associate
Professor of Economics from 1973 to 1975. From 1975 to 1990, he served as professor of Economics
and Business Administration at Harvard, holding a joint appointment in the Business School and the
Faculty of Arts and Sciences. In 1983, he was named chairman of the Economics Department and George
Gund Professor of Economics and Business Administration. From 1984 to 1990, Dr.&nbsp;Spence served as
the Dean of the Faculty of Arts and Sciences at Harvard, overseeing Harvard College, the Graduate
School of Arts and Sciences, and the Division of Continuing Education. Since April&nbsp;2005, Dr.&nbsp;Spence
has served on the Board of Genpact Ltd., a NYSE listed company that focuses on managing business
processes, and previously served on the board of General Mills, Inc., a food products company, from
1992 to September&nbsp;2008. Mr.&nbsp;Spence also serves on the board of a number of private companies. In
the past he has served on the boards of Bank of America, Nike Inc., a sporting apparel company,
Siebel Systems, Inc., a software company, Exult Inc, a human resources company, Torstar
Corporation, a publishing company, and Sun Microsystems, Inc., an information technology company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Key Attributes, Experience and Skills</I>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Dr.&nbsp;Spence has strong leadership skills, having served as Dean of the Stanford Business School
for nine years. Dr.&nbsp;Spence brings extensive experience in finance, developing country growth and
management education. Further, he brings an academic perspective on the economy, business processes
and developing markets, which enhances our Board&#146;s ability to analyze macroeconomic trends that may
impact our business. He is a frequent speaker on and leader of global economic policy. Dr.&nbsp;Spence&#146;s
service on the boards of major corporations, including General Mills, Bank of America, Nike and Sun
Microsystems brings the board insights and best practices of admired public companies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Class&nbsp;II Directors</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B><I>Mart&#237;n de los Santos</I></B><I>, </I>40, joined our board in January&nbsp;2008. Mr. de los Santos is a Director of
Business Development at Corporacion IMPSA (Pescarmona Group of Companies) where he has served in
that position since 2003 and is responsible for merger and acquisition transactions as well as
structured finance transactions. From 1993 to 1995, Mr. de los Santos worked at Goldman Sachs in
the Investment Banking Division in New York where he assisted with equity, debt and merger and
acquisition transactions for clients in Latin America and Europe. From 1995 to 1997, he worked at
McKinsey and Co. where he advised clients in telecom, media, banking, and oil &#038; gas industries, in
Argentina, Brazil and Spain. After receiving his MBA from Stanford, he returned to McKinsey and Co.
as an Associate where he advised telecom and media clients in Brazil and Spain. In 1999, he
co-founded LID Group, a Venture Capital Firm that invested in small technology companies in
Argentina and Brazil. Mr. de los Santos holds an MBA from Stanford University and a Bachelor of
Science in Business Administration from the University of North Carolina at Chapel Hill.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Key Attributes, Experience and Skills</I>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Mr. de los Santos provides our board with a broad range of corporate finance, mergers and
acquisitions, capital markets and specific industry expertise in Latin America, Europe and the
United States. His experience as a consultant at McKinsey &#038; Co. contributes significantly to his
role as our compensation committee chairman in working with our compensation consultants and
developing effective compensation policies, strategies and structures. Similarly, his vast mergers
and acquisitions experience as the director of business development at Corporacion IMPSA and
formerly at both Goldman Sachs and McKinsey make him a valuable member of our mergers and
acquisitions committee. His investment banking and other finance experience lends him a financial
sophistication required of our audit committee members.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B><I>Nicol&#225;s Galper&#237;n</I></B><I>, </I>40<I>, </I>joined our board in 1999. Mr.&nbsp;Galper&#237;n worked at Morgan Stanley &#038; Co.
Incorporated, an investment bank, from 1993 until 2006, as a Managing Director and head of trading
and risk management for the London emerging markets trading desk, as well as a trader of high-yield
bonds, emerging market bonds and derivatives in New York and London. Mr.&nbsp;Galper&#237;n is now the
principal of Onslow Capital Management Limited, an investment management company based in London,
where he started working in 2006. Mr.&nbsp;Galper&#237;n graduated with honors from the Wharton School of
the University of Pennsylvania in 1994. Mr.&nbsp;Galper&#237;n is the brother of Marcos Galper&#237;n, our
chairman, president and chief executive officer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Key Attributes, Experience and Skills</I>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Mr.&nbsp;Galperin&#146;s career in investment banking and investment management, including serving in
various leadership roles at Morgan Stanley and Onslow Capital Management, provide valuable business
experience and critical insights on the roles of finance and strategic transactions in our
business. His particular focus on emerging capital markets and his leadership in risk management
contribute key skills to our board. Based in London, Mr.&nbsp;Galperin brings both experience of Latin
American and European businesses. In addition to this global business point of view, Mr.&nbsp;Galperin&#146;s
extensive experience in banking and investments includes an understanding of financial statements,
corporate finance, accounting and capital markets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Director Independence and Family Relationships</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">NASDAQ rules require listed companies to have a board of directors with at least a majority of
independent directors. Under NASDAQ&#146;s rules, in order for a director to be deemed independent, our
board must determine that the individual does not have a relationship that would interfere with the
director&#146;s exercise of independent judgment in carrying out his or her responsibilities. As part
of our corporate governance guidelines, our board has adopted guidelines setting forth categories
of relationships that it has deemed material for purposes of making a determination regarding a
director&#146;s independence. On an annual basis, each member of our board is required to complete a
questionnaire designed to provide information to assist our board in determining whether the
director is independent under NASDAQ rules and our corporate governance guidelines. Our board has
determined that each of Messrs.&nbsp;Calemzuk, de los Santos, Levy, Spence and V&#225;zquez and Ms.&nbsp;Serra, is
independent under the listing standards of The NASDAQ Global Market and our corporate governance
guidelines. Our governance guidelines require any director who has previously been determined to be
independent to inform the chairman of our board and our corporate secretary of any change in
circumstance that may cause his or her status as an independent director to change.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Other than Marcos Galper&#237;n and Nicol&#225;s Galper&#237;n, who are brothers, there are no family
relationships among our officers and directors, nor are there any arrangements or understandings
between any of our directors or officers or any other person pursuant to which any officer or
director was or is to be selected as an officer or director.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Board Leadership Structure</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We do not have a fixed policy with respect to the separation of the offices of the chairman of
the board and chief executive officer and believe that any determination in this regard is part of
the CEO succession planning process. The board understands that there is no single, generally
accepted approach to providing board leadership and, in light of the competitive and dynamic
environment in which we operate, the appropriate board leadership structure may vary from time to
time as circumstances warrant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Mr.&nbsp;Galper&#237;n currently serves as both our chairman and our president and chief executive
officer. Our board believes service in these dual roles is in the best interests of the company and
our shareholders. Mr.&nbsp;Galper&#237;n co-founded the company, has served as chief executive officer since
our inception and is the only member of management on the board. The board is confident that he
possesses the most thorough knowledge of the issues, opportunities and challenges facing us and our
business and, accordingly, is the person best positioned to develop agendas that ensure that the
board&#146;s time and attention are focused on the most critical matters. His combined role enables
decisive leadership, ensures clear accountability, and enhances our ability to communicate our
message and strategy clearly and consistently to our shareholders, employees and users.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Because the board also believes that strong, independent board leadership is a critical aspect
of effective corporate governance, the board has established the position of lead independent
director. The lead independent director is an independent director elected annually by the board.
Ms.&nbsp;Serra currently serves as the lead independent director. As lead independent director, she
chairs and can call formal closed sessions of the outside directors, leads board meetings in the
absence of the chairman, and leads the annual board self-assessment process. In addition, the lead
independent director, together with the chair of the corporate governance and nominating committee,
conducts interviews to confirm the continued
qualification and willingness to serve of each director whose term is expiring at an annual
meeting prior to the time at which directors are nominated for re-election.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our board will continually evaluate the current leadership structure of the board with the
goal of maximizing its effectiveness.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Risk Oversight</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our board of directors provides various forms of risk oversight. As part of this process, the
board seeks to identify, prioritize, source, manage and monitor our critical risks. To this end,
our board periodically, and at least annually, reviews the material risks faced by us, our risk
management processes and systems and the adequacy of our policies and procedures designed to
respond to and mitigate these risks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board has generally retained the primary risk oversight function and has an active role,
as an entirety and also at the committee level, in overseeing management of our material risks.
The board regularly reviews information regarding our operations, strategic plans and liquidity, as
well as the risks associated with each. The audit committee oversees management of financial and
internal control risks as well as the risks associated with related party transactions. Our
director of internal audit reports directly to the audit committee. The compensation committee is
responsible for overseeing the management of risks relating to our executive compensation plans and
arrangements. The nominating and corporate governance committee oversees the management of risks
associated with the composition and independence of our board and oversees our corporate governance
policies and procedures related to risk management, including our whisteblower procedures, insider
trading policy and corporate governance guidelines. While each committee is responsible for
evaluating certain risks and overseeing the management of such risks, the entire board of directors
is regularly informed through committee reports about such risks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Stockholder Communications with our Board</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Stockholders may communicate with our board or individual directors, including the lead
independent director, c/o Corporate Secretary, Tronador 4890, 8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Buenos Aires,
Argentina, C1430DNN. The nominating and corporate governance committee has delegated responsibility
for initial review of stockholder communications to our Vice President of Investor Relations. In
accordance with the committee&#146;s instructions, our Vice President of Investor Relations will
summarize all correspondence and make it available to each member of our board. In addition, the
Vice President of Investor Relations will forward copies of all stockholder correspondence to each
member of the nominating and corporate governance committee, except for communications that are (a)
advertisements or promotional communications, (b)&nbsp;solely related to complaints by users with
respect to ordinary course of business customer service and satisfaction issues, or (c)&nbsp;clearly
unrelated to our business, industry, management, or board or committee matters.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Attendance at Annual Meetings</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We do not have a policy regarding director attendance at the 2010 Annual Meeting. No members
of our Board of directors were able to attend our 2009 Annual Meeting in person.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Formal Closed Sessions</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">At the conclusion of each regularly scheduled board meeting, the outside directors have the
opportunity to meet without our management or the other directors. The lead independent director
leads these discussions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Board Compensation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Board compensation is determined by the compensation committee. Only the directors who our
board determines to be outside directors receive compensation for their service. Board compensation
for our outside directors has historically consisted of both cash and equity compensation.
Director compensation is reviewed from time to time by the compensation committee. Current board
compensation is described under the heading &#147;Compensation of Directors&#148; below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Outside Advisors</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board and each of its committees may retain outside advisors and consultants of their
choosing at our expense. The board need not obtain management&#146;s consent to retain outside advisors.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Conflicts of Interest</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We expect our directors, executives, and employees to conduct themselves with the highest
degree of integrity, ethics, and honesty. MercadoLibre&#146;s credibility and reputation depend upon the
good judgment, ethical standards and personal integrity of each director, executive, and employee.
In order to better protect MercadoLibre and its stockholders, we periodically review our code of
business conduct and ethics to ensure that it provides clear guidance to our employees and
directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Transparency</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We believe it is important that our stockholders understand our governance practices. In order
to help ensure the transparency of our practices, we have posted information regarding our
corporate governance procedures on our website at <I>investor.mercadolibre.com.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Board Effectiveness and Director Performance Reviews</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">It is important to us that our board and its committees are performing effectively and in the
best interest of the company and its stockholders. The board and each committee performs an annual
self-assessment to evaluate its effectiveness in fulfilling its obligations. As part of this annual
self-assessment, directors are able to provide feedback on the performance of other directors. Our
lead independent director follows up on this feedback and takes such further action with directors
receiving comments and other directors as she deems appropriate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Succession Planning</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board recognizes the importance of effective executive leadership to MercadoLibre&#146;s
success, and meets to discuss executive succession planning at least annually. As part of this
process, our board reviews the capabilities of the company&#146;s senior leadership as set out in
written succession planning documents and identifies and discusses potential successors for members
of the company&#146;s executive staff, including the chief executive officer. Our nominating and
corporate governance committee leads the succession planning process for our CEO and other senior
officers and performs a similar analysis with respect to the rest of our board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Auditor Independence</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We have taken a number of steps to ensure the continued independence of our independent
registered public accounting firm. Our independent registered public accounting firm reports
directly to the audit committee, and we limit the use of our auditors for non-audit services. The
fees for services provided by our auditors in 2008 and 2009 and our policy on pre-approval of
non-audit services are described under the section below entitled &#147;Proposal Two &#151; Ratification of
Independent Registered Public Accounting Firm.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Corporate Hotline</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We have established a corporate telephone hotline and Internet site to allow any employee to
confidentially and anonymously lodge a complaint about any accounting, internal control, auditing,
or other matter of concern.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Board Committees </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Board committees help our board perform effectively and efficiently, but do not replace the
oversight of our board as a whole. There are currently three principal standing board committees:
the audit committee, the compensation committee and the nominating and corporate governance
committee. Each committee meets regularly and has a written charter that has been approved by our
board, which is available on our investor relations website at <I>http://investor.mercadolibre.com</I>.
