(i)
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IFIS, a limited liability company organized under the laws of Bermuda;
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(ii)
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IFISA, a stock corporation organized under the laws of the Republic of Uruguay;
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(iii)
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Cresud, a stock corporation organized under the laws of the Republic of Argentina;
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(iv)
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IRSA, a stock corporation organized under the laws of the Republic of Argentina;
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(v)
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CAM, a limited liability company organized under the laws of Argentina;
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(vi)
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CVC Cayman, a limited liability company organized under the laws of Cayman Island;
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(vii)
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CVC Uruguay, a limited liability company organized under the laws of the Republic of Uruguay;
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(viii)
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Agroinvestment, a stock corporation organized under the laws of the Republic of Uruguay;
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(ix)
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Tyrus, a stock corporation organized under the laws of the Republic of Uruguay;
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(x)
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Jiwin, a stock corporation organized under the laws of the Republic of Uruguay, who serves as general partner of Real Estate Strategies L.P.;
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(xi)
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Efanur, a stock corporation organized under the laws of the Republic of Uruguay, who is the major limited partner of RES;
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(xii)
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RES, a limited partnership organized under the laws of Bermuda.
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(i)
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Elsztain is the Chairman of the Board of Directors of IFISA, Cresud, CAM, CVC Uruguay, Agroinvestment, IRSA, Tyrus, Jiwin, Efanur, except RES, company in which Jiwin (a company wholly owned by Tyrus) is the General Partner;
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(ii)
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Elsztain is the beneficial owner of 37.94% of IFIS, including: (a) 19.66% owned indirectly through Agroinvestment; (b) 18.46% owned indirectly through CVC Uruguay; and (c) 3.06% owned indirectly through CVC Cayman. Elsztain owns 100% of Agroinvestment and 85.0% of CAM which owns 100% of CVC Uruguay which in turn owns 0.0002% of Cresud’s shares on a fully diluted basis and 100% of CVC Cayman. None of these companies directly own Common Shares of Supertel Hospitality, Inc. (“SPPR”). Elsztain also directly owns 0.0002% of IRSA’s outstanding stock and 0.204% of Cresud’s shares on a fully diluted basis;
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(iii)
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CVC Cayman serves as the Investment Manager of IFIS;
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(iv)
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IFIS is the direct owner of 100% of the common shares of IFISA;
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(v)
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IFISA directly owns 39.13% of Cresud’s shares on a fully diluted basis. IFISA does not directly own SPPR’s Common Shares;
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(vi)
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Cresud directly owns 64.56% of IRSA’s common shares. Cresud does not directly own SPPR’s Common Shares;
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(vii)
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IRSA owns 100% of Tyrus’ and Efanur’s capital stock. IRSA does not directly own SPPR’s Common Shares;
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(viii)
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Tyrus owns 100% of the capital stock of Jiwin. Tyrus does not directly own SPPR’s Common Shares;
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(ix)
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Jiwin serves as general Partner of RES; Jiwin does not directly own SPPR’s Common Shares;
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(x)
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Efanur is the major limited Partner of RES. Efanur directly owns 312,500 of SPPR’s Common Shares;
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(xi)
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RES owns 3,000,000 Convertible Preferred Shares of Supertel and has the option to purchase up to 3,750,000 shares of common stock of Supertel;
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