ABN AMRO Trust Company (Argentina)S.A. issues loans cash flow's securities in Argentina

ABN AMRO Trust Company (Argentina) S.A. ("ABN AMRO Trust"), in its capacity as financial trustee of LOANS 1 TRUST, has issued securities for a total amount of Ar$30 million. The transaction was completed on July 28, 2004. The issuance included a single tranche of Debt Securities for Ar$30 million. This transaction was authorized for public offering by the Comisión Nacional de Valores (the "Argentine Securities Commission") and for listing in the Buenos Aires Stock Exchange and the Santa Fe Stock Exchange.

LOANS 1 TRUST was created as an individual Trust, with the participation as Arranger of ABN AMRO Bank N.V., Argentine Branch ("ABN AMRO Bank").

LOANS 1 TRUST holds all rights to receive the proceeds under the loan originally granted to Ford Credit Compañía Financiera S.A. by ABN AMRO Bank.

Fitch Argentina Calificadora de Riesgo S.A. assigned an "A2(arg)ML" rating to the Debt Securities.

Most part of the issuance was placed to life insurance companies and labour risks insurance companies.

Marval, O?Farrell & Mairal advised ABN AMRO Trust and ABN AMRO Bank. through a team consisting of partner Roberto E. Silva, Jr. and associates Sonia F. Salvatierra and Luis G. Vernet.

Hernán J. Gutiérrez, Mariano Salas and Juan Pablo Fernandez Ranvier, Managing Director, Head of Commercial and Trust Officer respectively of ABN AMRO Trust, all of them attorneys, worked on the deal.