<SEC-DOCUMENT>0000933267-14-000082.txt : 20141110
<SEC-HEADER>0000933267-14-000082.hdr.sgml : 20141110
<ACCEPTANCE-DATETIME>20140430170224
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000933267-14-000082
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRESUD INC
		CENTRAL INDEX KEY:			0001034957
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		MORENO 877
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1091AAQ
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		MORENO 877
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1091AAQ
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">April 30, 2014</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Eric McPhee</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Securities and Exchange Commission</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="lblRe"><!--EFPlaceholder--></a>Re:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">RE: CRESUD Inc.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Form 20-F for the Fiscal Year Ended June 30, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Filed October 31, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">File No. 1-29190</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="Salutation"><!--EFPlaceholder--></a>Dear Mr. McPhee:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On behalf of Cresud Inc. (the &#8220;Company&#8221;), we are writing to respond to questions raised in the Staff&#8217;s comment letter dated March 28, 2014 (the &#8220;Comment Letter&#8221;) relating to the above-referenced annual reports (the &#8220;Annual Report&#8221;) of the Company originally submitted on October 31, 2013, pursuant to the Securities Act of 1934, as amended.</font></div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are providing the following responses to the comments contained in the comment letter. For convenience of reference, we have reproduced below in bold the text of the comments of the Staff. The responses and information described below are based upon information provided to us by the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 4. Information on the Company, page 31</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">B. Business Overview, page 40</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Farmland Development, page 53</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note the significant increase in the gain from disposal of farmlands in 2013. Please tell us if you are able to disclose in future Exchange Act reports the amount of farmland that is currently available and would be available for sale in the coming year.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that our business model focuses on the acquisition, development and exploitation of agricultural properties with attractive prospects for agricultural production and/or value appreciation. Our strategy is also focused on the selective sale of such properties where appreciation has occurred. However, we may or may not sell a particular tract of farmland once its value has appreciated, and this would depend on the appearance of attractive opportunities that permit the realization of capital gains.. As of June 30, 2013, 2012 and 2011, we did not have any farmland available for sale (since, for example, no property was being marketed as of those dates), even though we may potentially dispose one of them if we receive an attractive offer. However, we advise the Staff that we will disclose the information required in future Exchange Act reports to the extent any properties become available for sale in future years or if we sign any commitment for the sale of any particular property in the future years.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shopping Centers and Office properties, pages 64 and 77</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">It appears that a significant portion of your leases is expiring within the next two years. In future Exchange Act reports please include a more detailed discussion of your leasing activity during the reporting period, including the amount of new and renewed leases executed and their associated leasing costs. Also, compare the new rental rates to the expiring rates.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that the information required will be included in future Exchange Act reports.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 5. Operating and Financial Review and Prospects, page 89</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">A. Consolidated Operating Results, page 89</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note you discuss your results of operations for certain line items on a segment basis only. Please also discuss your results of operations using the amounts from your Consolidated Statements of Income. Refer to Item 5 of Form 20-F.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that our results of operations are discussed on a segment basis since that financial information is regularly evaluated by our chief operating decision maker in assessing and understanding our performance and results of operations. Segment information data differs from consolidated statements of income data due only to the proportionate consolidation of equity-accounted joint ventures on a line-by-line basis rather than a single line item, as IFRS requires to be shown in the statement of income. Page 104 of our annual report on Form 20-F for the year ended June 30, 2013 includes a reconciliation between the total results of operations as shown in the segment information and the results of operations as per the statement of income.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cresud&#8217;s Results of Operations, page 105</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note the disclosure of the volume of production for your farming and agricultural operations. Please tell us how the production results are impacted by demand and capacity, if at all, for the reported periods.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that our agricultural production of crops within the region and sugarcane in Brazil is generally sold in export markets, whose prices fluctuate mainly as a result of changes in global demand. Our entire volume of production is therefore sold in those markets without affecting the sales prices obtained. Consequently, our production capacity is not affected by expected demand. In any case, the impact of changes in global demand, overall economic conditions, and changes in capacity within the industry affects the price of commodities traded in those international markets and, thus, affecting our results. In order to manage our exposure to this risk, we generally use a variety of commodity-based derivative instruments (principally crop forwards, future contracts and put and call option contracts).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additionally, we advise the Staff that our agricultural production of sugarcane in Bolivia and our cattle and milk production is generally sold in local markets within each country. However, our production volume from these activities is not material in respect of these industry production volumes. Therefore, our production capacity is not affected by expected demand, and the spot price available at the time of sale in those markets is used to fix the sales prices of the transactions we originate. Furthermore, the supply may be conditioned to the weather conditions, for more information please see &#8220;Risk Factors &#8211; Unpredictable weather conditions may have an adverse impact on our crop and beef cattle production&#8221;<font style="FONT-STYLE: italic; DISPLAY: inline">.</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For your urban properties and investment business, please tell us if management evaluates the changes in your same store and non-same store operating results. If so, please include disclosure showing the impact of the changes in your same store portfolio in future Exchange Act reports, as applicable.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that our management evaluates the changes in our same store and non-same stores operating results for our shopping centers and offices rental portfolio. Consequently, we will include the disclosure required in future Exchange Act reports.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">F. Tabular Disclosure of Contractual Obligations, page 129</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">It does not appear that you have disclosed the amount of interest related to your borrowings. Please confirm that you will disclose this information in future filings. Please refer to footnote 46 in our Release 33-8350.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that the figures detailed in the Tabular Disclosure of Contractual Obligations section and in the Indebtedness table include interest related to our borrowings. We will include an appropriate clarification to the disclosure in our future Exchange Act reports.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 8. Financial Information, page 100</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note your disclosure of the alleged charges by and penalties paid to the CNV as a result of their investigation carried out on your corporate books in October 2010. Please provide additional details of the alleged charges and penalties.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that in June 2010, the Comisi&#243;n Nacional de Valores (referred to hereinafter as &#8220;CNV&#8221;) commenced a summary proceeding against the members of our board of directors, our audit committee members and our supervisory committee members (all of them at that time), alleging formal irregularities in our Corporate Books, such as the lack of certain signatures in some minutes, the absence of such books at our registered corporate address and the omission of the publication in the Autopista de Informaci&#243;n Financiera of the CNV (publication system for the CNV) of a Board of Directors minute, arising from the investigation carried out by the CNV in November 2008. According to Decree No. 677/01 issued by the Executive Branch (which was in force at the time of the issuance of the above mentioned resolution and derogated through the enactment of Law the Capital Market Law No. 26,831), the potential penalties for violations to the rules which govern the capital markets, its players, and the securities traded, without the prejudice of the applicable civil or criminal actions, are: a) warning; b) fine of Ps. 1,000 up to Ps. 1,500,000, which may be increased to up to 5 times the amount of the obtained benefit or the damage suffered as a consequence of the illegal action, if any of them is higher; c)&#160;suspension of up to 5 years from performing their functions as directors, managers, auditors, members of the supervisory council, among others; d) suspension of up to 2 years to make public offerings; and/or e) prohibition to make public offerings of negotiable securities.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the purposes of establishing the above mentioned penalties, pursuant the applicable law, the CNV shall take into account: the damage to the confidence in the capital market; the scope of the violation; the generated benefits or the damages caused by the defaulting party; the operating volume of the defaulting party; the individual performance of the members of the administration and control bodies and their relation with the control group, especially, the nature of independent or external member(s) of said bodies; and the circumstance of having been penalized in the 6 previous years by the application of the Executive Branch Decree 677/01.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our discharge was filed in July 2010, and the first hearing was held in February 2011. In October 2013, the CNV absolved us, the members of our board of directors, our audit committee members and our supervisory committee members, from the alleged violation related to the omission of the publication in the Autopista de Informaci&#243;n Financiera of the CNV of a Board of Directors &#8216;minute. However, the CNV decided to impose a fine of Ps. 200,000 as a result of the aforementioned formal irregularities detected in our Corporate Books. Even though the fine was paid, in November 2013, we appealed the CNV resolution, which is still ongoing in the Court Room No. III of the National Chamber of Appeals in Federal Administrative Procedure (Sala III de la C&#225;mara Nacional de Apelaciones en lo Contencioso Administrativo Federal).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Statements, page F-1</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Consolidated Statements of Cash Flows, page F-10</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Please tell us how you determined it was appropriate to present the detail of cash generated by operations within your footnotes as opposed to the face of your Consolidated Statements of Cash Flows.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we refer to paragraph 10 of IAS 7 &#8220;Statements of cash flows&#8221; which requires the presentation of total cash flows during the period classified by operating, investing and financing activities in the face of the statement of cash flows. Additionally, paragraphs 32 and 35 of IAS 7 require the separate presentation within the cash flow statement of interests and taxes on income paid during the period. However, IAS 7 does not require the presentation of other components of operating cash flows in the face of the statements of cash flows.