Corporate and M&A

a) Advising Sudameris Bank S.A.E.C.A. on the merger by absorption of Banco Regional S.A.E.C.A. by Sudameris Bank S.A.E.C.A. (2023).

b) Advising Compañías de Cervecerías Unidas (CCU) and Sudameris Bank S.A.E.C.A., in the restructuring of the shareholding composition of Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. (2023).

c) Advising on the incorporation of MBE Paraguay EAS, a local company franchised by MBE Worldwide (2023).

d) Advising COFCO in the merger of its two local entities, COFCO Services S.A., and COFCO international Paraguay S.A. (2022)

e) Advising Toros Group S.A. and Ganadera Los Lazos S.A. on the incorporation and implementation of Frigorífico Los Lazos S.A. (2022).

f) Advising Grupo Vázquez in the acquisition of the majority shareholding in Financiera el Comercio S.A.E.C.A. (2021).

g) Advising Credicentro S.A.E.C.A. on its merger with Crediplus, Pasfin and LCR (2020).

h) Advising BBVA on the sale of 100% of its capital in BBVA Paraguay S.A. to Banco GNB Paraguay S.A., an affiliate of Grupo Financiero Gilinski (2019).

i) Advising Credicentro S.A.E.C.A. on its merger with Crediplus S.A. (2019).

j) Advising Cinven on its sale of shares of Ufinet Latam SLU (2018).

k) Advising Telepizza S.A.U. on the asset acquisition of a renowned local pizza chain in Paraguay and in the acquisition of 51% stake of a corporation in Paraguay to develop Telepizza’s chain in the local market (2017).

l) Advising the Gunvor Group Ltd. (based in Switzerland) on the purchase of a 40% equity stake in Monte Alegre S.A., a Paraguayan energy company (2016).

m) Advising UFINET on the asset and share purchase of a local telecoms company (2016).

n) Advising Compañía Cervecerías Unidas S.A. (CCU), a major Chilean and Argentinean beverages company, in acquiring a relevant stake in Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A., one of the largest beverage businesses in the country (2013).

o) Advising the HSBC Group on the sale of HSBC Bank Paraguay S.A. to the GNB Group of Colombia in a simultaneous, multi-jurisdictional regional sale of its financial business (2012).

p) Advising Southern Cross Capital Management, a private equity fund, on the acquisition of an equity stake in Ultrapetrol (Bahamas) Limited (2012).

Banking and Finance

a) Advising Sudameris Bank S.A.E.C.A., as arranger and lender, for a USD. 100.000.000 financing in favor of Paracel Forestal S.A., for the execution of the eucalyptus timber plantation program, in the Department of Concepción (2023).

b) Advising Grupo Investor in obtaining the license from the Paraguayan Central Bank (BCP) to operate as the first non-banking trust entity in the Republic of Paraguay (2023).

c) Advising Sudameris Bank S.A.E.C.A., as arranger and lender, in the structuring and execution of a

syndicated loan of USD 80,000,000 for the construction of the Project “Distrito La Perseverancia” in the city of Asunción (2023).

d) Advising the Multilateral Investment Guarantee Agency (MIGA) as lender, Citibank N.A. as MIGA Credit Agent, arranger and lender, and COMMERBANK AG as lender, in a USD 100,000,000 loan for the Financial Development Agency (Agencia Financiera de Desarrollo) (2022).

e) Advising Financiera UENO S.A.E.C.A., in obtaining a USD. 10,000,000 loan from Invest in Visions, a German investment fud, to strengthen the SME sector (2022).

f) Advising BTG Pactual Chile in a USD. 29,000,000 financing for Disal Ambiental Holding, guaranteed by its local subsidiary Disal Paraguay S.A. (2022).

g) Regular day to day advice to Citibank N.A. – Paraguay branch on their banking activities in Paraguay (1958-Present).

h) Regular day to day advice to BBVA Paraguay S.A. on their banking activities in Paraguay (Present).

i) Advising the Multilateral Investment Guarantee Agency (MIGA) as lender, CITIBANK N.A. as MIGA Facility Agent, Mandated Lead Arranger and MIGA Facility Lender and COMMERZBANK A.G. as Arranger and MIGA Facility Lender, on a USD 100 Million loan to Banco Nacional de Fomento (2021).

