Moody's: Transaction amendments do not have a negative impact on Trafigura Securitisation Finance plc

London, 12 June 2012 -- Moody's Investors Service announced today that the execution of the amendment agreement as of 11 June 2012 by the main transaction parties and Trafigura Securitisation Finance plc. will not, in and of itself and at this time, result in a reduction or withdrawal of the current ratings of the notes for the issuer. The amendments relate to the Senior and Junior VFN maximum amount increase by a total of Euro 413.375 million. and the addition of an ABCP conduit as investor in the transaction. Please find below the full rating list and amounts.

USD 400 million Class A -- Series 2012 -- 1 due October 2015, rated Aaa (sf)

USD 30 million of Class B -- Series 2012 -- 1 due October 2015, rated Baa2 (sf)

Up to USD 2093.5 Senior VFN, rated Aaa (sf)

Up to USD 157.125 million Junior VFN, rated Baa2 (sf)

Trafigura Securitisation Finance plc is a securitisation of trade receivables originated by the Trafigura group which has revolved since its closing date in November 2004. The securitised trade receivables are generated from the sale of oil products, metal concentrates, iron ore and coal. For additional information, please see moodys.com.

The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

The methodologies used in this rating were Moody's Approach to Rating Trade Receivables Backed Transactions published in July 2002, Refining the ABS SME Approach: Moody's Probability of Default assumptions in the rating analysis of granular Small and Mid-sized Enterprise portfolios in EMEA published in March 2009, and Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa published in June 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Other Factors used in this rating are described in Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk published in June 2011.

Mehdi Ababou Vice President - Senior Analyst Structured Finance Group Moody's France SAS 96 Boulevard Haussmann Paris 75008 France JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Alex Cataldo Associate Managing Director Structured Finance Group Telephone:+39-02-9148-1100 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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