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the above, we have included the components of operating cash flows within a separate note to the financial statements solely for ease of reading.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notes to Consolidated Financial Statements, page F-11</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2. Summary of significant accounting policies, page F-12</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2.7 Property, plant and equipment, page F-30</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note you disclose that gains and losses from the disposal of property, plant and equipment are recognized within Other operating results, net; and that Gains from disposal of farmlands and Gain from disposal of investment properties both appear as line items to arrive at Profit from operations. Upon disposal, please tell us how you determined it was not necessary to classify these gains and losses as well as any related revenues and expenses within discontinued operations. Your response should address, but not necessarily be limited to, that your hotels are classified under property, plant and equipment. Please refer to IFRS 5.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that we have not disposed of any shopping center properties for any of the periods presented.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our gains from disposal of investment properties for the years ended June 30, 2013 and 2012, were related to the sale of office properties. In this regard, we advise the Staff that we evaluated the disposals under IFRS 5 &#8220;Non-current assets held for sale and discontinued operations&#8221; and concluded that the properties disposed of met the definition of &#8220;component&#8221;, since their operations and cash flows can be clearly distinguished operationally and for financial reporting purposes from the rest of the company. However, we concluded that they did not meet any of the three criteria for presentation as discontinued operations as prescribed in paragraph 32 of IFRS 5 since (a)&#160;they did not represent a separate major line of business or geographical area of operations &#8211; the properties disposed of represented approximately 5.9% of total revenues (2012: 2.5%) and 8.0% of total assets (2012: 2.8%) within the &#8220;Offices and Others&#8221; segment (the segment where the properties were allocated) for the year ended June 30, 2013, and represented approximately 0.6% of total revenues (2012: 0.2%) and 1.3% of total assets (2012: 0.5%) allocated to Argentina (the geographical area of operations) for the year ended June 30, 2013; (b) they were not part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, as we may from time to time sell properties to profit from real estate appreciation or when we consider they are no longer core to our ongoing rental business activities; and (c) they were not subsidiaries acquired exclusively with a view to resell. Therefore, we concluded that none of these disposals qualified as discontinued operation in accordance with IFRS 5.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Furthermore, we advise the Staff that farmland properties disposed of in 2012 and 2013 met the definition of &#8220;component&#8221;, since their operations and cash flows can be clearly distinguished operationally and for financial reporting purposes from the rest of the company. However, we concluded that they did not meet any of the three criteria for presentation as discontinued operations as prescribed in paragraph 32 of IFRS 5 since (a)&#160;they did not represent a separate major line of business or geographical area of operations &#8211; the disposed properties represented approximately 8.1% of total revenues (2012: 1.8%) and 9.0% of total assets (2012: 3.1%) within the Crops, Sugarcane and Farmland leases and services segments (the segments where the properties were allocated) for the year ended June 30, 2013 (not being the properties also significant for each separate segment if considered individually), and represented approximately 1.6% of total revenues (2012: 0.3%) and 2.5% of total assets (2012: 0.6%) allocated to Argentina, Brazil and Bolivia (the geographical areas of operations) for the year ended June 30, 2013 (not being the properties also significant for each separate geographical area if considered individually); (b) they were not part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, as we may from time to time sell properties to profit from real estate appreciation or when we consider they are no longer core to our ongoing rental business activities; and (c) they were not subsidiaries acquired exclusively with a view to resell. Therefore, we concluded that none of these disposals qualified as discontinued operation in accordance with IFRS 5.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Finally, we advise the Staff that we have not disposed of any hotel properties for any of the periods presented. Our gains and losses from disposal of property, plant and equipment for the years ended June 30, 2013 and 2012, were mainly related to the sale of certain ancillary items of property, plant and equipment (principally machinery and equipment). In this regard, we advise the Staff that the assets disposed of did not meet the definition of &#8220;component&#8221; as prescribed by IFRS 5, since their operations and cash flows cannot be distinguished operationally and for financial reporting purposes from the rest of the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2.28 Revenue Recognition, page F-50</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Development and sale property activities of the Group, page F-54</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Please tell us how the accounting for your barter transactions complies with IFRS. Please reference the authoritative accounting literature management relied upon.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that all our barter transactions were entered into by our subsidiaries Alto Palermo S.A. (&#8220;APSA&#8221;) and/or IRSA Inversiones y Representaciones S.A. (&#8220;IRSA&#8221;). In this regard, we respectfully advise the Staff that a detailed discussion of the accounting treatment we applied for each barter transaction is included in IRSA&#8217;s responses to the Staff&#8217;s comment No. 1, 2 and 3 of IRSA&#8217;s letter dated October 18, 2013, which is included as an Appendix to this letter. We advise the Staff that those responses include also those transactions entered by APSA, as this entity is a subsidiary of IRSA.</font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the barter transactions that have been completed, please compare the specifications of the total completed project to the specifications agreed to in the barter agreement. Also, compare the specifications of the actual units received to the specifications of those units agreed to in the barter agreement. To the extent there are significant differences in the specifications, please tell us the process that occurred to approve these changes. Also, please compare the fair value of units received to value of the receivable recorded.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that there was only one out of the four barter arrangements that had been completed as of June 30, 2013, namely the Torres Rosario Project &#8211; Parcel 2-G. As indicated in&#160;the response to Comment No. 2 of&#160;IRSA's comment response letter dated October 18, 2013, the other three agreements remained outstanding as of June 30, 2013. We have included below two tables, Table &#8220;A&#8221; which compares the specifications of the total completed Torres del Rosario Project Parcel 2G to the specifications set forth in the barter agreement; and Table &#8220;B&#8221; which compares the specifications of the actual units received to the specifications of those units provided for in the applicable barter agreement:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Table A:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Specification of the project (Torres Rosario&#8211;Parcel 2G)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At the time of the signed agreement</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At the time of completion of the project</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Number of buildings</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Two opposite blocks composed of residential units and parking spaces.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed.</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Floors per building</font></div>
</td>
<td valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ground floor + 6 floors + basement.</font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed.</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Design of each building</font></div>
</td>
<td valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ground floor: 10 apartments of 2, 3 and 4 bedrooms with exclusive gardens. Floors 1st through 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>: 72 apartments (18 apartments per floor) of 1, 2 and 3 bedrooms. Floors 5<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> and 6<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>: 16 duplex of 3 bedrooms with terraces.</font></div>
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<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed.</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total square meters</font></div>
</td>
<td valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,218 square meters.</font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed.</font></div>
</td>
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<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total units</font></div>
</td>
<td valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98 residential units and 98 parking spaces.</font></div>
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<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed.</font></div>
</td>
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<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Amenities</font></div>
</td>
<td valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 9pt; MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Swimming pool with solarium.</font></div>

<div style="TEXT-INDENT: 9pt; MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Multiple use room.</font></div>

<div style="TEXT-INDENT: 9pt; MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sauna.</font></div>

<div style="TEXT-INDENT: 9pt; MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gymnasium with dress room.</font></div>

<div style="TEXT-INDENT: 9pt; MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Laundry.</font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed.</font></div>
</td>
</tr></table>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Table B:</font></font></div>

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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="middle" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Specification of the units </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Torres Rosario &#8211; Parcel 2G)</font></font></div>
</td>
<td valign="middle" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At the time of the signed agreement</font></div>
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<td valign="middle" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At the time of delivery of the units</font></div>
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<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Number of units</font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15 apartment units, 15 parking spaces and 15% of total storage spaces.</font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed: 15 apartment units, 15 parking spaces and 2 storage spaces (representing 15% of total storage spaces).</font></div>
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<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total square meters of apartments</font></div>
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<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Covered: 1,504 square meters.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Semi-Covered: 173 square meters.</font></div>
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<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Covered: 1,489 square meters.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Semi-Covered: 210 square meters.</font></div>
</td>
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<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Location</font></div>
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<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Specified units per floor.</font></div>
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<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed.</font></div>
</td>
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<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quality</font></div>
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<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Specified materials and terminations, which include (among others): structure, walls, floors, carpentry, glasses, air conditioner, installation of gas and electricity, lifts.</font></div>
