During 2011 BFM&L advised Energía Argentina S.A., Nación Fideicomisos S.A. and Banco de Galicia y Buenos Aires S.A. as arrangers of the Financial Trusts "ENARSA-BARRAGÁN" and "ENARSA-BRIGADIER LÓPEZ" for the issuance of trust securities in an aggregate amount of US$690 million and US$350 million, respectively.

Additionally, in 2010 BFM&L advised Nucleoeléctrica Argentina S.A., Nación Fideicomisos S.A., Banco Macro S.A., Macro Securities S.A. Sociedad de Bolsa and Raymond James Sociedad de Bolsa S.A. in the issuance of trust securities by the Financial Trust "NASA" for an aggregate amount of approximately US$1.5 billion, and Nación Fideicomisos S.A. in a US$1,032 billion offer of trust debt securities for the financing of the first stage of Argentina's federal roads plan.

Relevant Transactions

Contacts:
Carlos E. Lombardi
Hugo N. L. Bruzone