We advised on the issuance of trust securities under the “Fideicomiso Financiero AySA I” Financial Trust

Bruchou & Funes de Rioja assisted as legal advisors in the recent issuance and placement in Argentina of trust securities for $30,000,000,000 by the “Fideicomiso Financiero AySA I” Financial Trust, under the Program of Financial Trusts “SECUVAL III” for an amount up to US$100,000,000 (or its equivalent in other currency or value units).

FIX SCR S.A. rated the Trust Securities as ‘‘AA+sf(arg)’’.

Agua y Saneamientos Argentinos S.A., a drinking water and sewage services provider, acted as trustor and administrative agent; Banco de Valores S.A. acted as trustee, issuer, placement agent and co-structurer; and Balanz Capital Valores S.A.U. acted as arranger, co-structurer and placement agent.

The Argentine Exchange Commission (Comisión Nacional de Valores) authorized the public offering of the securities on December 10, 2025, and the securities were issued on December 19, 2025.

Bruchou & Funes de Rioja‘s Banking & Capital Markets Department acted as legal advisor of the transaction through a team led by his partner Alejandro Perelsztein and associates Ramón Augusto Poliche, Facundo Suárez Loñ and Victoria Negro.

AySA was advised by its in-house legal team led by Gala Barbieri and Alejandro Luzuriaga.