j) Advising Sudameris S.A.E.C.A., as arranger, on the USD 100 Million syndicated secured loan for the construction of a cement plant for Cementos Concepción S.A.E. (CECON) in the city of Concepción (2021).

k) Advising a syndicate of banks led by Itaú BBA in a financing to Yguazu Cementos S.A. and the minority holding group, for the acquisition of the majority stake and refinancing of long-term debt (2020).

l) Advising the sole electricity public utility - ANDE, as lender on a USD 94 Million facility agreement with the European Investment Bank.

m) Advising Rabobank on several cross-border finance transactions in pre-export facilities (2019).

n) Advising Innovatus Partner Capital LLC on a cross-border finance transaction in pre-export facilities (2019).

o) Advising Citibank N.A., as arranger and lender, on the structuring and execution of a USD 75 Million secured syndicated loan for the construction and development of an ethanol processing plant for INPASA del Paraguay S.A. secured with offtake and property pledges and mortgages (2019).

p) Advising Telefónica Celular del Paraguay S.A. (a Millicom subsidiary), as borrower, on an up to USD 70 Million loan agreement for the expansion of its telecommunications network in four of Paraguay’s largest cities. This loan was guaranteed by the Inter-American Development Bank (2017).

Project Finance

a) Advising Goldman Sachs, as arranger, in the structuring and execution of the “Paracel” Project, for the construction of a world-class pulp mill in the city of Concepción (ongoing).

b) Advising Sudameris Bank S.A.E.C.A. as lender in the financing operation of USD 30 million in favor of Rutas del Este S.A. for the construction of the new route of Itacurubí de la Cordillera within the framework of the Public-Private Alliance for the design, financing, construction, maintenance, and operation of national routes No. 2 and 7 (2022).

c) Advising Itaú BBA as lead arranger and lender in the financing for the construction of Avenida Costanera Sur of Asunción, under the turnkey project scheme set forth in Law No. 5074/13 (2021).

d) Advising IDB and IDB Invest, as guarantors and lenders, on a USD 200 million tranche of the long-term project financing of the Public Private Partnership Project for the reconstruction, refurbishing, management, and operation of Routes 2 and 7 (2019).

e) Advising UBS Group on the project financing of the Loma Plata – Carmelo Peralta Route, under the turnkey projects scheme (Law 5074). This transaction included a USD 443 Million bond issuance under Reg S/Rule 144A (2019).

f) Advising Goldman Sachs as arranger on the long-term project financing of the Public Private Partnership Project for the reconstruction, refurbishing, management, and operation of Routes 2 and 7. This transaction included a USD 458 Million bond issuance under Reg S/Rule 144A, secured with a Letter of Credit issued by IDB invest acting as ECA for the issuer (2019).

g) Advising the Inter-American Development Bank and the Inter-American Investment Corporation, as guarantors and lenders, on the USD 200 Million long-term project financing of the Public Private Partnership Project for the reconstruction, refurbishing, management and operation of Routes 2 and 7. This transaction was secured with offtakes and a collateral trusts containing a range of credit rights and property rights, as well as controlling cashflows of the borrower (2019).

h) Advising Goldman Sachs as arranger, on a USD 50 Million syndicated loan for the project financing of Paraguay’s first-ever Paraguayan Public-Private Partnership Project for the reconstruction, refurbishing, management and operation of Routes 2 and 7 (2018).

i) Advising an international investment bank on the USD 600 Million project financing of the construction of the sewage systems and wastewater treatment plants in the metropolitan area of Asunción, under the turnkey projects scheme (Law 5074). This project was going to involve a multi-source financing and a capital markets component. This project was terminated by the Government of Paraguay before closing (2017).

j) Advising an international bank in connection with the USD 596 Million project financing of Paraguay’s Route 9, under the turnkey projects scheme (Law 5074). This project was terminated by the Government of Paraguay before closing (2016).