In addition, at each regularly scheduled board meeting, a member of each committee reports on any
significant matters addressed by the committee. Each committee performs an annual self-assessment
to evaluate its effectiveness in fulfilling its obligations.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">The following table describes the current members of each of the board committees:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Nominating &#038;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Audit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Emiliano Calemzuk*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT style="font-family: Wingdings">&#252;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right"><B>Chair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mart&#237;n de los Santos*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT style="font-family: Wingdings">&#252;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right"><B>Chair</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcos Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nicol&#225;s Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anton J. Levy*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT style="font-family: Wingdings">&#252;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Veronica Allende Serra*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT style="font-family: Wingdings">&#252;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael Spence*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT style="font-family: Wingdings">&#252;</FONT></B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mario V&#225;zquez*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right"><B>Chair</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT style="font-family: Wingdings">&#252;</FONT></B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Independent Directors</DIV></TD>
</TR>


</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Audit Committee</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board has established an audit committee, which consists of Messrs.&nbsp;V&#225;zquez (Chairman), de
los Santos and Levy. Our board has determined that each of the directors serving on our audit
committee is independent within the meaning of the rules of the SEC and the NASDAQ rules. The audit
committee is responsible for:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">reviewing the performance of our independent registered public accounting firm and
making recommendations to our board regarding the appointment or termination of our
independent registered public accounting firm;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">considering and approving, in advance, all audit and non-audit services to be
performed by our independent registered public accounting firm;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">overseeing management&#146;s establishment and maintenance of our accounting and
financial reporting processes, including our internal controls and disclosure
controls and procedures, and the audits of our financial statements;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">establishing procedures for the receipt, retention and treatment of complaints
received by us regarding accounting, internal control or auditing matters and the
confidential, anonymous submission by our employees of concerns regarding
questionable accounting or auditing matters;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">investigating any matter brought to its attention within the scope of its duties
and engaging independent counsel and other advisers as the audit committee deems
necessary;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">determining compensation of the independent registered public accounting firm,
compensation of advisors hired by the audit committee and ordinary administrative
expenses;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">reviewing annual and quarterly financial statements prior to their release;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">reviewing and assessing the adequacy of the committee&#146;s formal written charter on
an annual basis; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">handling such other matters that are specifically delegated to the audit committee
by our board from time to time.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The audit committee met seven times during the fiscal year ended December&nbsp;31, 2009 and took
one action by unanimous written consent. Our board has determined that Mr.&nbsp;V&#225;zquez is an &#147;audit
committee financial expert,&#148; as defined by SEC rules.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">For more information, please see &#147;Audit Committee Report&#148; beginning on page 30.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Compensation Committee</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board has established a compensation committee, which consists of Messrs. de los Santos
(Chairman) and Calemzuk and Ms.&nbsp;Serra. Our board has determined that each of the directors serving
on our compensation committee is independent within the meaning of the NASDAQ rules. The
compensation committee is responsible for:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">recommending to our board for determination, the compensation and benefits of all
of our executive officers and key employees;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">monitoring and reviewing our compensation and benefit plans to ensure that they
meet corporate objectives;</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">administering our stock plans and other incentive compensation plans and preparing
recommendations and periodic reports to our board concerning these matters; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">such other matters that are specifically delegated to the compensation committee
by our board from time to time.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The compensation committee met three times during the fiscal year ended December&nbsp;31, 2009 and
took one action by unanimous written consent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Nominating and Corporate Governance Committee</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board has established a nominating and corporate governance committee, which consists of
Messrs.&nbsp;Calemzuk (Chairman), Spence and V&#225;zquez. Our board has determined that each of the
directors serving on our nominating and corporate governance committee is independent within the
meaning of the NASDAQ rules. The nominating and corporate governance committee is responsible for:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">recommending to our board for selection, nominees for election to our board;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">making recommendations to our board regarding the size and composition of the
board, committee structure and makeup and retirement procedures affecting board
members;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">monitoring our performance in meeting our obligations of fairness in internal and
external matters and our principles of corporate governance; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">such other matters that are specifically delegated to the nominating and corporate
governance committee by our board from time to time.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board has adopted a written charter for our nominating and corporate governance committee,
which is posted on our website. That charter and our corporate governance guidelines set forth our
goal of recommending board members with a diversity of backgrounds and expertise, as determined by
the committee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The nominating and corporate governance committee met four times and during the fiscal year
ended December&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Other Committees</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">From time to time, our board may establish other committees as circumstances warrant. Those
committees will have the authority and responsibility as delegated to them by our board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Code of Business Conduct and Ethics</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board has adopted a code of business conduct and ethics that applies to our officers,
directors and employees. Among other matters, our code of conduct is designed to deter wrongdoing
and to promote:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">full, fair, accurate, timely and understandable disclosure in our SEC reports and
other public communications;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">compliance with applicable governmental laws, rules and regulations;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prompt internal reporting of violations of the code to appropriate persons
identified in the code; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">accountability for adherence to the code.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Only our audit committee must approve any waiver of the code of conduct for our executive
officers or directors, and any waiver shall be promptly disclosed. We intend to satisfy the
disclosure requirement under Item&nbsp;5.05 of Form 8-K relating to amendments to or waivers from any
provision of the code of conduct applicable to our chief executive officer and chief financial
officer by posting the required information on our website at <I>investor.mercadolibre.com</I>.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Director Nominations</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Nominating and Corporate Governance Committee. </I>The nominating and corporate governance
committee of our board performs the functions of a nominating committee. The nominating and
corporate governance committee&#146;s charter describes the committee&#146;s responsibilities, including
identifying, reviewing, evaluating and recommending director candidates for nomination by our
board. Our corporate governance guidelines also contain information concerning the responsibilities
of the nominating and corporate governance committee with respect to identifying and evaluating
director candidates. Both documents are published on the Company&#146;s website at
<I>http:</I>//<I>investor.mercadolibre.com</I>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Director Candidate Recommendations and Nominations by Stockholders. </I>The nominating and
corporate governance committee&#146;s charter provides that the committee will consider recommendations
of candidates our board by stockholders. Stockholders should submit any such recommendations for
the consideration of our nominating and corporate governance committee through the method described
under &#147;Stockholder Communications&#148; above. In addition, any stockholder of record entitled to vote
for the election of directors may nominate persons for election to our board if that stockholder
complies with the notice procedures summarized in &#147;Stockholder Proposals for Our 2010 Annual
Meeting&#148;, which is found on page 35 of this proxy statement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Process for Identifying and Evaluating Director Candidates. </I>The nominating and corporate
governance committee evaluates all director candidates in accordance with the criteria described in
our corporate governance guidelines and the nominating and corporate governance committee charter.
The committee evaluates any candidate&#146;s qualifications to serve as a member of our board based on
the skills and characteristics of individual board members as well as the composition of our board
as a whole. In addition, the nominating and corporate governance committee will evaluate a
candidate&#146;s independence, skills, experience, reputation, integrity, potential for conflicts of
interest and other appropriate qualities in the context of our board&#146;s needs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Directors Attendance at Meetings of our Board of Directors and Board Committees</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our board held five meetings and took two actions by written consent during the fiscal year
ended December&nbsp;31, 2009. All incumbent directors, except Mr.&nbsp;Nicolas Galper&#237;n and Ms.&nbsp;Serra,
attended 75% or more of the aggregate of all meetings of the board of directors and the board
committees on which he or she served during 2009.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>DIRECTOR COMPENSATION</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On September&nbsp;17, 2007, our board, upon the recommendation of the compensation committee of our
board, adopted a compensation plan for outside directors, as defined by our board. Our board of
director&#146;s current outside directors are Mr.&nbsp;Calemzuk, Ms.&nbsp;Serra, Mr. de los Santos, Mr.&nbsp;Spence and
Mr.&nbsp;V&#225;zquez. Under the terms of the plan, the outside directors receive an annual cash retainer
fee of $30,000 which is paid out in the second quarter of each year. On August&nbsp;8, 2008, our board
approved additional cash compensation for our directors who serve as a committee chair or as lead
independent director. Under the terms of the plan, effective August&nbsp;8, 2008, the chairs of our
audit committee, compensation committee and nominating and corporate governance committee and our
lead independent director are entitled to receive annual cash compensation in addition to existing
director compensation in the amount of $15,000, $12,000, $5,000 and $10,000, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Under the director compensation plan adopted in September&nbsp;2007, each outside director was also
entitled to receive grants of restricted common stock (&#147;Restricted Shares&#148;) for each year of
service through 2010. Each grant of Restricted Shares vests in full twelve months following the
grant date. On September&nbsp;17, 2007, we awarded each of Mr.&nbsp;Calemzuk and Ms.&nbsp;Serra 1,000 Restricted
Shares for their original grants. On January&nbsp;24, 2008, we awarded Mr. de los Santos 600 Restricted
Shares for his original grant. On June&nbsp;9, 2008, we awarded each of Messrs.&nbsp;Spence and Mr.&nbsp;V&#225;zquez
674 Restricted Shares for their original grants. Beginning in 2009, Restricted Shares issuable to
the directors during the relevant year were issued on the date of our annual stockholder&#146;s meeting.
As a result of moving the grant dates, other than the initial grants to Messrs.&nbsp;Spence and Mr.
V&#225;zquez, we did not issue any Restricted Shares to any of the outside directors in 2008.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Each director received a grant of Restricted Shares in 2009 following the 2009 Annual
Stockholders Meeting having a value equal to the sum of (i) $40,000, representing payment for
services to be provided between June&nbsp;2009 and June&nbsp;2010, and (ii)&nbsp;the product of $30,000 and the
percentage of the year elapsed since the first anniversary of the subject director&#146;s receipt of his
or her initial Restricted Share grant, representing the partial year of service. Shares were
valued at the closing sale price of our common stock on the day preceding the 2009 Annual Meeting.
All Restricted Shares were granted pursuant
to our Amended and Restated 1999 Stock Option and Restricted Stock Plan or our 2009 Equity
Compensation Plan. We do not expect to make any further grants of Restricted Shares pursuant to
the director compensation plan adopted in 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The compensation committee periodically considers our director compensation policy with a
primary objective of matching compensation levels to the relative demands associated with serving
on our board and its various committees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We do not pay additional compensation to directors who have not been classified as outside
directors, but do reimburse these directors for expenses incurred in attending meeting of our board
and its committees. Currently, one of our non-outside directors, Marcos Galper&#237;n, is also an
employee of the Company and receives compensation for his services as an employee. For a detailed
discussion regarding Mr.&nbsp;Galper&#237;n&#146;s compensation package, see &#147;Executive Compensation.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table presents information relating to total compensation of our directors,
other than Marcos Galper&#237;n, for the fiscal year ended December&nbsp;31, 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fees Earned or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid in Cash (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stock Awards (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Emiliano Calemzuk</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">96,757</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mart&#237;n de los Santos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">93,178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nicol&#225;s Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anton J. Levy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Veronica Allende Serra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">101,757</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael Spence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">70,247</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mario Eduardo V&#225;zquez</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">85,247</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Marcos Galper&#237;n is not included in this table since he is an employee and receives no
additional compensation for his services as a director. The compensation received by Mr.
