Arias, Fábrega & Fábrega acted as counsel to Banco Safra S.A., acting through its Cayman Islands Branch, in a US$23 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.