We Advised on the First Bond Issuance by CNH Industrial Capital Argentina S.A.

Marval O'Farrell Mairal advised CNH Industrial Capital Argentina S.A. ("CNHI Capital") in its entry into the public offering regime and the creation of a global program for the issuance of non-convertible negotiable obligations in shares for up to USD 200,000,000 (or its equivalent in other currencies or units of value) (the "Program") and together with Perez Alati, Grondona, Benites & Arntsen, in the issuance in the local market of (i) class 1 corporate bonds, denominated in U.S. dollars, integrated in pesos at the Initial Exchange Rate and payable in pesos at the Applicable Exchange Rate (the "Notes Series 1"); and (ii) class 2 corporate bonds, denominated, integrated and payable in pesos (the "Notes Series 2", and together with the Notes Series 1, the "Notes") for a total nominal amount of approximately USD 40,000,000.

The Notes were issued on August 31, 2020, within the framework of the Program and are listed in Bolsas y Mercados Argentinos S.A. and traded in the Mercado Abierto Electrónico S.A.

CNH Capital is a commercial company with the purpose of providing financing within the CNH Industrial Group, which offers clients and concessionaires of CNH Industrial, financing for the acquisition of new and used vehicles, and financing to the network of concessionaires on their stock of units.

CNHI Capital is currently a private company with more than 40 years of global presence, more than 20 years in Brazil and 5 years in Argentina, leader in the presentation of financial solutions for the acquisition of CNH Industrial machines and equipment.

Banco Santander Río S.A. and Galicia y Buenos Aires S.A.U. acted as arrangers (jointly, the “Arrangers”) and together with Puente Hnos. S.A., Balanz Capital Valores S.A.U. and Banco Patagonia S.A. acted as placement agents (the "Placement Agents") of the Notes.

Legal advisors to CNH Industrial Capital Argentina S.A.:

Marval O’Farrell Mairal: Partner Gabriel Matarasso. Associates Sergio Tálamo and Jacqueline Berkenstadt.

Legal advisors to the Arrangers and Placement Agents:

Pérez Alati, Grondona, Benites & Arntsen: Partner Diego Serrano Redonnet. Associates Nicolas Aberastury, Guido Meirovich and Paula Balbi.