Galper&#237;n as an employee is described in the Summary Compensation Table that appears later in
this Proxy Statement.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The amounts in this column represent the fees accrued in our audited financial statements for
the year ended December&nbsp;31, 2009. Please refer to Note 12 to our audited financial statements
for the year ended December&nbsp;31, 2009, included in the our Annual Report on Form 10-K filed
with the SEC on February&nbsp;26, 2010</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The amounts in this column reflect the grant date fair value of Restricted Shares issued in
2009.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Under federal securities laws, our executive officers, directors and any persons beneficially
owning more than ten percent (10%) of a registered class of our equity securities are required to
report their ownership and any changes in that ownership to the SEC and to The NASDAQ Global
Market. These persons are also required by SEC rules and regulations to furnish us with copies of
these reports. Precise due dates for these reports have been established, and we are required to
report in this proxy statement any failure to timely file these reports by those due dates by these
persons during 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Based on our review of the reports and amendments to those reports furnished to us or written
representations from these persons that these reports were not required from those persons, we
believe that all of these filing requirements were satisfied by these persons during 2009 except
for the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Reporting Person</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Form Type</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Due Date</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>File Date</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stelleo Tolda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">July 3, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap>August 12, 2009</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>EXECUTIVE OFFICERS</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our executive officers serve at the discretion of our board, and serve until their successors
are elected and qualified or until his or her earlier death, resignation or removal. The following
table contains information regarding our executive officers as of April&nbsp;1, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcos Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, President and Chief Executive Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hern&#225;n Kazah</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stelleo Tolda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">42</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Operating Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Osvaldo Gimenez</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President - Payments</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcelo Melamud</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Chief Accounting Officer</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For biographical information on Mr.&nbsp;Galper&#237;n, please see the biographical description provided
above under the caption &#147;Proposal 1: Election of Directors.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Hern&#225;n Kazah</I>, one of our co-founders, has served as our chief financial officer since April&nbsp;1,
2009. Prior to his appointment as chief financial officer, Mr.&nbsp;Kazah served as our chief operating
officer since our formation in 1999, successfully leading the expansion and consolidation of the
company throughout Latin America, and actively participating in both of the company&#146;s private
financing rounds as well as its initial public offering. Before joining MercadoLibre, Mr.&nbsp;Kazah
worked at Procter &#038; Gamble Co., in Argentina, Paraguay and Uruguay from 1994 to 1997, and at the
United Nations Development Program prior to that. Mr.&nbsp;Kazah received an MBA from Stanford
University in 1999 and graduated magna cum laude from the University of Buenos Aires with a
Bachelor&#146;s Degree in Economics.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Stelleo Tolda </I>has served as our chief operating officer since April&nbsp;1, 2009. Prior to his
appointment as chief operating officer, Mr.&nbsp;Tolda served as a senior vice president and as our
country manager of Brazil since 1999. In that role he guided MercadoLibre to its current position
as the leading e-commerce marketplace in Brazil. Before joining MercadoLibre, Mr.&nbsp;Tolda worked at
Lehman Brothers Inc. in the United States, in 1999, and at Banco Pactual and Banco Icatu in Brazil,
from 1996 to 1997 and 1994 to 1996, respectively. He holds an MBA from Stanford University, and a
Master&#146;s Degree and Bachelor&#146;s Degree in Mechanical Engineering, also from Stanford.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Osvaldo Gimenez </I>is a senior vice president and has been responsible for MercadoPago operations
since February&nbsp;2004. Mr.&nbsp;Gim&#233;nez joined MercadoLibre in 1999 as country manager of Argentina and
Chile. Before joining us, Mr.&nbsp;Gim&#233;nez was an associate in Booz Allen and Hamilton and worked for
Santander Investments in New York, New York. Mr.&nbsp;Gim&#233;nez received an MBA from Stanford University
in 1998 and graduated from Buenos Aires Technological Institute with a Bachelor&#146;s degree in
Industrial Engineering.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Marcelo Melamud </I>is a vice president and has served as our chief accounting officer since
August&nbsp;15, 2008. Prior to this appointment, Mr.&nbsp;Melamud served as the Company&#146;s vice president -
administration and control since April&nbsp;2008. From July&nbsp;2004 through March&nbsp;2008, he served as the
director of finance of MDM Hotel Group, a developer, owner and operator of Marriott branded hotels
in Miami, Florida. From July&nbsp;1998 through July&nbsp;2004, Mr.&nbsp;Melamud worked in various finance roles
for Fidelity Investments, a provider of investment products and services. During his work at
Fidelity Investments, Mr.&nbsp;Melamud served as the director of finance of the World Trade Center
Boston/Seaport Hotel and he also served as the director
of finance of MetroRed Telecom Group Ltd., a fiber-optic telecommunication provider of data,
value added, and hosting services within Latin America. Mr.&nbsp;Melamud received his MBA from the Olin
Graduate School of Business at Babson College and is a Certified Public Accountant in Argentina.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>BENEFICIAL OWNERSHIP OF OUR COMMON STOCK</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following tables set forth information, as of April&nbsp;15, 2010, regarding the beneficial
ownership of our common stock. This information is based solely on SEC filings made by the
individuals and entities by that date.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">each person that is a beneficial owner of more than 5% of our outstanding equity
securities;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">each of our named executive officers;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">each of our directors; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">all directors and executive officers as a group.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Beneficial ownership is determined under the rules of the SEC and generally includes voting or
investment power over securities. Except as indicated in the footnotes to this table, we believe
that each stockholder identified in the table possesses sole voting and investment power over all
shares shown as beneficially owned by the stockholder. Percentage of beneficial ownership is based
on 44,126,557 shares of our equity securities outstanding as of April&nbsp;15, 2010. Shares of common
stock subject to options that are currently exercisable or exercisable within 60&nbsp;days of the date
of this proxy statement are considered outstanding and beneficially owned by the person holding the
options for the purposes of computing the percentage ownership of that person but are not treated
as outstanding for the purpose of computing the percentage ownership of any other person. Unless
indicated otherwise in the footnotes, the address of each individual listed in the table is c/o
MercadoLibre, Inc., Tronador 4890, 8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Buenos Aires, Argentina.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Total Common Stock</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and address of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Five percent stockholders:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">eBay Inc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,126,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-0px">2145 Hamilton Avenue <BR>
San Jose, California</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Marcos Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,293,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tiger Global Management, LLC (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,366,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-0px">101 Park Avenue, 48th Floor <BR>
New York, New York 10178<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General Atlantic LLC (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,836,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-0px">3 Pickwick Plaza <BR>
Greenwich, Connecticut</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Directors and executive officers:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Marcos Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,293,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Hern&#225;n Kazah (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Osvaldo Gimenez (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stelleo Tolda (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Marcelo Melamud</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Emiliano Calemzuk (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mart&#237;n de los Santos (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nicol&#225;s Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Anton J. Levy (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,836,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Veronica Allende Serra (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Michael Spence (8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mario V&#225;zquez (8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">All directors and executive officers as a group (12 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,487,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Indicates less than 1% ownership</DIV></TD>
</TR>

</TABLE>





<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">According to the Schedule&nbsp;13G filed on August&nbsp;17, 2007, as amended by Amendment No.&nbsp;1 on
Schedule&nbsp;13G/A filed on February&nbsp;12, 2008, Amendment No.&nbsp;2 on Schedule&nbsp;13G/A filed on February
12, 2009 and Amendment No.&nbsp;3 on Schedule&nbsp;13G/A filed on February&nbsp;12, 2010 by Tiger Global
Management, LLC (&#147;Tiger Management&#148;), such reporting person may be deemed to have sole
dispositive and voting power with respect to such shares, of which 1,259,030 are directly
owned by Tiger Global Private Investment Partners IV, L.P. (&#147;Tiger PIP IV&#148;), 1,186,306 are
directly owned by
Tiger Global, L.P. (&#147;Tiger Global&#148;), 43,611 are directly owned by Tiger Global II, L.P. (&#147;Tiger
Global II&#148;) and 877,396 are directly owned by Tiger Global Master Fund, L.P. (&#147;TGMF&#148;). Tiger
Management is the investment manager of each of Tiger PIP IV, Tiger Global, Tiger Global II and
TGMF and may be deemed to have sole voting power with respect to such shares. Tiger Global
Performance, LLC (&#147;Tiger Global Performance&#148;) is the general partner of each of Tiger Global,
Tiger Global II and TGMF and may be deemed to have sole voting power with respect to such
shares directly owned by such entities. Tiger Global PIP Performance IV, L.P. (&#147;Tiger
Performance IV&#148;) is the general partner of Tiger PIP IV and may be deemed to have sole voting
power with respect to such shares directly owned by such entity. Tiger Global PIP Management
IV, Ltd. (&#147;Tiger Management IV&#148;) is the general partner of Tiger Performance IV and may be
deemed to have sole voting power with respect to such shares directly owned by Tiger PIP IV.
Charles P. Coleman III is the managing member of each of Tiger Management and Tiger Global
Performance and the director of Tiger Management IV and may be deemed to have sole voting power
with respect to such shares.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 2,616,381 shares owned by General Atlantic Partners 84, L.P. (&#147;GAP 84&#148;), 33,901
shares owned by GapStar, LLC (&#147;GapStar&#148;), 146,114 shares owned by GAP Coinvestments III, LLC
(&#147;GAPCO III&#148;), 30,681 shares owned by GAP Coinvestments IV, LLC (&#147;GAPCO IV&#148;), 2,825 shares
owned by GAP Coinvestments CDA, L.P. (&#147;CDA&#148;) and 6,238 shares owned by GAPCO GmbH &#038; Co. KG
(&#147;KG&#148;). General Atlantic LLC (&#147;General Atlantic&#148;) is the general partner of CDA and GenPar,
L.P. (&#147;GenPar&#148;). GenPar is the general partner of GAP 84. The managing members of GAPCO III
and GAPCO IV are Managing Directors of General Atlantic. The officers of GapStar are certain
Managing Directors of General Atlantic. GAPCO Management GmbH (&#147;GmbH Management&#148;) is the
general partner of KG. The Managing Directors of General Atlantic make voting and investment
decisions with respect to the securities held by KG and GmbH Management. Mr.&nbsp;Anton Levy is a
Managing Director of General Atlantic and a Managing Member of GAPCO III and GAPCO IV. Mr.
Levy disclaims beneficial ownership of these shares, except to the extent of his pecuniary
interest therein.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 136,300 shares held by the Hern&#225;n Kazah Family Trust, of which Hern&#225;n Kazah is the
sole beneficiary.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;20,687 shares held by the Osvaldo Gimenez Family Trust, of which Osvaldo Gimenez
is the sole beneficiary and (ii)&nbsp;presently exercisable options to purchase 5,313 shares of our
common stock and an exercise price of $1.50 per share.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 110,157 shares held by Tool, Ltd., of which Stelleo Tolda owns all of the
outstanding equity.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 2,579 restricted shares of common stock scheduled to vest on June&nbsp;11, 2010.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 2,137 shares of common stock scheduled to vest on June&nbsp;11, 2010.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 1,680 restricted shares of common stock scheduled to vest on June&nbsp;11, 2010.</DIV></TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>EXECUTIVE COMPENSATION</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Compensation Discussion and Analysis</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The primary goals of our compensation committee with respect to executive compensation are to
attract and retain the most talented and dedicated executive officers possible and to align
executive officers&#146; incentives with stockholder value creation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Role of the compensation committee of the board of directors in compensation decisions</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our compensation committee reviews and sets all compensation programs (including equity
compensation) applicable to our executive officers and directors, our overall compensation strategy
for all employees, and the specific compensation of our executive officers on an annual basis. In
the course of this review, the committee considers our current compensation programs and whether to
modify them or introduce new programs or elements of compensation in order to better meet our
overall compensation objectives. The compensation committee has the authority to select, retain and
terminate special counsel and other experts (including compensation consultants), as the committee
deems appropriate. As discussed below, in 2008, the committee retained Mercer, an international
compensation consulting firm, which reports directly to the committee. The committee again
retained Mercer in late 2009 to assist the committee in developing recommendations for 2010
compensation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Role of executive officers and consultants in compensation decisions</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">While the compensation committee determines our overall compensation philosophy and sets the
compensation of our executive officers, it looks to the officers identified below and the
compensation consultants retained by the committee to work within the compensation philosophy to
make recommendations to the committee with respect to both overall guidelines and specific
compensation decisions. Each of our CEO and our Director of Human Resources also provide the Board
and the compensation committee with his perspective on the performance of our executive officers as
part of the annual personnel review and succession planning discussions as well as a
self-assessment of his own performance. The committee establishes compensation levels for our CEO
in consultation with the compensation consultants it retains, if any, and our CEO is not present
during any of these discussions. Each of our CEO and our Director of Human Resources recommends to
the committee specific salary amounts for executive officers other than himself and provides
recommendations on other compensation programs, and the committee considers those recommendations
before marking final compensation decisions. Our Director of Human Resources works closely with the
chairman of our compensation committee and attends some of the compensation committee&#146;s meetings to
provide perspectives on the competitive landscape and the needs of the business, information
regarding our performance, and technical advice. Further, our Director of Human Resources prepares
materials for compensation committee meetings at the direction of the committee. As discussed
above, in 2008, the committee retained Mercer to provide advice, opinions, and resources to help
develop and execute our overall compensation strategy. As part of its engagement, the compensation
committee directed the compensation consultants to work with our Director of Human Resources and
other members of management to obtain information necessary for them to form their recommendations
and evaluate management&#146;s recommendations. The compensation consultants also meet with the
committee during the committee&#146;s regular meetings and in executive session, where no members of
management other than our Director of Human Resources were present, and with individual members of
the committee outside of the regular meetings. As part of its engagement in 2008, Mercer evaluated
proposed equity and cash compensation guidelines for executive officers and senior management.