Capital Markets (including Sovereign Bonds)

a) Advising Citigroup Global Markets Inc. and Itau BBA Securities, Inc in the twelfth issuance of 5.850% sovereign bonds of the Republic of Paraguay in the international market for the principal amount of USD. 500,000,000 due 2033. In this transaction, the Republic of Paraguay has additionally repurchased sovereign bonds due 2026, being the third operation of liability management successfully undertaken by the Treasury in the context of Law No. 6,638/2020 (2023).

b) Advising Citigroup Global Markets Inc., and Goldman Sachs & Co. LLC, as joint book runners in the eleventh issuance of 3.849% sovereign bonds of the Republic of Paraguay in the international market for the principal amount of USD. 500,600,000 due 2033, and the repurchased of the sovereign bonds due 2023 and 2026, being the second liability management operation successfully carried out by the Ministry of Finance within the framework of Law No. 6638/2020 (2022).

c) Advising BofA Securities as lead arranger and book-runner in the USD 300,000,000 7.700% Senior Secured Notes due 2028 issued by Frigorifico Concepcion S.A. under Reg. S/Rule 144A and the repurchase of its USD 161,000,000 10.25% Senior Secured Notes due 2025 (2021).

d) Advising Citigroup Global Markets, Itaú BBA USA Securities, and Santander Investment Securities as initial purchasers of the Republic of Paraguay’s tenth sovereign bond offering of (i) USD 225,858,000 principal amount of a further issuance of the Republic’s 5.400% Bonds due 2050 and (ii) USD 600 Million principal amount of the Republic’s 2.739% Bonds due 2033; and as dealer managers in connection with the repurchase of the Republic’s 4.625% Bonds due 2023 for a maximum amount of USD 338,506,000 (2021).

e) Advising Citigroup Global Markets Inc., Goldman Sachs, Itau BBA USA Securities, Inc., and Santander Investment Securities Inc. as underwriters on the USD 1 Billion, nineth sovereign bond issuance of the Republic of Paraguay under Reg S/Rule 144A (2020).

f) Advising Goldman Sachs, Itau BBA USA Securities, Inc. and Morgan Stanley as underwriters on the eighth sovereign bond issuance of the Republic of Paraguay under Reg S/Rule 144A (2020).

g) Daiwa Capital Markets America Inc., Citi-group Global Markets Limited, Goldman Sachs International and Nomura International on the USD 750 million bond issuance by Corporación Andina de Fomento (CAF) (2020).

h) Advising Telefónica Celular del Paraguay S.A. (a Millicom subsidiary), as issuer, on a USD 300 Million bond issuance under Reg S/Rule 144A (2019).

i) Advising Citigroup Global Markets Inc., Goldman Sachs and Morgan Stanley as underwriters on the seventh sovereign bond issuance of the Republic of Paraguay under Reg S/Rule 144A (2019).

j) Advising Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as underwriters on the sixth sovereign bond issuance of the Republic of Paraguay under Reg S/Rule 144A (2018).

k) Advising Citigroup Global Markets Inc. as initial purchaser on the fifth sovereign bond issuance of the Republic of Paraguay under Reg S/Rule 144A (2017).

l) Advising Barclays Bank PLC, Citigroup Global Markets, HSBC Securities (USA), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of several underwriters in relation to the USD 1.25 Billion notes issuance by Corporación Andina de Fomento (CAF) (2016).

m) Advising BBVA Paraguay S.A., as issuer, on a USD 100 Million bond issuance under Reg S/ Rule 144A (2016).

Construction and Real Estate

a) Daily advice to AGB Constructora S.A. in the drafting and negotiation of their construction agreements (ongoing).

b) Advising la Fábrica Social on the applicable regulatory framework to set up its business of removable houses so that people with limited resources can have access to decent housing (2020).

c) Drafting of the tender documents for the execution of the “Construction and equipment for the San José nursing home” in the city of Luque, which was used to carry out a private tender (2016).

d) Drafting of the tender documents (and ancillary documentation), jointly with Estudio Sigal from Argentina, for the construction of the (i) Hotel Esplendor Asunción, (ii) Hotel Dazzler Asunción, (iii) Palacio de los Patos 1, and (iv) Palacio de los Patos 2 (2013 – ongoing).

e) Drafting of the tender documents (and ancillary documentation) for the construction of a nine-story residential building called “Voyant Carmelitas” (2015).

