MSU’s Series V Notes Issuance

Legal Counsel to the Arrangers and Placement Agents: BACS, Banco Hipotecario, INTL CIBSA and Puente Hnos. S.A.

Legal counsel to BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A., INTL CIBSA S.A. and Puente Hnos. S.A. as arrangers and placement agents in the issuance of MSU S.A.’s Series V Notes in two classes for U$S 6,956,030 and $ 22,375,000, respectively, under the $ 50,000,000 Global Notes Programme. (2015)