Mercer was also heavily involved in our establishment of the long-term retention bonus plan in
2008. As part of its engagement in late 2009, Mercer is preparing a review of and recommendations
for 2010 compensation of our executive officers and directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Competitive considerations</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">To set total compensation guidelines, the compensation committee reviews market data of
companies with which the compensation committee believes MercadoLibre competes for executive
talent. To facilitate making external compensation comparisons, in 2008, Mercer provided the
compensation committee with competitive market data by analyzing proprietary third-party surveys
and publicly-disclosed documents of companies in specified peer groups. The 2008 market data was
used in determining compensation for both 2008 and 2009. The committee members also provide both
anecdotal and specific information based on personal experience and industry contacts, particularly
with respect to Latin America. The committee believes that it is necessary to consider this market
data in making compensation decisions in order to attract and retain top-notch executive talent.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In 2008, the committee reviewed data from two peer groups, which consisted of the following
technology companies and consumer products companies, which groups were based upon recommendations
of Mercer:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Technology Peers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Consumer Products Peers</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Cadbury Adams</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Hewlett Packard
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Danone</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IBM
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Kellogg</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Microsoft
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Kraft Foods</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Sony
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nestle</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">AT&#038;T
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Coca Cola</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Nokia
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pepsico</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colgate Palmolive</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Procter &#038; Gamble</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Unilever</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In deciding whether a company should be included in one of the peer groups, the committee
considered the following screening criteria:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">revenue;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">market value;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">historical growth rate;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">number of employees;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">primary line of business;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">whether the company has a recognizable and well-regarded brand; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">whether we compete with that company for talent.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For the 2010 study, the peer group focus consisted of companies of similar size within our
industry. The companies chosen include:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Blue Nile, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dice Holding, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Digital River, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">EarthLink</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">GSI Commerce, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">LoopNet</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Monster Worldwide, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Netflix, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Orbitz Worldwide
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">RealNetworks</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Shutterfly</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In deciding whether a company should be included in one of the peer groups for the 2010 study,
in addition to industry, the committee considered the following screening criteria:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">revenues;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">earnings before interest, depreciation and amortization;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">market capitalization; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">total assets.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Elements of compensation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The compensation received by our executive officers consists of the following elements, each
as more fully described below:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">base salary;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">annual bonus; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">long-term retention plan grants.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Base salary</I>. Base salaries for our executive officers are established based on the scope of
their responsibilities and individual experience, taking into account competitive market
compensation paid by the above peer companies for similar positions. Base salaries are reviewed at
least annually, and adjusted from time to time to realign salaries with market levels based on the
peer review and after taking into account individual responsibilities, performance and experience.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Base salaries of our named executive officers for 2009 were between $83,646 and $210,600.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In 2009, in light of the financial uncertainties caused by the global macroeconomic recession
and credit crisis, the committee decided to freeze 2009 salaries for executive officers, including
our CEO, at 2008 levels except in a small number of individual cases where adjustments were deemed
warranted. As a result, the compensation committee did not request a new formal study from Mercer
in 2009. In the case of Mr.&nbsp;Tolda, the committee decided to increase his salary to appropriately
recognize his promotion to Executive Vice President and Chief Operating Officer. The committee
believes that each of the executive&#146;s salary levels is appropriate in light of their respective
roles and responsibilities within the company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In 2009, the committee also instituted exchange rate caps on the base salaries of those
executive officers whose base salary was denominated in U.S. dollars (which includes all of the
named executive officers other than Mr.&nbsp;Melamud). These exchange rate caps limited the amount each
executive officer would be paid in local currency. The actual salary received by the executive may
be less than the amount reported in U.S. dollars in the event of local currency devaluations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Discretionary annual bonus</I>. In addition to base salaries, our executive officers are eligible
to receive discretionary annual bonuses. The annual incentive bonuses are intended to compensate
officers for achieving corporate goals and for achieving what the compensation committee believes
to be value-creating milestones during the prior year. Our annual bonus is paid in cash in an
amount reviewed and approved by our compensation committee and full board of directors. For 2009,
each executive officer was eligible for a discretionary annual bonus up to an amount equal to
approximately 115% of his annual base salary for Messrs.&nbsp;Galper&#237;n, Kazah and Tolda, 62% of base
salary for Mr.&nbsp;Gimenez and 46% of base salary for Mr.&nbsp;Melamud.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The compensation committee uses annual incentive bonuses to compensate officers for achieving
financial and operational goals and for achieving individual annual performance objectives. These
objectives vary depending on the individual executive officer, but relate generally to financial
and operational targets as well as a qualitative assessment of the officer&#146;s performance carried
out by peers, subordinates and the officer&#146;s direct supervisor. If established objective thresholds
for the annual performance period are not met, the executive does not receive a bonus for the year.
After the end of each fiscal year, the company&#146;s actual performance is compared to the objectives
to determine the annual bonus award payout.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In 2009, subject to satisfaction of the Minimum Eligibility Conditions (described below), 95%
of Mr.&nbsp;Galper&#237;n&#146;s annual bonus was based on the company performance criteria described below and 5%
was based on a survey of the members of our board of directors and his colleagues assessing his
qualitative performance during the year. For each of our other executive officers, subject to
satisfaction of the Minimum Eligibility Conditions, 85% of the award was granted based on company
performance and 15% was based on individual performance, specifically, a report of the individual
executive&#146;s performance prepared by his supervisor based on criteria specific to his job
responsibilities (10%) together with a 360 degree qualitative survey of the individual&#146;s
performance prepared by his colleagues (5%). For 2009, the committee selected net revenues minus
bad debt, net income and free cash flow as the company performance measures (the &#147;General Company
Performance Objectives&#148;). For Mr.&nbsp;Gimenez, his company performance benchmarks were divided between
the General Company Performance Objectives and those for MercadoPago alone. In other words, 67.5%
of his annual bonus was based on the net revenues minus bad debt, net income and free cash flow of
MercadoLibre as a whole and 17.5% was based on the net revenues of MercadoPago for the year. The
committee believes these metrics are the strongest drivers of long-term stockholder value for the
company. These elements each track off a target number and have a percentage weight, resulting in a
total performance metric for each executive officer. These elements and the mechanics of our
annual bonus plan are more fully described below in the description of our 2009 long-term retention
bonus plan.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Long-term retention bonus plan</I>. As a private company, our compensation program consisted
primarily of annual salary and bonus. In 2008, our compensation committee determined that our
executive compensation program needed more
focus on long-term incentives to assist in the retention of key employees that have valuable
industry expertise and developed competencies. The committee then over several months met with
management and Mercer to draft a retention plan that best met the committee&#146;s goals of retention
and incentivization. The committee discussed and considered the components of the grant &#151; whether
cash, stock, restricted stock, options or some other equity-based awards &#151; and adopted the 2008
Long Term Retention Plan (the &#147;2008 LTRP&#148;) which provided for award grants payable 50% in cash and
50% in common stock over a four year period based upon achievement of certain performance goals in
2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The committee continued its focus on long-term incentives in 2009 and, in July&nbsp;2009, upon
completion of an analysis of various long-term incentive plan options and an evaluation of 2009
executive compensation as a whole, adopted the 2009 Long Term Retention Bonus Plan (the &#147;2009
LTRP&#148;) to supplement salary and annual bonus for an eight year period starting in 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We assessed the tax impact of the 2009 LTRP on the Company and the executives with tax
professionals, which was reviewed by the company&#146;s auditors, Price Waterhouse &#038; Co. S.R.L. In
addition, the committee met with management to determine the best performance metrics and
objectives to attach to the plan and decided to link these performance objectives to those applied
to the annual bonus payments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The 2009 LTRP is separate and distinct from the 2008 LTRP. The committee considered the
expected payouts under the 2008 LTRP when evaluating awards under the 2009 LTRP in the interest of
evaluating total compensation to be received by the executive in the coming years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Awards under the 2009 LTRP were based upon an eligible participant&#146;s satisfaction of the
following Minimum Eligibility Conditions:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company must have achieved at least 80% of the target General Company
Performance Objectives in 2009;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the subject executive officer must have scored at least 80% on his individual
qualitative assessments; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the subject executive&#146;s total performance tally must have equaled at least 80%.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, Mr.&nbsp;Gimenez&#146;s bonus eligibility was dependant upon the MercadoPago business achieving
at least 70% of target net revenues.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Each award under the 2009 LTRP is payable 100% in cash over an eight-year period as described
in the following table. The Committee made the decision to tie cash payments under the 2009 LTRP to
our stock performance rather than to actually issue equity under the 2009 LTRP for a number of
reasons, including, but not limited to, to reduce the dilutive effect on our stockholders. The
portion of the award to be paid in the future will be forfeited if an employee leaves the company
prior to the respective payment date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table includes the 2009 base salary, 2009 annual bonus and the 2009 LTRP bonus
of each named executive officer:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Portion of 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Target Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>LTRP Bonus</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009 Base</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009 Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009 LTRP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid Out for</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Salary </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Bonus</B> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Bonus</B> <SUP style="font-size: 85%; vertical-align: text-top"><B>(2), (3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B> <SUP style="font-size: 85%; vertical-align: text-top"><B>(2), (4)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcos Galper&#237;n<br>
President and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">234,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">406,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hernan Kazah <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP><br>
Executive Vice President and Chief
Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">234,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">203,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nicolas Szekasy <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP><br>
Former Executive Vice President and
Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stelleo Tolda <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP><br>
Chief Operating Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">269,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">203,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Osvaldo Gimenez<br>
Senior Vice President &#151; Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">156,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">92,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">74,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcelo Melamud<br>
Vice President and Chief Accounting
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">83,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">37,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,444</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2009, we instituted exchange rate caps on the base salaries of those executive officers
whose base salary was denominated in U.S. dollars (which includes all of the named executive
officers other than Mr.&nbsp;Melamud). These exchange rate caps limited the amount each executive
officer would be paid in local currency. Accordingly, because of local currency devaluations, the
actual salary received by each executive as reported in the Summary Compensation Table was
marginally less than the amount reported in the table above. More specifically, Messrs.&nbsp;Galper&#237;n
and Kazah received actual base salary of $206,840, Mr.&nbsp;Tolda received actual base salary of
$209,650 and Mr.&nbsp;Gimenez received actual base salary of $153,215.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Assuming continued employment by the executive through the below payment dates, the award
described will be paid in cash as follows:</DIV></TD>
</TR>

</TABLE>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the executive will receive a fixed cash payment equal to 6.25% of his or her 2009 LTRP
bonus once a year for a period of eight years starting in 2010 (the &#147;Annual Fixed
Payment&#148;); and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">on each date we pay the Annual Fixed Payment to the officer, he or she will also receive
a cash payment equal to the product of (i)&nbsp;6.25% of the applicable 2009 LTRP bonus and (ii)
the quotient of (a)&nbsp;divided by (b), where (a), the numerator, equals the Applicable Year
Stock Price (defined below) and (b), the denominator, equals the 2008 Stock Price (as
defined below). For purposes of the 2009 LTRP, the &#147;2008 Stock Price&#148; shall equal $13.81
(the average closing price of our common stock on the NASDAQ Global Market during the final
60 trading days of 2008) and the &#147;Applicable Year Stock Price&#148; shall equal the average
closing price of our common stock on the NASDAQ Global Market during the final 60 trading
days of the year preceding the applicable payment date.</DIV></TD>
</TR>

</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The maximum amount of each executive officer&#146;s 2009 LTRP bonus will depend on our stock price
for the last 60&nbsp;days of the applicable fiscal year. To the extent our stock price exceeds $13.81
for one or more applicable periods, the total amount of the executive&#146;s 2009 LTRP bonus will exceed
the amount listed in the column above entitled &#147;Target Value of Total 2009 LTRP Bonus.&#148; To the
extent our stock price is less than $13.81 for one or more applicable periods, the total amount of
the executive&#146;s 2009 LTRP bonus will be less than the amount in the &#147;Target Value of Total 2009
LTRP Bonus&#148; column. The average closing price of our common stock on the NASDAQ Global Market
during the final 60 trading days of 2009 was $45.75. Assuming the Applicable Year Stock Price
equals $45.75 as of each payment date, the total amount payable to each of the named executive
officers under the 2009 LTRP would be as follows: Mr.&nbsp;Galper&#237;n: $877,010, Mssrs. Kazah and Tolda:
$438,505, Mr.&nbsp;Gimenez: $161,370 and Mr.&nbsp;Melamud: $31,551.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Applicable Year Stock Price for 2009 was $45.75.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective as of April&nbsp;1, 2009, Mr.&nbsp;Kazah was appointed to serve as our chief financial officer.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mr.&nbsp;Szekasy resigned from his position of Executive Vice President and Chief Financial Officer effective April&nbsp;1, 2009.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective as of April&nbsp;1, 2009, Mr.&nbsp;Tolda was appointed to serve as our chief operating officer.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Annual and 2009 LTRP bonus amounts were determined by the compensation committee at the end of
the 2009 fiscal year based on each executive&#146;s 2009 performance tally, which tally is based on the
attainment of certain individual and company goals, and the subject executive&#146;s satisfaction of the
Minimum Eligibility Conditions. In 2008, 95% of Mr.&nbsp;Galper&#237;n&#146;s 2008 LTRP bonus was based on the
company performance criteria described below and 5% was based on a survey of the members of our
board of directors assessing his qualitative individual performance during the year. For our other
executive officers, 85% of the award was granted based on the achievement of company performance
objectives and 15% was based on the qualitative assessments of individual performance carried out
on the executive officer. Each performance metric was determined by multiplying the percentage of
each objective actually achieved by the weight of each element. Individual performance that meets
expectations resulted in a 100% for that component, or an individual component score of five (5)
for Mr.&nbsp;Galper&#237;n, and 15 for each of our other executive officers. Each metric was then added
together to equal an executive&#146;s total performance tally.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">For 2009, the compensation committee established company performance objectives for each of:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">net revenues minus bad debt;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">net income; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">free cash flow.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The committee is given discretion to make adjustments to each element in order to reduce or
eliminate the effect of unusual events and thus make better year over year performance comparisons.