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<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 7.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As agreed.</font></div>
</td>
</tr></table>
</div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the information provided in the tables detailed above, we advise the Staff that there were no significant differences between the specifications agreed and the completed project / actual units received in respect of the barter agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Furthermore, and as we further described in&#160;IRSA's comment response letter to the Staff dated December 30, 2013, we wish to clarify the Staff that, when the original agreement is signed and legal title and possession of the undeveloped land is transferred to the developer, the Company recognizes revenue as all the criteria required by paragraph 14 of IAS 18 for the sale of goods are met at that time. Revenue (together with the in-kind receivable) is recognized at the fair value of the goods given up (i.e., the undeveloped land), adjusted by the amount of cash received as part of the transaction. The in-kind receivable is recognized as inventory and is not subsequently re-measured.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition, we wish to clarify the Staff that, at the time the developer transfers to us the number of units stipulated in the agreement for a particular project, no revenue and/or gain is recognized. We recognize revenue only when we sell the units to third parties (i.e. home residents).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the above, we advise the Staff that the fair value of the total units received for the Torres Rosario Project &#8211; Parcel 2-G (based on the sales price of the units sold by the Company to third parties) amounted to Ps. 21.1 million; while the value of the trading property (in-kind receivable) recorded in the Company&#180;s financial statement amounted to Ps. 3.4 million.</font></div>

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<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">It appears that there may be a financing element to the barter transactions. Please tell us what consideration you gave to imputing interest on the in-kind receivables from the barter transactions and cite the relevant guidance.</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that, as we described in our response to the Staff&#8217;s comment No. 3 of IRSA&#180;s comment response letter dated October 18, 2013, the in-kind receivables from the barter transactions do not meet the definition of financial assets in accordance with IFRS 9 &#8220;Financial Instruments&#8221;, as they do not represent a contractual right to receive cash or another financial asset from another entity. Therefore, the in-kind receivables are not subsequently re-measured at fair value and no interest is imputed to its carrying amount at each period-end. Rather, the in-kind receivables are classified as inventories (trading property in the terminology used by the Company to separate these from other inventories) as required by IAS 2 &#8220;Inventories&#8221;, as they represent assets held for sale in the ordinary course of business. Trading properties are carried at the lower of cost and net realizable value.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Furthermore, we advise the Staff that the in-kind receivables are initially measured at the fair value of the land given up in each barter transaction. The fair value of the land given up is determined at the time of the barter agreement and it does not represent a future amount that may be discounted to present value (which could be the case if the fair value of the in-kind receivables were determined based on the fair value of the future units to be received as part of the agreement). Consequently, the initial cost of the in-kind receivables does not include any financing element.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">4. Acquisitions, dispositions and authorization pending approval, page F-101</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Acquisition of joint-venture, page F-104</font></font></div>

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<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13)&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Please tell us the nature of the Ps. 6.1 million recognized as Trade and other receivables. Your response should include the authoritative accounting literature management relied upon for accounting for this item.</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that, in November 2012 we acquired a 50% interest in the joint venture Entertainment Holding S.A. (&#8220;EHSA&#8221;), an entity whose main asset consists of an indirect 50% interest in the share capital of La Rural S.A. (&#8220;LRSA&#8221;). In consideration for the interest acquired, we paid to the former owners of EHSA a total amount of Ps. 25.9 million. In addition, we paid an amount of Ps. 6.1 million subject to the acquisition by EHSA of the remaining 50% of the share capital of LRSA before December 31, 2013. According to the contractual terms of the agreement, if this acquisition is not completed, the amount paid (i.e. Ps. 6.1 million) shall be returned to us.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the above, the Ps. 6.1 million paid by us represents our right to receive cash if future events or conditions are met (that is, a contingently returnable consideration) and, therefore, it was classified as an asset within &#8220;Trade and other receivables&#8221; in accordance with paragraph 40 of IFRS 3 &#8220;Business combinations&#8221;.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">6. Critical Accounting Estimates, Assumptions and Judgements, page F-133</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note your disclosures in Note 2 on pages F-28, F-230 and F-37 regarding capitalization of certain costs. Please revise your disclosure to expand upon your capitalization policy as it relates to construction/development costs; both for properties under development and for operating properties included in other segments; including not only interest and real estate taxes, but also allocated salaries and G&amp;A, as well as any other significant amounts that are capitalized during the pre-acquisition phase and the construction phase. This disclosure should include a discussion of the periods of capitalization including determination of when the capitalization period ends.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that we contract third-party contractors to carry out the construction of properties under development and for operating properties included in other segments. Therefore, we principally capitalize amounts paid to these third-party contractors within properties under construction/development. We did not capitalize G&amp;A and/or other overhead costs within our properties, as be determined that these costs do not contribute to bringing the assets into our intended location and condition. We will revise the disclosure in our future Exchange Act reports to clarify our capitalization policy for these properties.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note your disclosure on page F-28 regarding the capitalization of leasing fees paid to third parties. Please include a critical accounting policy relating to leasing costs, including legal, internal leasing employee salaries and any other costs deferred and amortized over the terms of the respective leases.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that we only capitalize as part of our investment properties (i) payments to third-party agents for services in connection with negotiating and arranging lease arrangements (a.k.a. &#8220;letting fees&#8221;) and (ii) certain taxes levied on the contracts. We do not capitalize any other costs (such as internal employee salaries) within our investment properties, as they are not incremental costs that are directly attributable to negotiating and arranging a lease, as prescribed by paragraph 4 of IAS 17 &#8220;Leases&#8221;.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We respectfully advise the Staff that the accounting policy described in the foregoing paragraph does not represent a critical accounting policy, as we believe that it does not require our management to make any difficult and/or subjective judgment (since costs capitalized represent actual payments made to third parties) and it does not have a significant effect on the amounts recognized in the financial statements. However, we will revise the disclosure in Note 2.6 to the financial statements in our future Exchange Act reports to clarify our capitalization policy for leasing costs since the current disclosure makes reference only to &#8220;letting fees&#8221;.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">9. Interests in joint ventures, page F-159</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Restrictions, commitments and other matters in respect of joint ventures, page F-161</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Entertainment Holdings S.A., page F-162</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">16)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">On page F-104, you disclose that you acquired your interest in Entertainment Holdings S.A. in November 2012. On page F-125, you disclose an Executive Order that annulled the sale of the Fairground to the SRA. Please tell us how you considered the impact of this Executive Order on your interest in Entertainment Holdings S.A. Within your response, please disclose the authoritative accounting literature management relied upon.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that we acquired a 50% interest in the joint venture Entertainment Holding S.A. (&#8220;EHSA&#8221;) in November 2012. At the time of the acquisition, EHSA had an interest in an entity whose main asset was the right to use the land known as &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Predio Ferial de Buenos Aires</font>&#8221; (referred to as the &#8220;Fairground&#8221;) through a contract with <font style="FONT-STYLE: italic; DISPLAY: inline">Sociedad Rural Argentina</font> (&#8220;SRA&#8221;), the owner of the Fairground. The SRA, had bought the Fairground from a former Administration of the National Government by an Executive Order in 1991 (the &#8220;1991 EO&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Immediately after we acquired the right of use on the Fairground, in December 2012, the current Administration of the National Government reviewed the contracts signed by the former Administration and the SRA twenty years ago and issued an Executive Order (the &#8220;2012 EO&#8221;) seeking to declare null and void the former 1991 EO. The 2012 EO demanded the return of the Fairground to the State.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The 2012 EO neither addresses the right of use of the Fairground nor any action that the owner of the ground might have taken while in possession. According to the information provided by the SRA, they obtained a stay from Argentine Court freezing the 2012 EO, and, although the National Government appealed the ruling, the appeal was rejected by the Supreme Court of Justice in 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We, as well as the joint venture EHSA, were neither defendant in the legal case initiated by SRA nor were mentioned and/or addressed in any respect in the 2012 EO. We acquired the interest in the entity that has the right to use the Fairground as a good faith purchaser, entity that had acquired the right to use the Fairground in good faith as well. The 2012 EO, if sustained by the Supreme Court of Justice in the future, will have no effect in the legal structure of EHSA and on our acquisition of EHSA. However, if sustained, it might have an impact to the underlying asset acquired (the right to use), in the event a final judgment declares null and void all acts performed by the SRA with the Fairground, including granting a right to use it to third parties.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We advise the Staff that we evaluated our investment in the joint venture EHSA for impairment pursuant to the requirements of IAS 28 &#8220;Investments in associates and joint ventures&#8221; both as of each period end after acquisition, December 31, 2012, March 31, 2013 and June 30, 2013, and concluded that based on the evidence and other information analyzed (including but not limited to legal opinions) no impairment of the investment was necessary. We continue to monitor the situation very closely.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notwithstanding the above, as from the acquisition date to the date of issuance of the financial statements, none of the judicial measures initiated by the owner of the Fairground and/or the National Government, or the appeals and rulings thereof, had any effect on our effective use of the Fairground. As we have disclosed in the Risk Factors section of the 20-F for the Fiscal Year 2013 - Certain measures that may be taken by the Argentine Government may adversely affect the Argentine economy and, as a result, our business and results of operations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">10. Interests in associates, page F-166</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">You disclose that the fair value of your interest in BHSA is Ps. 491.2 million at June 30, 2013. However, it appears that your carrying amount of this interest is Ps. 1 billion. Please tell us how you considered the fair value during your impairment analysis of this interest.