Marval advised on the Issuance of the Elebar XII Financial Trust.

The issuance took place on September 8, 2025. It included Trust Debt Class A Securities for a total of ARS 2,419,047,000, Trust Debt Class B Securities for a total of ARS 257,485,000, and Trust Debt Class C Securities for a total of ARS 143,456,000.

The transaction was authorized for public offering by the Argentine Securities Commission on September 2, 2025, and is listed in Bolsas y Mercados Argentinos SA.

The Trust Debt Class A Securities, Trust Debt Class B Securities, and Trust Debt Class C Securities have been qualified by FIX SCR SA Risk Rating Agent as “A1+sf(arg),” “BBB+sf(arg),” and “BB+sf(arg),” respectively.

Santa Monica SA acted as settlor, administrator, and collection agent. Banco de Valores SA acted as trustee, arranger, and underwriter; and Provincia Bursatil SA, First Capital Markets SA, Banco de Servicios y Transacciones SA, Banco CMF SA and Banco Mariva SA acted as underwriters.

Marval O’Farrell Mairal acted as legal advisor for the transaction through a team led by partner Sergio Talamo together with associates Lautaro Penza and Pedro María Azumendi.