This process may involve subtracting or adding back both revenues and expenses from reported
results to better reflect MercadoLibre&#146;s core results. This policy also reflects the committee&#146;s
inability to predict unusual events when performance targets are established early in the fiscal
year. For 2009, in early 2010, the chairman of the committee met with the company&#146;s accounting
staff and Director of Human Resources to analyze any appropriate adjustments. Together they
prepared a detailed analysis of each performance element and the recommended adjustments and
presented it to the committee for approval. After discussion, the committee made adjustments to our
actual net income to (i)&nbsp;eliminate a portion of the positive effects from our use of certain tax
loss carryforwards and (ii)&nbsp;eliminate certain cost savings realized from our use of less funds than
anticipated for our buyer protection program.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Similarly, Mr.&nbsp;Gimenez&#146;s company performance benchmarks were divided between the results of
MercadoLibre as a whole (67.5%) and the net income of MercadoPago for the year (17.5%).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table describes the components of each executive officer&#146;s 2009 annual bonus and
2009 LTRP bonus and the percentage weight of each element:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>2009 Annual Bonus and 2009 LTRP Bonus Components</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MercadoLibre net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MercadoLibre</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>revenues</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MercadoLibre</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>free</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MercadoPago</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Individual</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>minus bad debt</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>net income</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cash flow</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>net revenues</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>performance</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcos Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">47.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hern&#225;n Kazah</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stelleo Tolda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Osvaldo Gimenez</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.875</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.875</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcelo Melamud</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth the elements included in the company performance tally and
actual performance realized against those objectives:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>2009 Annual Bonus and 2009 LTRP Bonus MercadoLibre Performance Elements</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Element</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009 Actual,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Objective</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(dollar value in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009 Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Adjusted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009 Objective</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Achieved</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net revenues minus bad debt<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">162.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">162.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">165.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">110.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Free cash flow<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">110.5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">For fiscal year 2009, MercadoLibre&#146;s net revenues, determined in accordance with generally
accepted accounting principles, less the portion of the company&#146;s net revenues that are
uncollectible and after adjustments for unusual items during 2009.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">For fiscal year 2009, MercadoLibre&#146;s net income, determined in accordance with generally
accepted accounting principles and after adjustments for unusual items during 2009.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">For fiscal year 2009, the net increase in MercadoLibre&#146;s cash and cash equivalents and
short-term and long-term investments and after adjustments for unusual items during 2009.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">MercadoPago&#146;s adjusted net revenues for 2009 achieved 164.1% of Mr.&nbsp;Gimenez&#146;s objective for
the year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If the Minimum Eligibility Conditions had not been satisfied for any executive officer, then
he would not have received an annual cash bonus or 2009 LTRP bonus for the year. Since the Minimum
Eligibility Conditions were met for each officer, (i)&nbsp;each executive officer received the full
amount of his 2009 LTRP bonus and (ii)&nbsp;each executive officer&#146;s annual bonus equaled the maximum
annual bonus payable as each executive earned a performance tally in excess of 100%. Therefore,
Messrs.&nbsp;Galper&#237;n, Kazah and Tolda earned an annual bonus equal to approximately 115% of his base
salary, Mr.&nbsp;Gimenez earned an annual bonus equal to approximately 62% of his base salary and Mr.
Melamud earned an annual bonus equal to approximately 46% of his base salary. Actual annual bonus
amounts are based on a number of monthly salaries thus percentages are approximate.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In the past we have granted equity to our executive officers through our Amended and Restated
1999 Stock Option and Restricted Stock Plan, which was adopted by our board of directors to permit
the grant of equity to our employees. In 2009, our board adopted and our shareholders approved the
2009 Equity Compensation Plan. Upon adoption of the 2009 Equity Compensation Plan, no further
awards were available for issuance under our 1999 Stock Option and Restricted Stock Plan. As of
April&nbsp;15, 2010, we had approximately 291,172 shares of common stock available for issuance under
the 2009 Equity Compensation Plan. The Board has considered outstanding job performance,
contributions to our company and achievement of other benchmarks in granting past awards. We have
not adopted stock ownership guidelines for our executive officers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>Other compensation and benefits</I>. We maintain broad-based benefits that are provided to certain
full-time employees, including health insurance, extra vacation days, mobile telephones, parking
spaces and subsidized English and/or Portuguese lessons. We also provide life insurance policies
for some of our employees in Brazil. In certain cases, if an employee is asked to relocate
temporarily to another country office, we will facilitate such employee&#146;s relocation by acting as
guarantors in residential apartment lease agreements and paying for relocation expenses. We do not
have any pension plan for our employees, including our executive officers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We have entered into employment agreements with each executive officer as described under
&#147;Employment Agreements.&#148; Certain executive officers may also receive benefits in the event of a
change in control of our company as described under &#147;Potential payments upon termination or change
in control.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Conclusion</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In evaluating the individual components of overall compensation for each of our executive
officers, the compensation committee reviews not only the individual elements of compensation, but
also total compensation and compares overall compensation to total compensation of similarly
situated employees at the company&#146;s peer companies. By design, a significant portion of the
compensation awarded to our executive officers is contingent upon individual and company
performance. The committee remains committed to this philosophy of pay-for-performance and will
continue to review executive compensation programs for the best methods to promote stockholder
value through employee incentive
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Compensation Committee Report</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The compensation committee has reviewed and discussed the Compensation Discussion and Analysis
section of this proxy statement with management and, based on such review and discussion, the
committee recommends that it be included in this proxy statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%"><B>COMPENSATION COMMITTEE</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">Mart&#237;n de los Santos, Chairperson<BR>
Emiliano Calemzuk<BR>
Veronica Allende Serra

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Relationship of Compensation Practices to Risk Management</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">When structuring our overall compensation practices for our employees generally, consideration
is given as to whether the structure creates incentives for risk-taking behavior and therefore
impacts our risk management practices. Attention is given to the elements and the mix of pay as
well as ensuring that employees&#146; awards align with stockholders&#146; value.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We have assessed the compensation policies and practices for our employees and concluded that
they do not create risks that are reasonably likely to have a material adverse effect on the
company. This analysis performed and discussed by the compensation committee.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Summary compensation table</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth compensation information for the years ended December&nbsp;31, 2007,
2008 and 2009 for Marcos Galper&#237;n, our chief executive officer, Nicol&#225;s Szekasy, who served as our
chief financial officer through March&nbsp;31, 2009, Hernan Kazah, who began serving as our chief
financial officer on April&nbsp;1, 2009, and our three other most highly compensated officers for the
year ended December&nbsp;31, 2009. These executive officers are referred to as the &#147;named executive
officers&#148; elsewhere in this proxy statement. Mr.&nbsp;Gimenez first became a named executive officer in
2008 and, accordingly,
only his compensation information for 2008 and 2009 is presented below. Mr.&nbsp;Melamud first
became a named executive officer in 2009 and, accordingly, only his compensation information for
2009 is presented below. Except as provided below, none of our named executive officers received
any other compensation required to be disclosed by law or in excess of $10,000 annually.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Salary ($) (4)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($) (5)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($) (6)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcos Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">344,578             </TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,091</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">207,423             </TD>
    <TD nowrap>(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">418,023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">537,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hernan Kazah</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">289,765             </TD>
    <TD nowrap>(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503,441</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Executive Vice President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">187,308             </TD>
    <TD nowrap>(11)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397,908</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chief Financial Officer (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nicol&#225;s Szekasy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Former Chief Financial Officer (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,406</TD>
    <TD>(12)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stelleo Tolda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">209,650             </TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">324,363             </TD>
    <TD nowrap>(14)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">538,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Executive Vice President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,155</TD>
    <TD>(13)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">145,241             </TD>
    <TD nowrap>(15)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chief Operating Officer (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,489</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Osvaldo Gimenez</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">112,991             </TD>
    <TD nowrap>(16)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Vice President &#151; Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">63,642              </TD>
    <TD nowrap>(17)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcelo Melaumud</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">53,749              </TD>
    <TD nowrap>(18)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,711</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-0px">Vice President
and Chief
Accounting Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective as of April&nbsp;1, 2009, Mr.&nbsp;Kazah was appointed to serve as our chief financial
officer. Prior to this appointment, Mr.&nbsp;Kazah had been serving as our chief operating officer.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mr.&nbsp;Szekasy resigned as our chief financial officer effective as of April&nbsp;1, 2009. Following
his resignation as CFO, he continued to provide us with transition services through December&nbsp;31,
2009 on a reduced hours basis and received a portion of his 2009&nbsp;monthly base salary based upon the
percentage of hours worked during the applicable month.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective as of April&nbsp;1, 2009, Mr.&nbsp;Tolda was appointed to serve as our chief operating officer.