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that the fair value of our interest in BHSA was considered as an impairment indicator as of June 30, 2013. Therefore, an impairment testing over the associate BHSA was performed in accordance with IAS 36 &#8220;Impairment of assets&#8221;. The recoverable amount was determined as the higher of the fair value and the value in use, as required by such standard. Due to the fact that the value in use of our interest in BHSA was higher than its carrying amount, no impairment loss was recognized.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition, we advise the Staff that, even though the fair value of our interest in BHSA was not used as the recoverable amount of our investment for purpose of our impairment testing, its amount was disclosed in compliance with the requirement of paragraph 21 b. (iii) of IFRS 12 &#8220;Disclosure of interests in other entities&#8221;.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">It appears that you have recorded losses after your interest in New Lipstick LLC was reduced to zero. Please tell us if you have incurred legal or constructive obligations or made payments on behalf of New Lipstick LLC. Please refer to paragraph 39 of IAS 28.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that, in accordance with paragraph 39 of IAS 28 &#8220;Investments in associates and joint ventures&#8221;, we have recorded losses after our carrying amount of New Lipstick was reduced to zero since we incurred constructive obligations over the investment. Our constructive obligations arise due to the fact that we are unwilling to abandon our investment, which is primarily sustained by our past history of funding the investee&#8217; losses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">17. Financial Instruments by Category, page F-186</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note that your investment in the equity securities of TGLT, a public company listed on the Buenos Aires Stock Exchange, are considered Level 1 assets at July 1, 2011; Level 2 assets at June 30, 2012; but again Level 1 at June 30, 2013. Your disclosure on page F-193 indicates that the change from Level 1 to Level 2 for 2012 was due to a lack of trading activity. Furthermore, you disclose on page F-194 that these shares are valued using a theoretical price. Please clarify to us how you determined that these shares are Level 1 assets at June 30, 2013.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that TGLT shares were traded with the sufficient frequency and in a sufficient quantity for price information to be available on an ongoing basis as of June 30, 2011 and June 30, 2013. As such, since there were observable transactions occurring in the market, we classified our equity securities of TGLT as Level 1 assets both as of June 30, 2011 and June 30, 2013. Accordingly, we measure our equity securities of TGLT at their respective quoted prices as of June 30, 2011 and June 30, 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On the other hand, due to the absence of transactions during a significant period near the year-end June 30, 2012, we transferred our equity securities in TGLT from Level 1 to Level 2, since the latest quoted price available for those securities was not considered representative of the market price of the shares. Consequently, we measured the equity securities of TGLT using the theoretical price method as of June 30, 2012.</font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">20)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note that you value the preferred shares of SUPERTEL using the binomial tree, which is a pricing model normally associated with option pricing. Please tell us how you determined that this was the most appropriate model to use in the valuation of these preferred shares.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we advise the Staff that, as further described on page 36 of our annual report on Form 20-F for the year ended June 30, 2013, the preferred shares of Supertel accrue a preferred dividend of 6.25% per annum and are convertible into common shares of Supertel. In order to determine the fair value of the preferred shares, it was necessary to use a model that considers all the alternatives that the preferred shares may provide. Those alternatives are the maintenance of the preferred shares (including the fixed dividend payment) and the possibility of converting them into common shares of Supertel.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the above, we determined that the most appropriate model to use for the valuation of the preferred shares was a 1000 node Convertible Bond valuation model published by Goldman Sachs in the article "Valuing Convertible Bonds as Derivatives" (November 2004), which is based on a Binomial Tree. This model considers not only the conversion option of the shares (as a typical binomial tree model does), but also the fixed dividend payment, as it would be similar to a bond issued by Supertel.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">19. Trade and other receivables, page F-196</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Please clarify the nature of the checks to be deposited and tell us how you determined it is appropriate to record this item within trade and other receivables.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, we wish to clarify that &#8220;checks to be deposited&#8221; represent checks received with a written future date, so that they cannot be cashed until that date (post-dated checks). Therefore, we maintain these checks within &#8220;Trade and other receivables&#8221; in the statement of financial position until they are cashed. We will revise the terminology in our future Exchange Act reports to clarify the nature of the receivable.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We further hereby confirm and acknowledge the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Please do not hesitate to contact me (212-455-3066) with any questions you may have regarding the above responses.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="Enclosure"><!--EFPlaceholder--></a><a name="cc"><!--EFPlaceholder--></a>cc:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mat&#237;as Gaivironsky</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a name="firmnameletterhead"><!--efplaceholder--></a>Simpson Thacher &amp; Bartlett llp</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a name="officeaddress"><!--efplaceholder--></a>425 Lexington Avenue</font></div>

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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 288pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">October 18<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">t</font></font><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">h</font></font>, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Securities and Exchange Commission</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100 F Street, NE</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IRSA Investments and Representations Inc., Form 20-F for Fiscal Year ended June 30, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Filed October 31, 2012, File No. 001-13542</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Ms. Barberich:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On behalf of IRSA Investments and Representations Inc. (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), we are writing to respond to the comments set forth in the Commission&#8217;s staff&#8217;s comment letter dated August 29, 2013 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">comment letter</font>&#8221;) relating to the above-referenced annual report (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual Report</font>&#8221;) of the Company originally submitted on October 31, 2012, pursuant to the Securities Act of 1934, as amended. For convenience of reference, we have reproduced below in bold the text of the comments of the Staff. The responses and information described below are based upon information provided to us by the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: normal; TEXT-DECORATION: underline">Exhibit 1 - Notes to the Unaudited Condensed Interim Consolidated Financial Statements</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: normal; TEXT-DECORATION: underline">1 Summary of significant accounting policies</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: normal; TEXT-DECORATION: underline">1.26 Revenue Recognition, page 107</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: normal; TEXT-DECORATION: underline">Development property activities, page 110</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">1. We note your response to prior comment 1 in our letter dated June 17, 2013. We continue to question whether you have transferred the significant risks and rewards of ownership to the buyer at the time of the transfer of land as required by paragraph 14 of IAS 18 for recognition of revenue. Please provide an expanded discussion of</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">your conclusion which separately analyzes the terms of each barter contract outstanding during the past three years. Your response should address, but not be limited to, the date these contracts were entered into, the current status of the land development, the agreed-upon time frame for performance and a comparison of the historical performance of the developers to the agreed upon terms and timelines, quantification of any penalties that the developers have incurred due to delays in construction and your contractual rights in the event that the developers do not perform.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">2. It continues to be unclear whether or not you have retained either managerial continuing involvement or effective control over the property subject to the barter transactions, given that the contractual terms of your arrangement with the developer appear to limit its ability to act as owner of the property. Please also clarify the guidelines in the barter contracts for what the developers can do with the land (e.g., as it relates to the nature of the units to be built, the size of the units, the ability of the developer to not develop the property, the ability of the buyer to sell the land, etc.).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comments 1 and 2 above, we provide below a single response addressing both comments. The Company advises the Staff that<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>there were four barter transactions outstanding as of June 30, 2011 (please refer to subheadings 1 through 3 below), and three barter transactions outstanding as of June 30, 2012 and 2013 (please refer to subheadings 1, 2 and 3 a) below). An expanded discussion of the terms and our conclusions for each barter transaction is included below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement with TGLT S.A. for the sale of a plot of land located at Beruti 3351/59, Buenos Aires</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 13, 2010, the Company and TGLT S.A. (hereinafter referred to as &#8220;TGLT&#8221;), a third-party residential developer, entered into an agreement pursuant to which the Company sold to TGLT a plot of land located at Beruti 3351/59 in the City of Buenos Aires for cash and a predetermined percentage of the future residential apartments of the building to be constructed by TGLT on the land.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The transaction was agreed upon at US$ 18.8 million. The consideration transferred by TGLT included: (i) a number of apartments representing 17.33% of the total square meters of residential space; (ii) a number of parking spaces representing 15.82% of the total square meters of parking space; (iii) all spaces reserved for commercial parking in the future building and (iv) the amount of US$ 10.7 million payable upon delivering the deeds of title on the land. Despite the percentages detailed above, the agreement established a minimum quantity of square meters to be received by the Company in exchange for the land. TGLT paid US$ 10.7 million in cash on November 5, 2010. On December 16, 2010, the deed of title of the land was executed.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2011, a civil non-for-profit organization known as &#8220;Asociaci&#243;n Amigos de Alto Palermo&#8221; initiated actions against the construction of any property on the land alleging negative environmental impact. On June 9, 2011, the Administrative and Tax Contentious Law Court No. 9 of the City of Buenos Aires issued a precautionary measure in the lawsuit &#8220;Asociaci&#243;n Amigos Alto Palermo vs. the Government of the City of Buenos Aires for Amparo&#8221;, which ruled the suspension of the works. Subsequently, in April 2012, the Administrative and Tax Contentious Appeal Court of the City of Buenos Aires lifted the</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">precautionary measure and, therefore, the constructions works continued. The Company was not party to and did not participate in these legal proceedings.