TCA Tanoira Cassagne acted as sole legal advisor in connection with the issuance of the participation shares corresponding to the first tranche of the closed-end credit mutual fund named “Allaria Lendar Fondo Común de Inversión Cerrado de Créditos,” for a total amount of US$3,109,211, within the framework of a pioneering vehicle in the Argentine capital markets with an aggregate issuance amount of up to US$100,000,000 (the “Fund”).

The participation shares were successfully placed on October 16, 2025.

The Fund is structured as a Closed-End Credit Mutual Fund under Law No. 24,083, and aims to promote access to mortgage credit for individuals seeking to acquire housing, allocating the funds raised to the origination and acquisition of mortgage loans as well as to investments in mortgage-backed securities.

The Fund provides for a single class of participation shares, granting holders voting rights and the right to participate in the distribution of profits and residual assets upon liquidation.

This innovative instrument represents a milestone in promoting mortgage credit in Argentina, expanding investment opportunities for both institutional and retail investors in the local market.

The participation shares have been authorized for listing on Bolsas y Mercados Argentinos S.A. (BYMA).

The transaction involved the participation of Allaria Fondos Administrados S.A. as Fund Manager, Banco Comafi S.A. as Depositary, Lendar S.R.L. as Investment Advisor, and Allaria S.A. as Organizer and Placement Agent, with TCA Tanoira Cassagne acting as legal advisor.

The TCA team was led by partners Alexia Rosenthal and Rocío Carrica, together with associates Ignacio Nantes and Ana Lucía Miranda.