Prior to this appointment, Mr.&nbsp;Tolda had been serving as our senior vice president and country
manager-Brazil.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2009, we instituted exchange rate caps on the executive officers&#146; base salaries that limited
the amount each executive officer would be paid in local currency. Accordingly, because of local
currency devaluations, the actual salary received by each executive as reported in the table above
was marginally less than the 2009 dollar denominated base salary amount approved by the
compensation committee and board amount as discussed in the Compensation Discussion &#038; Analysis.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The amounts in this column reflect the grant date fair value of stock awards made in 2009.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In some cases, bonuses are paid in foreign currencies, which may result in variations from benchmarks when disclosed in U.S. dollars.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes one-time bonus of $75,000 paid in May&nbsp;2007 upon filing for our initial public offering.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $234,952 paid in cash in the first quarter of 2010 based
upon Mr.&nbsp;Galper&#237;n&#146;s 2009 performance tally, (ii)&nbsp;a bonus under the 2009 LTRP of $25,422 paid in
cash in the first quarter of 2010, representing the first Annual Fixed Payment of the total 2009
LTRP bonus earned by Mr.&nbsp;Galper&#237;n in 2009, (iii)&nbsp;a bonus under the 2009 LTRP of $84,204 paid in
cash in the first quarter of 2010, representing the first Variable Payment of the total 2009 LTRP
bonus earned by Mr.&nbsp;Galper&#237;n in 2009 and (iv)&nbsp;a bonus under the 2008 LTRP of $55,000 paid in cash
in the first quarter of 2010, representing the second cash installment of the total 2008 LTRP bonus
of $500,000 earned by Mr.&nbsp;Galper&#237;n in 2008. In the first quarter of 2010, Mr.&nbsp;Galper&#237;n also
received 1,048 shares of our common stock (valued at $55,000) under the 2008 LTRP, representing the
second share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Galper&#237;n in 2008.</DIV></TD>
</TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $164,923 paid in cash in the first quarter of 2009 based
upon Mr.&nbsp;Galper&#237;n&#146;s 2008 performance tally and (ii)&nbsp;a bonus under the 2008 LTRP of $42,500 paid in
cash in the first quarter of 2009, representing the first cash installment of the total 2008 LTRP
bonus of
$500,000 earned by Mr.&nbsp;Galper&#237;n in 2008. In the first quarter of 2009, Mr.&nbsp;Galper&#237;n also received
810 shares of our common stock (valued at $42,500) under the 2008 LTRP, representing the first
share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Galper&#237;n in 2008.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $234,952 paid in cash in the first quarter of 2010 based
upon Mr.&nbsp;Kazah&#146;s 2009 performance tally, (ii)&nbsp;a bonus under the 2009 LTRP of $12,771 paid in cash
in the first quarter of 2010, representing the first Annual Fixed Payment of the total 2009 LTRP
bonus earned by Mr.&nbsp;Kazah in 2009, (iii)&nbsp;a bonus under the 2009 LTRP of $42,102 paid in cash in the
first quarter of 2010, representing the first Variable Payment of the total 2009 LTRP bonus earned
by Mr.&nbsp;Kazah in 2009 and (iv)&nbsp;a bonus under the 2008 LTRP of $27,500 paid in cash in the first
quarter of 2010, representing the second cash installment of the total 2008 LTRP bonus of $250,000
earned by Mr.&nbsp;Kazah in 2008. In the first quarter of 2010, Mr.&nbsp;Kazah also received 524 shares of
our common stock (valued at $27,500) under the 2008 LTRP, representing the second share installment
of the total 2008 LTRP bonus earned by Mr.&nbsp;Galper&#237;n in 2008.</DIV></TD>
</TR>



</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $166,058 paid in cash in the first quarter of 2009 based
upon Mr.&nbsp;Kazah&#146;s 2008 performance tally and (ii)&nbsp;a bonus under the 2008 LTRP of $21,250 paid in
cash in the first quarter of 2009, representing the first cash installment of the total 2008 LTRP
bonus of $250,000 earned by Mr.&nbsp;Kazah in 2008. In the first quarter of 2009, Mr.&nbsp;Kazah also
received 405 shares of our common stock (valued at $21,250) under the 2008 LTRP, representing the
first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Kazah in 2008.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $166,156 paid in cash in the first quarter of 2009 based
upon Mr.&nbsp;Szekasy&#146;s 2008 performance tally and (ii)&nbsp;a bonus under the 2008 LTRP of $21,250 paid in
cash in the first quarter of 2009, representing the first cash installment of the total 2008 LTRP
bonus of $250,000 earned by Mr.&nbsp;Szekasy in 2008. In the first quarter of 2009, Mr.&nbsp;Szekasy also
received 405 shares of our common stock (valued at $21,250) under the 2008 LTRP, representing the
first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Szekasy in 2008. In light of
Mr.&nbsp;Szekasy&#146;s resignation as of April&nbsp;1, 2009, Mr.&nbsp;Szekasy will not receive the remainder of the
$250,000 2008 LTRP bonus earned by him in 2008.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Prior to 2009, Mr.&nbsp;Tolda was compensated in Brazilian reais thus his annual salary disclosed
in U.S. dollars is approximate based on prevailing exchange rates.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $269,550 paid in cash in the first quarter of 2010 based
upon Mr.&nbsp;Tolda&#146;s 2009 performance tally, (ii)&nbsp;a bonus under the 2009 LTRP of $12,771 paid in cash
in the first quarter of 2010, representing the first Annual Fixed Payment of the total 2009 LTRP
bonus earned by Mr.&nbsp;Tolda in 2009, (iii)&nbsp;a bonus under the 2009 LTRP of $42,102 paid in cash in the
first quarter of 2010, representing the first Variable Payment of the total 2009 LTRP bonus earned
by Mr.&nbsp;Tolda in 2009 and (iv)&nbsp;a bonus under the 2008 LTRP of $19,800 paid in cash in the first
quarter of 2010, representing the second cash installment of the total 2008 LTRP bonus of $180,000
earned by Mr.&nbsp;Tolda in 2008. In the first quarter of 2010, Mr.&nbsp;Tolda also received 524 shares of
our common stock (valued at $19,800) under the 2008 LTRP, representing the second share installment
of the total 2008 LTRP bonus earned by Mr.&nbsp;Tolda in 2008.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $129,941 paid in cash in the first quarter of 2009 based
upon Mr.&nbsp;Tolda&#146;s 2008 performance tally and (ii)&nbsp;a bonus under the 2008 LTRP of $15,300 paid in
cash in the first quarter of 2009, representing the first cash installment of the total 2008 LTRP
bonus of $180,000 earned by Mr.&nbsp;Tolda in 2008. In the first quarter of 2009, Mr.&nbsp;Tolda also
received 291 shares of our common stock (valued at $15,300) under the 2008 LTRP, representing the
first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Tolda in 2008.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(16)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $92,820 paid in cash in the first quarter of 2010 based
upon Mr.&nbsp;Gimenez&#146;s 2009 performance tally, (ii)&nbsp;a bonus under the 2009 LTRP of $4,678 paid in cash
in the first quarter of 2010, representing the first Annual Fixed Payment of the total 2009 LTRP
bonus of earned by Mr.&nbsp;Gimenez in 2009, (iii)&nbsp;a bonus under the 2009 LTRP of $15,494 paid in cash
in the first quarter of 2010, representing the first Variable Payment of the total 2009 LTRP bonus
earned by Mr.&nbsp;Gimenez in 2009 and (iv)&nbsp;a bonus under the 2008 LTRP of $10,120 paid in cash in the
first quarter of 2010, representing the second cash installment of the total 2008 LTRP bonus of
$92,000 earned by Mr.&nbsp;Gimenez in 2008. In the first quarter of 2010, Mr.&nbsp;Gimenez n also received
193 shares of our common stock (valued at $10,120) under the 2008 LTRP, representing the second
share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Gimenez in 2008.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(17)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $55,822 paid in cash in the first quarter of 2009 based
upon Mr.&nbsp;Gimenez&#146;s 2008 performance tally and (ii)&nbsp;a bonus under the 2008 LTRP of $7,820 paid in
cash in the first quarter of 2009, representing the first cash installment of the total 2008 LTRP
bonus of $92,000 earned by Mr.&nbsp;Gimenez in 2008. In the first quarter of 2009, Mr.&nbsp;Gimenez also
received 149 shares of our common stock (valued at $7,820) under the 2008 LTRP, representing the
first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Gimenez in 2008.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(18)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes (i)&nbsp;a discretionary bonus of $37,305 paid in cash in the first quarter of 2010 based
upon Mr.&nbsp;Melamud&#146;s 2009 performance tally, (ii)&nbsp;a bonus under the 2009 LTRP of $3,813 paid in cash
in the first quarter of 2010, representing the first Annual Fixed Payment of the total 2009 LTRP
bonus earned by Mr.&nbsp;Melamud in 2009 and (iii)&nbsp;a bonus under the 2009 LTRP of $12,631 paid in cash
in the first quarter of 2010, representing the first Variable Payment of the total 2009 LTRP bonus
earned by Mr.&nbsp;Melamud in 2009.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Grants of plan-based awards</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The table below summarizes plan-based awards granted under to our named executive officers in
2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>2009 Grants of Plan Based Awards</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Estimated Future Payouts</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Under Non-Equity Incentive Plan Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grant Date Fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Threshold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Target</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value of Stock</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Awards ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcos Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">145,800        </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">193,752       </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">243,000       </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">810            </TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">406,470</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hern&#225;n Kazah</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">145,800        </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">193,752       </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">243,000       </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">405            </TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">203,375</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nicol&#225;s Szekasy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">405            </TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stelleo Tolda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">145,800        </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">193,752       </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">243,000       </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">291            </TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">203,375</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Osvaldo Gimenez</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">48,000         </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">71,760        </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96,000        </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">149            </TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">74,842</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcelo Melamud</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18,554         </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27,831        </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">37,108        </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">61,013</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The amount set forth reflects the annual discretionary cash bonus amounts that potentially
could have been earned during 2009 based upon the executive&#146;s performance tally. The actual
discretionary cash bonuses earned in 2009 by our named executive officers has been determined and
were paid in the first quarter of 2010. The amounts paid are included in the 2009 row of the
&#147;Non-Equity Incentive Plan Compensation&#148; column of the Summary Compensation Table.</DIV></TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Under the 2009 LTRP, if an executive qualifies for an award based upon satisfaction of the
Minimum Eligibility Conditions, he will, subject to his continued employment as of each applicable
payment date, receive the full amount of his 2009 LTRP bonus set forth in the table, payable as
follows:</DIV></TD>
</TR>

</TABLE>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the officer will receive a fixed cash payment equal to 6.25% of his or her 2009 LTRP
bonus once a year for a period of eight years starting in 2010 (the &#147;Annual Fixed
Payment&#148;); and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">on each date we pay the Annual Fixed Payment to the officer, he or she will also receive
a cash payment equal to the product of (i)&nbsp;6.25% of the applicable 2009 LTRP bonus and (ii)
the quotient of (a)&nbsp;divided by (b), where (a), the numerator, equals the Applicable Year
Stock Price (defined below) and (b), the denominator, equals the 2008 Stock Price (as
defined below). For purposes of the 2009 LTRP, the &#147;2008 Stock Price&#148; shall equal $13.81
(the average closing price of our common stock on the NASDAQ Global Market during the final
60 trading days of 2008) and the &#147;Applicable Year Stock Price&#148; shall equal the average
closing price of our common stock on the NASDAQ Global Market during the final 60 trading
days of the year preceding the applicable payment date.</DIV></TD>
</TR>

</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The maximum amount of each executive officer&#146;s 2009 LTRP bonus will depend on our stock price
for the last 60&nbsp;days of the applicable fiscal year. To the extent our stock price exceeds $13.81
for one or more applicable periods, the total amount of the executive&#146;s 2009 LTRP bonus will exceed
the amount listed in the &#147;Target&#148; column above. To the extent our stock price is less than $13.81
for one or more applicable periods, the total amount of the executive&#146;s 2009 LTRP bonus will be
less than the amount in the &#147;Target&#148; column above. The average closing price of our common stock
on the NASDAQ Global Market during the final 60 trading days of 2009 was $45.75. Assuming the
Applicable Year Stock Price equals $45.75 as of each payment date, the total amount payable to each
of the named executive officers under the 2009 LTRP would be as follows: Mr.&nbsp;Galper&#237;n: $673,280,
Mssrs. Kazah and Tolda: $336,872 and Mr.&nbsp;Gimenez: $123,969.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On March&nbsp;24, 2009, we issued 810 shares of our common stock to Mr.&nbsp;Galper&#237;n, which represented
the first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Galper&#237;n in 2008. On March
31, 2010, we issued him an additional 1049 shares of our common stock, which represented the second
share installment of the total 2008 LTRP bonus earned by him in 2008. Subject to his continued
employment as of the applicable payment date, we will issue to Mr.&nbsp;Galper&#237;n 1288 and 1622 shares of
common stock on each of March&nbsp;31, 2011 and 2012, respectively.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On March&nbsp;24, 2009, we issued 405 shares of our common stock to Mr.&nbsp;Kazah, which represented the
first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Kazah in 2008. On March&nbsp;31,
2010, we issued him an additional 524 shares of our common stock, which represented the second
share installment of the total 2008 LTRP bonus earned by him in 2008. Subject to his continued
employment as of the applicable payment date, we will issue to Mr.&nbsp;Kazah 644 and 811 shares of
common stock on each of March&nbsp;31, 2011 and 2012, respectively.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On March&nbsp;24, 2009, we issued 405 shares of our common stock to Mr.&nbsp;Szekasy, which represented
the first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Szekasy in 2008. In light
of Mr.&nbsp;Szekasy&#146;s resignation as of April&nbsp;1, 2009, we will not issue any additional shares to Mr.