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement originally required TGLT to complete the construction of the property within 32 months after the deed of title of the land was executed (i.e. December 16, 2010). The agreement also required TGLT to deliver the possession and execute the deeds of title of the apartment units and parking spaces in favor of the Company, within 36 months after December 16, 2010. The agreement also established that, in the event of administrative or other type of delays that are outside of the control of TGLT, the period of time to fulfill the obligations would be automatically extended for the same period corresponding to those delays and would not give right to any penalty to be applied to TGLT. The precautionary measure issued by the Administrative and Tax Contentious Law Court No. 9 that interrupted the construction was considered as a delay outside of the control of TGLT and, therefore, the agreed timelines were extended for an equivalent period to the delay.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the above, the status of the agreement as of each year end was the following:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of June 30, 2011</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of June 30, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under construction.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Given the fact that TGLT did not pay for the land in full and committed itself to settle the outstanding receivable through the delivery of apartment units, TGLT granted the following warranties to the Company as a security for the performance of its obligations under the agreement: (i) a first degree mortgage in favor of the Company for a total amount of US$ 8.1 million, (ii) surety insurances for a total amount of US$ 8.1 million (as a reinforcement of the warranty described in (i)), and (iii) surety insurances for a total amount of US$ 0.5 million as a warranty for potential defects and/or delays in the units to be delivered by TGLT. Furthermore, in the event that TGLT does not perform its obligations (e.g. it does not complete the development of the property) the Company has the following contractual rights: (i) to require TGLT the fulfillment of the obligations together with the payment of penalties and indemnifications for any damages caused; (ii) execute the warranties granted by TGLT; (iii) declare the agreement terminated and request the restitution of the land; and/or (iv) initiate any action, resource or legal claim in accordance with law. The agreement also stipulates the application of penalties in the event of delays incurred by TGLT.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the date of this letter, TGLT has not incurred in any penalty due to delays in the project and it is not expected that TGLT will not fulfill its obligations under the agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the foregoing, the Company advises the Staff that it analyzed whether all the criteria for revenue recognition set forth in paragraph 14 of IAS 18 for the sale of goods were met at the time of transfer of the land, as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">The entity has transferred to the buyer the significant risks and rewards of ownership of the good</font>:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As previously mentioned, the legal title and possession of the land was transferred from the Company to TGLT on December 16, 2010. The title was appropriately registered with the corresponding authority under the name of TGLT. As we further described in our response to the Staff&#8217;s comment 1 in the letter dated July 22, 2013, the Company obtained warranties</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i.e. mortgage and surety insurances) solely as to protect the collection of the remaining amount due by the purchaser of the land. Therefore, the warranties were issued on the land solely to ensure that the Company had something to claim for in the unlikely event that TGLT does not fulfill its obligations. As noted in paragraph 17 of IAS 18, in these circumstances, the recognition of revenue is not affected. In addition, the Company concluded that this criterion for revenue recognition was met at the time of the agreement because of the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company will receive a minimum quantity of square meters of units of the developed property, despite the actual square meters finally developed by TGLT and even if the transfer of those units represents a loss for the developer. The right to receive this minimum quantity of units assures the collectability of the market value of the land transferred and demonstrates that the Company shares no risk in the development and final output of the project;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A significant portion of the value of the land (e.g. more than 50%) was already paid by the developer through the cash payment. The remaining portion is expected to be paid as originally agreed between the parties (i.e. no upside is expected as no significant changes were introduced to the original project);</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TGLT will retain a significant portion of the constructed property (e.g. approximately 85% of total units) and has the ability to unilaterally determine the sales prices of its future units;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TGLT has no right to rescind the agreement or to return the land for any reason. The land would only be reverted to the Company in the unlikely event that the developer defaults on its obligations (similar to a sale with a seller-financing where the debtor does not fulfill with the obligation of the payment in cash);</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TGLT has economic substance and there was no doubt about its intention to take the delivery of land. Furthermore, the agreement specifically established that TLGT is committed to construct and finalize the construction of the building at its sole charge, cost, risk and responsibility;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Once the deed of title of the land is executed, there is no further obligation of the Company. All risks associated with ownership are retained by TGLT. Furthermore, the agreement specifically established that the Company assumes no contingency, risks or responsibility for whole or part of the units to be constructed by TGLT. The fact that the Company was not, in accordance with Argentine law, involved in the legal proceedings initiated against the construction of the property also reflects that significant risks are not retained.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">It is probable that the economic benefits associated with the transaction will flow to the entity:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the signed agreement, the Company received a significant portion of the consideration (approximately 57%) for the land in cash. The remaining portion of the consideration will be received in the form of future completed apartment units and parking spaces, which are expected to have a higher value than the value of the land transferred. TGLT is a well-recognized developer in the market and there were no indicators that TGLT will not fulfill its obligations at the time of the transaction. Furthermore, the Company entered into this transaction after considering several conditions of TGLT including, but not</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">limited, to its economic, legal, technical and commercial capacity to fulfill the obligations under the agreement. In addition, and even though the quantity of units to be received are determined as a percentage of the total square meters to be constructed in that land, the agreement stipulates a minimum quantity of square meters to be delivered by TGLT. This clause is included in the agreement as a protection for the Company regarding the value of the land given up. Therefore, at the time of the transaction, there was no uncertainty as to the collectability and/or the ability of TGLT to deliver the future apartment units.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The amount of revenue can be measured reliably:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As described in our response to the Staff&#8217;s comment 1 in the letter dated July 22, 2013, the revenue was measured at the fair value of the land given up as permitted by paragraph 12 of IAS 18.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">The costs incurred or to be incurred in respect of the sale can be measured reliably</font>:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The cost of the transfer is represented by the net book value of the land given up. There are no future costs to be incurred by the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The entity does not retain either managerial continuing involvement to the degree usually associated with ownership or effective control over the goods sold:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As described in our response to the Staff&#8217;s comment 1 in the letter dated July 22, 2013, the Company offers the land for purchase to third parties (including developers) and in the process of evaluating offers received it will finally sell the land to the party which in the Company&#8217;s opinion could get the maximum output from the site, and therefore provides higher value to the asset owned by the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Specifically, the Company received an offer from TGLT to purchase the land on which TGLT plans to construct a residential apartment building. The Company considered that this project was not only financially and physically feasible, but also that would maximize the value of the land. Once the deed of title of the land was executed, the Company had no involvement whatsoever in the management or financing of the project. In fact, the agreement specifically established that TGLT assumes at its own cost, risk and responsibility, all the obligations related to the approval, construction, development, organization, completion and/or commercialization of the building to be constructed; and that TGLT cannot claim the Company any difference due to errors, additional works and/or costs that arise from the development of the property. Furthermore, the agreement established that the Company would be hold free and relieved from liability against any action, damage or claim that may be initiated by third parties (e.g. the Company had no involvement in the legal proceedings initiated against the construction of the property). In addition, the Company concluded that this criterion for revenue recognition was met at the time of the agreement because of the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The economics of the transaction does not make it likely that the land will be returned to the Company. As previously mentioned, it is expected that TGLT will complete the construction of the property and, therefore, the land would only be reverted to the Company in the unlikely event that the developer defaults on its obligations;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement established the specific apartment units and parking spaces that will be received by the Company (including its size, location in every floor and minimum qualitative characteristics to protect the value of the land given up). Once</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the construction of the property is finalized, TGLT will retain full control over all the apartment units constructed that are not required to be delivered to the Company. This means that TGLT has the ability to unilaterally determine the future use (e.g. own use, rental and/or sale) and the future rental and/or sale price of those units. Furthermore, TGLT has the ability to sell these apartment units before construction is finalized and the Company has no right to influence in the determination of their sales prices. The Company may also sell the specific apartment units that it will receive before construction is finalized;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement stipulated that TGLT has the ability to introduce modifications to the design of the project and/or the apartment units after the agreement is signed. However, if this is the case, TGLT shall inform the Company of the intended modifications and the Company has a period of time to raise observations, if any. Observations raised by the Company cannot be unfunded. In the event the Company raised observations, the parties have a period of 30 days to reach an agreement. If no agreement is reached, the difference is subject to an arbitrary third party procedure. The purpose for including this clause in the agreement is solely to protect the monetary value of the apartment units to be received by the Company (e.g. if this clause does not exist, the developer may unilaterally introduce modifications that reduce the quality of the future apartments units to be received and hence the Company would receive a lower value for the land sold). Furthermore, and in order to execute surety insurances, the Company is obliged to timely inform the insurance company for any event that may lead TGLT to not fulfill its obligations (e.g. introduction of inappropriate modifications to the units). In addition, the Company does not have the ability to introduce and/or initiate any modification to the design of the project and/or the apartment units. Based on the foregoing, the right held by the Company is protective in nature and only prevents the counterparty from unilaterally changing the nature of what has been promised. Therefore, the existence of this clause does not transfer to the Company control over the property or provides for continuing managerial involvement to the extent normally associated with ownership. Appendix B of IFRS 10 contains guidance explaining that protective rights do not convey control to the holder of those rights;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TGLT can sell the land, but only with the prior consent of the Company. However, the agreement specifically established that this restriction is only for the purpose of assuring that the potential acquirer will be able to fulfill all the obligations assumed by TGLT in the agreement. Therefore, in order to transfer the land, the potential acquirer shall demonstrate economic, legal, technical and commercial capacity for the fulfillment of the obligations assumed by TGLT and to expressly assume their responsibility for those obligations. This demonstrates that the clause is protective in nature, in order to assure the value and collection of the future units to be received. As this is only a protective right to prevent the counterparty from not fulfilling its obligations, it does not transfer to the Company control over the property or provides for continuing managerial involvement to the extent normally associated with ownership;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the consent to sell the land is obtained from the Company, TGLT has the ability to unilaterally determine the sales price of the land.