Alto Palermo S.A. (APSA)

Exhibit C
Page 10
If APSA offers Indexed Notes or Dual Currency Notes, the applicable Pricing
Supplement and such Indexed Notes or Dual Currency Notes will set forth the method by and the
terms on which the amount of principal (payable on or prior to Stated Maturity), interest and/or
any premium, will be determined, any additional tax consequences to the Holder of such Note, a
description of certain risks associated with investment in such Note and other information
relating to such Note.
Unless otherwise specified in the terms of a Series of Notes, Notes denominated
in a Specified Currency other than U.S. dollars will provide that, in the event of an official
redenomination of the currency, the obligations of APSA with respect to payments on such
Notes shall, in all cases, be deemed immediately following such redenomination to provide for
payment of that amount of the redenominated currency representing the amount of such
obligations immediately before such redenomination.
If the principal of or any premium, interest, Additional Amounts or other amounts
on any note is payable in a Specified Currency other than U.S. dollars and such Specified
Currency is not available due to the imposition of exchange controls or other circumstances
beyond APSA’s control, or is no longer used by the government of the country issuing such
currency or for settlement of transactions by public institutions of or within the international
banking community, then APSA, until such currency is again available or so use, will be entitled,
to the extent permitted by Argentine law, to satisfy its obligations to the Holder of such Notes by
making such payment in U.S. dollars at the Exchange Rate for the Payment Date. The making of
any payment in respect of any Note in U.S. dollars under the foregoing circumstances shall not
constitute an Event of Default under such Note.
Payments of the principal, interest, Additional Amounts or other amounts to
Holders of a note denominated in a Specified Currency other than U.S. dollars who hold the Note
through DTC will, to the extent permitted by Argentine law, be made in U.S. dollars. However,
any DTC Holder of a Note denominated in a Specified Currency other than U.S. dollars may
elect to receive payments by wire transfer in the Specified Currency other than U.S. dollars by
delivering a written notice to the DTC participant through which it holds its beneficial interest, not
later than the Regular Record Date, in the case of an interest payment, or at least fifteen (15)
calendar days before the Stated Maturity, specifying wire transfer instructions to an account
denominated in the Specified Currency. The DTC participant must notify DTC of the election
and wire transfer instructions on or before the twelfth (12th) Business Day before the applicable
payment of the principal.
If so specified in a the applicable Pricing Supplement, payments of principal,
interest, Additional Amounts or other amounts on or in respect of any Note denominated in a
Specified Currency other than U.S. dollars shall, to the extent permitted by Argentine law, be
made in U.S. dollars, calculated at the Exchange Rate for the Payment Date, if the Holder of
such Note on the relevant Regular Record Date or at Stated Maturity, as the case may be, has
transmitted a written request for such payment in U.S. dollars to the Trustee and the applicable
Paying Agent on or prior to such Regular Record Date or the date that is fifteen (15) days prior
to the Stated Maturity, as the case may be. Such request may be in writing (mailed or hand
delivered) or by facsimile transmission. Any such request made with respect to any Note by a
Holder will remain in effect with respect to any further payments of principal, interest,
NEWYORK 6033603 v8 (2K)
10