USD 2,215,000 in VRD of Fideicomiso Financiero Secupyme XXXVIII, rated B2 (Global scale, local currency) and Aa3.ar (National Scale Rating)

Moody's notes that as of today, the securities contemplated by this transaction have not yet settled. If any assumptions or factors considered by Moody's in assigning the ratings change before closing, Moody's could change the ratings assigned to the notes.

RATINGS RATIONALE

The rated securities are backed by a pool of bills of exchange signed by agricultural producers in Argentina. The bills of exchange will be guaranteed by Garantizar S.G.R., which is a financial guarantor in Argentina. Garantizar has a local currency national scale rating of Aa3.ar and a global local currency rating of B2.

The rating assigned to this transaction is primarily based on the rating of Garantizar. Therefore, any future change in the rating of the guarantor may lead to a change in the rating assigned to this transaction. The rating addresses the payment of interest and principal on or before the legal final maturity date of the securities.

Banco de Valores S.A. (Issuer and Trustee) will issue one class of debt securities denominated in Argentine pesos. The rated securities will bear a 5% annual interest rate.

The rated securities will be repaid from cash flow arising from the assets of the Trust, constituted by a pool of fixed rate bills of exchange denominated in US dollars signed by agricultural producers and guaranteed by Garantizar S.G.R. The bills of exchange will have the same interest rate as the rated securities. The promise to investors is to receive the payment of interest and principal by the legal final maturity of the transaction.

Although the rated securities (and the bills of exchange) are denominated in US dollars, they are payable in Argentine pesos at the exchange rate published by Banco de la Nación Argentina as of the day prior to the date that the funds are initially deposited into the Trust account. As a result, the dollar is used as a currency of reference and not as a mean of payment. For that reason, the transaction is considered to be denominated in local currency.

If eight days before each payment date, the funds on deposit in the trust account are not sufficient to make payments to investors, the Trustee is obligated to request Garantizar to make payment under the bills of exchange. Garantizar, in turn, will have five days to make this payment into the trust account. Under the terms of the transaction documents, the trustee has up to two days to distribute interest and principal payments to investors. Interest on the securities will accrue up to the date on which the funds are initially deposited by either Garantizar, the exporter, or the individual producers into the Trust account.

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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Rodrigo Gabriel Conde Associate Analyst Structured Finance Group Moody'sLatin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 Maria Ines Muller Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 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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