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on the foregoing discussion, the Company concluded that it was appropriate to record revenue at the time of the transfer of the land to the developer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement with TGLT for the sale of a land located in Mendez de Andes 621/59, Caballito, Buenos Aires</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 29, 2011, the Company and TGLT entered into an agreement pursuant to which the Company sold TGLT a plot of land located in Mendez de Andes street in the neighborhood of Caballito in the City of Buenos Aires for cash and a predetermined percentage of the future residential apartments of the building to be constructed by TGLT on the land. The project to be developed by TGLT includes three apartment buildings with residential apartments and parking space. As this agreement was entered with the same developer as described in 1. above, the statements with respect to TGLT previously mentioned are also applicable for this transaction and, therefore, are not repeated. In addition, there are no significant differences between both agreements as further described below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The transaction was agreed upon at US$ 12.8 million. At the time of the agreement, legal title and possession of the land was transferred to TGLT. In consideration, TGLT paid US$ 0.2 million in cash at the time of the arrangement and agreed to transfer the Company: (i) a number of apartments to be determined representing 23.10% of the total square meters of residential space; (ii) a number to be determined of parking space representing 21.10% of the total square meters of parking space; and (iii) in case TGLT builds complementary storage rooms, a number to be determined, representing 21.10% of square meters of the storage space. Despite the percentages detailed above, the agreement establishes a minimum quantity of square meters to be received by the Company in exchange for the land.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2012, a civil non-for-profit organization known as &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Asociaci&#243;n Civil y Vecinal SOS Caballito Por Una Mejor Calidad de Vida</font>&#8221; initiated actions against the construction of any property on the land. In September 2012, the civil non-profit organization obtained a precautionary measure, which ruled the suspension of the works. Subsequently, the civil non-profit organization initiated legal proceedings against TGLT and the Government of the City of Buenos Aires. The Company is not participating in this legal proceeding, not being sued nor cited for any of the parties involved in the trial.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement originally required TGLT to complete the construction of the three buildings within 36 to 48 months after the date of the agreement. The agreement also required TGLT to deliver the possession and execute the deeds of title of the apartment units and parking spaces to be received by the Company within 40 to 52 months after the date of the agreement. The agreement also established that, in the event of administrative or other type of delays that are outside of the control of TGLT, the period of time to fulfill the obligations would be automatically extended for the same period corresponding to those delays and would not give right to any penalty to be applied to TGLT. The precautionary measure that interrupted the construction is considered as a delay outside of the control of TGLT and, therefore, the agreed timelines would be extended. The exact period of extension was not determined as the legal proceeding has not finalized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the above, the status of the agreement as each year end was the following:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of June 30, 2011</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">iven the fact that TGLT did not pay for the land in full and committed itself to settle the outstanding receivable through the delivery of apartment units, TGLT granted the following warranties to the Company as a security for the performance of its obligations under the agreement: (i) a first degree mortgage in favor of the Company for a total amount of US$ 12.8 million, (ii) a pledge of certain shares of an affiliate of TGLT and (iii) surety insurances for a total amount of US$ 0.3 million as a warranty for potential defects and/or delays in the units to be delivered by TGLT. Furthermore, in the event that TGLT does not perform its obligations (e.g. it does not complete the development of the property) the Company has the following contractual rights: (i) to require TGLT the fulfillment of the obligations together with the payment of penalties and indemnifications for any damages caused; (ii) to execute the warranties granted by TGLT; (iii) to declare the agreement terminated and request the restitution of the land; (iv) to require the payment in cash for the amount due and/or (v) to initiate any action, resource or legal claim in accordance with law. The agreement also stipulates the application of penalties in the event of delays incurred by TGLT.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the date of this letter, TGLT has not incurred in any penalty due to delays in the project and it is not expected that TGLT will not fulfill its obligations under the agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the foregoing, the Company advises the Staff that it analyzed whether all the criteria for revenue recognition set forth in paragraph 14 of IAS 18 for the sale of goods were met at the time of transfer of the land, as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">The entity has transferred to the buyer the significant risks and rewards of ownership of the good</font>:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As previously mentioned, the legal title and possession of the land was transferred from the Company to TGLT. The title was appropriately registered with the corresponding authority under the name of TGLT. Warranties were issued on the land solely to ensure that the Company had something to claim for in the unlikely event that TGLT does not fulfill its obligations. As noted in paragraph 17 of IAS 18, in these circumstances, the recognition of revenue is not affected. In addition, the Company concluded that this criterion for revenue recognition was met at the time of the agreement because of the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company will receive a minimum quantity of square meters of units of the developed property, despite the actual square meters finally developed by TGLT and even if the transfer of those units represents a loss for the developer. The right to receive this minimum quantity of units assures the collectability of the market value of the land transferred and demonstrates that the Company shares no risk in the development and final output of the project;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TGLT will retain a significant portion of the constructed property (e.g. approximately 80% of total units of the three buildings) and has the ability to unilaterally determine the sales prices of its future units;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TGLT has no right to rescind the agreement or to return the land for any reason. The land would only be reverted to the Company in the unlikely event that the developer defaults on its obligations;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TGLT has economic substance and there was no doubt about its intention to take the delivery of land. Furthermore, the agreement specifically established that TLGT is committed to construct and finalize the construction of the building at its sole charge, cost, risk and responsibility;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement specifically establishes that there is no further obligation of the Company. All risks associated with ownership are retained by TGLT. Furthermore, the agreement specifically established that the Company assumes no contingency, risks or responsibility for whole or part of the units to be constructed by TGLT. The fact that the Company was not, in accordance with Argentine law, involved in the legal proceedings initiated against the construction of the property also reflects that significant risks are not retained.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">It is probable that the economic benefits associated with the transaction will flow to the entity:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the signed agreement, the Company received a portion of the consideration in cash. The remaining portion of the consideration will be received in the form of future completed apartment units and parking spaces, which are expected to have a higher value than the value of the land transferred. At the time of the agreement, there were no indicators that TGLT will not fulfill its obligations. Furthermore, the Company entered into this after considering several conditions of TGLT. In addition, and even though the quantity of units to be received are determined as a percentage of the total square meters to be constructed in that land, the agreement stipulates a minimum quantity of square meters to be delivered by TGLT. This clause is included in the agreement as a protection for the Company regarding the value of the land given up. Therefore, at the time of the transaction, there was no uncertainty as to the collectability and/or the ability of TGLT to deliver the future apartment units.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The amount of revenue can be measured reliably:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The revenue was measured at the fair value of the land given up as permitted by paragraph 12 of IAS 18.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">The costs incurred or to be incurred in respect of the sale can be measured reliably</font>:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The cost of the transfer is represented by the net book value of the land given up. There are no future costs to be incurred by the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">The entity does not retain either managerial continuing involvement to the degree usually associated with ownership or effective control over the goods sold</font>:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company received an offer from TGLT to purchase the land on which TGLT plans to construct a residential apartment building. The Company considered that this project was feasible and that would maximize the value of the land. The Company had no involvement whatsoever in the management or financing of the project. In fact, the agreement specifically established that TGLT assumes at its own cost, risk and responsibility, all the obligations related to the approval, construction, development, organization, completion and/or commercialization of the building to be constructed; and that TGLT cannot claim the Company any difference due to errors, additional works and/or costs that arise from the development of the property. Furthermore, the agreement established that the Company would be hold free and relieved from liability against any action, damage or claim that may be initiated by third parties (e.g. the Company has no involvement in the legal proceedings initiated against the construction of the property). In addition, the Company concluded that this criterion for revenue recognition was met at the time of the agreement because of the following:</font></div>

