Marval advised on the establishment of the Elebar XV financial trust

Marval O’Farrell Mairal acted as legal counsel in the issuance of trust securities under the "Elebar XV" financial trust, part of the "Elebar" Program, for a total aggregate amount of ARS 2,882,992,000.

The issuance took place on January 6, 2026. it included Class A Trust Debt Securities (VDFA) for a nominal value of ARS 2,407,533,000; Class B Trust Debt Securities (VDFB) for ARS 328,033,000; and Class C Trust Debt Securities (VDFC) for ARS 147,426,000.

The National Securities Commission (Comisión Nacional de Valores) authorized the public offering of these trust securities on December 26, 2025. They are traded and listed on Bolsas y Mercados Argentinos S.A. (BYMA). The VDFA, VDFB, and VDFC were rated by FIX SCR S.A. (a risk rating agency) as "A1+sf(arg)", "BBB+sf(arg)", and "BB+sf(arg)", respectively.

Santa Mónica S.A. acted as trustor (fiduciante), administrator, and collection agent. Banco de Valores S.A. acted as trustee (fiduciario), organizer, and placement agent. Provincia Bursátil S.A., First Capital Markets S.A., Banco de Servicios y Transacciones S.A.U., Banco CMF S.A., Banco Mariva S.A., and Adcap Securities Argentina S.A. served as placement agents.

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

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