Shearman & Sterling represented Credit Agricole Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Daiwa Capital Markets America Inc. as initial purchasers in connection with the issuance by Nacional Financiera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo, a development bank controlled by the Mexican government, of US$500 million aggregate principal amount of 3.375% Notes due 2020 under Rule 144A/Regulation S.