Alto Palermo S.A. (APSA)

SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]
Exhibit A
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[IF APPLICABLE: THE “TOTAL AMOUNT OF OID” “YIELD TO
MATURITY” AND “INITIAL ACCRUAL PERIOD” SET FORTH IN THE PRICING
SUPPLEMENT REFERRED TO HEREIN HAVE BEEN COMPLETED SOLELY FOR THE
PURPOSE OF APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE
DISCOUNT (“OID”) RULES.
THIS NOTE HAS BEEN ISSUED WITH OID FOR U.S. FEDERAL INCOME
TAX PURPOSES. THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR
PURPOSES OF APPLYING THE FEDERAL INCOME TAX OID RULES TO THIS NOTE:
ISSUE PRICE: $_______ PER $1000 OF PRINCIPAL AMOUNT
ORIGINAL ISSUE DISCOUNT: $_______ PER $1000 OF PRINCIPAL AMOUNT
YIELD TO MATURITY: ___.___%
ORIGINAL ISSUE DATE: ___, _____]
SERIES:
SPECIFIED CURRENCY:
PRINCIPAL AMOUNT:
ISSUE DATE:
STATED MATURITY:
ORIGINAL ISSUE DISCOUNT NOTE: YES [ ] NO [ ]
OTHER TERMS AND CONDITIONS:
[If Note is a Fixed Rate Note:
FIXED RATE OF INTEREST:]
[If Note is a Floating Rate Note:
INITIAL INTEREST RATE:
INTEREST DETERMINATION DATE(S):
INTEREST PERIOD:]
INTEREST COMMENCEMENT DATE:
INTEREST PAYMENT DATE(S):
THE TERMS OF THE PRICING SUPPLEMENT ATTACHED HERETO ARE
INCORPORATED BY REFERENCE HEREIN IN THEIR ENTIRETY.
This [Rule 144A] [Regulation S] Global Note (“Global Note”) is issued in
accordance with the Indenture dated as of May 11, 2007, among Alto Palermo S.A. (APSA), as
issuer (“APSA”), The Bank of New York, as trustee (the “Trustee”), co-registrar, paying agent
and transfer agent and Banco Santander Río S.A., as registrar, paying agent, transfer agent and
representative of the Trustee in Argentina (as amended or supplemented from time to time, the
“Indenture”) and is subject to the Terms and Conditions set forth on reverse hereof (the “Terms
NEWYORK 6033603 v8 (2K)
3