Counsel to Celulosa Argentina S.A. in the issuance of 9.50% Class 16 Notes for US$ 6,000,000 due August 6, 2023 under its US$ 150,000,000 Global Notes Programme. Class 16 Notes are denominated in U.S. dollars and payable in Argentine pesos.

Banco de Servicios y Transacciones S.A. and Puente Hnos S.A. acted as arrangers and placement agents of Class 16 Notes.