We advised VALO on the issuance of Notes for US$20,000,000

Bruchou & Funes de Rioja advised Banco de Valores S.A. (“VALO”), as issuer, and TCA Tanoira Cassagne advised VALO and Max Capital S.A., as arrangers and placement agents (the “Placement Agents”), in the successful issuance of Class 4 Notes, in the aggregate principal amount of US$20,000,000, denominated, subscribed and payable in U.S. dollars in Argentina, at a fixed annual rate of 4.25%, maturing on July 20, 2027 (the “Notes”). The Notes were issued under the global note issuance program for an aggregate principal amount of up to US$150,000,000 (or its equivalent in other currencies and/or units of measure or value) (the “Program”).

The Notes have been admitted for listing on Bolsas y Mercados Argentinos S.A. and authorized for trading on A3 Mercados S.A. Additionally, they have been rated “ML A-1.ar” with a stable outlook by Moody’s Local AR Agente de Calificación de Riesgo S.A.

VALO is the financial institution most closely identified with the development of the capital markets in Argentina and the country’s only fully integrated corporate bank. It offers specialized services in corporate banking, investment banking, sales & trading, capital markets, and mutual fund custody, among others. Additionally, it has a regional presence through its subsidiaries in Uruguay and Paraguay.

Legal Counsel to VALO

The Bruchou & Funes de Rioja team involved in the transaction advising VALO as issuer was led by partner Leandro Exequiel Belusci and associates Ximena Sumaria Gutierrez, Marco Haas and Martina Coria Elias.

Legal Counsel to Placement Agents

The TCA Tanoira Cassagne team involved in the transaction advising the Placement Agents was led by partners Alexia Rosenthal and Ignacio Criado Diaz, and the associate Lucia Viboud.