TRANSCRIPTION OF BOARD MINUTES No. 230 OF BANCO

[Letterhead of Banco Hipotecario]
TRANSCRIPTION OF BOARD MINUTES No. 230 OF BANCO HIPOTECARIO S.A. “BOARD MINUTES N° 230. In the City of Buenos Aires, on this 9th day of May of the year two
thousand and eight, at 03.45 p.m., a meeting was held by the Board of Directors of BANCO
HIPOTECARIO S.A. at its registered office, with the attendance of its Chairwoman, Mrs. Clarisa
Diana LIFSIC de ESTOL, the Vicechairman, Eduardo S. ELSZTAIN and the Regular Directors: for
Class “B”, Edgardo FORNERO; for Class “C” Federico L. BENSADÓN and for Class “D”: Jacobo
Julio DREIZZEN, Gabriel A. REZNIK, Carlos B. PÍSULA, Saúl ZANG and Ernesto M. VIÑES. Also
present were Regular Syndics: for Class “A”, Dr. Martín SCOTTO, for Class “B”, Dr. Alfredo
GROPPO and for Classes “D” and “C”, Dres. José Daniel ABELOVICH, Ricardo FLAMMINI and
Marcelo FUXMAN. The absence of Directors Pablo VERGARA DEL CARRIL y Mauricio WIOR
was recorded. The statutory and regulatory quorum being present, the Chairwoman called the meeting
to order by submitting to consideration the first Agenda item: FINANCIAL STATEMENTS OF
BANCO HIPOTECARIO S.A. FOR THE PERIOD ENDED 03/31/2008, CONSOLIDATED
FINANCIAL STATEMENTS FOR THE SAME PERIOD AND INFORMATION SUMMARY.
In this respect, Mrs. ESTOL expressed that at a previous meeting convened by the Controller Area
Manager, a presentation had been made of the main components of the financial statements under
discussion, their comparison with previous periods and the evolution of the most significant indicators.
The Directors agreed that as they had received at such meeting a detailed explanation of all the
documentation and as there were no doubts or explanations to make, they considered that a new
presentation was unnecessary. Mrs. ESTOL underscored that the material events occurred during the
aforementioned period had been duly recorded in the Information Summary supplementing the
Financial Statements. Further, she stated that the Financial Statements under consideration had been
reviewed by the Independent Auditor and that the relevant Supervisory Committee’s report in respect
thereof was also available. Thereafter, the Chairwoman proposed to omit reading the Financial
Statements and supplementary information, as copies of such information were in the possession of
Directors. The Chairwoman ended her motion by proposing the approval of the Financial Statements
and supplementary information under consideration, as well as the Information Summary for the first
quarter of this year. Upon the motion raised by the Chairwoman being submitted to vote, the Board of
Directors unanimously resolved: 1) To approve the Financial Statements of Banco Hipotecario S.A.
for the fiscal period ended 03/31/08, including: the Balance Sheet and the Consolidated Balance Sheet,
the Statement of Income and the Consolidated Statement of Income, the Statement of Cash Flow and
its Equivalents and the Consolidated Statement of Cash Flow and its Equivalents, the Statement of
Changes in Shareholders’ Equity, the relevant Exhibits and Notes thereto. All the documents referred
to above, duly signed, are included in these Minutes as an Exhibit hereto. 2) To approve the
Information Summary for the third quarter of this year, which document, duly signed, is also attached
as an Exhibit hereto. 3) To make the relevant filings with and give the relevant notices to the
supervision agencies. Next, Mrs. ESTOL submitted the second Agenda item: “CÉDULAS
HIPOTECARIAS ARGENTINAS” TRUST SECURITY PROGRAM – CREATION OF
SERIES IX UNDER THE PROGRAM. In this respect, the Chairwoman expressed that, as it is
known by the Directors, the Bank has evaluated and determined the convenience of creating a new
series of bonds and/or certificates of participation (the “Trust Securities”), under the Global Program
for the issuance of Trust Securities called “Cédulas Hipotecarias Argentinas” for up to $ 750,000,000
or its equivalent in other currencies, in accordance with the provisions of Law No. 24,441 for the
securitization of individual mortgage loans (the “CHA Program”), approved by Resolution No. 14,814
dated June 3, 2004 and Resolution No. 15,510 dated November 23, 2006 issued by the Argentine
Securities Commission (“CNV”). She also expressed that the maximum outstanding amount of the
new series to be issued under the CHA Program (the “CHA Program’s Series IX”) may be up to
$ 130,000,000 nominal value and that the trust assets shall be composed of individual mortgage loans
instrumented by the issuance of book-entry mortgage instruments (“letras hipotecarias escriturales”)
originated by the Bank and the cash flow arising from the collection of such mortgage instruments.