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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The economics of the transaction does not make it likely that the land will be returned to the Company.&#160;&#160;It is expected that TGLT will complete the construction of the property and, therefore, the land would only be reverted to the Company in the unlikely event that the developer defaults on its obligations;</font></div>
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<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement established the specific apartment units and parking spaces that will be received by the Company. Once the construction of the property is finalized, TGLT will retain full control over all the apartment units constructed that are not required to be delivered to the Company. This means that TGLT has the ability to unilaterally determine the future use and the future rental and/or sale price of those units. Furthermore, TGLT has the ability to sell these apartment units before construction is finalized and the Company has no right to influence in the determination of their sales prices. The Company may also sell the specific apartment units that it will receive before construction is finalized;</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement stipulated that TGLT has the ability to introduce modifications to the design of the project and/or the apartment units after the agreement is signed. However, if this is the case, TGLT shall inform the Company of the intended modifications and shall follow the same procedure as described in 1. above. In addition, the Company does not have the ability to introduce and/or initiate any modification to the design of the project and/or the apartment units. As previously mentioned, this is a protective clause included solely for the purpose of protecting the monetary value of the apartment units to be received by the Company, and does not transfer to the Company control over the property or provides for continuing managerial involvement to the extent normally associated with ownership;</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TGLT can sell the land, but only with the prior consent of the Company. However, the agreement specifically established that this restriction is only for the purpose of assuring that the potential acquirer will be able to fulfill all the obligations assumed by TGLT in the agreement. As previously mentioned, the right held by the Company is only protective in order to assure the value and collection of the future units to be received, and does not transfer to the Company control over the property or provides for continuing managerial involvement to the extent normally associated with ownership;</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the consent to sell the land is obtained from the Company, TGLT has the ability to unilaterally determine the sales price of the land.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on the foregoing discussion, the Company concluded that it was appropriate to record revenue at the time of the transfer of the land to the developer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreements with Condominios del Alto S.A. for the sale of plots of land located in Rosario</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a) Torres Rosario Project &#8211; Parcel 2-H</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On November 27, 2008, the Company and Condominios del Alto S.A. (hereinafter referred to as &#8220;Condominios&#8221;) entered into an agreement pursuant to which the Company sold to Condominios a plot of land (identified as parcel 2 H) located in the City of Rosario (Province of Santa Fe) for cash and a predetermined percentage of the future residential apartments of the building to be constructed by Condominios on the land.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The transaction was agreed upon at US$ 2.3 million. At the time of the agreement, legal title and possession of the land was transferred to Condominios. In consideration, Condominios paid US$ 0.1 million in cash and agreed to transfer the Company: (i) 42 apartment units with a total of 3,189 square meters, representing 22% of the total square meters of residential space; and (ii) 47 parking spaces, representing 22% of the total square meters of parking space. In accordance with the agreement, Condominios had the ability to unilaterally modify the project in order to construct additional apartment units and/or parking spaces within the property. In that case, the Company had the right to receive a 22% of those additional square meters constructed.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement required Condominios to complete the construction of the project within 30 months after the date of the agreement. The agreement also required Condominios to deliver the possession and execute the deeds of title of the apartment units and parking spaces to be received by the Company within 36 months after the date of the agreement. The agreement also established that, in the event of administrative or other type of delays that are outside of the control of Condominios, the period of time to fulfill the obligations would be automatically extended for the same period corresponding to those delays and would not give right to any penalty to be applied to Condominios.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance of Condominios with respect to the construction of the project was in accordance with agreed timelines, with only certain non-significant delays considered outside of the control of Condominios. However, the deeds of title of the apartment units were not executed due to administrative delays incurred by Condominios in order to obtain the approval of the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Reglamento de Copropiedad</font>&#8221; (or Condominium Building Regulation) from the corresponding authority. The &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Reglamento de Copropiedad&#8221;</font> is a document which principally includes a detailed description of the property (e.g. common areas) and of each unit, together with the rules and regulations of organization and cohabitation within the building. In accordance with law, deeds of title of apartment units and/or parking spaces cannot be executed without the approval of the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Reglamento de Copropiedad&#8221;</font>.&#160;&#160;As of the date of this letter, Condominios obtained the approval of the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Reglamento de Copropiedad</font>&#8221; and, therefore, deeds of title are expected to be executed in November 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the above, the status of the agreement as each year end was the following:</font></div>

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<td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of June 30, 2011</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of June 30, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of June 30, 2013</font></div>
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<td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Under construction.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Construction finalized.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deeds of title expected to be executed in November 2013.</font></div>
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</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Given the fact that Condominios did not pay for the land in full and committed itself to settle the outstanding receivable through the delivery of apartment units, Condominios granted the following warranties to the Company as a security for the performance of its obligations under the agreement: (i) a first degree mortgage in favor of the Company for a total amount of US$ 2.3 million, and (ii) surety insurances for a total amount of US$ 2.3 million. Furthermore, in the event that Condominios does not perform its obligations (e.g. it does not complete the development of the property) the Company has the following contractual rights: (i) to require Condominios the fulfillment of the obligations together with the payment of penalties and indemnifications for any damages caused; (ii) to execute the warranties granted by Condominios; (iii) to declare the agreement terminated and request the restitution of the land; (iv) to require the payment in cash for the amount due and/or (v) to initiate any action, resource or legal claim in accordance with law. The agreement also stipulated the application of penalties in the event of delays incurred by Condominios.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the date of this letter, Condominios has not incurred in any penalty due to delays in the project and it is not expected that Condominios will not fulfill its obligations under the agreement. The aforementioned delay in the registry of the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Reglamento de Copropiedad</font>&#8221; was considered as a delay outside of the control of Condominios and, therefore, the agreed timeline to execute the deeds of title were extended until the authorization is obtained.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b) Torres Rosario Project &#8211; Parcel 2-G</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 11, 2007, the Company and Condominios entered into an agreement pursuant to which the Company sold to Condominios a plot of land (parcel 2 G) located in the City of Rosario (Province of Santa Fe) for cash and a predetermined percentage of the future residential apartments to be constructed by Condominios on the land.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The transaction was agreed upon at US$ 1.1 million. At the time of the agreement, legal title and possession of the land was transferred to Condominios. In consideration, Condominios paid US$ 0.1 million in cash and agreed to transfer the Company: (i) 15 apartment units with a total of 1,504 square meters, representing 14.85% of the total square meters of residential space; (ii) 15 parking spaces, representing 15% of the total square meters of parking space, and (iii) a number of storage rooms, representing 15% of the total square meters of storage space. Condominios had the ability to unilaterally modify the project in order to construct additional apartment units and/or parking spaces within the property. In that case, the Company had the right to receive a 15% of those additional square meters constructed.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Given the fact that Condominios did not pay the land in full and committed itself to settle the outstanding receivable through the delivery of the apartment units, Condominios granted the following warranties to the Company as a security for the performance of its obligations under the agreement: (i) a first degree mortgage in favor of the Company for a total amount of US$ 1.1 million, and (ii) surety insurances for a total amount of US$ 1.6 million. Furthermore, in the event that Condominios does not perform its obligations, the Company has the following contractual rights: (i) to require Condominios the fulfillment of the obligations together with the payment of penalties and indemnifications for any damages caused; (ii) to execute the warranties granted by Condominios; (iii) to declare the agreement terminated and request the restitution of the land; (iv) to require the payment in cash for the amount due and/or (v) to initiate any action, resource or legal claim in accordance with law. The agreement also stipulates the application of penalties in the event of delays incurred by Condominios.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement required Condominios to complete the construction of the project within 27 months after the date of the agreement. The agreement also required Condominios to deliver the possession and execute the deeds of title of the apartment units and parking spaces to be received by the Company within 33 months after the date of the agreement. The agreement also established that, in the event of administrative or other type of delays that are outside of the control of Condominios, the period of time to fulfill the obligations would be automatically extended for the same period corresponding to those delays and would not give right to any penalty to be applied to Condominios.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance of Condominios with respect to the construction of the project was in accordance with agreed timelines. However, the period required for executing the deeds of title of the apartment units and/or parking spaces was extended due to administrative delays incurred by Condominios in order to obtain the approval of the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Reglamento de Copropiedad</font>&#8221; from the corresponding authority. Therefore, the deeds of title were executed in December 2011.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aforementioned delay in the registry of the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Reglamento de Copropiedad</font>&#8221; was considered as a delay outside of the control of Condominios, and, therefore, Condominios had not incurred in any penalty during the development of the project.