Province of Chubut’s Series XXXVIII Treasury Notes Issuance for AR$ 500,000,000

Legal counsel to Banco del Chubut S.A., as arranger, placement and financial agent, in the issuance of Province of Chubut’s AR$ 500,000,000  fixed rate Series XXXVIII Treasury Notes due 2019 (the “Treasury Notes”), under the Province of Chubut’s Treasury Notes Issuance Programme, secured by certain rights of the Province of Chubut to receive amounts under the federal tax coparticipation regime.

DLA Piper Argentina counseled the Province of Chubut, as issuer of the Treasury Notes under the transaction.