Szekasy under the 2008 LTRP.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On March&nbsp;24, 2009, we issued 291 shares of our common stock to Mr.&nbsp;Tolda, which represented the
first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Tolda in 2008. On March&nbsp;31,
2010, we issued him an additional 377 shares of our common stock, which represented the second
share installment of the total 2008 LTRP bonus earned by him in 2008. Subject to his continued
employment as of the applicable payment date, we will issue to Mr.&nbsp;Tolda 463 and 583 shares of
common stock on each of March&nbsp;31, 2011 and 2012, respectively.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On March&nbsp;24, 2009, we issued 149 shares of our common stock to Mr.&nbsp;Gimenez, which represented
the first share installment of the total 2008 LTRP bonus earned by Mr.&nbsp;Gimenez in 2008. On March
31, 2010, we issued him an additional 193 shares of our common stock, which represented the second
share installment of the total 2008 LTRP bonus earned by him in 2008. Subject to his continued
employment as of the applicable payment date, we will issue to Mr.&nbsp;Gimenez 237 and 298 shares of
common stock on each of March&nbsp;31, 2011 and 2012, respectively.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Employment agreements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We have previously entered into employment agreements with each of the above-listed executive
officers. The term of each of these employment agreements is for an undetermined period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Each executive officer party to the employment agreements is entitled to receive the base
salary set forth in such executive officer&#146;s employment agreement, subject to the raises that we
have awarded to those executive officers throughout the terms of their employment. In addition to
base salary, the executive officers may receive bonus compensation as we, in our sole discretion,
elect to pay them in accordance with the bonus plan policy. The executive officers are also
entitled to reimbursement for reasonable out-of-pocket expenses that they incur on our behalf in
the performance of their duties as executive officers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The employment agreements provide that, during an executive officer&#146;s employment and for so
long afterwards as any pertinent information remains confidential, such executive officer will not
use or disclose any confidential information that we use, develop or obtain. The agreements
provide that all work product relating to our business belongs to us or our subsidiaries, and the
executive officer will promptly disclose such work product to us and provide reasonable assistance
in connection with the defense of such work product.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The agreements also provide that, during an executive officer&#146;s employment, and for a period
of one year after the end of an executive officer&#146;s employment in the event of termination without
&#147;just cause,&#148; and two years in the event of resignation or termination for &#147;just cause&#148; (the
&#147;non-competition period&#148;), the executive officer will not (1)&nbsp;compete directly or indirectly with
us, (2)&nbsp;induce our or our subsidiaries&#146; employees to terminate their employment with us or to
engage in any competitive business or (3)&nbsp;solicit or do business with any of our present, past or
prospective customers or the customers of our subsidiaries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2009 Long-Term Retention Program</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In July&nbsp;2009, our board adopted the 2009 LTRP for executives designed to assist us in the
retention of key employees that have valuable industry experience and developed competencies. In
order to receive an award under the 2009 LTRP, an eligible participant must satisfy certain minimum
company and individual performance conditions. If these conditions are satisfied, the executive
officer will, subject to his continued employment as of each applicable payment date, receive the
full amount of his 2009 LTRP bonus, payable as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the officer will receive a fixed cash payment equal to 6.25% of his or her 2009 LTRP
bonus once a year for a period of eight years starting in 2010 (the &#147;Annual Fixed
Payment&#148;); and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">on each date we pay the Annual Fixed Payment to the officer, he or she will also receive
a cash payment (the &#147;Annual Variable Payment&#148;) equal to the product of (i)&nbsp;6.25% of the
applicable 2009 LTRP bonus and (ii)&nbsp;the quotient of (a)&nbsp;divided by (b), where (a), the
numerator, equals the Applicable Year Stock Price (defined below) and (b), the denominator,
equals the 2008 Stock Price (as defined below). For purposes of the 2009 LTRP, the &#147;2008
Stock Price&#148; shall equal $13.81 (the average closing price of our common stock on the
NASDAQ Global Market during the final 60 trading days of 2008) and the &#147;Applicable Year
Stock Price&#148; shall equal the average closing price of our common stock on the NASDAQ Global
Market during the final 60 trading days of the year preceding the applicable payment date.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The maximum amount of each executive officer&#146;s 2009 LTRP bonus will depend on our stock price for
the last 60&nbsp;days of the applicable fiscal year. See &#147;Compensation Discussion and Analysis&#148; for
additional discussion of the 2009 LTRP. Under the 2009 LTRP, in the event that, as of any payment
date, our shares are not listed on a national stock exchange, the amount of the Annual Variable
Payment will be based upon the average closing price of the shares during the 90&nbsp;day period they
were lasted traded on a national exchange, unless the compensation committee determines that a
different value is more appropriate based upon the facts and circumstances.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2008 Long-Term Retention Program</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In August&nbsp;2008, our board adopted the 2008 LTRP. Awards under the 2008 LTRP were made by the
compensation committee based upon an eligible participant&#146;s attainment of certain performance goals
in 2008. Each executive qualified for an award under the 2008 LTRP based upon a 2008 performance
tally and each award has been or will be made in equal parts cash and our common stock in
accordance with the following payment schedule (provided that the executive continues to be
employed by us through the applicable payment date):
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Year One &#151; Paid on March&nbsp;24, 2009: 17% (8.5% in cash and 8.5% in common stock);</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Year Two &#151; Paid on March&nbsp;31, 2010: 22% (11% in cash and 11% in common stock);</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Year Three &#151; Paid on March&nbsp;31, 2011: 27% (13.5% in cash and 13.5% in common stock); and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Year Four &#151; Paid on March&nbsp;31, 2012: 34% (17% in cash and 17% in common stock).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The number of shares of our common stock awarded is determined based upon the average closing
price of our common stock during the 30&nbsp;days prior to January&nbsp;1, 2008, the first day of the
performance measuring period. See &#147;Compensation Discussion and Analysis&#148; for additional discussion
of the 2008 LTRP. Under the 2008 LTRP, in the event that, as of any payment date, our shares are
not listed on a national stock exchange, in lieu of the share portion of any
payment, our award recipients will receive additional cash (i.e. if the payment date is in year
four, instead of a payment of 17% in cash and 17% in common stock, the recipient will receive a
cash payment equal to 34% of the total award amount.)
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Outstanding equity awards at December&nbsp;31, 2009</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table provides information on the current holdings of equity awards by the named
executive officers at December&nbsp;31, 2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>STOCK AWARDS</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Market</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>OPTION AWARDS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock That</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>That Have</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Have Not</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Not</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Vested ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Vested (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(2)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcos Galper&#237;n</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,953           </TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nicol&#225;s Szekasy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hern&#225;n Kazah</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,977           </TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stelleo Tolda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,423           </TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Osvaldo Gimenez</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">07/01/14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">728             </TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,761</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marcelo Melamud</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents shares issuable to the subject officer under the 2008 LTRP subject to his
continued employment as of the applicable payment date.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Market value calculated using the closing market price of our common stock on the NASDAQ Global
Market on December&nbsp;31, 2009 ($51.87).</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 1,048 shares issued on March&nbsp;31, 2010 and 1,286 and 1,619 shares issuable on each of
March&nbsp;31, 2011 and 2012, respectively.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 524 shares issued on March&nbsp;31, 2010 and 643 and 810 shares issuable on each of March
31, 2011 and 2012, respectively.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 377 shares issued on March&nbsp;31, 2010 and 463 and 583 shares issuable on each of March
31, 2011 and 2012, respectively.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 193 shares issued on March&nbsp;31, 2010 and 237 and 298 shares issuable on each of March
31, 2011 and 2012, respectively.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 157 shares issued on March&nbsp;31, 2010 and 193 and 243 shares issuable on each of March
31, 2011 and 2012, respectively.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Exercise of stock options and stock vested during 2009</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth information regarding the number and value of stock options
exercised during 2009 by our named executive officers. None of our named executive officers held
restricted stock which vested during 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Shares Acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value Realized on</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>on Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stelleo Tolda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">110,145 </TD>
    <TD nowrap>(1)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Value calculated using the closing price of our common stock on the NASDAQ Global Market
on June&nbsp;4, 2009, the date of exercise ($23.51).</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Pension benefits</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We do not have any plan that provides for payments or other benefits at, following, or in
connection with the retirement of any of our employees. However, as required by law in certain
countries where we operate, we deduct a percentage of each employee&#146;s salary, including our
executive officers, and remit it to governmental social security agencies or private pension fund
administrators, depending on the regulatory regime established in each country.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Nonqualified defined contribution and other nonqualified deferred compensation plans</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We do not have any defined contribution or other plan that provides for the deferral of
compensation on a basis that is not tax-qualified.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Potential payments upon termination or change in control</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We may terminate an executive officer&#146;s employment in the event that we determine, in our sole
discretion, that there is &#147;just cause&#148; (as defined below). If we terminate an executive officer&#146;s
employment for &#147;just cause,&#148; such executive officer will not be entitled to receive any severance
benefits, except for severance obligations mandated under the laws of the country where the
executive officer resides. If we terminate the executive officer&#146;s employment without &#147;just cause,&#148;
such executive officer shall be entitled to a severance payment in an amount equal to one year&#146;s
gross base salary as set forth in the
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;Just cause&#148; means and includes (1)&nbsp;the commission by the executive officer of any gross
misconduct or any offense serious enough for the relationship to become impossible to continue,
including without limitation, the executive officer&#146;s willful and continuing disregard of the
lawful written instructions of our board or such executive officer&#146;s superiors, (2)&nbsp;any action or
any omission by the executive officer, resulting in such executive officer&#146;s breach of his duty of
loyalty or any act of self-dealing, (3)&nbsp;any material breach by the executive officer of his duties
and obligations under the employment agreement as decided by our board and (4)&nbsp;the executive
officer&#146;s conviction, in our board of director&#146;s sole discretion, of any serious crime or offense
for violating any law (including, without limitation, theft, fraud, paying directly or indirectly
bribes or kick-backs to government officials, the crimes set forth in the U.S. Foreign Corrupt
Practices Act of 1977 or the foreign equivalent thereof and the executive officer&#146;s embezzlement of
funds of the company and any of our affiliates.)
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In September of 2001, we implemented the 2001 Management Incentive Bonus Plan, or the
Incentive Plan. As established in the Incentive Plan, our chief executive officer established which
officers would be eligible for the Incentive Plan. In 2009, in connection with the resignation of
Mr.&nbsp;Szekasy, his participation percentage in the Incentive Plan was reallocated to other employees
of our company. Pursuant to the Incentive Plan, in the event our company is sold, the eligible
officers, as a group, are entitled to receive a &#147;sale bonus&#148; and a &#147;stay bonus.&#148; If the purchase
price is equal to or greater than $20,000,000 then the eligible officers as a group are entitled to
receive (1)&nbsp;a sale bonus equal to 5.5% of the purchase price and (2)&nbsp;a stay bonus equal to 7.1% of
the purchase price, subject in both cases to a maximum combined cap of $78,335,000. If the purchase
price is less than $20,000,000, then the eligible officers, as a group, are entitled to receive the
&#147;stay bonus&#148; only. The bonuses are divided between the eligible officers, including our named
executive officers and others, according to the participation percentages established by our chief
executive officer, in accordance with the Incentive Plan.
</DIV>
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">No compensation committee interlocks or insider participation on compensation decisions exist.
All members of our compensation committee are independent in accordance with the Company&#146;s
criteria.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 3%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Office lease and Purchase of VAT Credits</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We lease office space from Curtidos San Luis S.A. The managers and stockholders of the
controlling company of Curtidos San Luis S.A. are immediate family members of our director,
president and chief executive officer, Marcos Galper&#237;n. We paid rent to Curtidos San Luis S.A. in
the amount of $903,094 in the year ended December&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During the year ended December&nbsp;31, 2009, we also bought value-added tax (VAT)&nbsp;credits from
Curtidos San Luis S.A.. We recognized a gain of $37,451 related to the discount we received in this
transaction as opposed to an arm&#146;s-length transaction. As of December&nbsp;31, 2009, there are no
receivables related to these transactions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Relationships with director</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Mr.&nbsp;Levy is a Managing Director of General Atlantic and a Managing Member of GAPCO III and
GAPCO IV, each of which is a stockholder of our company. See &#147;Beneficial Ownership of Our Common
Stock.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Indemnification agreements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We have entered into indemnification agreements with each of our directors and executive
officers that obligate us to indemnify them to the fullest extent permitted by Delaware law.
</DIV>
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>REVIEW, APPROVAL OR RATIFICATION OF TRANSACTIONS WITH RELATED PARTIES </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The board has delegated to the audit committee the responsibility to review and approve all
transactions or series of transactions in which we or a subsidiary is a participant, the amount
involved exceeds $120,000 and a &#147;Related Person&#148; (as defined in Item&nbsp;404 of Regulation&nbsp;S-K&#148;) has a
direct or indirect material interest. Transactions that fall within this definition will be
referred to the audit committee for approval, ratification or other action. Based on its
consideration of all of the relevant facts and circumstances, the audit committee will decide
whether or not to approve the transaction and will approve only those transactions that are in the
best interests of MercadoLibre.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>AUDIT COMMITTEE REPORT</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Pursuant to SEC rules for proxy statements, the audit committee of our board has prepared the
following Audit Committee Report. The audit committee intends that this report clearly describe our
current audit program, including the underlying philosophy and activities of the audit committee.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The audit committee of our board is composed of Mario V&#225;zquez (Chairman), Martin de los Santos
and Anton Levy. The audit committee operates under a written charter, which is posted on our
website. The audit committee members are not professional accountants or auditors. Management has
the primary responsibility for preparing the financial statements and designing and assessing the
effectiveness of internal control over financial reporting. Management is responsible for
maintaining appropriate accounting and financial reporting principles and policies and the internal
controls and procedures that provide for compliance with accounting standards and applicable laws
and regulations. In this context, the audit committee has reviewed and discussed with management
the audited financial statements in the Annual Report on Form 10-K for the year ended December&nbsp;31,
2009 filed with the SEC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The audit committee also has discussed with Price Waterhouse &#038; Co. S.R.L. the matters required
to be discussed by Statement of Auditing Standards No.&nbsp;114, The Auditor&#146;s Communication with those
Charged with Governance, as amended.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The audit committee has received the written disclosures and the letter from Price Waterhouse
&#038; Co. S.R.L. required by applicable requirements of the Public Company Accounting Oversight Board
regarding Price Waterhouse &#038; Co. S.R.L.&#146;s communications with the audit committee concerning
independence and has discussed with Price Waterhouse &#038; Co. S.R.L. its independence.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Based on the audit committee&#146;s discussions with management and Price Waterhouse &#038; Co. S.R.L.,
the audit committee recommended that our board include the audited consolidated financial
statements in our Annual Report on Form 10-K for the year ended December&nbsp;31, 2009 filed with the
SEC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><I>The foregoing report does not constitute solicitation material and should not be deemed filed
or incorporated by reference into any of our other filings under the Securities Act or the Exchange
Act, except to the extent that we specifically incorporate this report by reference therein.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%"><B>AUDIT COMMITTEE</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">Mario V&#225;zquez, Chairman<BR>
Martin de los Santos<BR>
Anton Levy

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">February&nbsp;26, 2010
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>PROPOSAL TWO</B></U><BR>
<U><B>RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our audit committee has appointed Deloitte &#038; Co S.R.L. (&#147;Deloitte&#148;) to serve as our
independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2010, and
stockholders are being asked to ratify the selection at the Annual Meeting. Representatives of
Deloitte will not be present at the Annual Meeting in person. However, representatives will be
present telephonically and will have the opportunity to make a statement and respond to appropriate
questions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Although ratification by stockholders is not a prerequisite to the ability of the audit
committee to select Deloitte as our independent registered public accounting firm, we believe
ratification to be desirable. Accordingly, our stockholders are being requested to ratify, confirm
and approve the selection of Deloitte as our independent registered public accounting firm to
conduct the annual audit of our consolidated financial statements for the year ending December&nbsp;31,
2010. If the stockholders do not ratify the selection of Deloitte, the selection of the independent
registered public accounting firm will be reconsidered by the audit committee; however, the audit
committee may select Deloitte notwithstanding the failure of the stockholders to ratify its
selection. If the appointment of Deloitte is ratified, the audit committee will continue to conduct
an ongoing review of Deloitte&#146;s scope of engagement, pricing and work quality, among other factors,
and will retain the right to replace Deloitte at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The audit committee considers Deloitte to be a good firm to deliver independent auditing
services due to, among other things, their depth of experience, breadth of reserves, commitment to
provide exceptional service, ability to handle transaction issues and location of key personnel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Price Waterhouse &#038; Co. S.R.L. served as our independent registered public accounting firm for
the fiscal years ended December&nbsp;31, 2008 and 2009 and reported on our consolidated financial
statements for those years. Representatives of Price Waterhouse &#038; Co. S.R.L. will not be present
at the Annual Meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Change in Auditors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On November&nbsp;2, 2009 the audit committee approved the appointment of Deloitte as our
independent registered public accounting firm for the 2010 fiscal year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Also on November&nbsp;3, 2009, we, at the direction of the audit committee, informed Price
Waterhouse &#038; Co. S.R.L. that it would be dismissed as our independent registered public accounting
firm no later than the date of the filing of our Form 10-K for the 2009 fiscal year, which was
filed on February&nbsp;26, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During the fiscal years ended December&nbsp;31, 2008 and December&nbsp;31, 2009 and the subsequent
interim period through March&nbsp;3, 2010, the date of the filing of an amendment on 8-K regarding the
dismissal of Price Waterhouse &#038; Co. S.R.L., we had (i)&nbsp;no disagreements with Price Waterhouse &#038; Co.
S.R.L. on any matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, any of which that, if not resolved to Price Waterhouse &#038; Co. S.R.L.&#146;s
satisfaction, would have caused it to make reference to the subject matter of any such disagreement
in connection with its reports for such years and interim period and (ii)&nbsp;no reportable events
within the meaning of Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Price Waterhouse &#038; Co. S.R.L.&#146;s reports on our consolidated financial statements for the
fiscal years ended December&nbsp;31, 2008 and December&nbsp;31, 2009 do not contain any adverse opinion or
disclaimer of opinion, nor are qualified or modified as to uncertainty, audit scope, or accounting
principles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In accordance with Item&nbsp;304(a)(3) of Regulation&nbsp;S-K, the we furnished a copy of the above
disclosures to Price Waterhouse &#038; Co. S.R.L. and requested that Price Waterhouse &#038; Co. S.R.L.
provide a letter addressed to the SEC stating whether or not it agrees with the statements made
above. A copy of such letter is filed as Exhibit&nbsp;16.1 to the Company&#146;s Form 8-K/A filed March&nbsp;3,
2010 and is incorporated herein by reference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During the fiscal years ended December&nbsp;31, 2008 and December&nbsp;31, 2009 and the subsequent
interim period through March&nbsp;3, 2010, neither we nor anyone on our behalf has consulted with
Deloitte regarding (i)&nbsp;the application of accounting principles to a specific transaction, either
completed or proposed, (ii)&nbsp;the type of audit opinion that might be rendered on our financial
statements, (iii)&nbsp;any matter that was the subject of a disagreement within the meaning of Item
304(a)(1)(iv) of Regulation&nbsp;S-K and the related instructions to Item&nbsp;304 of Regulation&nbsp;S-K, or (iv)
any reportable event within the meaning of Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Audit and Non-Audit Fees</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following is a description of the fees billed and to be billed to us by Price Waterhouse &#038;
Co. S.R.L. for the years ended 2009 and 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">966,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,293,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-related fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">970,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,357,730</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Audit Fees</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Audit fees represent the aggregate fees billed to us by Price Waterhouse &#038; Co. S.R.L. during
the applicable fiscal year in connection with the annual audit of our consolidated financial
statements, the audit of our internal control over financial reporting, Price Waterhouse &#038; Co.
S.R.L.&#146;s review of our interim financial statements and Price Waterhouse&#146;s review of our Annual
Report on Form 10-K. Audit fees also include fees for services performed by Price Waterhouse &#038; Co.
S.R.L. that are closely related to the audit and in many cases could only be provided by our
independent registered public accounting firm. Such services include consents related to SEC
registration statements and certain reports relating to our regulatory filings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Audit Related Fees</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Audit related fees represent the aggregate fees billed to us by Price Waterhouse &#038; Co. S.R.L.
during the applicable fiscal year for assurance and related services reasonably related to the
performance of the audit of our annual financial statements for those years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Tax Fees</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Tax fees represent the aggregate fees billed to us by Price Waterhouse &#038; Co. S.R.L. during
2008 for tax compliance, tax planning and tax advice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>All Other Fees</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">All other fees represent the aggregate fees billed to us by Price Waterhouse &#038; Co. S.R.L.
during the applicable fiscal year for those permissible non-audit services that the audit committee
believes are routine and recurring and would not impair the independence of the independent
registered public accounting firm and are consistent with the Securities and Exchange Commission&#146;s
rules on auditor independence. In 2008 and 2009, these fees primarily relate to the cost of
certain website and software access Price Waterhouse &#038; Co. S.R.L. makes available to its customers.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Audit Committee Pre-Approval Policy</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The audit committee&#146;s policy is that all audit and non-audit services provided by its
independent registered public accounting firm shall either be approved before the independent
registered public accounting firm is engaged for the particular services or shall be rendered
pursuant to pre-approval procedures established by the audit committee. These services may include
audit services and permissible audit-related services, tax services and other services.
Pre-approval spending limits for all services to be performed by the independent registered public
accounting firm are established periodically by the audit committee, detailed as to the particular
service or category of services to be performed and implemented by our financial officers. The term
of any pre-approval is twelve months from the date of pre-approval, unless the audit committee
specifically provides for a different period. Any audit or non-audit service fees that we may incur
that fall outside the limits pre-approved by the audit committee for a particular service or
category of services require separate and specific pre-approval by the audit committee prior to the
performance of services. For each fiscal year, the audit committee may determine the appropriate
ratio between the total amount of fees for audit, audit-related and tax and other services. The
audit committee may revise the list of pre-approved services from time to time. In all
pre-approval instances, the audit committee will consider whether such services are consistent with
the SEC rules on auditor independence.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">All of the 2008 and 2009 fees paid to Price Waterhouse &#038; Co. S.R.L. described above were
pre-approved by the audit committee in accordance with the Audit Committee Pre-Approval Policy.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>THE BOARD RECOMMENDS A VOTE &#147;FOR&#148; THE RATIFICATION OF DELOITTE AS OUR<BR>
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>HEADQUARTERS INFORMATION</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our headquarters are located at Tronador 4890, 8th Floor, Buenos Aires, Argentina, C1430DNN
and the telephone number at that location is 011-54-11-5352-8000.
</DIV>
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>OTHER MATTERS</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of the date of this proxy statement, our board does not know of any matters to be presented
at the 2010 Annual Meeting other than those specifically set forth in the Notice of 2010 Annual
Meeting of Stockholders. If other proper matters, however, should come before the 2010 Annual
Meeting or any adjournment thereof, the persons named on the enclosed proxy card intend to vote the
shares represented by them in accordance with their best judgment in respect of any such matters.
</DIV>
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>STOCKHOLDER PROPOSALS FOR 2010 ANNUAL MEETING</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">A stockholder may present proper proposals for inclusion in our proxy statement and for
consideration at the 2011 annual meeting of stockholders by submitting their proposals in writing
to us in a timely manner. For a stockholder proposal to be considered for inclusion in our proxy
statement for our 2011 annual meeting of stockholders, our Corporate Secretary must receive the
written proposal at our principal executive offices no later than December&nbsp;29, 2010; provided,
however, that in the event that we hold our 2011 annual meeting of stockholders more than 30&nbsp;days
before or after the one-year anniversary date of the 2010 Annual Meeting, we will disclose the new
deadline by which stockholders proposals must be received under Item&nbsp;5 of our earliest possible
quarterly report on Form 10-Q or, if impracticable, by any means reasonably calculated to inform
stockholders. In addition, stockholder proposals must otherwise comply with the requirements of
Rule&nbsp;14a-8 of the Exchange Act. Such proposals also must comply with SEC regulations under Rule
14a-8 regarding the inclusion of stockholder proposals in company-sponsored proxy materials.
Proposals should be addressed to:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">MercadoLibre, Inc.<BR>
Attn: Corporate Secretary<BR>
Tronador 4890, 8th Floor<BR>
Buenos Aires, Argentina, C1430DNN
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our bylaws also establish an advance notice procedure for stockholders who wish to present a
proposal before an annual meeting of stockholders or nominate persons for election to our board at
our annual meeting but do not intend for the proposal to be included in our proxy statement. Our
bylaws provide that the only business that may be conducted at an annual meeting is business that
is (1)&nbsp;specified in the notice of a meeting (or any supplement thereto) given by or at the
direction of the chairman of the board or our board of directors, (2)&nbsp;otherwise properly brought
before the meeting by the chairperson or by or at the direction of a majority of our board of
directors, or (3)&nbsp;properly brought before the meeting by a stockholder entitled to vote at the
annual meeting who has delivered timely written notice to our Corporate Secretary, which notice
must contain the information specified in our bylaws.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">To be timely, our Corporate Secretary must receive the written notice at our principal
executive offices not earlier than 90&nbsp;days and not later than 60&nbsp;days before the anniversary of the
date on which we first mailed our proxy materials for the prior year&#146;s annual meeting of
stockholders (i.e. between January&nbsp;28, 2011 and February&nbsp;27, 2011 for our 2011 annual meeting of
stockholders). However, in the event that the date of the annual meeting is advanced or delayed by
more than 30&nbsp;days from the first anniversary of the date of the preceding year&#146;s annual meeting, in
order to be timely, a proposal or nomination by the stockholder must be delivered not later than
the later of (i)&nbsp;90&nbsp;days before the annual meeting or (ii)&nbsp;10&nbsp;days following the day on which
public announcement of the date of such meeting is first made. The notice must satisfy the other
requirements with respect to such proposals and nominations contained in our Bylaws. If a
stockholder fails to meet the deadlines in Rule&nbsp;14a-8 and our Bylaws or fails to comply with SEC
Rule&nbsp;14a-4, we may exercise discretionary voting authority under proxies we solicit to vote on any
such proposal. Our Bylaws were filed with the Securities and Exchange Commission, or SEC, as an
exhibit to our registration statement report on Form S-1 on May&nbsp;11, 2007, which can be viewed by
visiting our investor relations website at <I>http://investor.mercadolibre.com </I>and may also be
obtained by writing to our Corporate Secretary at our principal executive office (Tronador 4890,
8th floor, Buenos Aires, Argentina, C1430DNN).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">By order of the board of directors,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">Marcos Galper&#237;n<BR>
President, Chief Executive Officer and<BR>
Chairman of the Board of Directors

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">April&nbsp;28, 2010<BR>
Buenos Aires, Argentina

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
