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

Selected International Tender Offers and Securities Issuances

Banco Bilbao Vizcaya Argentaria S.A. (Spain) / BBVA Banco Ganadero S.A.

We successfully advised BBVA Spain in a simultaneous Tender Offer, in the Colombian and American markets, for the acquisition of shares and ADSs of BBVA Banco Ganadero. This operation took place in 2001. It was the first and only simultaneous Tender Offer in Colombia that has taken place under two jurisdictions, national and foreign.

Bavaria S.A.

We acted as local legal counselers for Bavaria S.A. in the biggest note issuance (US$500 million) ever carried out by a Colombian private company in the foreign markets. Such process ended up with the successful placement of the notes in the European and American markets. This operation took place in 2003.

Santander Investments S.A

We participated as counselors in the structuring of an ADR offering of Celumóvil for the international markets in 1998, in the name of the underwriter (Santander Investment). Nevertheless, this project was postponed for market reasons. (*)

*In this transaction one of the partners of TORRADO ANGARITA & PINZON worked as associate of Cárdenas & Cárdenas Abogados