s e l e c t e d  t r a n s a c t i o n s

national Tender Offers and Securities Issuances

Banco Bilbao Vizcaya Argentaria Colombia S.A. - Granahorrar Banco Comecial S.A.

Within the frame of the operation through which BBVA Colombia acquired 98.78% of Granahorrar in 2006, we advised BBVA Colombia in the financial structuring of the acquisition, including counsel in: i) a foreign credit for US$265 million dollars approx., ii) a share issuance for US$138 million dollars approx. used as direct capitalization, and iii) a bond issuance for US$177 million dollars approx. with work capital purposes.

Bavaria S.A.

We acted as legal counselors in Bavaria's bond issuance program in 2004, for a total amount of one billion pesos, being the largest bond issuance program ever carried out at the time by a local company.

Bavaria S.A.

We advised Bavaria S.A. in the biggest bond-issuance carried out by a private entity at the time for US$700 billion dollars. This transaction was held in 2002.

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