Aviation

a) Flybondi on setting up its regular commercial passenger and cargo air services operations in Paraguay, including the incorporation of a branch, the procurement of the administrative governmental permits and recurring advice on its daily operations (2017 - 2021).

b) Buquebus (BQB) on setting up its regular commercial passenger and cargo air services operations in Paraguay, including the incorporation of a branch, the procurement of the administrative governmental permits and recurring advice on its daily operations (2010 - 2016).

c) Chilejet S.A. on the procurement of the administrative governmental permits for non-regular, charter, commercial flights (2016).

d) Buquebus (BQB) on certain aspects of their wet lease operations with Amaszonas Bolivia (2015).

e) Lan Cargo S.A. on their wet lease operations in Paraguay (2012).

Telecommunications

a) Ufinet Paraguay S.A. on their ongoing fiber capacity operations in Paraguay (2017 - ongoing).

b) Albavision’s broadcast TV affiliates in Paraguay (SNT Cerro Corá, Paravisión, Televisora del Este, Televisora Itapúa and CN TV) on all corporate, commercial and regulatory matters.

c) Albavision’s FM radio affiliates in Paraguay (RQP FM – 94.3 MHz) on all corporate, commercial and regulatory matters.

d) Cinven Group in the investment made in Ufinet International, a world-leading optic fiber network operator (2022).

Energy Law

a) Advising President Energy PLC and its local subsidiary President Energy Paraguay S.A. in regulatory compliance matters concerning its oil and gas permits and concession agreements (2021).

b) Petrobras on their regular fuel distribution, transportation and sale business (2005-2019).

c) Shell on their regular fuel distribution, transportation and sale business (1953-2005).

Agribusiness

a) Commercial and tax advice to Archer Daniels Midland Company (ADM) in connection with the purchase and sale and export of goods in Paraguay.

b) Commercial and tax advice to Cofco Group in connection with the purchase and sale and export of soybeans in Paraguay.

c) Agrofuturo in connection with their agrochemical production, distribution and sale business in Paraguay and abroad.

Tax Law

a) Advising BBVA on all tax matters related to the sale of 100% of its capital in BBVA Paraguay S.A. to Banco GNB Paraguay S.A., a unit of Grupo Financiero Gilinski (2019).

b) Advising BBVA Paraguay S.A. and Citibank N.A. – Paraguay Branch, and the National Banks Association on the tax impact of its financial transactions.

c) Advising several foreign companies in the tax implications of management compensation plans such as restricted stock units and stock options, employee stock purchase plans, etc.

Pharma

Advising Milvik AB on their development of the BIMA Mobile pre-paid health insurance solution in Paraguay and their insurance brokerage business in Paraguay (2017-2021).

Bankruptcy, Insolvency, Restructuring

Advising the Central Bank of Paraguay on the administrative dissolution (proceso de resolución) of Agrofinanciera Chaco, S.A. (2011).

Intellectual Property and Entertainment

a) Advising Paraguayan audiovisual authors in the creation of their national collective management society Creadores PY.

b) Advising FRUTIKA SRL in the registration of its intellectual property assets worldwide and managing its portfolio.

c) Advising Al Mango Producciones – a Paraguayan film production company, for the filming and production of OPUS VR, a mini-series filmed in 360 degrees.

Insurance Law

Corporate and regulatory advice to (Swiss Re, Munich Re and Partner Re) to several insurance and reinsurance companies before the Paraguayan Insurance Regulatory (Superintendencia de Seguros).

Compliance and AML

Providing comprehensive and detailed compliance, Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) advice to a number of national and international clients, including drafting of legal memos and answering jurisdictional questionnaires on the matter.

Distribution Law

Counseling local and international companies on the drafting, negotiation and management of their agency, distribution and representation agreements in Paraguay.

Arbitration

Acting as legal counsel for local and international companies on their arbitration proceedings in Paraguay.

Consumer Protection

Providing comprehensive and detailed consumer protection advice to several national and international clients, including drafting of legal memos and answering jurisdictional questionnaires on the matter.

Antitrust

Assisting local and international companies on drafting, filing and administering anti-competitive conduct claims and merger control filings and before the antitrust agency (CONACOM).

Public Contracting

Advising several local and international clients on the submission of bids, creation of consortiums and joint ventures and execution of public contracts with the State of Paraguay.