Banco de Valores S.A., acting as trustee, has issued two different classes of Peso denominated trust securities for a value of $ 68,115,625.- under the Secubono XX financial trust. The trust was created under the bank’s global programme for the issuance of trust securities “SECUVAL”. Carsa S.A. and Credinea S.A. (which are part of the Red Megatone houseware chain) acted as trustors and collecting agents. The deal closed on january 25, 2007 and the 100% of the trust securities was placed.

Since de first financial trust, more than $350 million Trust Securities have been issued.

The principal characteristics of the trust securities are the following:

Trust Securities for the amount of $59,60,94.- Fixed rate of 12.0%.

Participation Certificates for the amount of $ 8,855,031.-

Participation Certificates are a subordinated class, since they have the right to receive the residual funds, only once Trust Securities have been cancelled.

Underlying asset: The securities were backed by personal and consumer loans granted by the trustor for the acquisition of electric home devices.

The Trust Securities were placed at a YTM 10.93%.This transaction was authorized for public offering by the Comisión Nacional de Valores (the Argentine securities commission - CNV) and for listing on the Buenos Aires Stock Exchange and Mercado Abierto Electrónico (the over-the-counter-market).

The trust securities were sold to pension funds and other qualified investors. Fitch Argentina rating agency assigned “AAA” (arg) the Trust Securities. Participation Certificates have not been qualified.

Banco de Valores S.A. and Compañía Inversora Bursátil Sociedad de Bolsa S.A. acted as placement agents.

Deloitte & Touche Corporate Finance act as financial advisor and controller. Banco de Valores S.A. was advised by Nicholson y Cano Abogados, through partner Mario Kenny and associate Ana Paula Dandlen.