Banco Société Générale S.A. issues personal credits cash flow?s securities in Argentina

Banco Société Générale S.A. (?Société?), in its capacity as financial trustee of CREDITOS III TRUST, has issued securities for a total amount of Ar$30 million. The transaction was completed on December 15, 2003. The issuance included: Senior Debt Securities for Ar$21 million, Junior Debt Securities for Ar$6 million (approximately US$2 million) and Certificates for Ar$1 million. This transaction was authorized for public offering by the Comisión Nacional de Valores (the Argentine SEC) and for listing in the Buenos Aires Stock Exchange.

CREDITOS III TRUST was created under the ?Programa Global de Valores Fiduciarios ?BANEX ASSET BACKED SECURITIES? established by Banco Banex S.A., an Argentine financial entity authorized to act as commercial bank. Historically, Banco Banex S.A. has chosen those operations in which collection of the loan is made through direct discounts in the payrolls made (i) to employees working for companies that have adhered to the system of payment of salaries or to retired persons or (ii) through mutual institutions, cooperatives or trade union associations.

CREDITOS III TRUST holds all rights to receive the proceeds from the cash flows of credit collections originated by Banco Banex S.A. under loans granted to (i) employees of the Provincia de San Luis public administration; (ii) pensioners of the Argentine Governent whose retirement pensions are paid through Banco Banex S.A. and (iii) pensioners of the Argentine Governent being a cooperative association in charge of the loan collection through the ANSES (Argentine Social Security Administration) code of salaries discount.

Moody?s Calificadora de Riesgo S.A. assigned a ?AA? rating to the Senior Debt Securities and a "BBB" rating to Junior Debt Securities.

Ernst & Young - Pistrelli, Henry Martin Asesores SRL is the Control and Review Agent of the issuance and Infupa S.A. was the Arranger.

Marval, O?Farrell & Mairal advised Banco Société Générale S.A. through a team consisting of partner Roberto E. Silva (h) and associates Sonia F. Salvatierra and Alejandro Vogelman.

Banco Banex S.A. was represented by Nicholson & Cano Abogados, through partner Marcelo Villegas and associate Felipe Hughes.