Zang, Bergel & Viñes Abogados advised agricultural company Cresud S.A.C.I.F. y A. in the issuance of the Seventh Series of Notes, Series 14, issued under the Company’s Global Note Program for up to the sum of US$ 300,000,000 or the equivalent in other currencies. On May 22nd 2013, the Company successfully completed the issuance for a total amount of US$ 32 million, representing an oversubscription of almost 2.7x the original book. The Notes have a maturity of 60 months from its issue date, and were issued at a nominal value of US$ 32 million (equivalent to AR$ 167,526,400), at an issue price of 100% of the nominal amount, at a fixed rate of 1.5% per year, payable on a quarterly basis. This transaction represents a milestone for the company and for the local capital markets, not only for the term of maturity and the duration of the Notes, which are the longest ever for a local company in the local market, but also, for the amount of the final book and the interest rate obtained, the lowest obtained by an Argentinean company for this type of bond and maturity in the local market. Banco Hipotecario, BACS Banco de Crédito y Securitización S.A. and Banco Galicia y Buenos Aires S.A. acted as lead managers and coordinators, while Industrial and Commercial Bank of China (ICBC Argentina) S.A., INTL CIBSA Sociedad de Bolsa S.A., Puente Hnos and MAE S.A. acted as underwriters of the issuance. Zang, Bergel & Viñes Abogados acted as legal advisor to Cresud through partner Carolina Zang and associate Pablo Schreiber. Pérez Alati, Grondona, Benites, Arntsen & Martinez de Hoz acted as legal advisor to the underwriters through partner Diego Serrano Redonet and associates José Luis Foglia and Pablo Fekete.