Moody's has also downgraded the national scale rating of Gainvest Renta Fija Dólares FCI, from B-bf/A-bf.ar to B-bf/Baa-bf.ar, following its restructuring to invest exclusively on USD denominated instruments, due to the fact that the bond fund's investors are exposed to pesification risk which has been elevated in the last several months.

Rating Rationale

"The fund ratings are based on Moody's expectation that Gainvest RF Protección, which expect to receives subscriptions from Gainvest RF Dólares portfolio, will maintain over 75% of invested assets in corporate bonds, sub-sovereign government bonds and ABS securities denominated in pesos linked to US dollar that are issued by several companies with a minimum rating of B-bf/A-b.ar-Baa-bf.ar. The balance of the fund's asset are expected to be allocated to liquid assets basically local mutual funds, predominantly rated at B-bf rating level," said Moody's lead analyst Carlos de Nevares.

Additionally, Moody´s downgraded the national scale rating of Gainvest Renta Fija en Dólares, reflecting that the fund will keep dollar-denominated assets. This now exposes the fund to asset pesification risk that has become elevated since the Argentinean government increased dollar exchange restrictions, for political and economic reasons.

We expect institutional investors, such as local insurance companies and high net worth individuals who have been historical clients of Gainvest SGFI affiliated companies, to become key shareholder for the new fund.

Gainvest SA. SGFI. is an Argentina-domiciled subsidiary of INTL FC Stone. As of September, Gainvest S.A managed investments of approximately AR$1,382.9 million or approximately $293 million.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings."

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Carlos de NevaresAsst Vice President - Analyst Managed Investment Group Moody'sLatin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 Yaron Ernst MD - Managed Investments Managed Investments Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Latin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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