She added that, in general, the Bank shall act as trustor, residual beneficiary, servicer, custodian and
lead manager, and that the terms and conditions of the Trust Securities to be issued under this CHA
Program’s Series IX shall be such terms and conditions as determined, approved and subscribed from
time to time. Accordingly and after a brief discussion, the Board of Directors unanimously
resolved: 1) To approve the creation of the CHA Program’s Series IX for an aggregate amount up to
$ 130,000,000 nominal value and the appointment of Banco de Valores S.A. or any other recognized
entity within the local capital market to act as trustee (the “Trustee”) under the CHA Program’s Series
IX Financial Trust Agreement and the Ordinary Accumulation Trust Agreement, if it were determined
that the execution of such agreement is convenient. 2) To delegate on Directors Clarisa LIFSIC DE
ESTOL, Carlos PÍSULA, Gabriel REZNIK and Ernesto VIÑES, acting any two of them jointly, the
approval and execution of: (i) the CHA Program’s Series IX Offering Memorandum; (ii) the CHA
Program’s Series IX Financial Trust Agreement, and (iii) such other agreements as may be relevant,
inherent or related to the issuance and placement of the Trust Securities and as required in order to
obtain authorization of the public offering of the Trust Securities to be issued under the CHA
Program’s Series IX, including without limitation, the Ordinary Accumulation Trust Agreement, the
Mortgage Instruments Assignment Agreement, the General Servicing Agreement, the Custody
Agreement, the Placement Agreement and any other coverage agreement related to the Trust
Securities and the issuance of Series IX under the CHA Program. 3) To approve the fiduciary
assignment to the Trustee within the scope of the Trust Agreements approved before, of mortgage
assets for a total debt amount of up to $ 130,000,000, for the CHA Program’s Series IX. 4) To
authorize Messrs. Santiago Carregal, Juan Manuel Diehl, Mariana Alvarez Gaiani, Diego Parra
Rivadeneira, Sergio Tálamo, María Manuela Lava, Pedro Dorado, Sergio Mohadeb, Ignacio Terrera y
Nicolás Cesario, and Messrs, Juan Manuel Daireaux, Roberto Leonardo Laine, Marcelo Icikson,
Andrés F. Ocampo, Guillermo Miedán, Ángeles del Prado, Zulma Alicia Arranz, and/or Federico
Gutsche, so that any of them acting jointly or individually, and indistinctly, shall make the filings with
the CNV, the Buenos Aires Stock Exchange, Mercado Abierto Electrónico S.A., the Superintendence
of Retirement and Pension Managers, the Central Bank of the Argentine Republic, Caja de Valores
S.A. and/or such governmental agencies, entities, stock exchanges or markets of Argentina or abroad
with which an application is made for the public offering, listing or trading, as applicable, of the Trust
Securities to be issued under the CHA Program’s Series IX. Such persons shall be empowered to take
notice of proceedings, answer notices, pursue steps and take such further actions as necessary to obtain
the relevant authorizations, executing all such documents as may be necessary or convenient to such
effect. 5) To inform the appropriate areas through the General Secretary. Having dealt with all the
Agenda items, the meeting rose at 04.10 p.m. Signed: Clarisa Diana LIFSIC de ESTOL, Eduardo S.
ELSZTAIN, Edgardo FORNERO, Federico L. BENSADÓN, Jacobo Julio DREIZZEN, Gabriel A.
REZNIK, Carlos B. PÍSULA, Saúl ZANG, Ernesto M. VIÑES, Martín SCOTTO, Alfredo GROPPO,
José Daniel ABELOVICH, Ricardo FLAMMINI and Marcelo FUXMAN.”--------------------------------This is a true transcription of Board Minutes No. 230, corresponding to the meeting held on May
9, 2008. -----------------------------------------------------------------------------------------------------------------For purposes of being submitted to whom it may concern, these presents are issued and signed
in Buenos Aires, on May 9, 2008. ----------------------------------------------------------------------------------
/s/
Ernesto VIÑES
Attorney-in-fact
Banco Hipotecario S.A.