Marval advised on the first issuance under the automatic Frequent Issuers public offering regime for financial trusts under the “Elebar” Global Program.

Marval O’Farrell Mairal acted as legal counsel in connection with the issuance of trust securities by the Elebar XVII financial trust, under the “Elebar” Program, for an aggregate nominal amount of ARS 7,096,904,000, marking the first issuance under the automatic Frequent Issuers public offering regime.

The issuance took place on August 20, 2026, and comprised Class A trust debt securities (VDFA) for a nominal amount of ARS 5,943,101,000, Class B trust debt securities (VDFB) for a nominal amount of ARS 881,609,000, and Class C trust debt securities (VDFC) for a nominal amount of ARS 272,194,000.

The public offering of the trust securities obtained automatic authorization from the Argentine Securities and Exchange Commission (Comisión Nacional de Valores or “CNV”) on August 13, 2026, without prior review by the CNV. The trust securities are traded on A3 Mercados S.A. and listed on Bolsas y Mercados Argentinos S.A.

The VDFA, VDFB and VDFC were rated “A1+sf(arg),” “BBB+sf(arg)” and “Bsf(arg),” respectively, by FIX SCR S.A., acting as rating agency.

Santa Mónica S.A. acted as settlor, administrator and collection agent. Banco de Valores S.A. acted as trustee, arranger and placement agent. Provincia Bursátil S.A., First Capital Markets S.A., Banco de Servicios y Transacciones S.A.U., Banco Mariva S.A. and Adcap Securities Argentina S.A. acted as placement agents.

Marval O’Farrell Mairal acted as sole legal counsel to the settlor, trustee, arranger and placement agents through a team led by partner Sergio Tálamo, assisted by associates Lautaro Penza, Pedro María Azumendi and Felicitas María Bereterbide.