[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.