Bruchou, Fernández Madero, Lombardi & Mitrani advised on titulization

Banco de Servicios y Transacciones S.A. (?BST?), acting in its capacity as trustor, administrative and collecting agent, and arranger, and ABN Amro Trust Company (Argentina) S.A. (?ABN Amro Trust?) acting as trustee, created a global program called ?beST leasing? for the issuance of debt securities and pass-through certificates for a maximum outstanding amount, from time to time, of up to AR$ 40,000,000 or its equivalent in other currencies (the ?Programme?). The trust securities issued under the Programme will be backed by certain credits under leasing contracts originated by BST. The Programme was authorized for public offering by the Comisión Nacional de Valores (the ?CNV? ? the Argentine SEC) by Resolution No. 14.914 dated September 30, 2004.

The first tranche of trust securities under the Programme was issued by ABN Amro Trust, acting in its capacity as trustee of ?beST leasing I? Trust, for the aggregate amount of USD 2,508,000. The issuance included debt securities for USD 2,200,000 with an interest rate of 8% per annum, and pass-through certificates for USD 308,000. The transaction was authorized for public offering by the CNV on September 30, 2004. BST acted as trustor, administrative and collecting agent, arranger and placement agent, and Pistrelli, Henry Martin y Asociados S.R.L., members of Ernst & Young Global, as controllers of ?beST leasing I? Trust. Caja de Valores S.A. acted as registrar and paying agent.

For the creation of the Programme and the ?beST leasing I? Trust, BST was advised by Bruchou, Fernández Madero, Lombardi & Mitrani, through partner Carlos E. Lombardi and associates Paula González Silvestrín and Agustina Kassai. ABN Amro Trust was represented by the same law firm, through partner Ricardo Pérez Ruiz, and associate Federico M. Salim. The lawyers Mariano Salas and Florencia Regueiro, Head of Commercial and Trust Officer of ABN Amro Trust, respectively, participated as well in the transaction.