Tglt : Material Fact - Amendment of the Bylaws

Hecho Relevante

Buenos Aires, April 14, 2016

Messrs.

Securities Exchange Commission Buenos Aires Stock Exchange Mercado Abierto Electrónico S.A

Ref.: Relevant Fact - Extraordinary Shareholders Meeting of TGLT S.A. held on April 14, 2016 - Amendment of the Bylaws.

Dear Sirs,

We are pleased to write to you on behalf of TGLT S.A. ("TGLT" or the "Company") in order to inform you that, on April 14, 2016, the Extraordinary Shareholders Meeting of the Company (the "Meeting") approved the amendment of Sections Fourth, Fifth, Seventh, Ninth, Tenth, Eleventh, Twelfth, Thirteenth and Fourteenth of the Company's Bylaws.

The main purpose of said amendment is to adapt the Bylaws to the new growth and development plan which will place the Company in a more advantageous position in the residential and commercial real estate market; and also to adapt the Bylaws for the issuance of new corporate shares to list them on the stock exchange in Argentina and/or abroad and it includes, basically: (i) Section Fourth (Purpose), include the new legal institutions regarding Real Estate Law set forth in the Revised Argentine Civil and Commercial Code and the vesting and acceptance of any kind of right or interest in property; (ii) Section Fifth (Capital), eliminate the reference to the amount of corporate stock, taking into account that current legislation allows companies under the authority of the Securities Exchange Commission (SEC) to state in their Bylaws that the evolution of the corporate capital will be reflected in the financial statements indicating any increases recorded in the Public Registry of Commerce; (iii) Section Seventh (Management and Representation) amend the wording of the means of image and word transmission regarding remote participation of directors at the Boards Meetings, in order to comply with the requirements set forth in the Capital Markets Law # 26.831; (iv) Section Ninth (Powers of the Board), include the possibility that the mission of the Board and the non-delegable tasks be expressed through internal rules created by the Board itself; (v) Section Tenth (Supervision) eliminate the last paragraph regarding the shareholders' right to information. In all cases, the right to information shall be managed by the Supervisory Committee; (vi) regarding Sections Eleventh (Meetings) and Twelfth (Audit Committee), amend the wording regarding means of transmission through images and words available for shareholders and members of the Audit Committee (as the case may be) who participate remotely in the meetings in order to comply with the requirements set forth in the Capital Markets Law # 26.831; (vii) Section Thirteenth (Ending of Fiscal Year) amend the wording regarding the term to pay dividends and the time limit for the payment thereof; and (viii) Section Fourteenth (Dissolution and Liquidation) eliminate the reference to the direct surveillance exercised by the shareholders in view of the fact that the Supervising Committee is the body in charge of controlling the liquidation or winding up process of the Company.

Finally, we attach Schedule I to this letter which includes the redrafted Sections as per the amendments decided at the Meeting.

Yours Sincerely,

TGLT S.A.

Rafael Ignacio Soto Director of Investor Relations

Schedule I Restatement of Sections Fourth, Fifth, , Fifth, Seventh, Ninth, Tenth, Eleventh, Twelfth, Thirteenth and Fourteenth of the Bylaws.

"FOURTH: PURPOSE. The purpose of this company is to develop on its own account or on account of others or through third parties and/or in any other form related to third parties, in this country or abroad, either property of its own or of others, including, in a fiduciary capacity, the following activities: management of real estate projects and developments, urban developments; planning, assessment, scheduling, drafting, development, implementation, administration, coordination, supervision, management, organization, direction and execution of real estate business management, including without limitation, under the institutions of horizontal property, real estate condominiums any form and type, time-shares and any other similar legal institution; exploitation and use in any manner of trademarks, patents, methods, formulas, licenses, technologies, know-how, models and designs; commercialization in any manner whatsoever, either by purchase, sale, swap, consignment, agency, storage, fractioning, subdivision, allotment, administration, distribution, rental and intermediation of real estate, movable property and services that may be related to said management; vesting and acceptance of real rights of any kind whatsoever related to property, including beneficial interest, use, possession, easements and surface rights; provision of securities; the granting of guarantees, collateral and securities in favor of subsidiaries or controlled or related companies, as well as mortgages, pledges or land-pawns; survey, planning, design, advisory, construction and/or execution of any type of private and/or public works, either national, provincial and/or local, in rural real estate, real estate for housing, offices, neighborhoods, urbanizations, roads, engineering and/or architectural works in general, to administer them, make drawings and plans, take part in public and private tenders, and accept works already in progress; import and export of machinery, tools, equipment and material used in the construction field and any other activity created or to be created specifically in connection with the construction industry.

