Financial Trust Supervielle Letras Hipotecarias I

Equity Trust Company (Argentina) S.A. (?Equity Trust?), in its capacity as Financial Trustee of Financial Trust Supervielle Letras Hipotecarias I (the ?Trust?), has successfully issued trust securities for a total amount of Ar$ 45,138,877 (approximately US$ 15,046,292 at the present exchange rate). The issuance took place on December 14, 2005, including Debt Securities for Ar$ 35,208,324 and Certificates of Participation for Ar$ 9,930,553. The Argentine Securities Commission (?Comisión Nacional de Valores? or ?CNV?) authorized the public offering of the issuance, which is listed in the Buenos Aires Exchange Market (?Bolsa de Comercio de Buenos Aires?) and eligible for trading on the local over-the-counter market (?Mercado Abierto Electrónico?).

The Trust was created under the Trust Securities Issuance Global Program BANEX ASSET BACKED SECURITIES, established by Banco Banex S.A., an Argentine financial institution.

The trust assets consist of: (a) mortgage-backed securities originated in individual mortgage loans, ownership of Banco Supervielle S.A.; (b) the rights over the proportional part of life insurance compensations on the death of the assigned debtor; (c) cash funds transferred by the Settlor to the Trustee; (d) funds proceeding from the voluntary or involuntary conversion to cash of the previous concepts, other liquid assets and all income proceeding from any of the previous concepts; and (e) the results of the investment of available liquid funds.

Moody?s Latin America Calificadora de Riesgo S.A. assigned a ?Aaa.ar? rating to the Debt Securities. This rating implies a quite solid credit condition compared with other securities? issuances performed in Argentina.

Ernst & Young, Pistrelli, Henry Martín Asesores S.R.L. was appointed as Control and Review Agent.

As well, Banco Supervielle S.A. acted as Settlor, Servicer and Principal Underwriter. It also acted as Arranger, together with Infupa S.A. Banco Banex S.A. and Capital Markets Argentina Soc. de Bolsa S.A. were appointed as Underwriters.

Marval, O?Farrell & Mairal advised Equity Trust through a team consisting of partner Roberto E. Silva, Jr. and associate M. Cecilia Roude.

Cabanellas, Etchebarne, Kelly & Dell?Oro Maini advised Banco Supervielle S.A. through a team consisting of partner Atilio Dell?Oro Maini, and associates Alejandro E. Noblía, Zenobio Macchiavello and Carolina Naboni.

In Equity Trust, the financial operation was in charge of in-house attorneys Juan Pablo Fernández Ranvier and Luis G. Vernet.