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Considering the above, the status of the agreement as each year end was the following:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30, 2011</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30, 2013</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Construction finalized.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Agreement completed.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Agreement completed.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conclusions on agreements with Condominios</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There are no significant differences between the conditions of the two contracts signed between the Company and Condominios. Therefore, the conclusions detailed below are applicable for both agreements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on the foregoing, the Company advises the Staff that it analyzed whether all the criteria for revenue recognition set forth in paragraph 14 of IAS 18 for the sale of goods were met at the time of transfer of the land, as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The entity has transferred to the buyer the significant risks and rewards of ownership of the good:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The legal title and possession of the land was transferred from the Company to Condominios at the time of the agreement. The title was appropriately registered with the corresponding authority under the name of Condominios. The warranties obtained are solely as to protect the collection of the remaining amount due by the purchaser of the land, and to ensure that the Company had something to claim in the unlikely event that Condominios does not fulfill its obligations. As noted in paragraph 17 of IAS 18, in these circumstances, the recognition of revenue is not affected. In addition, the Company concluded that this criterion for revenue recognition is met at the time of the agreement because of the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company will receive a specific quantity of apartment units and parking spaces of the developed property, despite the actual square meters finally developed by Condominios and even if the transfer of those units represents a loss for the developer. As previously mentioned, the right to receive this minimum quantity of units assures the collectability of the market value of the land transferred and demonstrates that the Company shares no risk in the development and final output of the project;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Condominios will retain a significant portion of the constructed property (e.g. approximately 80% and 85% of total units for parcel 2-H and 2-G, respectively) and has the ability to unilaterally determine the sales prices of its future units;</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Condominios has no right to rescind the agreement or to return the land for any reason. The land would only be reverted to the Company in the unlikely event that the developer defaults on its obligations;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Condominios has economic substance and there was no doubt about its intention to take the delivery of land. Furthermore, the agreement specifically established that Condominios is committed to construct and finalize the construction of the building at its sole charge, cost, risk and responsibility. In the case of the agreement of Torres Rosario &#8211; Parcel 2 G, the project was successfully completed by Condominios;</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement specifically established that there is no further obligation of the Company. All risks associated with ownership are retained by Condominios. Furthermore, the agreement specifically established that the Company assumes no contingency, risks or responsibility for whole or part of the units to be constructed by Condominios.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">It is probable that the economic benefits associated with the transaction will flow to the entity:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the signed agreement, the Company received a portion of the consideration in cash at the time of the agreement. The remaining portion of the consideration will be received in the form of a fixed quantity of future completed apartment units and parking spaces (or a higher quantity in the event Condominios can construct additional square meters), which are expected to have a higher value than the value of the land transferred. Condominios is a well-recognized developer in the market and there were no indicators that Condominios will not fulfill its obligations at the time of the transaction. Furthermore, the Company entered into this transaction after considering the economic, legal, technical and commercial capacity of Condominios. Therefore, at the time of the agreement, there was no uncertainty as to the collectability and/or the ability of Condominios to deliver the future apartment units. Furthermore, in the case of parcel 2-G, the agreement was subsequently completed and the Company received the apartment units from Condominios as originally agreed.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">The amount of revenue can be measured reliably:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The revenue was measured at the fair value of the land given up as permitted by paragraph 12 of IAS 18.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">The costs incurred or to be incurred in respect of the sale can be measured reliably</font>:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The cost of the transfer is represented by the net book value of the plot of land given up. There are no future costs to be incurred by the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">The entity does not retain either managerial continuing involvement to the degree usually associated with ownership or effective control over the goods sold</font>:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company received an offer from Condominios to purchase the land on which Condominios plans to construct a residential apartment building. The Company considered that this project was feasible and that would maximize the value of the land. Moreover, the Company had no involvement whatsoever in the management or financing of the project. In fact, the agreement specifically established that Condominios assumes at its own cost, risk and responsibility, all the obligations related to the approval, construction, development, organization, completion and/or commercialization of the building to be constructed; and that Condominios cannot claim the Company any difference due to errors, additional works and/or costs that arise from the development of the property. Furthermore, the agreement established that the Company would be hold free and relieve from liability against any action, damage or claim that may be initiated by third parties. In addition, the Company concluded that this criterion for revenue recognition was met at the time of the agreement because of the following:</font></div>

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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The economics of the transaction does not make it likely that the land will be returned to the Company. As previously mentioned, it is expected that Condominios will complete the construction of the property and, therefore, the land would only be reverted to the Company in the unlikely event that the developer defaults on its obligations;</font></div>
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<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement establishes the specific apartment units and parking spaces that will be received by the Company. Once the construction of the property is finalized, Condominios retains full control over all the apartment units constructed that are not required to be delivered to the Company. This means that, at the time of the agreement, Condominios has the ability to unilaterally determine the future use (e.g. own use, rental and/or sale) and the future rental and/or sale price of those units. Furthermore, Condominios has the ability to sell these apartment units before construction is finalized and the Company has no right to influence in the determination of their sales prices. The Company may also sell the specific apartment units that it will receive before construction is finalized;</font></div>
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<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Condominios has the ability to unilaterally modify the project in order to construct additional apartment units and/or parking spaces within the property. However, any modification on the design and/or quality of the project shall be approved by the Company. In addition, the Company does not have the ability to introduce and/or initiate any modification to the design of the project and/or the apartment units. As previously mentioned, this is a protective clause included solely for the purpose of protecting the monetary value of the apartment units to be received by the Company, and does not transfer to the Company control over the property or provides for continuing managerial involvement to the extent normally associated with ownership;</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Condominios can sell the land, but only with the prior consent of the Company. This restriction is included due to the individual capacities of Condominios (e.g. technical, financial, commercial) that were considered by the Company when entering into the agreement.&#160;&#160;As previously mentioned, the right held by the Company is only protective in order to assure the value and collection of the future units to be received, and does not transfer to the Company control over the property or provides for continuing managerial involvement to the extent normally associated with ownership;</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the consent to sell the land is obtained from the Company, Condominios has the ability to unilaterally determine the sales price of the land.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on the foregoing discussion, the Company concluded that it was appropriate to record revenue at the time of the transfer of the land to the developer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">3. We note your response to prior comment 5 in our letter dated April 19, 2013. You state that you believe the in-kind receivable does not meet the definition of an intangible asset due to its significant physical substance. It continues to appear that the in-kind receivable provides you with a right to an un-built property that as of the end of each of your financial statement periods does not have physical substance. It appears that you will only obtain something of physical substance at the point in time that completed and built units are transferred to you under the terms of the barter arrangement. Please expand your response to address the nature of the asset that exists as of the end of each of your financial statement periods.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company advises the Staff that the nature of the asset that exists at the end of each reporting period corresponds to the contractual right to receive apartment units from the developer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Paragraph 6 of IAS 2 &#8220;Inventories&#8221; defines inventories as assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies to be consumed in the production process or in the rendering of services.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As previously mentioned, the agreements generally establish the specific apartment units and/or other spaces that will be received by the Company (including its size, location and minimum characteristics). The Company expects to sell the completed property when received, or may sell the units prior to completion of the development (as the units to be received are individually identified in the agreement, the Company has the ability to unilaterally sell those units to third parties, even though the construction activities have not begun). The Company performs these types of transactions in the ordinary course of business, not only with properties developed by third parties through barter agreements, but also with self-constructed properties. Therefore, the Company believes that the asset it holds meet the definition of inventories (e.g. trading properties in the terminology used by the Company) in accordance with IAS 2, as it is an asset held for sale in the ordinary course of business.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Furthermore, paragraph 3 of IAS 38 &#8220;Intangible assets&#8221; establishes that the standard is not applicable for &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">intangible assets held by an entity for sale in the ordinary course of business&#8221;</font> and includes a reference to IAS 2 for the accounting of these types of assets. Therefore, in the event the nature of the asset held by the Company would meet the definition of an intangible asset, it would anyway be treated as inventories in accordance with IAS 2, as it is held for sale in the ordinary course of business.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Please call me (212-455-3246) with any questions you may have regarding the above responses.</font></div>

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