Province of Chubut’s Series XLI Treasury Notes class 1 and class 2 Issuance for AR$ 1,830,010,000

Legal counsel to Banco del Chubut S.A., as arranger, placement and financial agent, in the issuance of Province of Chubut’s Series XLI Treasury Notes class 1 and class 2 under the Province of Chubut’s Treasury Notes Issuance Programme. Class 1 was issued for AR$ 1,717,000,000 variable rate equivalents to Badlar plus 17%, due 2020. Class 2 was issued for AR$ 113,010,000 fixed rate equivalents to 48% annual nominal, due 2020.

The transaction settled on December 20, 2019 and the payments due under the Treasury Notes Series XLI are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime.