Province of Chubut’s $230,000,000 Series XV Treasury Notes Issuance

Legal counsel to Banco del Chubut S.A., as arranger, placement agent and financial agent, and Banco Macro and Macro Securities S.A. as co-arrangers and placement agents, in the issuance of the Province of Chubut’s $230,000,000 Series XV Short Term Treasury Notes, under the U$S200,000,000 Short Term Treasury Notes Program. Puente Hnos. S.A. acted as co-arranger and co-placement agent. (2015)