For such purpose, the company may: (i) participate in or make investments of any kind whatsoever in companies, enterprises and joint ventures and execute any other project associative contract or cooperation contract related, in whole or in part, to the corporate purpose; ii) act as manager and/or render administration services, or as operator, sponsor and/or developer, for the benefit of other companies involved in real estate and/or real estate investment funds, real estate trusts or other collective investment institutions which object is the investment in real estate projects and businesses in any of their sectors and/or segments; (iii) act as financial and non-financial trustees;(iv) accept and exercise powers, commissions, representations and/or business management, and (v) set up agencies, branches, establishments or any other kind of representation in the country or abroad. Furthermore, in order to duly fulfill the purpose and as stated above, the company shall be expressly empowered to guarantee liabilities of the controlled and related companies, including the conveyance

of real rights. The company in general may be engaged in the administration and business developments, trusts and companies related to the activities of their corporate purpose, expressly excluding advisory services in those matters and/or activities that, in compliance with the rules and regulations in force, must be rendered by duly qualified professionals"

"FIFTH: CAPITAL. Any changes in the capital stock shall be reflected in the company's financial statements as per the increases recorded in the Public Registry of Commerce in conformity with applicable rules and regulations in force; such financial statements shall include the amount of the authorized capital, class and type of existing shares; nominal value and voting rights of each type of share. The Company shall make public offer of its shares in any stock exchange market, in this country or abroad, provided it complies with any and all applicable requirements to such end. The shares may also be common or preferred, with or without an issue premium, depending on how they are issued. Preferred shares may be issued with or without voting rights, may be issued with preferential rights to dividends, cumulative or not and/or with preferred rights to the Company's liquidation distribution; preferred shares may also be redeemable on a specific date, as per dates scheduled or at an earlier date, depending on that which was stated on conditions of issuance. Dividends derived from preferred shares shall be fix or variable, have a minimum or maximum amount, and/or be a proportion or percentage of the profits generated by a project or activity performed by the Company, excluding the right to profits derived from the other projects or activities performed by the Company. Dividends derived from preferred shares or from the payment of the redemption amounts, when applicable, shall always be paid with realized net profits, however, in the event of default, interest shall accrue as from the payment date set forth in the conditions of issuance. Preferred shares shall have preferential rights upon subscription in accordance with Section 194 of Companies' Law 19550 with respect to the issuance of new shares of the same class, unless a broader right is granted or deleted from the conditions of issuance for each series. The subscription of new shares shall follow the procedure set forth in Section 194 of Companies' Law 19550 and the shareholders shall have preferential rights in the same proportion to the shares held, granting them the right to accrue. Furthermore, the Company shall be able to issue stock options or securities convertible into shares.

"SEVENTH: MANAGEMENT AND RESPRESENTATION. I) The management of the Company shall be vested in a Board of Directors composed of 8 (eight) regular members and 8 (eight) alternate members. At least 2 (two) of such regular members and 2 (two) alternate members shall meet the independence criterion set forth in the dispositions of the National Securities Commission (CNV) in force. When each alternate member is appointed, the member who he/she will be specifically replacing shall be duly stated and recorded and, in the event of any vacancy within the Board, for any reason whatsoever, it shall be covered by the alternate member appointed to such effect, II) The directors shall remain in office for 3 (three) fiscal years and they may be reelected indefinitely. They shall remain in office until the replacing members are elected. The regular directors and alternate