Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Series D Cumulative Convertible Preferred Stock^F2,F1	$1.60	Feb 28, 2017	C	3,245,156	D	Mar 16, 2016	—	Common Stock	20,282,225	0	I
Series E Cumulative Convertible Preferred Stock^F2,F3	$2.13	Feb 28, 2017	A	487,738	A	Feb 28, 2019	—	Common Stock	2,289,849	487,738	I

Explanation of responses

F1The Series D Cumulative Convertible Preferred Stock does not have an expiration date.
F2Members of the board of directors of the Issuer were designated by contractual right by Real Estate Strategies L.P., and as a result for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the reporting persons are deemed to be directors of the Issuer by deputization.
F3The Series E Cumulative Convertible Preferred Stock does not have an expiration date.

Remarks

This Form 4 is being filed in two parts due to the ten person reporting limitation of the electronic filing system. Part 1 is being filed by the following persons: Eduardo S. Elsztain, Consultores Assets Management, S.A., Consultores Venture Capital Limited, Cresud Sociedad Anonima Comercial, Consultores Venture Capital Uruguay, SA, Real Estate Strategies L.P., IRSA Inversiones y Representaciones Sociedad Anonima, IFIS Limited, and Inversiones Financieras del Sur S.A. Part 2 is being filed by the following persons: Efanur S.A., Tyrus S.A., and Jiwin S.A.