Arias, Fábrega & Fábrega acted as counsel to Banco Safra S.A., acting through its Cayman Islands Branch, in connection with a US$125 million 4.00% Senior Notes Offering by Banco Aliado S.A.

The Notes were placed through Banco Safra S.A., acting through its Cayman Islands Branch, as the sole Dealer in the offering. The Notes were placed outside of the United States pursuant to the offering restrictions of Regulation S under the Securities Act of 1933.

About Banco Safra S.A.
Banco Safra S.A., part of the larger Safra Group of banks and financial institutions, is a Brazilian full-service commercial bank. It offers a broad range of financial products and services, including lending operations, private and investment banking, automotive, plant and equipment leasing, securities underwriting, investment fund management and brokerage and insurance activities. Banco Safra S.A. is also active in trade finance, asset management and treasury services. With its headquarters in São Paulo, Banco Safra S.A. operates a network of over 90 branches.

About Banco Aliado S.A.
Established in Panama in 1992, Banco Aliado S.A. is a medium sized general licensed bank, 100% owned by Grupo Aliado S.A., a financial group comprised of Panamanian entrepreneurs with extensive experience in local and foreign trade and involvement in the Colon Free Trade Zone. The bank specializes in providing tailored corporate banking products and services to large and mid-sized companies mainly involved in local and foreign trade.